Vision

VisionTo be the most admired life insurance company by securing the financial future of our customers Mission We are an honest life insurance company, committed to doing what is right We serve our customers through long-term savings, protection and retirement solutions, delivered by our high quality Agency and Multi Channel Distribution Partners We are a business with strong social relevance and contribute to society by supporting causes in health and well-being Our Values Caring :Listens with respect and values differences – Acts with compassion Credibility : Demonstrates knowledge and creates trust in others Collaborative : Works together to achieve results Excellence : Pursues highest quality    Overview Max Life Insurance, one of the leading life insurers, is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max India is a leading Indian multibusiness 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 more than 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. In the financial year 2013-14 Max Life Insurance ranked fourth among private life insurers with a market share of 10.3%. The Company has been one of the fastest growing life insurance companies with Gross Written Premium of Rs. 7,279 crore and Shareholders Profit After Tax of Rs. 436 crore for the Financial Year 2013-14. The Company's share capital of Rs. 2,127 crore with a solvency margin of 485% is indicative of its financial strength and stability. As on 31st March 2014, Max Life Insurance had assets under management of Rs. 24,716 crore.  Max India Group - An Introduction The Max India Group is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company is headquartered in New Delhi, India. The Company's vision is to be one of India's most admired corporates for service excellence – in what we do, how we do it and the positive impact we have on society and our stakeholders. (www.maxindia.com) Max India is in the 'Business of Life'. It 'Protects Life' through its Life Insurance subsidiary Max Life, a joint venture between Max India and Mitsui Sumitomo Insurance, Japan; 'Cares for Life' through its Healthcare company, Max Healthcare, a joint venture between Max India and Life Healthcare, South Africa; 'Enhances Life' through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; 'Rejuvenates Life' through its Senior Living business Antara, a fully owned subsidiary of Max India and 'Improves Life' through its Clinical Research business. The Group also continues its interest in manufacture of Speciality Products for the packaging industry through its SBU Max Speciality Films. The Group's businesses have built commanding presence in their respective sector, through a total customer base of nearly 7 million, over 300 offices spread across India and a people strength of over 70,000 persons. These businesses are in high growth yet under penetrated sectors, which will continue to benefit from India's demographic dividend and increasing purchasing power. Max India's financial performance reflects this potential. The Group earned a consolidated revenue of Rs. 106 billion in FY2013 and has a strong treasury corpus of around Rs. 4.0 billion. The flagship company of Max Group, Max India Limited is a widely held public limited company, listed on the BSE & the NSE. Analjit Singh, Founder & Chairman, is the lead shareholder in Max India with over 39% holding. Other key shareholders in the company include some of world's leading Institutional Investors, such as Goldman Sachs, International Finance Corporation, Washington (IFC), and Temasek Holdings. Max India remains committed to excellence in Corporate Governance and recognizes that in today's world, it is an important driver for building all round excellence, attracting high-quality talent and intelligent capital. The Group and its companies are Shareholder steered, Board governed and Executive managed. The Board thoroughly evaluates business performance on nine strategic levers - enhancing business performance, investing in people and organisational development, creating efficiency in capital management, adopting an integrated enterprise-wide approach, investing sensibly in new growth opportunities, maintaining the highest standards of governance, continuously improving service quality, developing a distinct corporate brand and effectively managing risk. Over its 25 years of existence, Max India has had a history of forging and nurturing strong and successful joint venture with leading global companies such as New York Life, Hutchinson Telecommunications, Motorola, Schering AG, Avent Inc., Gist Brocades(GB), The Upjohn Company, Comsat International Ventures, Atotech BV. Today, the Company shares excellent relationships with its Joint Venture partners in the Life Insurance, Healthcare and Health Insurance space, namely Mitsui Sumitomo Insurance, Life Healthcare and Bupa Plc. Through the years, Max India has successfully established partnerships that stood the test of time, and grew consistently and developed and matured into strong relationships. Max India Subsidiaries & Businesses Max Life Insurance Company Ltd. (Formerly Max New York Life) (www.maxlifeinsurance.com)- is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Mitsui Sumitomo Insurance, is a part of MS&AD Insurance Group, which is amongst the leading general insurers in the world. Established with a vision to be the most admired life insurance Company in India, Max New York Life Insurance was incorporated in the year 2000 in partnership with New York Life, a Fortune 100 company. As a part of global strategic alignment across the globe, New York Life decided to step out of the MNYL, and Max India has partnered with Mitsui Sumitomo Insurance Company Ltd (MSI). Today, known as Max Life Insurance, the Rs. 79 billion(USD 1.43 billion) Company is one of India's leading life insurers, offers comprehensive life insurance and retirement solutions for long-term savings and protection to thirty lakh customers. It has a countrywide 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 is in the business of protecting lives & ensuring dignity of families. It is this larger cause that has driven this company to secure around 3.5 million lives with a sum assured in excess of Rs. 1,700 billion. With the customer at its core, a solvency margin of 521% (significantly higher than stipulated level 3.7 times), Assets Under Management(AUM) of over Rs. 205 billion, the company's quality business model has come to be recognized and admired by its industry peers, regulator & policyholders. The Business Excellence Journey of this company has been commended by CII-EXIM Bank Quality Award, three years in a row. Max Life's multi-channel distribution with agency distribution at its core has built strengths in need based selling processes for long term saving & protection solutions. Max Life was recognized as a Superbrand of the Year 2013-14. It has been ranked amongst the best places to work for, by BT-Mercer, Gallup, Business World and the Great Place to Work Institute and its investment performance has been rated in top quartile by Outlook Money. As the company enters its second decade of existence, a stable management team is guiding it to even higher customer-centricity, peopleorientation and quality focus. Max Healthcare Institute Ltd. (MHC) (www.maxhealthcare.in) is a joint venture with Life Healthcare, South Africa, and is the Country's leading comprehensive provider of standardized, seamless and international-class healthcare services. It is committed to the highest standards of medical and service excellence, patient care, scientific and medical education. Max Healthcare operates 12 facilities in North India, offering services in over 30 medical disciplines. Max Healthcare has 12 facilities in North India, offering services in over 30 medical disciplines. Of this 9 facilities are located in Delhi & NCR and the others in Mohali, Bathinda and Dehradun. The Max network includes state-of-the-art tertiary care hospitals in Saket, Patparganj, Shalimar Bagh, Mohali, Bathinda and Dehradun, secondary care hospitals at Gurgaon, Pitampura and Noida and an out-patient facility and a speciality centre at Panchsheel Park. The Super Speciality Hospitals in Mohali and Bathinda are under PPP arrangement with the Government of Punjab. Max Healthcare has a base of over 2100 leading doctors, 5500 employees and around 2 million patients from 80 countries, across its network of 12 hospitals. Max Bupa Health Insurance Company Ltd. (www.maxbupa.com) is a 74:26 joint venture between Max India Ltd. and Bupa Finance Plc, UK, a leading international healthcare provider with 65 years of healthcare knowledge. The Company brings together a combination of Bupa's global health insurance expertise and customer service expertise with Max India's understanding and experience of the Indian health and insurance sectors. Max Bupa offers quality health insurance services through a dedicated team of over 1200 people and its network of 21 offices across 13 cities - Delhi, Mumbai, Hyderabad, Chennai, Bangalore, Pune, Ludhiana, Chandigarh, Jaipur, Surat, Kochi, Kolkata and Patna. Max Bupa has a customer base of 1.4 million and it offers individual and family oriented health insurance policies for Indians across all age groups. Max Bupa Health Insurance has a direct working relationship with a network of 3500 top quality hospitals and healthcare providers and at the same time the company plans to extend its network of hospitals to other parts of the country. Max Bupa services customers directly without third party involvement. Antara ( www.antaraseniorliving.com): Max India Group has entered the Senior Living Business to support its next phase of growth in the businesses of life. Due to the fast changing social milieu, the concept of Senior Living presents a rapidly growing yet inadequately serviced business opportunity in India. Antara Senior Living focuses on people over the age of sixty and the first initiative is to create vibrant residential communities for progressive seniors that offer "Lifestyle with Lifecare". Keeping in line with the Max Group values of "Sevabhav, Excellence and Credibility", Antara truly aims to create a difference to the lives of seniors in India. With its initial focus for building these communities in North India, Antara has partnered with best in the class international architects and industry experts, to design and develop its first community in Purukul, Dehradun. Spread across 16 acres, this community will comprise 220 resident apartments and approximately 50 wellness suites that will cater to the advanced healthcare needs of its residents and seniors. This community will be ready for residents to move into by 2016. Max Speciality Films (MSF) (www.maxspecialityfilms.com) is a Strategic Business Unit of Max India. It is the only manufacturing business that Max India continues to operate after its reinvention and shift to service oriented businesses in 2000. MSF specializes in manufacturing specialty barrier and packaging (BOPP) films to cater to the needs of a wide range of sophisticated packaging applications including food packaging, overwrap, consumer products and label manufacture. MSF's leather finishing foil business division manufactures a range of leather finishing and laminating foils. The Company has an installed capacity of 52,000 tons per annum. MSF is the first BOPP manufacturing unit to sign the MSG CII – Code for Ecologically Sustainable Business Growth, run by the premier Indian industry association, CII. It has voluntarily committed to reduce the consumption of energy, water and waste to increase use of recyclables, incorporate life cycle assessment & adopt green purchase policy. MSF has been awarded with the prestigious Golden Peacock Award 2011, India Star 2010 award and World Star 2010 award for its innovative product development. In addition to general insurance business.1 billion).. mainly in high-growth areas within Asia. MSI also has a presence in Life Insurance markets of Thailand. onboard rail operation theater – Life Line Express.. Ltd. China. (Aioi) and Nissay Dowa General Insurance Co. overseas. Ltd. MSI was formed in October 2001 through a merger between the former Mitsui Marine & Fire Insurance Co. .671 billion yen (US$167 billion) and a Consolidated Net Premium of 2. namely domestic non-life insurance. Ltd.. blood donation camps. healthcare and environment.. Aioi Insurance Co. Both Mitsui Marine and Sumitomo Marine were leading general insurance companies boasting long history since 1918 and 1893. Mitsui Sumitomo Aioi Life and Mitsui Sumitomo Primary Life.org) spearheads the CSR initiatives of the Max India Group entities. Max India Foundation has been awarded the Golden Peacock Global Award for Best CSR three years in running. Inc. MIF operates across the country in association with Max India Group companies and closely involves all employees of the Group. the Group aims to supply products and services tailored to various risks around the world. in its endeavour to improve the quality of life. Ltd. The foundation has been working relentlessly in the areas of healthcare. Malaysia and Indonesia. it reported a Total Assets of 1. ("Mitsui Marine") and the former The Sumitomo Marine & Fire Insurance Co. (MS&AD Holdings).00.  Mitsui Sumitomo Insurance Co. Japan. immunization. Having a history of 120 years in general insurance business. the Indy's Award. Inc. Ltd. MS&AD Insurance Group has a presence in 39 markets globally. Headquartered in Tokyo. Mitsui Sumitomo Insurance Co. With over 50 years of experience in operating outside Japan. for the significant impact the Foundation has made to the lives of the needy. ("Sumitomo Marine"). Ltd. 