A lot of people think that purchasing life insurance is a complicated procedure when it is not true. When you have the best insurance company to assist you to understand the terminologies, and terms and conditions of a life insurance policy, the process becomes extremely easy.
Max Life Insurance is one such insurance provider that is adept at customer service and is known to extend the most comprehensive policies. Each policy is designed keeping in mind the needs and requirements of different types of customers to help them build a financial safety net for their families.
Take a look at the article below, in case you are wondering if Max Life is suitable for your needs. This will help you make an informed decision about the insurance provider.
What makes Max Life Stand Out?
These aspects of Max Life make it stand out from the rest:
- Widespread Presence
Choosing a life insurance policy entails protecting all of your family’s financial interests, no matter where they live. Sometimes individuals also choose to relocate to a new city or town after the death of the breadwinner in their family for different reasons.
With a widespread presence across India, Max Life Insurance customers and beneficiaries can easily reach out to receive timely assistance with their policies or claims. There are over 260 offices of Max Life Insurance in India along with a functional and effective online website that allows individuals to purchase insurance products readily and helps file claims instantly. Such an extensive network and active online presence make Max Life a customer-friendly insurance company. You can easily visit the Max Life Insurance website and take life insurance quotes in no time to evaluate the best life insurance plan based on your needs.
● Claim settlement ratio
The Claim Settlement Ratio is a measure that represents the percentage of claims that are settled by a life insurance provider in a financial year. For example, XYZ insurance company has a CSR of 96% for 2020-2021. This means, the company has settled 96 out of every 100 claims they received in that year.
The Annual Audited Financials FY’20-21 reported that the claim settlement ratio of Max Life was 99.34%. Only can easily find the current claim settlement ratio on the insurance provider’s official website. Typically, a high settlement ratio indicates that policyholders are likely to get their claims settled, and that too within the scheduled time.
Key Features and Associated Benefits
Max Life Insurance is adept at offering excellent customer service and an array of highly rated insurance plans. However, it is these traits that further make it a go-to insurance platform in the country:
- Online and offline feature: Intending purchasers can buy a suitable insurance policy either online or offline means extended by Max Life
- Hassle-free service: Both online and offline mediums ensure a quick and hassle-free experience in purchasing an insurance plan
- Simple documentation: The documentation process is simple and doesn’t take much time when buying, renewing, or paying premiums
- Competent assistance: A dedicated claim settlement manager further ensures a smooth claim processing
- Easy mode of payments: Policyholders have the scope to pay their premium through any of the suitable modes like – credit cards, debit cards, net banking, or digital wallets.
Types of Policies Offered by Max Life Insurance
Max Life offers an assortment of insurance plans to its customers. Each policy is tailored to help individuals safeguard their future and plan finances better.
Here’s a quick look at the different insurance plans that are offered under different insurance categories.
A. Online Insurance Plans
- Max Life Online Term Plan Plus
- Max Life Cancer Insurance Plan
B. Savings Plan
- Max Life Whole Life Super
- Max Life Monthly Income Advantage Plan
- Max Life Savings Advantage Plan
- Max Life Cancer Insurance Plan
D. Term Insurance Plans
- Short Term Income
- Long Term Income
- Term Plan with Return of Premium
- Max Life Smart Term Plan
- Max Life Smart Wealth Plan
- Max Life Smart Secure Plan
- Max Life Online Savings Plan
- Max Life critical illness and disability rider
- Max Life Cancer Insurance Plan
- Max Life waiver of premium plus rider
E. Child Insurance Plans
- Max Life Future Genius Education Plan
- Max Life Shiksha Plus Super
F. Retirement Plans
- Max Life Saral Pension
- Max Life Guaranteed Lifetime Income Plan
- Max Life Forever Young Pension Plan
- Max Life Perfect Partner Super
G. ULIP Plans
- Max Life Online Savings Plan – Variant 1
- Max Life Online Savings Plan – Variant 2
- Max Life Fast Track Super Plan
- Max Life Forever Young Plan
- Max Life Shiksha Plus Super
- Max Life Platinum Wealth Plan
H. Group Insurance Plans
- Max Life Group Super Life Premier
- Max Life Group Credit Life Secure
- Max Life Group Gratuity Premier Plan
- Max Life Group Credit Life Premier
- Max Life Pradhan Mantri Jeevan Jyoti Beema Yojana
Based on one’s financial goals and investment capacity, individuals can choose from among the mentioned insurance plans and build a corpus for the future. However, it is recommended to read the fine print of the policies carefully before purchasing them.
What Makes Life Insurance a Key Component of Financial Planning?
The numerous benefits that accompany life insurance make it a key component of financial planning. Individuals who are planning to start a family must recognize the importance of investing in their future stability.
Needless to say, financial planning is extremely crucial for better management of income and expenses and is effective in mobilizing savings.
Similarly, retirement planning through insurance is also an added benefit for users. This is because availing of life insurance proves useful in securing a robust fund for loved ones at a steady rate, which will help the dependents lead a comfortable lifestyle even after the death of the insured. In case the insured survives the maturity period, they will access a corpus that will help them lead a stress-free retirement life.
Above all, individuals are also entitled to claim tax benefits under Section 80C and Section 10(10D) on their insurance premiums and payout, respectively. This further makes insurance a reliable tool for investment.
Notably, to make the most of insurance in financial planning, it is recommended to start investing in it from an early age.
