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Axis Max Life Insurance is a collaboration between Axis Bank Limited and Max Financial Services Ltd., offers a variety of insurance products to the customers. Max Life term insurance plans keep the insured’s family financially secure in case of an unfortunate event of his/her death. These plans offer high coverage to the policyholder at low premium rates. Max Term plans can also be attached with various riders offered by the insurance company to enjoy additional coverage by paying an extra premium amount at the time of buying a policy.
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While purchasing a Max Life term insurance policy online, it is vital to know everything about the policy, especially the documents required for Max Life term insurance for a quick and easy experience. Max Term plans are the purest type of life insurance policies that provide long-term financial security to you and your loved ones against uncertainties of life. But there is one factor that must be taken care of- ensuring that you provide all documents required for Max Life Term insurance plan whenever required.
If you are planning to buy the Max term policy, you can make the buying process quick by submitting all the documents required for term plan on time. Let’s discuss all the documents required for Max Life term insurance plan.
Note: Know more about what is term insurance first before reading this article.
Term Plans
Following is a list of documents important for Max life term insurance plan:
Here are some documents required to purchase a term plan. The list involves the address proof, age proof, income proof, and photographs listed below. Check the documents list for Max term plan that you should keep handy to have a hassle-free procedure:
Voter ID
Passport
Aadhar card
Job card allotted by NREGA duly signed by the state government officer
National Population Register having details such as name, aadhar number, and address
PAN Card
Form 60
Or any other document as advised by the Central Government
Utility bills of any service provider such as telephone, electricity, postpaid mobile connection, water piped gas
Municipal or Property Tax Receipt
PPOs i.e, Pension or family pension payment orders allotted to retired persons
Government department or PSUs employees, if they have the address
Letter of accommodation allotment from employer allotted by Central or State Government department, financial institutions, regulatory or statutory bodies, and other listed companies.
Statement of bank – last 3 months’ salary slips
Last 2 years’ income tax returns
Form 16 of the latest year
Income tax returns of last 2 years
Computation of income (in case of unavailability, last 3 years of income tax returns not reported in the same year)
Form 26AS
Audited balance sheet and profit loss account attested by Certified CA for last 2 years
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Step 1: Visit the official website of Max Life insurance and click on ‘term insurance plans’
Step-2: Then, click on the tab ‘Calculate premium’ to know the estimated premium payable against the selected sum assured.
Step 3: Enter the required personal details such as income, age, smoking status, and contact details. This will help in determining the estimated sum assured amount for further procedure.
Step 4: After choosing the coverage amount and other information, click on ‘Proceed’
Step 5: Now you will get the choice to add various riders to increase the coverage of your base plan
Step 6: Enter the details of the documents required for Max Life term insurance plan
Step 7: After uploading all the documents required for Max life term insurance plan, select to proceed.
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.
The documents required for term, plan help in establishing your identity and recognizing other details about you. Here is a list of why are documents required for Max life term insurance purchase:
It validates that you are an Indian Citizen
Keeps your insurance company updated on your health/medical status and present situation
Offers a hassle-free procedure
Assured you of the plan benefits of the company
The easy policy renewal process
Quick fast claim settlement
Following is a list of documents needed for a term insurance plan that you have to submit while making any term plan claim settlements:
Original Documents of Policy
Attested Death certificate copy issued by the local municipal authority
Death claim application form A
Bank passbook copy / canceled cheque along with NEFT mandate application attested by the bank
Certified copy of photo ID of a nominee, such as a voter ID, Aadhar card, PAN card, passport
In case of natural death, statement of attending physician
In case of natural or medical death, copy of medical documents such as admission notes, death summary, discharge slip.
Copy of FIR, in case of an accidental death
Post mortem copy/Autopsy report in case of an unnatural death
Every detail filled by you when buying the plan is important for quick claim settlements. All the documents required for a term plan hold importance in their own way. While some are compulsory to submit, some documents required for term insurance claims are situational.
All documents required for Max Life term insurance helps ease the claim settlement procedure
Sum assured amount claimed can help decrease the financial difficulty of the nominee/beneficiary, if you have offered all relevant documents required for term insurance plan claim to your insurance company.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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