'Clean Delhi Clean Yamuna' campaign. both of which are currently owned by the group's holding company MS&AD Insurance Group Holdings. today. In a short span of four years. domestic life insurance. artificial limb and polio calipers camp. the BSE Award. multi-speciality camps.811 billion yen (US$ 28. MSI has strong experience and an extensive track record in the area of Life Insurance through its domestic subsidiaries. MIF has partnered regularly with reputable NGO's such as CanSupport. (MSI) is a member of MS&AD Insurance Group that was formed in April 2010 from the business integration of the Mitsui Sumitomo Insurance Group Holdings. (NDI) under the holding company MS&AD Insurance Group Holdings. surgeries for underprivileged. respectively.. In FY 2012-13. Inc. support for disaster relief victims amongst others. MS&AD Insurance Group has developed an overseas network of over 400 bases in 39 countries and regions. SOS Children's Village. financial services and risk-related businesses through its subsidiaries and associated companies in both domestic and overseas markets. Manav Seva Sannidhi and Chinmaya Mission to undertake initiatives like pan India immunization programme. MIF has been able to make a difference in the lives nearly 5.maxindiafoundation. (MSIG). for CSR.Max India Foundation (MIF) (www.000 people across more than 360 locations across India. The Group seeks to grow by expanding its business through five business domains. one of the leading life insurers. MSI has been operating its general insurance business through its joint venture "Cholamandalam MS General Insurance Co. Excellence o Integrity in all what we do Max Life Insurance Co. Collaborative. while Mitsui Sumitomo Insurance is a member of MS&AD ." since 2003 Financial strength Safety of our policyholders and shareholders money Consistency of returns to policyholders. Ltd. and Mitsui Sumitomo Insurance Co. Credibility. o o o o  o o o o  o o o o  o o o o  o o o o  In India. is a joint venture between Max India Ltd. Ltd. Max Life Insurance. Max India is a leading Indian multibusiness corporate. Ltd. shareholders and distributors Ability to offer feature rich products Balanced distribution touching more customers Quality of Advice Customer relationships build on the foundation of 'Trust' Need and Risk profile based customer solutions Enabling customers to take informed decisions Through well trained and knowledgeable team Service Excellence Caring mindset at all customer touch points Bias for long-term customer relationships Responsive service Continuous improvement in customer processes Superior Human Capital Great place to work Inclusive meritocracy Opportunities for development and growth Direct and open communication Corporate Governance Honest organization that always does what is right Bias for win – win actions Predictable outcomes and delivery of promise No compromise on compliance Value Driven Culture o Caring. 2. As on 31st March 2014. 7. customer centric approach to business. Besides this. These three key distribution channels are compelmented by Group Insurance and Customer Advocacy teams.Insurance Group. financial stability & investment expertise and strong human capital. Max Life Insurance had assets under management of Rs. It has a country-wide diversified distribution model including the country's leading agent advisors. The Company's share capital of Rs. Max Life Insurance has a diversified distribution network spread across more than 750 cities. customer centric approach to business. In line with its vision to be the most admired life insurance company by securing the financial future of its customers. The distribution is based on three pillars – agency distribution. Max Life Insurance offers comprehensive life insurance and retirement solutions for long-term savings and protection to more than thirty lakh customers. has developed a strong corporate governance model based on the core values of caring. collaborative and excellence. exclusive arrangement with Axis Bank and several other partners. the third pillar of Max Life Insurance's distribution model is equally important and successful with long standing relationship with large distributors of financial products such as Amsure and Peerless. Max Life Insurance is a quality business focused on delivering excellence to customers through advice based sale process. the Company has a strong relationship with Axis Bank which in a short span has become the largest non-captive bancassurance relationship in India with its network of over 2000 branches providing life insurance solutions to its customers. bancassurance and partnership distribution. As a proactive step towards service excellence. In bancassurance. Max Life Insurance offers comprehensive life insurance and retirement solutions for long-term savings and protection to over thirty two lakh customers. Max Life Insurance has positioned itself on the quality platform. Partnership Distribution.716 crore. Max Life Insurance is a quality business focused on delivering excellence to customers through advice based sale process.3%. It has a country-wide diversified distribution model including the country's leading agent advisors. providing a superior customer experience is central to its vision and the Company is committed to provide superior service experience to the customer. 436 crore for the Financial Year 2013-14. In the financial year 2013-14 Max Life Insurance ranked fourth among private life insurers with a market share of 10. Max Life Insurance offers a comprehensive suite of Long Term Savings and Protection oriented products. It currently has 12 products covering and 3 riders that can be customized to suit every life stage need of the customer. These agent advisors are equipped to engage with prospective customers and offer customized solutions for their life stage needs. which is amongst the top general insurers in the world. Max Life Insurance has launched the . At Max Life Insurance. financial stability & investment expertise and strong human capital. 24. credibility.127 crore with a solvency margin of 485% is indicative of its financial strength and stability.279 crore and Shareholders Profit After Tax of Rs. Agency distribution forms its core distribution channels with advice based sales process through its well trained and knowledgeable agent advisors. The Company has been one of the fastest growing life insurance companies with Gross Written Premium of Rs. the company offers 3 products and 1 rider in group insurance business. exclusive arrangement with Axis Bank and several other partners. India. Polio drops. Investments are in instruments which are safe and provide good returns in the long run. The TCF policy aims to raise standards in the way the Company interacts with customers at every touch point right from the pre-sales engagement to the payment of benefits.2015 Founded 2000 Started operations April 2001 Headquarters New Delhi. The company has taken up immunization programme as a societal agenda to ensure protection against major ailments for the next generation of the country. Hepatitis B vaccine. Max Life insurance works closely with Max India Foundation. India Chairman Mr.Distribution Agent Channel' for New Work System 'BIG Data & Business Analytics Award' for Business Analytics and Performance Management Leadership Project Unnati recognized at the ASQ World Conference 2013 As on June 30th. The company values human capital and considers it to be its competitive advantage. Max Life Insurance has always believed in setting new benchmarks in quality of service and product offerings to its stakeholders and its efforts have been duly recognized over the years.3rd year in a row Awarded 'Celent Model Insurer Asia . an independent social service organization of the Max India Group for all its CSR activities. as one of the best workplaces in the industry. Typhoid. Rajesh Sud . MMR.       "Treating Customer Fairly" (TCF) policy. This is reflected in the recognition that the company received from the Great Places To Work Institute. the most coveted Indian Radio awards. Max Life Insurance believes that people are its biggest organizational assets and hence lays a strong emphasis on employee friendly practices leading to high levels of employee engagement and motivation. for Max Life Insurance i-genius Amongst the top 100 'Great Place to Work'. D Tap. Analjit Singh CEO & Managing Director Mr. Some of the awards and accolades won by Max Life Insurance in the recent year are as follows: Recognized as a 'Superbrand of the Year' 2013-14 Ranked 8th amongst the Most Trusted Life Insurance companies in Brand Equity (The Economic Times) survey Golden Mikes 2014. Measles vaccine. DPT. The programme covers vaccines like BCG. dT and TT. Max Life Insurance follows a prudent investment philosophy to optimize risk management in its bid to provide maximize returns to policyholders. 183 Number of products (Individual) 14 Number of riders / options (Individual) 6 Number of products (Group) 6 Number of riders / options (Group) 1 Number of offices 209 Number of cities 136 Claims paid 7 days MDRTs 105 (for calendar year 2014) Trainers (including L & D) 400 At Max Life Insurance. 1. Some of the awards and recognition rewarded to us.973 crore Employees 8. Project Proactive Retention won Bronze Award at World Conference for Quality & Improvement 2014 (WCQI) in Dallas. we have renewed our promise of providing the best quality of products and services to our customers.D.Shah Commendation Award 2014. 2.61.069 Agent Advisors 43. 31. Awards won Won the Global Finance Best Life Insurance Company 2014.115 crore Sum Assured (Incl Group) Rs.        Paid-Up Capital (Incl Security Premium & Capital Reserve) Rs. Recognized amongst the top 100 companies 'India's Best Companies to Work for 2013' a survey by Great Place To Work® Institute .Ranked 58th from 82nd last year by GPTW Project CARS won QCI .894 Crore Number of policies sold (Since inception) 75. India.L.42 lakh Asset under management Rs... USA. Won the trophy for Best Underwriting Initiative of the year in the Asia Banking. with each award and accolade received over the years. Financial Services & Insurance Excellence Awards Max Life i-genius won Silver and Bronze 'Abby' award at Goafest 2014 Max Life Retirement PR campaign won 'Excellence' award at Sabre Asia Recognised amongst India's Best Companies to Work For 2014. Organized by The Advertising Club Bombay in India. Times of India.Settlement of Claims within 10 days". The selection criteria included a Voice of Customer study in addition to submissions by the organizations. for the 'Aapke Sachche Advisor' campaign. 2012.recognized as the only company to have funds amongst the top quartile in all funds category CII National Six Sigma recognition for Best Six Sigma Project . according to Businessworld 2003 'Great Workplaces of India' Some of the industry firsts First company to provide Freelook period of 15 days to the customer. QCI DL Shah Awards for Best Six Sigma Project on economics of Quality .2011 Golden Peacock Award for Excellence in Product Innovation for Max Vijay Awarded the Asia Insurance Industry 'Innovation of the Year' Award 2009 Gallup Great Work Place Award 2009 'CII . Wipro. the EFFIEs have become the gold standard in measuring marketing and communication effectiveness in India.                      Selected as Superbrand of the Year 2013-14 Max Life Insurance won the 6th National Conference & Competition on Six Sigma. Silver EFFIE Award in 2012.2009 CIO 100 Technology Award 2008 . held by the Confederation of Indian Industry (CII) for the Green Belt project"Power of Speed . Overall 24 project presentations were made by manufacturing and service sector companies that included HCL. AIMIA is a global leader in loyalty management and the loyalty awards recognize excellence innovation and best practice in customer loyalty. This was later made mandatory by the regulator First company to start toll free line for agent service First and the only life insurance company in India to implement Lean methodology of service excellence in service industry First life insurance company in India to provide various services to the agents and customers over phone .2012 Outlook Money survey . Awarded the 6th AIMIA Loyalty Award in the category 'Financials .EXIM Bank Commendation Certificate for Strong Commitment to Excel' for the year 2008 to 2010 Ranked 7th in BT-Mercer-TNS Best Companies to Work For Survey 2008 Among top 3 in Asia Life Insurance Company of the Year Award 2007 instituted by Asia Insurance Review Indo-American Corporate Excellence Award for Best Indo-US company in Financial Services Category in 2006 Received 'Best Six Sigma Project' award at Sakal Six Sigma Excellence Awards – 2006 Among the top five most respected insurance companies in India as per Businessworld 2004 and 2006 survey Among the top 25 companies to work for in India. 3M India & QuEST Global from service sector.Non Banking Financial Services Sector'. Today..1 million. by the President of India in 2011. a Joint Venture with Bupa Finance Plc. Health Insurance (Enhancing Life) through Max Bupa Health Insurance. Mohali Campus Advisory Board. Hyderabad. with people strength of about 57. Max India Group's annual turnover is nearly INR 86 billion with a customer base of about 5. Max Life Insurance Co. a fully owned subsidiary of Max India. a Joint Venture with Mitsui Sumitomo. Mr. Mr. Analjit Singh is a Member of the Prime Minister's Joint Indo-US CEOs Forum. Recognizing Mr. Hero MotoCorp and Sofina NV/SA. He is also the Chairman of CII's National Committee on Insurance & Pension. Ltd.000. Punjab and actively facilitating it as the Chairman. Analjit Singh's contribution towards building India Inc. He is currently an Executive Board Member of the Board of Governors. a Joint Venture with Life Healthcare. Analjit Singh the Founder & Chairman of Max India Limited and its subsidiaries Max Life Insurance Company Limited.  