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Max Life Smart Secure Plus

Introduction to Max Life Smart Secure Plus

Max Life Smart Secure Plus is a term insurance plan offered by Max Life Insurance Company, which is also known as Max New York Life Insurance Company Limited. With this term insurance plan, your family will be paid a sum of money as a death benefit, in case your death happens during the term of the policy. Using a term insurance plan, you can get a very large cover, for a very nominal premium (almost 1000X). This makes the product one of the most essential additions to your financial portfolio if you have dependents who rely on your income for their expenses.

beshak ratings
INDIA’S FIRST UNBIASED, CONFLICT-FREE INSURANCE RATING
Verdict: Max Life Smart Secure Plus

This product hits the sweet spot with its benefits and affordable pricing, with all the top benefits, customization benefits, payment options. An excellent track record with respect to claims and service would mean that your family is very likely to get a smooth claim settlement experience.

Pros & Cons: Max Life Smart Secure Plus

  • arrow Slightly cheaper than other products in the market
  • arrow Several options to customize claim payouts
  • arrow Offers the option to automatically increase your claim amount, with time
  • arrow Several Limited Pay options available, to speed up payments
  • arrow Critical illness rider is available, and the payout is in addition to the life cover amount
  • arrow Received fewer complaints on claim settlement compared to other insurers
  • arrow Received fewer complaints on policy purchase compared to other insurers
  • arrow Our study observed their responses on Twitter to be relatively slower than other insurers

About Max Life Insurance Co. Ltd.

Max Life Insurance Co. Ltd. logo

Max Life Insurance Company Limited formerly known as Max New York Life Insurance Company Limited is a Life Insurance Company in India. It is the largest non-bank private-sector life insurer in India. It offers Term Life Insurance Plans, Traditional Savings Plans, and Unit Linked Insurance Plans. Founded in the Year 2000, it is a joint venture between Max Financial Services and Mitsui Sumitomo Insurance Limited. The company is headquartered in New Delhi and has 269 offices across 36 States / Union Territories in India. The CEO / CMD of the company is Mr. Prashant Tripathy.

Founded in
2000
JV Partners
Max Financial and Mitsui Sumitomo Insurance
Turnover (GWP)
19,017.9 Crores
Number of Policies
597,567
Number of Claims
703,971

Detailed Product Specs & Rating: Max Life Smart Secure Plus

Claims Experience 5/5 star green
Customer Service 3.9/5 star green
Product Benefits 4.4/5 star green
% of claims settled in less than 30 days
Reflects on the speed of settling valid claims
99.87%
% of Complaints received on overall claims
% customers unhappy with claims experience
0.05%
How complex is the Claim Form?
The longer, the more hassles during claims
Short
Claim Settlement Ratio (No. of claims)
What % of the claims received were paid?
99.22%
Claim Settlement Ratio (Value of claims)
What % of the claim amount received was paid?
94.48%
Solvency Ratio
Reflects an insurance company’s ability to pay claims. Insurers are required to maintain a minimum 150% Solvency Ratio as per IRDAI regulation
202%
Personal relationship manager for claims
Available
Can you track claims online?
Available
Dedicated toll-free for claims service
Available
Separate Claim Form for above 3 Years Claim
Not Available
Home pickup of Claims
Not Available

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What’s the Review of Max Life Smart Secure Plus by Max Life Insurance?
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Max Life Smart Secure Plus is a term insurance plan offered by the Max Life Insurance company. 

Max Life Smart Secure Plus comes with a unique combination of affordable pricing and multiple benefits, making it one of the best term plans in the market today. As you set out to buy term insurance, you would like to find an insurer who will provide you and your family a smooth purchase and claims experience. 

Max Life Insurance holds an excellent track record with respect to purchase and claims services. This indicates that you and your family will experience a smooth and seamless policy purchase and claim settlement process. The only drawback of this product is that the insurer's response rate on Twitter is comparatively low.

Let’s look at some of the key features and benefits of the Max Life Smart Secure Plus. 

