Max Life Insurance Company

Key Insights

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Claim settlement ratio (2019-20)

99.35%

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Inception

2000

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Presence

260+ offices

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Total death benefit paid

Rs 562.54 Crore

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Solvency ratio

2.42

About Max Life Insurance Company

Max Life Insurance Company is a joint venture between Axis Bank Limited and Max Financial Services Limited. Founded in the year 2000, it is one of India's leading private sector life insurance companies. With more than 260+ offices present throughout India, Max Life Insurance Company Limited caters to more than 30 lakh customers. 

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.

Max Life group term insurance benefits

Purchasing your group term life insurance policy for employees from Max Life Insurance company has the following benefits.

Tax benefits

As employers, when you pay the premium towards the Max Life group term insurance policy, you are eligible to avail tax benefits under Section 37(1) of the Income Tax Act of 1961.

Choose your riders

Your Max Life Sun group term life insurance policy comes with customizable riders like critical illness rider, terminal illness rider, accidental death benefit, etc at a much lower price 

No medical screening needed

The group term life insurance policy does not require any medical tests to be taken before purchasing the policy. However, this depends on the terms and conditions of the Max Life group term insurance policy.

High claim settlement ratio

The claim settlement ratio of Max Life Insurance company for the financial year 2019-20 is 99.35%. This means the chances of settling the claims for your group term life insurance policy are high.

Max Life group term insurance claim

1

Collect the necessary documents

Firstly, collect all the originals of the necessary documents that have to be submitted to raise a death claim.

2

Submit these documents

Submit the supporting documents along with the policy details of the deceased employee.

3

Claim settlement

Once the policy details are verified along with the supporting documents and the information looks credible, the claim is settled directly with the nominee or the employer.

4

Contact us for assistance

Contact Pazcare for any queries or guided claim assistance at support@getpaz.com or call our customer care at +91 78291 11300.

1

Collect the necessary documents

Firstly, collect all the originals of the necessary documents that have to be submitted to raise the rider claim.

2

Submit these documents

Submit the supporting documents along with the policy details of the insured employee.

3

Claim settlement

Once the policy details are verified along with the supporting documents and the information looks credible, the claim is settled directly to the insured employee.

4

Contact us for assistance

Contact us for any queries or guided claim assistance at support@getpaz.com or call our customer care at +91 78291 11300.

Documents required to claim Max Life group term insurance

Here are the documents that you require to claim the Max Life group term insurance policy

  1. Duly filled claim form
  2. Original Death certificate of the insured employee or duly attested copy (death claim)
  3. Certificate of Insurance
  4. Photo ID proof of the claimant
  5. Address proof of the claimant
  6. Cancelled cheque / Bank book copy of the claimant
  7. Letter/confirmation from the employer

Why buy a group term life insurance
policy online from Pazcare?

  • Choose the suitable policy with our consulting approach
  • Custom-made plan with health and mental wellness add-ons
  • The tech-enabled Pazcare dashboard to manage endorsements
  • Integrate the dashboard with your HRMS tool
Pazcare DashboardPazcare app
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Max Life Insurance Company customer care number

For any queries or assistance, reach out to us at any time. We provide 24X7 customer assistance.

Max Life Insurance Company

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1860 120 5577

Available 24X7

Max Life Insurance Company FAQs

What is Max Life Insurance contact number?

The Max Life Insurance contact number is 1860 120 5577. Alternatively, you can email them at service.helpdesk@maxlifeinsurance.com 

What is Max Life Insurance claim settlement ratio?

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

How is the premium calculated for Max Life group term insurance for employees?

The premium for Max Life group term insurance for employees is calculated based on various factors like

  1. Sum assured the employer wishes to offer
  2. Designation and CTC of employees
  3. Covid and vaccination status of the employees
  4. Job risks involved for the employees
  5. Claim history of the company for the last 3 years.

How do I go about renewing my Max term life insurance policy?

With Pazcare, you can easily renew your Max term life insurance policy. Contact our insurance consultants at Pazcare. Submit all the required documents. Decide on the riders you need and the team will get back with the best quote. After you agree with terms & conditions, just pay the premium and your policy shall get activated immediately.

What are the documents required to buy Max term life insurance?

Documents like your voter card, passport, aadhar card, pan card, income tax returns of last two years, bank statement for last three months (for salaried employees) are required.