First Indian life insurance company to start service center at the regional level First life insurance company in India to be awarded ISO 9001:2008 certification Board of directors  Mr. Analjit SinghChairman. Max India Group is present in the areas of Life Insurance (Protecting Life) through Max Life Insurance. Enterpreneur of the Year – Services. where he is jointly funding a new campus at Mohali. Max India also continues its interest in manufacture of Speciality Products for the packaging industry through its SBU Max Speciality Films. Mr. he has been awarded one of India's highest civilian honors. Analjit Singh has always taken keen interest in enhancing India's academic excellence. Healthcare (Caring for Life) through Max Healthcare. Indian School of Business (ISB). South Africa. Japan . A self made entrepreneur. Belgium. As one of India's leading business-persons. Analjit Singh has been leading the charge of reinventing and restructuring the Max India Group with a vision to be amongst India's most admired companies for Service Excellence. Mr. He has recently taken on the role of the Chairman of the Board of . U. He is a Director on the board of several leading companies such as Dabur India. India's second largest mobile telephony services. The total investment in various businesses at the end of FY2012 stood at over INR 26 billion. the Padma Bhushan. He has also been recently awarded Ernst & Young. ISB. Max India Limited is a multi-business corporate. and Senior Living business (Rejuvenates Life) through Antara.. The Group has over 500 offices across India.K. Max Healthcare Institute Limited and Max Bupa Health Insurance Company Limited. focused on People and Service oriented Businesses of 'Life'. Tata Global Beverages. He has been the driving force behind the Max India Group's sustained growth and success since the mid 80's. He is the non-executive Chairman of Vodafone India.  Mr. Shriram College of Commerce. Mr. USA. Governance and Performance Engineering. Roorkee. Anuroop (Tony) SinghVice Chairman. o Creating awareness on health-related issues such as women's health.Governors. Boston. He has more than three decades of executive experience in the financial services sector. MIF spearheads the CSR initiatives of the various Max India Group companies and also partners with several reputable NGOs such as SOS Children's Village. School of Management and the Graduate School of Management. Mr. cancer. Anuroop (Tony) Singh was appointed Director of Max Life Insurance with effect from February 24. CanSupport and Chinmaya Mission. Dehradun. Max Life Insurance Co. Mr. Manav Seva Sannidhi. The IACPA has particularly lauded his efforts in forging several successful Joint Ventures with leading American companies and promoting business ties with the US. o Improving awareness of environmental issues with a view to supporting a sustainable and eco-friendly environment. The Doon School. Senator Hillary Clinton. Analjit Singh is an alumnus of Doon School. He is an experienced business leader and an independent member on the Board of several leading companies. His emphasis on principles and core values-based operations has helped build many successful organizations. Analjit Singh for his 'outstanding achievement' in presenting the international community with an understanding of a modern and vibrant India. His focus is on Strategy. through his role as the Chairman and Chief Patron of Max India Foundation (MIF). Ltd. including two decades as a Chief Executive for various businesses. Bhai Mohan Singh Foundation. He is married and has three children. he is the Chairman. Boston University. Mr. Indian Institute of Technology. Dehradun. awarded Mr. values-driven corporate entities and social service organizations which aim to leverage the full potential of an active and professional Board. The Foundation's main focus areas are: o Providing improved access to quality healthcare for underprivileged. Analjit Singh is actively involved in social service. He is also the Life Chairman. cardiovascular diseases and immunisation of children. . He is currently pursuing Non-Executive Board level engagements with select professionally-managed. He also mentors & advises entrepreneurs and non-profits due to his keen interest in holistic and sustainable living. Committed to fostering an inclusive society. on behalf of The Indian American Center for Political Awareness (IACPA). the Social Service arm of Max India Group. Board of Governors. 2004. particularly children. University of Delhi. Analjit Singh is the Consul General (Honorary) of the Republic of San Marino in India. In addition. he serves as a member on the Board of Directors of SOS Children's Villages of India (www. Earlier. This will be a significant paradigm changing initiative and will evolve over a period of time with the support of outstanding domain experts.maxlifeinsurance. He is the Vice Chairman of Max India (www.maxbupa. Retail Banking. In the banking sector. he was Country Head. They have two daughters. India and Regional Head. Priyanka Singh. Europe. establishing the Company in several countries in the region.In the Healthcare sector. Earlier in his life. He is currently devoting considerable time and resources to create the Quantum Institute for Well Being.com). Dehradun. qualifying as a Chartered Accountant in 1976. which started operations in 2001 when the insurance sector was opened to private participation.dcbl.org). he serves as the Vice Chairman ofMax Life Insurance Company (www.soscvindia. . Rajesh was amongst the first few management team members to join Max Life Insurance. A founder team member. working as a finance executive. Middle East and South Asia. in the IT sector. a documentary photographer and Divya Singh.com).  Mr. he did his articleship from A. He himself lives and spends his time across India. He is also supporting the development of a sustainable community Kailasa(www.maxindia. USA and UAE. he was an independent member on the Board of Directors.F. Chair Nomination and Compensation Committee of Development Credit Bank(www. in the Social Service. He has also served as the Country General Manager for Retail Banking at Bank of America for five years. 2008 of Max Life Insurance. He launched and established Max New York Life’s operations in India in 2000. which is based on the principle of authentic living. Ferguson and Co. Ltd.com). Prior to his present Non-Executive Board assignments. a professor of Mathematics who holds a keen interest in Indian Culture and history of Indian Mathematics. therapist and healers who are in the process of coming together.in). Audit Committee and Human Resource Committee of Perot Systems (www.perotsystems. Rajesh Sud was appointed CEO and Managing Director with effect from November 1. He also worked overseas with Ernst & Young.com). He is married to Catherine Morice Singh. Max Life Insurance Co. for ANZ Grindlays Bank. he led an executive career and was CEO and Managing Director of Max New York Life Insurance Company (Now Max Life Insurance). Rajesh SudCEO and Managing Director. He graduated from Delhi University in 1973 and studied at the Doon School. he is the Chairman of Max Bupa Health Insurance(www. he was an independent member on the Board of Directors. spiritual growth and self-sustainability. a healing center which will focus on root cause based treatment (instead of symptoms) and offer alternate and complimentary therapies as part of the solution set. Mr. in the Insurance sector.com).kailasa. He worked for 15 years in various positions with American Express. Rahul is a seasoned business manager with wide domain expertise built over 27 years in financial services. Rajesh completed his Advanced Management Program from Wharton Business School. Central Europe. Rahul Khosla was appointed the Director of Max Life Insurance with effect from February 2012. ANZ Grindlays Bank and was seconded as the CEO and MD of the Bank's subsidiary finance company. Prior to joining Max Life Insurance. Rajesh has successfully established Agency as the core channel for the company with strong focus on process. His last role was based in Singapore as Group Head of Products for Visa. USA. with P&L responsibility across all aspects of retail banking. Rahul KhoslaDirector. and broad business perspectives developed across several multinational environments. Rajesh was responsible for establishing a multi channel distribution network for the individual life business. He also has a Management post graduation degree in Marketing and Finance from Faculty of Management Studies. balance sheet management. which is widely regarded as the best in the industry. Rahul was the country head for ANZ Grindlays' Personal Financial Services businesses in India. Mr. Rajesh started his career with Bank of America and held various positions of increasing responsibility. he was Chief Operating Officer for Visa Asia Pacific. Rajesh has also worked on many cross-functional projects and played a key role in defining Max Life Insurance's business strategy and growth plans. . Apart from his distribution role. Before joining Visa. Prior to this. These strong foundations have allowed Max Life Insurance to rapidly grow to pan India presence with a professional and trained sales force. for all markets in Asia Pacific. organization structure and expense management to achieve significant traction across all profitability dimensions.He leads the company towards achieving its vision of being the most admired life insurance company in the country. Max Life Insurance Co. Rajesh was the Head of Asset Finance business at the largest foreign bank in India. senior client interface. organizational effectiveness and business execution. Previously. He developed and implemented a strategy to transform and turn around the largest foreign-owned bank in India and restructured the bank's sales processes. Rahul helped to exponentially grow the business and build Visa's leadership through product innovation. Philadelphia. In his 11 years with Visa. Ltd. Esanda Finance and Leasing Ltd.  Mr. both globally and in India. Rajesh was part of the transition team that managed the successful sale of Bank Of America's consumer banking business to ABN Amro Bank and served as the Head of Consumer Banking Sales. University of Pennsylvania. revenue drivers. strong leadership skills. He has deep management experience. Delhi University. Middle East and Africa and represented the region on Visa's Global Product Management Team. margin optimization. training and productivity. Finance and Legal. He has successfully led several projects to achieve Service Excellence and Operational Efficiencies to support business strategy. creating a positive work environment and culture and ushering "best-in-class" HR practices. In his previous role Rajit was Executive Director and Chief Operatiing Officer at Max Life Insurance. Information Technology. Technologies. Business Excellence and Infrastructure & Facilities. Rajit is a founder member of the Company and has seen it through its formative years. He was also involved in Project Max Vijay. rationalizing the cost structure substantially to improve profitability and laying down a comprehensive Change Management agenda. Strategy. Mr. designing and implementing New Work Systems. Ltd. . Delhi. aligning key stakeholders. an innovative Retail business model aimed at providing protection and long term wealth creation opportunities to the underserved segments in India. His responsibilities included Customer Service and Operations. This included putting a Service Blueprint in place. introduction of Self-Service mechanisms and implementing a comprehensive Outsourcing Strategy to impact Customer experience and costs. established national market leadership on the auto loan business and established important partnerships and regulatory approvals that set the foundations for the retail bank's growth. Front-end Service delivery system. 2008. where he helped to re-launch the bank's retail business in India. Before this. Rahul was CFO for the American Express TRS businesses for India and South Asia.Rahul worked in Bank of America in India as Head of Retail Assets. He was also the mentor for setting up a Learning & Development Centre of Excellence (CoE). won the Chairman's Award for a significant automation project and authored a landmark client profitability analysis for the businesses. where his last role was to set up a pioneering BPO facility for American Express in India where he successfully migrated financial processes from Asian markets. Rajit has been instrumental in building the company's Human Capital. He spent almost 10 years in American Express. This entailed setting up a Governance framework to oversee execution of key initiatives. Rajit MehtaDirector Max Life Insurance Co. reconfiguring the Organization Design. Rajit Mehta was appointed Director of Max Life Insurance with effect from November 01. For two years he also took additional responsibilities as the Chief Transformation Officer for the company. not only doubled its Market share and but has also seamlessly transited to a new Brand identity. Max Life has during this period. Rahul is a Chartered Accountant (articled with A F Ferguson & Co) and graduated with honours in Economics from St Stephen's College. He is a seasoned business manager with a wide domain of expertise built over 20 years in financial services.  Mr. and was a member of the core team that launched India's first American Express local currency card. recruiting and retaining a strong management team. Rajit has played a strategic role in helping the company expand its distribution footprint across India including facilitating a project to "Revamp Sales processes". Unit Trust of India (UTI)(2002-03).. In addition. advising on insurance and investment related solutions. Max Bupa Health Insurance Co. Max Life Insurance Co. His total experience spans 28 years. Prior to that. In the past.Theron was appointed Director of Max Life Insurance with effect from May 2009. Expert in his field. Mr. He is the recipient of the Chairman's Award for Excellence at Max New York Life.). K.