How Does Group Term Life Insurance Work?
From premiums to claims understand the how a group term life insurance work.
By Pazcare
February 26, 2025
Max Life Insurance Company
Key Insights
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.
- Visit Pazcare
Visit Pazcare, and choose group term insurance. If you are new to buying a group term policy, we recommend you review our offerings before purchasing the Max Life group term life insurance policy.
- Consult with our insurance experts
After submitting the form, our insurance experts will call you within 24 hours. Share your requirements to personalize your Max Life group term insurance policy offering with Pazcare.
- Product demo & sharing active employee data
We provide you with a product demo of how to administer the Max Life group term life insurance plan using the Pazcare dashboard. Once approved, share with us your active employee data to proceed with the process of buying the Max Life group term life insurance for employees.
- Getting quotes & onboarding
We get you competitive quotes from Max Life Life Insurer and other 4+ life insurers. Choose the best offering, say Max Life group term insurance policy and the onboarding process begins in 24 hours. You are covered with the best employee benefits from Pazcare.
Max group term life insurance plan from Pazcare
Max group term insurance from Pazcare for employees is a highly customizable 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 Max Life GTL policy can be customized by adding riders like
- Critical illness riders
- Accidental death riders
- Terminal illness riders
- Total and permanent disability riders
Max Life group term insurance renewal with Pazcare
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.
- Visit Pazcare
Visit Pazcare, and choose group term insurance. If you are new to renewing your Max Life group term insurance policy, we recommend you review our offerings before purchasing the Max Life group term life policy.
- Consult with our insurance experts
After submitting the form, our insurance experts will call you within 24 hours regarding the Max Life group term insurance policy renewal. Please submit active employee data, policy copy, claim dump report & claim analysis report to proceed.
- Product demo & personalisation
We provide you with the product demo if you are new to buying/renewing the Max Life group term insurance plan with Pazcare. The above-submitted documents allow us to personalise your Max Life group term policy according to the previous offerings.
- Getting quotes & onboarding
We get you competitive quotes from Max Life Life Insurance and other 4+ insurers. Choose the best Max Life group term life insurance policy renewal offering and the onboarding process begins in 24 hours. You are covered with the best employee benefits from Pazcare.
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
Max Life group term insurance benefits from Pazcare
Purchasing your Max 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 from Pazcare, you are eligible to avail tax benefits under Section 37(1) of the Income Tax Act of 1961.
Choose your riders
Your Max Life group term life insurance policy from Pazcare comes with customizable riders like critical illness rider, terminal illness rider, accidental death benefit, etc at a much lower price
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 from Pazcare are high.
Max Life group term insurance claim
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
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
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Max Life Insurance Company customer care number
The group term insurance policy from Max Life Insurance company has 24X7 assistance for policy related queries and claims. Visit the Max Life Insurance customer care here.
For any queries or assistance, reach out to us at any time. We provide 24X7 customer assistance.
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
- Sum assured the employer wishes to offer
- Designation and CTC of employees
- Covid and vaccination status of the employees
- Job risks involved for the employees
- Claim history of the company for the last 3 years.
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.
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