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Frequently Ask Question

1. Who can Buy Insurance?

All individuals who fulfil the essential criteria of various insurance policies can buy them online. The online insurance buying or renewing process is quite easy and saves both time and money.
We offer Max Life Insurance plans. Explore the range of products we provide and live with peace of mind.

2. Is it safe to pay for insurance online?

All the customer-related details are kept safe in the online database maintained by the insurers, while the payments are accepted through secure payment gateways of the Life Insurance company.

3. How I can Buy an Insurance through you? How you can help?

Here are the necessary steps you can follow to buy insurance plans through us:
1. On this Website go to "What We Provide" section
2. Select relevant Insurance Plan which based on features you find appropriate for you
3. Fill in your details, as prompted by the online form and submit.
4. We shall Assist you either Online and if allowed through physical meeting and help you selecting most appropriate plan for you.

4. Can an insurance be cancelled?

If a policyholder feels that the purchased policy does not match his or her expectations, he is allowed to cancel it during the free-look period (15 Days from date of Issue) and get a refund. It is the period within which an insurance policy can be terminated without charging penalties on the buyer.

5. What is difference between Term insurance and whole life insurance? Which one should I buy?

Term insurance plans provide cover for a fixed period or 'term'. Generally companies offer coverage for 50 years (up to maximum age of 85 years). Term insurance plans are most affordable way of purchasing insurance and you can buy large a cover amount for a relatively small premium.
Whole life insurance policies cover you till the time of your death (up to a maximum age of 100, in most cases). In a sense, with a whole life plan, your family is assured of a payout in the event of your death. Given the high probability of death by such an advanced age, whole life insurance policies are significantly costlier than a term insurance plan.
Term life insurance is recommended in your earning years when your family is growing and your financial responsibilities outweigh your income. Whole life Insurance can be considered as an investment that will pass on to your family as a legacy. The key criteria for choosing an insurance policy should be the life cover requirement that stems from a financial planning exercise. Based on your life stage and investable income, you can make a choice

6. Will my premium amount increase with age?

No. The base premium amount remains constant during the entire duration of the policy and only the tax component can change and will be as per the prevalent Tax laws.
Hence it is advised to purchase term insurance at an early age. For example a ₹ 1 Crore cover at age 25 years will cost ₹7,670/year for a policy term of 40 years. At age 30, the same cover will cost ₹ 10,148/year which is 32% higher.

7. How much life cover should I buy in a Term plan?

The most common thumb-rule for selecting the cover amount (sum assured) is:
Sum assured = 10 X Annual income + outstanding loan amount
This is however a very broad rule and you should decide the cover amount after taking into account the number of your dependents, your income and liabilities and estimating the cost of sustaining the lifestyle for your family in your absence.
Max Life can provide you a cover of 22 X of your income depending upon your age and income. It is advisable to go for the maximum cover, since in a term plan you get high cover by paying a nominal premium

8. What is an e-insurance account (EIA)? Why is it mandatory?

An e-insurance account (EIA) allows you to hold all your insurance policies electronically under a single e-insurance account similar to how a demat account allows you to hold your stock and mutual fund investments.

There are 4 insurance repositories

1.NSDL Database Management Ltd,
2.Central Insurance Repository Ltd,
3.Karvy Insurance Repository Ltd and
4.CAMS Repository Services Ltd.

An e-insurance account can be opened directly with any one of them. All insurers are required by law to open an e-insurance account for the policyholders within 15 days of selling them an insurance policy online.

With an electronic form of your life insurance policy, there is no risk of losing the physical copy and it becomes easier for you or your nominees to track the details of your policies.