(Formerly Securities Trading Corporation of India Ltd. Narasimha Murthy was appointed as an Independent Director of Max Life Insurance Co.  Mr. LIC Housing Finance Ltd. New Zealand and South Africa. The project culminated in Rajit co-authoring a book titled "Growth Leadership Practices at Max Life". Prior to Max New York Life. Closely involved with several National level Financial Institutions. IFCI Ltd.  Ms. Ms.. He scored ranks in both CA & ICWA courses and entered the Profession of Cost & Management Accountancy in 1983. Australia. Switzerland. Rajit is a graduate in Commerce. Ms Theron worked in both consulting and corporate roles for multi-national companies and governments across Europe. with effect from August 23. Banks (UCBs)(2002) in A. She holds a B. majored in Actuarial Science from Laval University. Ltd. Infiniti Retail Limited. K. Canada and is a Fellow of the Society of Actuary (FSA). Ltd and Board of Supervision NABARD. he also serves as an Independent Director on the Board of many large Corporates. he is presently serving on the Board of ONGC. Max Life Insurance Co.P.(2001-11). APSFC... Murthy has served as a Director with IDBI Bank Ltd. APIDC Ltd. Asia. 2013. he has analysed the performance of more than 140 UCBs. Mr. Marielle TheronDirector. He has also received a certificate of Merit for securing First position from Indian Society of Training and development and has been trained as an assessor on the Malcolm Balridge Excellence framework. a company that specialises in strategic investment and management consulting solutions.. he was the Director – Personnel at Bank of America and has also worked with HCL. (presently AXIS Bank)(1999-2004). Mr K. Bombay Stock Exchange and many more. Narasimha MurthyDirector. Ltd. As the Chairman of Expert Committee on Urban Co-op. UTI Bank Ltd.Sc. Ltd. he has to his merit credits of turning around of many large . Narasimha Murthy holds brilliant academic records. She is a Principal of Erlen Street Corporation. (2008-09). STCI Finance Ltd. post graduate in Human Resources and has also attended an Advanced Management Program at INSEAD – France. A. Lokmat Media and Max India. . He was recently also nominated as a Member Convener on the Implementation & Monitoring Committee on Audit Reforms in Public Sector Banks by the Govt. Max Life Insurance Co. Before joining Max Life Insurance.  Mr. He is the Founder & CEO of Arka Capital Advisors Pvt. and Arthur Andersen & Co. Ltd. focusing on systems improvement with Cost Reduction approach. He held a number of actuarial and finance positions in AMP including Finance Director for AMP Asia where he was involved in Business Development activities in the People's Republic of China. John attended London University where he majored in mathematics and then qualified as a Fellow of the Institute and Faculty of Actuaries before joining AMP's operations in Sydney. Rajesh Khanna was appointed Director of Max Life Insurance with effect from July 2012.  Mr. Ahmedabad and is a Chartered Accountant. Ltd. Max Life Insurance Co.  Mr. of India. and is an angel investor in early stage companies. John's career was spent mainly with the AMP – one of Australia's leading life insurers. He served on the Board of Lemon Tree Hotels. India and Japan. He also served as CFO and Actuary for the largest of AMP's Australian business units.Corporates. Currently. The institution honoured him with citation in October 2007. he is associated with the development of Cost & Management Information Systems for more than 150 Companies covering more than 45 industries. D. and was a member of its global Executive Management Group . he worked with Citibank N. Max Life Insurance Co. His efforts in the furtherance of Costing & Management Accounting Profession in India have been recognised by the Institute of Cost & Works Accountants of India (ICWAI). Rajesh Khanna holds an MBA from IIM. Previously.. John joined Max Life in 2005 and served as the Appointed Actuary from 2005 till 2011. Rajesh KhannaDirector. John PooleDirector. Mr.K. Ltd. John Poole was appointed Director of Max Life Insurance with effect from July 2012. he serves as the MD and India Head at Warburg Pincus. Ltd. Mr. Prior to joining Warburg Pincus. MittalDirector. He also supervised all multilateral Preferential Tariff negotiations. Masataka KitagawaDirector. 8 years of overseas business experience in London & Bermuda and 3 years experience as the general manager of IR (investors relationship) Department involving the company’s strategy and corporate planning. Renewable Energy. Previously as Secretary. D. Department of Financial Services. International Trade. He has an experience of more than 30 years in insurance industry. He was with ILFS on secondment from the Govt of India and worked in the area of project development and financing of infra projects. with effect from July 28. he has worked closely with ICAI. As an Additional Secretary. Insurance. Hideaki NomuraDirector. Pension and Finance. Ltd. Agriculture Development and Micro. LIC.  Mr. he had oversight of International Trade and Special Economic Zones. Department of Commerce. Mittal was the chief negotiator of India for WTO negotiation. Masataka Kitagawa was appointed Director of Max Life Insurance Co. India. Until last year. Mr. Ltd. IIFCL and IIFCL(UK). Ltd. including 13 years as a Liability Insurance underwriter in Fire & Casualty Insurance Underwriting Department. Mr. He formulated SEZ policy in March 2000 for the first time in India.Mr. Max Life Insurance Co. where he was responsible for overseeing Banking. Mittal was Secretary. Ministry of Commerce.  Mr. K. During his tenure he worked very closely with the RBI and was on the Board of the RBI. ICSI and ICWAI. He is a former Indian Administrative Service (IAS) officer of 1977 batch (UP cadre) and has served the government of India in various capacities. Urban Development. Max Life Insurance Co.Credit. Insurance and Pension policies of India. development and operation of SEZs in India and FDI and Overseas Investment from India. Mr. Mittal has hands on experience in Infrastructure. He holds a Bachelor of Sociology from Hitotsubashi University. He holds a Master’s degree in physics with specialization in Electronics from University of Allahabad. Corporate Governance. Mittal was appointed as an independent non-executive Director of Max Life Insurance with effect from April 01. Ministry of Corporate Affairs. 2015. . Banking. In Bermuda he was resposible for inward reinsurance business for 3 years as President & CEO of reinsurance subsidiary with advanced knowledge of reisurance and exellent management skill in the competitive market. State Bank of India. He is responsible for Mitsui Sumitomo Insurance's overseas life insurance business. Mr. Tokyo. 2014. As Joint Secretary. credit analysis and providing loans to corporations. Los Angeles and has a BA in Economics from Keio University.  Mr. Sinarmas Life in Indonesia. However. financial derivatives sales. Mr. Ltd. Mr. fixed income market analysis. Hitotsubashi University. Why do you need life insurance Mr. defined contribution business and mutual fund business. such as Sinatay Life in China. Mingtai Insurance in Taiwan. Hideaki Nomura has 29 years experience in financial industries including insurance. where his roles were bond trading. In his tenure with Mitsui Sumitomo Insurance. Tokyo. He took a strategic role in helping the company expand into Asian local insurance businesses by analyzing. completed his exchange program from Anderson Business School at University of California. He is a Chartered Member of the Securities Analysts Association of Japan and a Certified Financial Planner granted by Japan Association for Financial Planners. structuring and valuating M&A transactions. ("MSI") for 17 years. He was very particular with his finances. 2012. banking and investment banking. such as Unit-LinkedAnnuity Joint Venture with Citigroup. with effect from June 27. Toshinari Tokoi Mr.Mr Hideaki Nomura was appointed Director of Max Life Insurance Co. He suddenly suffered a heart attack. with a few complications. etc. Hong Leong Assurance in Malaysia. Mehta was very happy with his job. Mehta will concur that one can never tell when fate will tarnish a pretty picture. He holds an MBA from Graduate School of International Corporate Strategy. Hong Leong Takaful in Malaysia.. Prior to joining MSI. and was . Toshinari Tokoi has resigned from the Board of Max Life Insurance effective July 27. Ltd. 2015. He spent 12 years in Nippon Credit Bank (currently Aozora Bank) and its investment banking subsidiary in London. Tokyo. His 8 year old daughter and 9 year old son were doing well in one of the best schools in India and his wife had the financial comfort she wanted. He was also in charge of establishing new businesses. his family and life in general. Luckily. His family will have financial security if he isn’t lucky enough to survive the next time. Mr. His modest medical insurance covered some of his expenses but he had to dip into his savings for the rest. That was it! He had to re-assess his financial structure. The various life insurance policies he could choose from are listed below: Term Insurance This type of life insurance policy is a contract between the insured and the life insurance company to pay the persons/s he has given entitlement to receive the money. What if the next time his medical expenses are even higher? What about the money he has to keep aside for his daughter’s wedding.admitted to the hospital. Mehta realised this the hard way. as well as his son’s education needs and his daughter's marriage expenses. Tyupes of policies When Mr. Three weeks in the ICU and an angiography and angioplasty struck him with a serious financial blow. He was clear about that. These decisions could not be taken lightly anymore. Mr. 20 or 30 years. These policies can be taken for 5. Mehta was thinking very clearly in the long term now. in the case of his/her death. Although we don’t want to think of these situations. When he was faced with his own mortality. Mehta decided to get life insurance to protect himself and his family. Statistics showed him that if he saved a little money every month in a life insurance policy he would be in an even better position to deal with any unforeseen setbacks in the future. . but he was wrong. it gave him the push he needed to save wisely and save for the future. or his son’s higher studies? What if he doesn’t pull through the next time? Who will take care of his family and support them financially? Another disaster like this will destroy his long term savings plans. preparing for them with the right financial planning will only help our long term goals. His life insurance company helped him derive a formula that best suited his requirements and the requirements he has for his children. He thought his current financial plan was solid. we have the chance to learn from his mistake and better prepare ourselves from now for an uncertain future. He had to buy a life insurance policy that caters to his needs. 10. He also decided to take into consideration the expenses for his children’s higher studies and marriage. 15. he had to be sure he was choosing the right policy. after a certain period of time. inflation etc. It is wise to include foreseen liabilities and add an inflation rate into the amount to get a more accurate figure. before he arrives at the benefit he wishes his family to receive at the time of his death. periodic premiums are received by the insured person and a lump sum is received either on the death of the insured or once the policy period expires. while the insured is still alive. Mehta really need when he is taking a life insurance policy? How much money should he put aside now to receive the right benefit for his children's higher studies? How much should he save now to receive the right benefit for his daughter's marriage? How much does he want his family to get as a benefit in case of his untimely demise? He has to consider his priorities. Unit Linked Insurance Plan ULIPs (Unit Linked Insurance Plan) offer the insured the double benefit of protection from risk and investment opportunities. as is determined in the insurance contract. ULIPs are linked to the market where the insured’s money is invested to help earn additional monetary benefits. Amazing. . Mehta. Group Life Insurance This is when a group of people have been named under a single life insurance policy.Endowment Policy In an endowment policy. his spending habits. wisdom's advice is that the death benefit from a life insurance policy should be approximately 8 to 10 times the annual income of the insured. the beneficiary gets the full sum insured without the deduction of the money back amount given so far. How much insurance do you need So how much insurance does Mr. It is popular for an employer or a company to add employees under the same policy. He has to take into account his standard of living. how everything was in such clear view to Mr. Usually. Each member of the group has a certificate as legal evidence of insurance. This policy should also have a critical illnessand disability rider to help in case of his hospitalization and medical expenses. his income. In case the insured dies during the period of the policy. Money Back Life Insurance Policy This policy offers the payment of partial survival benefits (money back). Mehta has now prepared himself much better for an unforeseen future. Mr. what type of college he wants his children to attend. It will definitely