Max Life Insurance Company

The insurer offers comprehensive life insurance products, retirement solutions life insurance products, saving solutions related products and many more to its customers.

With Pazcare employers can provide their employees with a group term life insurance policy from Max Life Insurance company. Get the best quotes for the Max group term life insurance policy for employees and manage the policy using Pazcare’s tech-enabled dashboard. 

How to buy Max Life group term insurance from Pazcare?

These simple steps allow you to purchase the Max group term life insurance policy online from Pazcare.

Step 1: Visit us at https://www.pazcare.com/ and click on the products drop down and choose group term life insurance.

Step 2: Here you will find all the relevant information regarding your group term life insurance policy. Fill in the form containing your name, phone number, work email address and the number of employees you wish to purchase Max group term life insurance for.

Step 3: Submit this form and our insurance consultants will get back to you to know more about your requirements regarding the GTL policy. We will also ask for the active employee data like the employee ID, the CTC, the designation, etc. to give you the best quotes.

Step 4: Once all the above data are submitted, we will get back to you with the best quotes for the GTL policy from Max Life Insurance company.

Step 5: Please accept the terms and conditions of the policy and pay the premium quoted for that financial year. The policy is activated immediately after the purchase.

Step 6: Our team will help you with the process and take you through the Pazcare dashboard where you can manage the Max group term life insurance policy.

For further information, write to us at support@getpaz.com or call our customer care at +91 78291 11300. Alternatively, connect with us on Whatsapp using the number +91 81973 79596 

Max group term life insurance plan

Max group term insurance for employees is a highly customisable term life insurance plan for employees. Unlike any retail or whole life insurance plan, the premium paid towards the group term life insurance policy for employees is much lower. 

Your GTL policy can be customized by adding riders like

• Critical illness riders
• Accidental death riders
• Terminal illness riders
• Total and permanent disability riders

These are some of the rider options available for your Max Life group term insurance policy. The riders can be claimed according to the terms and conditions of the policy.

The sum assured is of two types 

• The flat sum assured
• CTC-based sum assured up to 5 Crores. 

Hence, you can choose the sum assured you wish to offer for your employees based on their grades.

Max Life group term insurance renewal

The Max Life group term insurance can be renewed easily with Pazcare at end of the policy term. Here is how you can renew your group term life insurance policy.

Step 1: Get in touch with Pazcare. Submit the form containing details like your name, name of the company, number of employees you wish to insure, work email address and phone number.

Step 2: Once the form is submitted, our life insurance consultants will get in touch with you and request you to submit the following documents.

• Active data of the employees - name, age, gender, designation, CTC, Covid status and vaccination report, etc
• Claim history of the last 3 years along with the reason for the death of the employees (if any)
• Policy copy

Step 3: After submitting these details you can choose additional riders to the policy at your convenience like the critical illness rider, accidental death benefit riders, etc. Once you decide, we will get back to you with the best quotes for your Max Life group term insurance policy.

Step 4: The next step is to agree to the terms and conditions of the policy and pay the premium for your Max Life group term life insurance policy. 

Step 5: The policy gets activated immediately after paying the premium. Our team will guide you through the whole process and help you with the onboarding process too. 

We make sure that your GTL policy experience will be seamless using our Pazcare dashboard. Your employees can access their policy using Pazcare’s employee app which is available on both the app store and the play store.

Max Life Insurance claim settlement ratio

The claim settlement ratio is the percentage of the claims settled by the Max Life insurance company during a particular financial year. Hence, the higher the claim settlement ratio, the better chances of the claims getting settled. 

In the financial year, 2019-20, the claim settlement ratio of Max Life Insurance is 99.35%.

Max Life group term insurance premium

The Max Life group term insurance premium depends on various factors like

CTC of the employee

The CTC of the employee determines the premium of the group term insurance. For instance, some organisations choose the group term insurance plan based on the CTC of the employees. So, higher CTC means a higher sum assured. Hence this leads to the premiums increase. 

Covid status

The Covid-19 pandemic has caused a lot of deaths in recent times. Hence, the covid status and the vaccination status of the employee impact the premium of the Max Life group term insurance plan.

Sum assured

Depending on the amount of sum assured the employer wish to offer the premiums towards the GTL policy may increase.

Job risks

The nature of the job and the risks involved for the employees also determine the group term life insurance premium. For instance, jobs that involve a lot of travelling may have higher premiums when compared to desk jobs.

Claim history

For renewals, the claims history for the last 3 years, and the reason for the death of the employee also determine the premium of the Max Life group term insurance policy.