About Max Life Insurance
Max Life Insurance, one of the leading life insurers, is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is a leading Indian multi-business corporate, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the top general insurers in the world. Max Life Insurance offers comprehensive life insurance and retirement solutions for long-term savings and protection to around thirty lakh customers. It has a country-wide diversified distribution model including the country's leading agent advisors, exclusive arrangement with Axis Bank and several other partners. Max Life Insurance is a quality business focused on delivering excellence to customers through advice based sale process, customer centric approach to business, financial stability & investment expertise and strong human capital.
Max Life Advantage
1. Financial strength and stability
Max Life’s focus on fundamentals and efforts to differentiate in the market place based on its advice based sales, diversified distribution architecture and comprehensive product portfolio helped achieve a financial strength and stability. The company achieved profitable growth even in a tough year for the industry.
The Company recorded an Enterprise level Profit Before Tax of Rs.808 crore and Shareholder Profit Before Tax of Rs. 478 crore. Gross Written Premium of the Company grew 12% to Rs. 8172 crore. In view of a strong all round performance during FY 2014-15, the Company declared Total Shareholder Dividend (net of DDT) of Rs.200 crore and allocated Bonus of Rs. 596 crore to participating policyholders, a 52% upward revision from previous year.
Max Life Insurance also performed well on other business parameters during the FY 2014-15 :
2. Claims Promise
Life insurance is, in the ultimate analysis, a business of paying claims and supporting the customer's family when they need us the most. To be true to our promise to policyholders, Max Life Insurance has set up an effective claims settlement process, making it simple, quick and hassle-free. This is especially important because claimants, who are dealing with an unplanned incidence such as loss of some loved one, need our reassurance and support, not the pressures of complicated follow-ups.
Faster Claim Settlement
We are committed to settle all the death claims in friendlier and speedier manner post receipt of all claim documents and information. In case of any delay on our part, we pay interest on the amount to be settled.
All claims on policies that have completed three continuous years from the effective date will be honoured, unless such policies were obtained with fraudulent intentions.
When you submit a claim, a dedicated Claims Relationship Officer will be assigned to you. He will contact you within five working days to assist you in claims settlement.
3. Differentiated/unique product offering
We all dream of a tomorrow that is secure, stable and full of financial freedom. One of the easiest ways to make it happen is through life insurance. Which is why, Max Life Insurance has a range of Life Insurance plans that help you fulfil your various needs - be it financial protection of your family, planning for your child's education, saving for retirement or just growing your wealth.
Sum Assured + Level Monthly Income
Ø A protection solution to take care of any liability and provide a steady income to family
Ø 100% Sum assured as lump sum on death + Tax free monthly income for 10 years
4. Service Excellence
Treating Customers Fairly (TCF) remains the bedrock of all customer centric initiatives at Max Life Insurance. In keeping with this philosophy, our constant focus is on enhancing the experience of our customers through continuous improvement in processes. We extend thoughtful service at all touch points and believe in long-term customer relationship. As a result of our efforts, we now have one of the lowest customer complaints incidence rate in the industry at 0.19 per thousand for FY 2014-15. We have pledged a ‘Service Promise’ that entails
5. Strong Corporate Governance
6. Awards & Recognition
At Max Life Insurance, with each award and accolade received over the years, we have renewed our promise of providing the best quality of products and services to our customers. Some of the awards and recognition rewarded to us are as follows :