suit our purpose to do the same. Mr. . Mehta realised. etc.He also has to decide how much he expects to receive for his children's higher education. You may not get it absolutely right. He has to factor in what his children's career inclinations are. In addition. Mehta knows thatone rupee saved now is worth many more in the future. definitely keep you prepared. whether he wants his children to study in India or abroad. It is one of the primary steps to get an insurance policy. it has to be signed by the proposer. he has to decide what he will have to spend on his daughter's marriage. So Mr. but it is important to draw a fair sketch of your future financial goals and save according to them. He is an intermediary between the insurer and the policyholder Annuity Plan An insurance contract that provides for an income for a specified period of time. such as a number of years or for life Application/Proposal Form This is to be filled by the insurance company’s agent and sometimes a medical examiner including information given by the proposer. No one can ever get exact figures. Life insurance terms Accident An accident is an unforeseen event or occurrence causing damage or injury to a person Age Limit It is the stipulated minimum and maximum ages below and above which the company will not accept applications or may not renew insurance policies. Fortunately. as Mr. but long term planning. Mehta had trained professionals to help him beat out all his considerations and invest in life insurance to suit his future needs and wants. In addition. Agent An insurance company representative who sells and services life insurance contracts for the insurer. It can be made by an endorsement on the policy document or by a separate deed. Grace Period Policy holders are expected to pay their premium on time. . For example. Therefore it is a specified period after a premium payment is due. or grace period.Assignment An assignment is a legal transfer where a policyholder can transfer his interest to another. Beneficiary The beneficiary is the person or entity. the policyholder is allowed to pay the premium without any interest. Coverage The amount of protection that the policyholder will receive based on the terms of the policy. a certain additional period is given to the insured. susceptibility to injury and life expectancy of an insured. must necessarily suffer an emotional or financial loss if an unforeseen or untouched event occurs. Assignment can be either Conditional or Absolute. Insurable Interest This means that the insured. During this additional period. Fiduciary A fiduciary is a person who has been legally trusted by a beneficiary. Without insurable interest an insurance contract stands invalid. if abeneficiary legally documents that someone will act on his behalf when required. However. in which the policyholder may make such payment. and during which the protection cover of the policy normally continues. Exclusions These are stipulated in a policy as what will not fall under the insurance policy and hence will not provide benefit to the insured or beneficiaries. Insurability Insurability means all conditions that affect the health. named in the policy as the recipient of the life insurance benefit in the event of policyholder's death. or the beneficiary who receives the policy benefits. Insurance It is to indemnify the insured. . to the insurance company under the life insurance policy. or beneficiary on the death of the insured. Maturity Date The maturity date is the date when the amount paid towards the life insurance policy is given to the policy holder once the term of the policy ends. Maturity Claim The amount given to the insured at the end of the maturity period is called the maturityclaim. The authorised person is the Nominee. Premium The amount paid by the insured. (A system under which individuals. are guaranteed compensation for losses resulting from certain perils under specified conditions. the health and personal habits of the insured. either in lump sum or in periodic amounts. The moral hazard is the decision of the insurance company to accept the risk and issue a policy after taking the factors mentioned above into consideration. Lapsed Policy A policy which has been terminated for non-payment of premiums. Nomination This is when the policy holder or insured officially authorises another person to receive any monetary benefits of the policy. businesses. and other entities.) Insured The insured is the person who is covered in the insurance policy. as protection against unforeseen circumstances. Moral Hazard An insurance policy is based on the need for insurance. the insured’s standard of living and income. in exchange for a monetary payment (a premium). A policy lapses usually when the premium due is not paid even after the grace period. she had chosen the course she was going to take. took advice from her friends and spoke to other who already had life insurance. He was wise to invest in life insurance to secure her and their 4 year old son. Vesting Age The age at which the insured starts receiving a pension from the insurance company in an insurance-cum-pension policy. she had to start thinking of long term savings and the protection of her loved one’s future. Channels of distribution Mrs. . Although she had a decently paying job. Sharma realised. was how does she get life insurance? Whom does she approach? Can she invest in a policy herself or does she need to do it through an agent? There was no time for her to just sit and wonder. through her husband’s wise financial planning. Surrender Value The surrender value it the amount paid to an insured who wishes to terminate the policy before its maturity date. corporate agencies or even banks have to follow certain codes of conduct when dealing with and helping a person choose a suitable policy. She was clear that life insurance is a very healthy option. The company may require evidence of insurability and will always require the insured to pay the total amount of overdue past premiums. She started to look at the information on how to choose the right company and about the various channels of distribution. Well. she never quite had to worry about financial planning while her husband was alive. that life insurance really was a life saver. For the first time. however. brokers. The products are sold through distribution channels that are licensed by IRDA as well. She had to get the best policy to suit her long term needs and the future she envisioned for her young son. Mrs. deciding on the best channel to use. after thegrace period has expired. The question. it was time for her to get a life insurance policy of her own to secure her future and the future of her son. She started her research on the Internet. Sharma reads: ‘Life insurance products are sold by companies that have been licensed by the Insurance Regulatory and Development Authority (IRDA). With all the information at her disposal. These individual agencies. Mrs.Reinstatement Reinstatement of a policy is the act of putting a lapsed policy back into force. Sharma had just lost her husband to a terminal illness. Sharma reads further: 'Some important things you should know about your life insurance agent: It is essential to choose a trusted channel of distribution that has received a legitimate license from the IRDA. we are preparing for unforeseen situations that might leave us financially crippled. The representative of the channel should assess the various needs of the individual that can be met by life insurance and help the person make decisions like how much to protection cover is required. keeps its customers interests at the forefront and provides good quality service. Flipping through some more information Mrs. Get information about the agent's company. trusted friends. we are securing the lives of our children. colleagues or business partners. Must Do Steps While Buying Insurance   Of course. The second important thing to do is to select a suitable channel to invest in life insurance. Check your agent’s credentials like his ID. She continues reading: What are the 'must do' steps to buy life insurance? Select a reputable insurance company that is financially solid. It had to be a trusted company and a dependable intermediary. license. Sharma had a clearer picture of life insurance and what to look for in a channel of distribution. . if she was going to put her money into a long term plan to derive certain benefits for herself and her son.’ Things you must know about intermediaries    The information Mrs.It is important to select a life insurance company which is financially solid. We are investing for the future. Sharma has. Sharma just read gave her a lot of insight into how she should select a good company and a good channel of distribution. company. Always seek references for selecting the right life insurance agent by simply asking around. Always ask the agent for proper identification. to be wise when we choose a channel of distribution for our life insurance policy. what is the most suitable policy. now that Mrs. with the experience to identify her needs and helping her plan for long term savings and the protection of her loved one's future. She was now more confident that she could choose a good channel of distribution. the most suitable premium payment options. etc.' Mrs. she couldn't just invest with anyone. such as among family members. the agent's manager and the address and contact details of the office. as Mrs. Let's learn. Sharma was gathering all this information her interest grew further. Well. keeps its customers interests at the forefront and provides good quality service. you should get in touch with the agent or the insurance company. financial condition. future plans. Mrs. . It is important to disclose all the information. income and liabilities. Sharma has learnt not only how to choose the right channel of distribution. with the help of the agent. The agent should do a risk profiling exercise to understand and suggest what kind of plan suits your need . In case. Decide. lifestyle. you should get in touch with the insurance company immediately. your annual income and standard of living. Sharma's example. It is always advisable to opt for ECS when choosing a premium payment option as this reduces any chances of renewal premium payments getting missed out Make sure that the policy is delivered to you within the period specified by the agent. Ask your agent important questions like "What would I have to pay for insurance?" "What are the inclusions and exclusions in the policy?" "What riders can I add to my policy?" "What are the various premium payment options and modes?" Fill in the proposal form yourself in entirety and make sure you provide all the required details without leaving out any information. occupation and other insurance policies as this can lead to the cancellation of the contract in future and non payment of claims Provide your agent with all the documents that are required to purchase a policy.    o o o o      Talk to your agent and make sure that the agent gauges your your life insurance needs by carefully assessing the gap between your assets and liabilities. follow the right procedure and select the right policy that meets your needs so that you can ensure that your and your loved ones' future is secured. expected benefit for yourself and your dependents. standard of living. If you have any doubts or concerns. we now understand how important it is to do adequate research and take enough time tofind the right person. your spending habits and your long term objectives and goals. Do not withhold or provide wrong information regarding your health. In case the policy is not delivered. the agent should advise you on what kind of an investment fund fits your profile. make sure that you read and fully understand the terms and conditions listed in the policy during the stipulated 'free look period'. Questions You Must Ask Before Buying Life Insurance The right advice makes all the difference Buying Life insurance is one of the most important decisions of our lives. you are offered a ULIP. Once you get the policy.a traditional insurance plan or Unit Linked Insurance Plan. what is the best insurance policy based on your needs. Through Mrs. but also the right steps to follow when she buys insurance. etc. when was it issued and when is it expiring. What is the product that will suit my needs the best and what are its benefits? Once the agent does a need-based analysis for you and suggests suitable life insurance product(s) that will cater to your specific needs. you should ask your insurance agent to provide his/her Agent License Number. one who can understand and fulfill your and your family's financial security and long-term wealth creation needs.We believe that you must be aware of everything that you need to know about your life insurance policies. The Agent Advisor. you should ask him or her 3 key things: . You should also check whether he or she is a full-time or part-time agent. you must be clear about the policy details. your spending habits and your long term objectives and goals. Write down and keep record of the contact details of the reporting manager and the branch office out of which the agent advisor operates. The agent should do a need analysis exercise to understand and suggest what kind of plan suits your need and accordingly recommend you a term. health or a Unit Linked Plan. What are my financial needs – current and future? The first thing you should ensure is that the agent advisor is a problem-solver. should gauge your needs by carefully assessing the gap between your assets and liabilities. As a prospect who wants to buy a life insurance policy. whole life. All insurance agents have a reporting manager on the rolls of an insurance company. Here are 5 questions