If you are new to the insurance field, you may find insurance policies to be a little disorienting, but today, we are going to us Max Life Insurance to learn more about life insurance policies available out there. We chose Max Life because they are currently the largest life insurer among privately held non-banking companies in the country of India. But first, let us define the term ‘Insurance Policy’. Whenever we say, insurance policy we are referring to the documents that detail the terms and conditions of a contract of insurance. You may think of this as a proof of your purchase. This is a written agreement between the insurer (in this case, Max Life Insurance) and the insured or the policy holder (this is you). This document will help determine the claims which the insurer is legally required to pay.
Here are some FAQ for Max Life Insurance Policy that you may find helpful.
What types of riders are available with Max Life Insurance Policies?
There are four riders available under Max Life’s product portfolio which are:
- Personal Accident Benefit Rider which is responsible for paying out a benefit in case of an unfortunate event of death caused by an accident.
- Accidental Death Rider Benefit will be responsible for a benefit pay-out in the unfortunate event of death by accident.
- Dreaded Disease/Critical Illness Rider will be responsible for providing a benefit pay-out in case the policy holder contracts any of the critical illnesses mentioned in the rider document or during a surgery.
- Waiver of Premium Rider Benefit will be in effect in case the policyholder dies or is rendered disabled due to an accident. The premiums will be waived off.
Can I change the premium paying mode in my Max Life Insurance Policy?
Yes, but only on policy anniversaries for active policies. You will need to sign a form and submit it.
How do I change the nomination or nominee in my Max Life Insurance policy?
You must fill out a policy amendment request form and submit it to your nearest Max Life branch office.
What are the different premium payment options available with Max Life Insurance Policies?
You can pay for your policy through online, phone payments, auto debit facilities, and other modes of payment. You may ask a Max Life insurance agent about it.
Can a loan be taken from a Max Life Insurance Policy?
Yes, a loan can be taken out against your Max Life Insurance Policy if the policy has acquired a case surrender value. The load against the policy can be availed for up to 90% of this value, subject to a minimum availability of Rs. 10,000. Loans can be taken after 3 policy years have been completed on active policies. However, keep in mind that loans cannot be taken for policies in the grace period.
Note: There is no loan available for Max Life Term Plans and Life Marker Unit Linked Plan.
Alright, we hope that was helpful to you. Now if you have encountered an accident, you will need to file a claim. This is different from your policy, but you will need to have an idea about what compromises your policy. Don’t worry, it is easy to file a claim at Max Life. They have made it their mission to be the fairest, fastest, and friendliest when it comes to claims processing so if you have forgotten the inclusions of your insurance policies, you can ask your insurance agent about it.
To register a claim you will need the following:
- Original Policy Documents (so don’t lose them!)
- Original or attested copy of the death certificate issued by the local municipal authority
- Death claim application form (form A)
- NEFT Mandate form attested by bank authorities along with cancelled cheque or bank account passbook.
- Nominee’s photo identity proof like copy of passport, PAN card, voter identity card, Aadhar (UID) card etc.
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