Features & Benefits of Max Life Smart Secure Plus

  • Life cover benefit: This term insurance plan pays your family an assured sum of money if you pass away during the policy duration. With this term insurance policy, you can claim tax benefits under Sec. 80C of the Income Tax Act. However, there is no maturity benefit in this policy - meaning, you won’t get anything back in case you survive the policy term. 
  • Entry age for the policy: This plan allows you to apply for the policy, when your age is at least 18 years and until you’re 65 years old. 
  • Cover Duration: Edelweiss Tokio Life Zindagi+ offers you a term cover, up to the age of 85 years. This means you can enjoy the plan benefits even after your retirement age. 
  • Increasing Cover: Once you choose an appropriate sum assured that fits your family’s current financial needs, you can buy the increasing cover feature to ensure that your family is sufficiently covered, always. This policy gives you an option to automatically increase your sum insured by 5% every year, until your base policy cover doubles.
  • Cover Duration: The Max Life Smart Secure Plus provides a cover up to the age of 85 years. So, if you choose this plan, you can enjoy the benefits beyond your retirement age.  
  • Limited Pay Option: Using this option, you can finish paying off all your premiums in larger and quick installments within 5, 10, 12 or 15 years till the age of 60 years. This feature is suitable if you want to get the burden of premiums off your chest while you still have a dependable income. 
  • Claim Payout Options: Max Life Smart Secure Plus offers you various claim payout options out of which you can select the best option that suits your family. Some of the options include - 
    • One-time lump sum; In this option, your family/ nominee will receive the claim payout in one large payment. 
    • Lump-Sum with monthly income: In this option the claim payout will be divided into one large payment, and several smaller payments on a monthly basis.
    • Monthly income model: With this, your family or nominee will be paid a regular income, on a monthly basis for a long period of time, say - 10-15 years. 

What are the riders available with the Max Life Smart Secure Plus? 

Max Life Smart Secure Plus offers a range of optional add-ons or riders that can boost the quality of your term insurance cover. It includes - 

  • Comprehensive Critical Illness Rider: If you’re diagnosed with any of the serious diseases listed in the policy document, this add-on will pay an additional amount of money as a lump sum. You can use this money to  replace the loss of income and to pay for any additional health-related expenses your family might incur, which won’t be covered by a regular health insurance plan. 
  • Accidental Death Benefit Rider: With this rider, your family will receive an additional amount of money, if your death happens due to an accident. In case you are eligible for a cover amount lower than what is required for your family, you can use this rider to improve your overall cover.
  • Waiver of Premium Rider: This is one of the most helpful riders that everyone should always consider buying. If you are diagnosed with a serious disease or a disability, you will not have to pay any further premiums if you buy this rider along with your term plan. However, you can retain your cover until the end of the term. 

Why should you consider buying a policy from Max Life Insurance?  

  • Speed of Claim Settlement:  Max Life Insurance holds an exceptional track record in its claims process. They have settled around 99.87% of their claims in less than 30 days. This indicates your nominee might not have to wait too long to receive the claim amount. 
  • Claims Complaint: According to our research, we found that Max Life Insurance has a very less number of complaints in comparison to other insurers. This indicates a smooth claim settlement process and that your family is likely to have a seamless experience. 
  • Length of the Claim Form: This insurer has a relatively short claim form, indicating that your family will not be hassled too much during the claim application process. 
  • Online Tracking of Claims: Max Life Insurance provides your nominee the option to track their claim online as well, instead of reaching out to the company, again and again, to learn about the claim status. 
  • Personal Relationship Manager: The insurer also provides you with a Personal Relationship Manager to help you understand your policy in detail and help your nominee throughout the claim settlement process. 
  • Claim Settlement Ratio: The claim settlement ratio of Max Life Insurance is 99.22% and their claim amount settlement ratio is 94.48%.

What are the drawbacks of buying a term insurance plan from Max Life Insurance? 

Here is a list of some of the disadvantages of buying a policy from Max Life Insurance. 

  • Home pick-up for claims unavailable: While the insurer provides various convenient services for your nominee or family, they do not offer a facility for picking up claims-related documents from your home. Therefore, your nominee or family will have to visit the branch to provide the required documents. 

How is the Customer Service of Max Life Insurance? 

Max Life Insurance company provides claimants the option to reach out to them via toll-free services as well as social media platforms like Twitter in case of any query related to the claim settlement process. 

  • Toll-Free Service: Based on the research conducted by our in-house research team, we found that the insurer’s response over toll-free is mediocre compared to other insurers.  Your nominee or family might even have to wait for a couple of hours to get an initial response from the company. 
  • Response over Twitter: As per our research, we found that the insurer's response rate over Twitter is comparatively slow. Your nominee can try reaching out to them on Twitter but there could be a lot of delay in the response. 

About the Insurer- Max Life Insurance 

Max Life Insurance Company Limited formerly known as Max New York Life Insurance Company Limited is a Life Insurance Company in India. It is the largest non-bank private-sector life insurer in India. It offers Term Life Insurance Plans, Traditional Savings Plans, and Unit Linked Insurance Plans. Founded in the Year 2000, it is a joint venture between Max Financial Services and Max India Limited. The company is headquartered in New Delhi and has 269 offices across 36 States / Union Territories in India. The CEO / CMD of the company is Mr. Prashant Tripathy.

So, Overall How is the Max Life Smart Secure Plus? 

Based on more than 100+ metrics analyzed for the Max Life Smart Secure Plus, the Beshak⭐Rating for this product is an amazing 4.4/ 5 - putting it as one of the top products in our charts! 

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