that you MUST ask a life insurance agent before buying a life insurance policy Is the Agent Advisor qualified or authorized to suggest me a life insurance solution? As a first step. your annual income and standard of living. endowment. you may need to look for another agent. and details pertaining to it such as. If your agent does not ask probing questions and provide you life insurance solutions based on the needs derived from your answers. This will give you an idea of how many years of experience he or she has in offering life insurance advice and solutions. before recommending a life insurance plan. its features and benefits before you actually decide to buy a life insurance policy. This will support his or her claim of suggesting the best product solution. he or she should be informed about the competitor's products so as to provide unbiased and meaningful recommendations. Moreover. Have a question for us? Get the right answer from one of our advisors in your city today. etc. an agent cannot show you benefit illustrations with more than an optimistic estimate of 10% and a conservative estimate of 6%. Additional details Always ask your agent to provide signed benefit illustrations of the returns promised. Under the Insurance Regulatory and Development Authority (IRDA) rules. Ideally. One should also check with the agent advisor on the flexibility offered by the various product riders that may be offered along with a life insurance product. life insurance companies are known to offer a wide range of life insurance products. regardless of how much he or she stands to gain by way of commissions. What are the differentiators of this product? Always ask the differentiating factors. minimum years of lock-in period (as applicable). Moreover. Doing so will also be a check on his industry knowledge and product awareness. flexibility in partial cash valuewithdrawal. as the riders come at a comparatively low cost while enhancing the life cover component of a life insurance plan. depending upon the type of life insurance product chosen? What are the various inclusions and exclusions of the life insurance product chosen? The agent should be able to spell these out very clearly and in writing. Points that you should clarify with your agent after buying the policy. the agent should answer all the queries a policyholder may have before he or she actually buys the policy. The agent needs to have a thorough knowledge of all the life insurance products offered by the company. Additional details to be asked for include payment paying tenure. comparing the agent's product offering with other similar life insurance products offered in the market. .   How much premium do you pay? What you get in return in the form of sum assured and cash or fund value at the end of the policy term. In the case of health insurance. the network of hospitals covered under the plan should be shared with by the agent advisor. mode of payment. during which a policyholder can review the policy and upon not being satisfied basis the benefits and features of the product. In case of any discrepancy. IRDA has also set-up various Ombudsmen offices across the country. there is a 15-day free look period within which a policyholder can choose to return the policy and there is refund of the premium paid post the deduction of applicable charges. can choose to return the policy and there is refund of the premium paid post the deduction of applicable charges. he /she must go through the same in detail and check whether all the features of the product/policy have been mentioned as were promised to him/ her during the solicitation.long term savings. It offers financial protection to an individual after taking into account the present and future value of his assets and liabilities. we have a dedicated Grievance Redressal Cell to examine customer issues and provide an impartial resolution in case the policyholder has a concern. However. Want to know more about policies & agents? Speak to one of our Sachche Advisors for the right advice What To Look For In Your Insurance Contract What To Look For In Your Insurance Contract Life insurance is the only financial tool which offers the triple advantage of risk coverage. At Max Life Insurance. which take up policyholder complaints. and tax benefit. After the policyholder receives his/her policy pack. There are a number of things that you must understand regarding your life insurance policy and this document is a guide to help you check the same. life insurance is a long-term contract and therefore it becomes even more important both from the policyholder and the company's perspectives to service the policy well.However. consumers need to develop a better understanding of the life insurance products that they buy. What to do if you think a product has been mis-sold to you? As stipulated by Insurance Regulatory and Development Authority (IRDA). . a life insurance company provides a free look period of 15 days to a policyholder. are mentioned correctly. Please do not fall for such advice. After the receipt of policy document. flexibility of the plan. etc.  Comb through the policy contract .  Consider the payment tenure Please check for how long you need to pay premiums and also what mode of payment you may have chosen. age. Life insurance is a long-term savings and protection tool and its benefits can be seen only if one buys it for the long-term. Cross-check features such as sum assured. Mentioned below are 10 key parameters to weigh once you receive the policy document. The illustration shows what would be your illustrative benefits in a hypothetical situation if your investment were to provide a gross return of 6% and 10%.  Check the riders In addition to life coverage. quarterly. you may have purchased add-on covers known as "riders" for other types of contingencies. Moreover. go through the features and benefits of the product and check if they match with promises made during the purchase. You may sometime get a wrong advice like "you need to pay for only 3/5 years".  Authenticate the returns Do not blindly believe the returns promised. Study carefully what is guaranteed and what is not.  Analyze the benefits The benefits of your life insurance policy must correspond with your long-term goals. address. for example half yearly. Please make sure that all personal details such as your name. premium amount. etc. etc. check out the benefit illustrations of returns. annual. do be certain that all aspects related to personal habits or health details are mentioned correctly as per the disclosures made by you in the proposal form. as per the IRDA's mandate. Verify personal details Personal data provided to the life insurance company forms a very important part for policy servicing and settlement of all claims. Go through the insurance contract to understand the rider coverage. Once you get the policy document. which can take up policyholder grievance and complaints.In addition to the benefits specified in policy documents.  What to do when you think a life insurance policy has been mis-sold The life insurers provide a free-look period of 15 days to the policyholder during which a policyholder can review the policy document and if he/she is not satisfied.  Claims settlement process Check if the nominee's details are captured correctly. In case you find any difficulty in understanding any aspect of terms and conditions.  Confirm surrender charges Very rarely. etc. a situation may arise where you face a cash crunch and need to surrender your policy or make partial withdrawals. Read the exclusions carefully. then he/she is free to return the policy and claim refund of the premium paid post deduction of applicable charges. These may include suicide. IRDA has also set-up various Ombudsmen offices across the country. acts of war or terrorism. Some exclusion may be only for a specified period and may be called restrictions instead. it is necessary to carefully read the terms and conditions of the policy. For times like these. death due to a natural calamity. Services You Should Expect From A Life Insurance Company Or Intermediary . so that you can plan finances and minimize losses accordingly. make sure to examine the exact surrender charges mentioned in the policy document. The policy should also list down all details on how to file aclaim. An exclusion that one is not aware of can make the cover redundant. please check with the life insurer the impact of those terms and conditions.  Examine exclusions Exclusions in the policy define aspects or situations that will not be included in the coverage. You have the option of including one or more nominees and specify their share ofclaim. death which occurs during the commission of a crime. the agent should advise you on what kind of an investment fund fits your profile. The agent should guide you on the various tax benefits that you can avail from your insurance policy. etc. changing bonus options. The agent should inform you of the various means of communication that you can use to contact the insurance company for matters related to your policy and for policy servicing. The agent has to advise you to appoint a nominee. Your agent should also advise you to provide all necessary correspondence details like complete postal address. lifestyle. switching and redirecting premiums and assist you in taking a loan against your policy. The agent should do a risk profiling exercise to understand and suggest what kind of plan suits your need . Her research offered her more information: What should I expect from my life insurance agent? An agent should possess a valid license. you are offered a ULIP. An agent should provide you with information on all the life insurance products available. income. occupation and other insurance policies and the consequences of non-disclosure. who will ensure that the terms in the policy are carried out in your unfortunate absence. Your agent has to inform you of all the information required on the proposal form and the importance of the information for the purchase of the insurance contract. The agent must provide assistance and help arrange for all the medical tests and other related formalities. . An agent should understand your needs based on a judgement of your asset liability gap. The agent should help you with respect to any changes that you want to make to your policy. In case.               Mrs. Her bank of information emphasized equally on what she should expect from her life insurance agent before and after she takes a policy. identity proof and business card of the company represented. email ID. e. The agent should visit you at least once a year and conduct an assessment or review of your other needs that might have arisen in due time and provide you solutions accordingly. standard of living and age and recommend a solution that fulfils your long term savings and protection goals. The agent should inform you about the premium you will have to pay for your policy and you need to be informed of the various premium payment terms and options available to you. Your agent should provide details of all the documents that are required at the time of filling the proposal form. primary and alternate contact numbers. Sharma's task did not end when she selected her agent.g.a traditional insurance plan or Unit Linked Insurance Plan. annual income. Your agent has to clearly mention to you the importance of disclosing vital information pertaining to your health. which may be the agreement in the contract. etc. Sharma has done. Without this information we will all be groping in the dark. This could be claiming benefit on her critical illness rider. The agent must provide the necessary assistance to the beneficiary in complying with the requirements to settle a claim. o The insured or beneficiary may put that money back into another insurance policy. What should I do when I have to make a claim?  First call your insurance agent to fill up the required form. if required. Sharma has certainly taught all of us important lessons in our own attempt to choose the best person to offer us the best suited life insurance. It is something entirely different to learn what is needed to claim benefits from your life insurance policy. the need for this information is extremely important. Here regular amounts will be given to the beneficiary by the insurance company at prefixed intervals. Things You Must Know About Taking Claims It is one thing to pay for a life insurance policy to secure your long term plans. Through the research Mrs. Mrs.. Be wise! Be prepared! Be secure! .  In case of the death of the insured. she has provided us with the information we require to make calculated and wise decisions for our own long term savings and protection goals. at the time of expiration of her policy. It should be submitted with the claim form and other documents listed in the Policy Document.. She reads on. Sharma and she is set to purchase life insurance for her future security and the security of her son. However.  The claim settlement can be received in a various number of ways.   It is the duty of an agent to remind you to pay your premiums on time to avoid your policy from lapsing. The agent should provide assistance to revive your lapsed policy. This information may seem like an instruction booklet with a lot of 'do this' and 'do that'. provide all the relevant documents /information as sought by the Insurance Company.. Lump sum amounts offer a lot of flexibility. for her son’s education funds. Things are finally clear to Mrs. certified copy of the death certificate should be available. etc. This depends on the type of life insurance policy taken by Life Assured.  Once the claim has been submitted. The insurance agent will assist in the claim settlement as instructed by the beneficiary or insured. Mrs.  The monetary amount from the claim can be received in various ways: o In a lump sum so it can be used immediately for clearance of the deceased insured’s debts. Always keep your policy with you when you are entering details to file the claim. This will help in faster settlement of the claim. o The claim can be received in instalments. Sharma has to now educate herself on what she has to do in the event of a claim. For information on other rights available to policyholders. you may log on tohttp://www. Proposal For Insurance A proposal for grant of cover must be evidenced by a written document. Where a policyholder does not fill up the proposal or connected papers.in . he is entitled to a certificate from an agent at the end of proposal form stating that the contents of form have been fully explained to him and that he has fully understood the significance of the proposed contract. Insurer is to raise any query or requirement of additional documents all at once and not in piecemeal within 15 days of receipt of the claim. Claims Procedure Policy contract is to state primary documents which are normally required to be submitted by a claimant in support of a claim. Subject to any law in force. It is the duties of the insurer to furnish to the insured free of charge.irda. insurer is to record the information obtained orally or in writing and confirm it within 15 days with the proposer and incorporate the information in its cover note or policy. where a claim is ready for payment but payment cannot be made due to any reasons of a proper identification of payee the life insurer shall hold the amount for the benefit of payee and such amount will earn interest at the rate applicable to savings bank account with scheduled bank. a copy of the proposal form.Policy holerds rights For the benefit of policyholders.gov. A policyholder is entitled to a decision on its proposal. Where a proposal form is not used. after the same has been processed within a period of 15 days from the receipt of proposals by insurer. A claim is to be paid or disputed giving all relevant reasons within 30 days from the date of receipt of all relevant papers and clarifications required. within 30 days of acceptance of a proposal. we hereby state certain important rights that policyholders have under law: Point Of Sale Policyholder is entitled to all the material information in respect of a proposed cover to enable him to decide on the best cover that would be in his or her interest. insurance intermediaries and other organisations connected with the business of life insurance. and It exercises any other powers as may be prescribed To know more about the IRDAI. In order to create awareness about IRDAI. It adjudicates disputes between insurers and intermediaries or insurance intermediaries.in. It specifies the form and manner in which books of account should be maintained and statements of accounts should be rendered by insurers and other insurance intermediaries. intermediaries. duties and responsibilities are stated here under: IRDAI provides a certificate of registration to a life insurance company. undertake the inspection of. it is responsible to protect the rights of policyholders. It specifies the percentage of premium income of the insurer to finance schemes for the promotion and regulation of certain specified professional organisations. It specifies the code of conduct for surveyors and loss assessors.gov. It promotes and regulates activities of professional organisations connected with life insurance. It can call for information from. It regulates the investment of funds by insurance companies. It promotes efficiency in the conduct of insurance businesses. It specifies the percentage of life insurance business to be undertaken by an insurer in the rural or social sector. please visit http://www. The IRDAI has set up the grievance redressal cell to take up the complaints of the policyholder. suspension or cancellation of this certificate of registration. It specifies the requisite qualifications. As a key part of its role. withdrawal. code of conduct and practical training for intermediaries or insurance intermediaries and agents. It levies fees and other charges to carry out the purposes of the IRDAI Act. IRDAI is responsible for the renewal.IRDAI. IRDAI frames regulations on protection of policyholders' interests. modification.Role Of IRDA                   Role of the Insurance Regulatory and Development Authority (IRDAI) The Insurance Regulatory and Development Authority(IRDAI) was constituted to regulate and develop insurance business in India. conduct enquiries and investigations including the auditing of insurers. Insurance & Tax Savings . it's role. It offers policyholders the right to voice their complaints against insurers or insurance companies. It regulates the maintenance of margins of solvency. Tax Slabs This explains how the various tax brackets in India work and how much tax relief we are all eligible for.000 Nil . 300. 500..50.001-Rs.50. 300.00.000 Nil - - Rs.000 10% Rs. 2.001 . The new tax structure was initiated on 1 st April 2014.00.Rs.000 10% Upto Rs. The tax structure is as follows: Tax slabs for Financial Year 2014-2015 (Assessment Year 2015-2016) For Individuals below 60 years of age Income Level Tax Rate Upto Rs. 500.000 Nil Rs. 2.000 20% Above Rs. 500.How will my savings in a life insurance plan help my tax situation? What follows below will give you a good idea of how your investments not only protect you and your family.000 30% Tax slabs for Financial Year 2014-2015 (Assessment Year 2015-2016) For Senior Citizens aged 60 years or above but less than 80 years For Very Senior Citizens aged 80 years or above Income Level Tax Rate Income Level Tax Rate Upto Rs. they also protect your taxes.Rs. 10.001 . 500. 10. 001Rs.000 30% Surcharge on Income Tax: From Financial Year 2013-14. Please consult your tax advisor for claiming tax benefits on insurance products. Service Tax rates has been changed to 3.001Rs.f 01 Oct 2014. service tax is charged at 14% on surrender charges. 500.00. Please note that tax laws are subject to change and hence before placing reliance on the above. Disclaimer     The above are extracts from the Income Tax Act’1961. rate of TDS would be 20%. With effect from June 1. Tax benefits . 10.10. TDS if applicable will be deducted at 2% if valid PAN is available. Health products & Riders. 10.5% on First year premium and 1. Max Life Insurance Company Limited would not be responsible in any manner for decisions made on the basis of above information. 2015.75% on subsequent year premium for traditional endowment & annuity products and 14% for ULIP. legal or investment opinion from Max Life Insurance Company Limited.00.00.000 20% Rs.000 20% Above Rs. Term. In case of surrender of policies.00.10. the latest version of the above section should be checked. Service Tax All premiums and charges are subject to applicable taxes including service tax under the prevailing tax laws.Rs.000 30% Above Rs. It should also be noted that the change in tax laws could have retrospective effect also. Sec 194DA of Income Tax Act 1961 provides for deducting tax (TDS) on policyholders payout under life insurance policy w.e. Surcharge is applicable @ 10% on tax payable in case of an individual if total income exceeds Rs. one crore Education Cess & Secondary & Higher Education Cess on Income Tax Education Cess @ 2% & Secondary & Higher Education cess @ 1% will be payable on the amount of income tax. 500. This information should not be construed as expert tax. In case valid PAN is not available. Assessee is allowed to make any payment on account of preventive health checkups upto Rs. Above benefits shall be reversed if the policy is terminated/cease to be in force within 2 years for traditional products and 5 years for ULIP products after the date of commencement of policy.for the parents. 15.000/. 80CCC will be limited to Rs.000 shall be allowed. this rule does not apply to following amounts: Sum received under Section 80DD(3). 150. spouse.(15% of actual capital sum assured in case of person with severe disability or specified ailment). where such dependent is a person with severe disability. 75. deduction is allowed for only so much of the premium payable as does not exceed 10% of the actual capital sum assured.Himself/herself. spouse. Plans from Max Life Insurance can be used for protection.000/. However. A higher deduction of Rs. or . a higher amount of upto Rs. Exemptions 10 (10D): Any sum received under a life insurance policy. children of such individual In case of HUF assessee . including the sum allocated by way of bonus on such policy will be exempt from tax. then deduction will be allowed only for premiums upto 20% of the sum assured.50. In case of individual assessee . There are two kinds of income tax benefits available to individuals with respect to long term savings being made in Life Insurance policies: Deductions 80C/80CCC: Benefit is available to Individual assessee and Hindu Undivided Family assessee.Himself/herself. For insurance policies issued on or after April 01 2012.and additional deduction upto Rs. spouse and dependent children is upto Rs.is permitted for parents.000. 80D Benefit is available to Individual assessee and Hindu Undivided Family assessee.any member of HUF If the amount of premium paid in a financial year for a policy is in excess of 20% of the actual capital sum assured. 20. if they are senior citizens. However. In case of individual assessee . 5. o        o     o  o   Life insurance policies can be useful tax planning tools.000 within prescribed overall limit. 80DD: Premiums paid for disabled dependent are eligible for deduction up to Rs. Though there are multiple modes for saving tax. because the policy holder is eligible for tax benefits under the Income Tax Act 1961 (Act). 15. or A sum received under a Keyman Insurance Policy. dependent children and parents of such individual In case of HUF assessee .any member of HUF The qualifying amounts under Section 80D for self. life insurance is one of the most effective tax planning instrument. long term savings and tax planning.000/. Sec 80CCE .000 every year.Maximum amount of deduction that an assessee can claim under Sections 80C. and . premiums paid in any year do not exceed 20%of the basic Sum Assured.(for policies issued on or after 01 April 2013. at any point of time during the policy term. Any sum received other than as death benefit under an insurance policy which has been issued on or after April 1 2003 and if the premium payable in any of the years during the term of the policy does not exceed 20% of the sum assured. can I claim Tax benefits? Life insurance premium paid by you for your wife/husband/child's policy qualifies for a deduction under Section 80C of the Income Tax Act. The quantum of deduction already taken in the preceding years would be deemed as the income of the taxpayer in the year in which policy is terminated. 1961 for the premium paid on life insurance policies with a maximum annual ceiling of Rs. FAQs on Tax Benefits  Is there any Tax Benefit on the premium I pay for my life insurance policy? Deduction is available under Section 80C of Income Tax Act.50. For policies issued on or after 01st April 2012 premium should not exceed 10% of minimum sum assured at any point of time during the term of policy.  After the maturity of my policies. exemption would be available for policies where the premium payable for any of the years during the term of the policy does not exceed 10% of the actual capital sum assured.000. deduction is allowed for any sum paid by any mode other than cash out of his income chargeable to tax o to effect or to keep in force an insurance on the health of the individual.  If I stop paying premiums on my life insurance or pension policies. 1961. will the maturity proceeds be taxable? Under section 10(10D) of Income Tax Act.  I pay the premium on policy for my wife/husband/child.  What are the Tax benefits available on medical insurance premiums? In computing the total income of an individual or HUF. 1961 maturity benefits are tax free in the hands of policyholders if.  If I purchase a Unit Linked Insurance Plan (ULIP) and I choose to discontinue my policy. 1. can I claimTax Benefits? If you stop premium payments of your policy.15% of actual capital sum assured in case of person with severe disability or specified ailment). you are not entitled to any tax benefits in the previous year in which the taxpayer terminates the plan. his or her spouse or dependent children or member of HUF. can I claim any tax benefits? If you chose to discontinue a Unit Linked Insurance Plan before paying for 5 years from commencement of policy. it amounts to discontinuation of the policy and no tax benefits are available in respect of such policy. For insurance policies issued on or after April 01 2012. irrespective of the Gross total income (subject to fulfillment of certain conditions). With effect from April 1.000 for parents if they are senior citizens). a life insurance policy offers you one such avenue to claim tax benefits and also offers you and your family protection against any unforeseen circumstances. and then take into account the tax deductible. Health products & Riders. you can avail benefit of up to Rs. 5. Insurance Glossary Accident An accident is an unforeseen event or occurrence causing damage or injury to a person Age Limit It is the stipulated minimum and maximum ages below and above which the company will not accept applications or may not renew insurance policies. (Rs. education cess and secondary & higher education cess as applicable under the prevailing tax laws. Monthly pension receipts will be treated as income in the hands of the assessee and taxed accordingly. children and Rs.000 within prescribed overall limit. He is an intermediary between the insurer and the policyholder . If you make your investments at the beginning of the year. Plan Your Tax in advance ax planning is very important. It is clever to consider tax planning within the scope of your financial planning as neither one can be considered in isolation. On maturity.Up to Rs.o   to effect or to keep in force an insurance on the health of the parent or parents of the individual Deduction amount . Well. 15. Agent An insurance company representative who sells and services life insurance contracts for the insurer.000 tax benefit in addition to basic tax relief. 2012. spouse. Assessee is allowed to make any payment on account of preventive health checkups upto Rs. What are the Tax Benefits available on pension plans? Under section 80CCC.36% for ULIP. Is Service Tax applicable on premiums paid on insurance products? All premiums and charges are subject to applicable taxes including service tax. Service Tax Rate has been changed to 3.000 for parents. you can easily decide your monthly and yearly expenses. Term.09% on first year premium and 1. 15. 1. 1.50. To reduce your tax liability you should invest in instruments that offer you an additional Rs.000 for self.0 lakh on the premium paid towards a pension plan.545% on subsequent year premium for traditional endowment & annuity products and 12. 20. one-third of the maturity amount withdrawn is taxfree. Exclusions These are stipulated in a policy as what will not fall under the insurance policy and hence will not provide benefit to the insured or beneficiaries. Fiduciary A fiduciary is a person who has been legally trusted by a beneficiary. Grace Period Policy holders are expected to pay their premium on time. For example. Therefore it is a specified period after a premium payment is due. Assignment can be either Conditional or Absolute. It is one of the primary steps to get an insurance policy. in which the policyholder may make such payment. However. Insurable Interest . or grace period. a certain additional period is given to the insured. Coverage The amount of protection that the policyholder will receive based on the terms of the policy.Annuity Plan An insurance contract that provides for an income for a specified period of time. During this additional period. Beneficiary The beneficiary is the person or entity. and during which the protection cover of the policy normally continues. In addition. such as a number of years or for life Application/Proposal Form This is to be filled by the insurance company’s agent and sometimes a medical examiner including information given by the proposer. named in the policy as the recipient of the life insurance benefit in the event of policyholder's death. It can be made by an endorsement on the policy document or by a separate deed. if abeneficiary legally documents that someone will act on his behalf when required. Assignment An assignment is a legal transfer where a policyholder can transfer his interest to another. it has to be signed by the proposer. the policyholder is allowed to pay the premium without any interest. ) Insured The insured is the person who is covered in the insurance policy. . Nomination This is when the policy holder or insured officially authorises another person to receive any monetary benefits of the policy. A policy lapses usually when the premium due is not paid even after the grace period. or beneficiary on the death of the insured. Insurance It is to indemnify the insured. the health and personal habits of the insured. or the beneficiary who receives the policy benefits. The authorised person is the Nominee. as protection against unforeseen circumstances. (A system under which individuals. susceptibility to injury and life expectancy of an insured. Lapsed Policy A policy which has been terminated for non-payment of premiums. The moral hazard is the decision of the insurance company to accept the risk and issue a policy after taking the factors mentioned above into consideration. Moral Hazard An insurance policy is based on the need for insurance. Maturity Date The maturity date is the date when the amount paid towards the life insurance policy is given to the policy holder once the term of the policy ends. are guaranteed compensation for losses resulting from certain perils under specified conditions. Without insurable interest an insurance contract stands invalid. the insured’s standard of living and income. businesses. Maturity Claim The amount given to the insured at the end of the maturity period is called the maturityclaim. must necessarily suffer an emotional or financial loss if an unforeseen or untouched event occurs.This means that the insured. in exchange for a monetary payment (a premium). Insurability Insurability means all conditions that affect the health. and other entities. Reinstatement Reinstatement of a policy is the act of putting a lapsed policy back into force. . The reimbursement amount is pre-decided based on the terms of the policy. Frequently Asked Questions + Expand All|.Premium The amount paid by the insured. to the insurance company under the life insurance policy. Vesting Age The age at which the insured starts receiving a pension from the insurance company in an insurance-cum-pension policy.  Why is Life Insurance useful? Life Insurance is useful to provide your family with financial security in case circumstance throws you into a situation where you cannot earn or in the case of your premature demise. NOTE: The above definitions are only explanatory in nature. The company may require evidence of insurability and will always require the insured to pay the total amount of overdue past premiums. Surrender Value The surrender value it the amount paid to an insured who wishes to terminate the policy before its maturity date. after thegrace period has expired. If any of the above terms have been defined in the policy contract. then the policyholder should consider the definition as specified under the policy contract. either in lump sum or in periodic amounts.Collapse All  What is Life Insurance? Life Insurance is a contract between a person and a life insurance company to reimburse his/her beneficiary (usually a spouse or child) at the time of his/her demise. It helps keep your family in a position to enjoy financial security even after your demise. you can revive your policy once you pay all your overdue premiums and you will again start receiving the benefits of the policy. the amount of premium you pay. etc. You can pay your premium monthly.  How much does life insurance cost? The cost of life insurance depends on the type of policy you take. especially if you have a dependent spouse and children. For example. You should aim to receive a maturity amount equal to 8 to 10 times your annual salary. In addition to this. the sum insured.  Is Life Insurance necessary? Life Insurance is not necessary but is a smart investment to make. to pay your premium once it falls overdue. a monthly premium is the most common because the amount is relatively small and it is easier to monitor and be prepared for a more frequent premium payment. etc. The maturity benefit you need depends on your standard of living. If you still don’t pay you premium after the grace period your policy stands defunct and you cannot claim any benefits from your policy. it offers a number of advantages and provides a lot of flexibility on your investment. there are options available to you to pay your premium.Life insurance policies also offer you the ability to save. half-yearly or yearly. However. your age and the benefits you expect to receive when your policy matures. It offers your family the benefit of financial support even after your death.  What are the advantages of investing in a life insurance policy? . income. you can add acritical illness rider to cover the cost of expensive for surgeries and operations. you can withdraw a part of your maturity benefit in case of an emergency or for your child's education or marriage. spending habits. Life Insurance policies come with a lot of flexibility.  Do I have different options to pay my premium? Yes.  What if I don't pay my premium on time? You usually get a grace period. However.  How do I decide on the amount of life insurance I need? The amount that you receive on maturity depends on the amount of premium you pay. quarterly. which helps provide financial stability. You can also pay it in one lump sum. up to 30 days. You can invest in a policy that offers you a loan against your amount invested. 1. other than in cash. and your family. on those policies as well. You can also take a loan from a bank or financial institution and put your policy up as collateral for the loan. The maturity benefits from a life insurance policy are tax free under section 10(10D) of the Income Tax Act. So I won’t be able to claim tax benefits if I stop paying premiums on my life insurance or pension policies. o o o o o o o  Encourages the habit of saving so you are provided with financial security at the time of retirement or your family is provided with financial assistance at the time of your demise. You can invest in a policy that allows you to withdraw a part of your investment at the time of a financial emergency. Through a Life Insurance policy you can claim a tax benefit under section 80C of the Income Tax Act.00.In addition to giving you.000 as specified in section 80D of the Income Tax Act. up to Rs. is taxable in the year when policy terminates. any sum paid by you. under section 80C. You can also invest in policies in the name of your spouse and children and claimtax benefit. However.  What about tax benefits on medical insurance premiums? In calculating your (individual or HUF) total income. if you need financial assistance in the case of an emergency.000. If you stop premium payments of your policy. out of your income that is chargeable to tax . The amount of tax deducted on the premium paid in the preceding year. 15. which offers you medical aid in case you are inflicted by a serious illness or injury. if you discontinue paying your premiums after 2 years from commencement of your policy. it amounts to discontinuation of the policy and you cannot claim any tax benefits. tax will not be deducted on premium paid in the year when your policy ends.  What about with a Unit Linked Insurance Plan (ULIP). financial protection investing in life insurance offers many other benefits. Can I claim tax benefits if I discontinue my ULIP policy? In the case of a Unit Linked Insurance Plan you are not entitled to receive any tax benefits if you stop paying premiums earlier than 5 years from the commencement of your policy. You can add a critical illness rider to your policy. Under this rider you can alsoclaim a tax benefit up to Rs. right? Correct. In fact. All this is provided that you have paid all your premiums and you have not let your policy lapse. to re-construct. 20. 15.000 on your total annual income. you will have to pay no tax on the maturity proceeds of a life insurance policy.  What happens when my life insurance policy matures? When your policy matures you will receive the accumulated amount.  Can I claim tax benefit on the interest on a loan taken against an insurance policy for the purchase or construction of a house? Interest on loans taken against an insurance policy is allowed as a deduction from income chargeable under the head “Income from house property” provided the amount of loan is used by the policyholder to acquire.000 for each person mentioned in (i) and (ii) in the previous year and in case the person is a senior citizen up to Rs. You will be able get a deduction of up to Rs. shareholders and distributors Ability to offer feature rich products Balanced distribution touching more customers . We Stand For  Financial strength o o o o Safety of our policyholders and shareholders money Consistency of returns to policyholders. You will receive pension from a fund referred to in Section 10(23AAB). 100.to effect or to keep in force insurance for your health or the health of your spouse or children and o to effect or to keep in force an insurance on the health of your parent or parents o up to Rs. The amount you receive will be quite substantial because the premiums you pay will accumulate and get compounded every year till the maturity of your policy. This amount will include the total of all your premiums paid. to repair or to renew any property. under a pension plan you can even withdraw up to one-third of the total maturity amount in cash and that too will be tax free. to construct. ULIPs).  Will I have to pay tax on my maturity benefit? No.  What are the Tax Benefits in case I opt for a Pension Plan? You can claim tax benefits for a Pension Plan under Section 80CCC if you have paid premiums.000 for each person mentioned in (i) and (ii) in the previous year shall be allowed a deduction. plus any bonuses you have received on the part of your premium that has been invested by the insurance company on your behalf (for eg.  Quality of Advice o o o o Customer relationships build on the foundation of 'Trust' Need and Risk profile based customer solutions Enabling customers to take informed decisions Through well trained and knowledgeable team  Service Excellence o o o o Caring mindset at all customer touch points Bias for long-term customer relationships Responsive service Continuous improvement in customer processes  Superior Human Capital o o o o Great place to work Inclusive meritocracy Opportunities for development and growth Direct and open communication  Corporate Governance o o o o Honest organization that always does what is right Bias for win – win actions Predictable outcomes and delivery of promise No compromise on compliance  Value Driven Culture o o Caring. Excellence Integrity in all what we do . Collaborative. Credibility.