Vision

VisionTo be the most admiredlife insurance companyby securing the financial future of our customersMission 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-beingOur ValuesCaring :Listens with respect and values differences Acts with compassionCredibility :Demonstrates knowledge and creates trust in othersCollaborative :Works together to achieve resultsExcellence :Pursues highest quality

OverviewMax 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 multi-business corporate, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the top general insurers in the world. Max Life Insurance offers comprehensive life insurance andretirement solutionsfor 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 ofRs.7,279 crore and Shareholders Profit After Tax ofRs.436 crore for the Financial Year 2013-14. The Company's share capital ofRs.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 ofRs.24,716 crore.

Max India Group - An IntroductionThe 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 ofRs.106 billion in FY2013 and has a strong treasury corpus of aroundRs.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 & BusinessesMax 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, theRs.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 country-wide diversified distribution model including the country's leading agent advisors, exclusive arrangement with Axis Bank and several other partners. Max Life Insurance is a quality business focused on delivering excellence to customers through advice based sale process, customer centric approach to business, financial stability & investment expertise and strong human capital.Max Life 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 ofRs.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 overRs.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, people-orientation 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.Max India Foundation (MIF)(www.maxindiafoundation.org) spearheads the CSR initiatives of the Max India Group entities. The foundation has been working relentlessly in the areas of healthcare, immunization, healthcare and environment, in its endeavour to improve the quality of life. MIF operates across the country in association with Max India Group companies and closely involves all employees of the Group.In a short span of four years, MIF has been able to make a difference in the lives nearly 5,00,000 people across more than 360 locations across India. MIF has partnered regularly with reputable NGO's such as CanSupport, SOS Children's Village, Manav Seva Sannidhi and Chinmaya Mission to undertake initiatives like pan India immunization programme, surgeries for underprivileged, artificial limb and polio calipers camp, multi-speciality camps, blood donation camps, onboard rail operation theater Life Line Express, 'Clean Delhi Clean Yamuna' campaign, support for disaster relief victims amongst others. Max India Foundation has been awarded the Golden Peacock Global Award for Best CSR three years in running, the BSE Award, the Indy's Award, for CSR, for the significant impact the Foundation has made to the lives of the needy. Mitsui Sumitomo Insurance Co. Ltd.Mitsui Sumitomo Insurance Co., Ltd. (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, Inc. (MSIG), Aioi Insurance Co., Ltd. (Aioi) and Nissay Dowa General Insurance Co., Ltd. (NDI) under the holding company MS&AD Insurance Group Holdings, Inc. (MS&AD Holdings).Headquartered in Tokyo, Japan, MS&AD Insurance Group has a presence in 39 markets globally. In FY 2012-13, it reported a Total Assets of 1,671 billion yen (US$167 billion) and a Consolidated Net Premium of 2,811 billion yen (US$ 28.1 billion).The Group seeks to grow by expanding its business through five business domains, namely domestic non-life insurance, domestic life insurance, overseas, financial services and risk-related businesses through its subsidiaries and associated companies in both domestic and overseas markets.MSI was formed in October 2001 through a merger between the former Mitsui Marine & Fire Insurance Co., Ltd. ("Mitsui Marine") and the former The Sumitomo Marine & Fire Insurance Co., Ltd. ("Sumitomo Marine"). Both Mitsui Marine and Sumitomo Marine were leading general insurance companies boasting long history since 1918 and 1893, respectively.Having a history of 120 years in general insurance business, today, MS&AD Insurance Group has developed an overseas network of over 400 bases in 39 countries and regions, mainly in high-growth areas within Asia. With over 50 years of experience in operating outside Japan, the Group aims to supply products and services tailored to various risks around the world.In addition to general insurance business, MSI has strong experience and an extensive track record in the area of Life Insurance through its domestic subsidiaries, Mitsui Sumitomo Aioi Life and Mitsui Sumitomo Primary Life, both of which are currently owned by the group's holding company MS&AD Insurance Group Holdings, Inc. MSI also has a presence in Life Insurance markets of Thailand, China, Malaysia and Indonesia.In India, MSI has been operating its general insurance business through its joint venture "Cholamandalam MS General Insurance Co. Ltd." since 2003 Financial strength Safety of our policyholders and shareholders money Consistency of returns to policyholders, 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 Caring, Credibility, Collaborative, Excellence Integrity in all what we do

Max Life Insurance Co. Ltd.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 multi-business corporate, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the top general insurers in the world. Max Life Insurance offers comprehensive life insurance and retirement solutions for long-term savings and protection to 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.Max Life Insurance has positioned itself on the quality platform. In line with its vision to be the most admired life insurance company by securing the financial future of its customers, has developed a strong corporate governance model based on the core values of caring, credibility, collaborative and excellence.Max Life Insurance offers comprehensive life insurance and retirement solutions for long-term savings and protection to over thirty two 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 ofRs.7,279 crore and Shareholders Profit After Tax ofRs.436 crore for the Financial Year 2013-14. The Company's share capital ofRs.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 ofRs.24,716 crore.Max Life Insurance has a diversified distribution network spread across more than 750 cities. The distribution is based on three pillars agency distribution, bancassurance and partnership distribution. Agency distribution forms its core distribution channels with advice based sales process through its well trained and knowledgeable agent advisors. These agent advisors are equipped to engage with prospective customers and offer customized solutions for their life stage needs.In bancassurance, 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. Partnership Distribution, 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. These three key distribution channels are compelmented by Group Insurance and Customer Advocacy teams.Max Life Insurance offers a comprehensive suite of Long Term Savings and Protection oriented products. It currently has 12 products covering and 3riders that can be customized to suit every life stage need of the customer. Besides this, the company offers 3 products and 1riderin group insurance business.At Max Life Insurance, providing a superior customer experience is central to its vision and the Company is committed to provide superior service experience to the customer. As a proactive step towards service excellence, Max Life Insurance has launched the "Treating Customer Fairly" (TCF) policy. 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.Max Life Insurance follows a prudent investment philosophy to optimize risk management in its bid to provide maximize returns to policyholders. Investments are in instruments which are safe and provide good returns in the long run.The company values human capital and considers it to be its competitive advantage. 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. This is reflected in the recognition that the company received from the Great Places To Work Institute, India, as one of the best workplaces in the industry.Max Life insurance works closely with Max India Foundation, an independent social service organization of the Max India Group for all its CSR activities. The company has taken up immunization programme as a societal agenda to ensure protection against major ailments for the next generation of the country. The programme covers vaccines like BCG, Hepatitis B vaccine, Polio drops, DPT, D Tap, Measles vaccine, MMR, Typhoid, dT and TT.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. 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, the most coveted Indian Radio awards, for Max Life Insurance i-genius Amongst the top 100 'Great Place to Work'- 3rd year in a row Awarded 'Celent Model Insurer Asia - 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 onJune 30th,2015Founded2000

Started operationsApril 2001

HeadquartersNew Delhi, India

ChairmanMr. Analjit Singh

CEO & Managing DirectorMr. Rajesh Sud

Paid-Up Capital (Incl Security Premium & Capital Reserve)Rs.2,115 crore

Sum Assured (Incl Group)Rs.1,61,894 Crore

Number of policies sold (Since inception)75.42 lakh

Asset under managementRs.31,973 crore

Employees8,069

Agent Advisors43,183

Number of products (Individual)14

Number of riders / options (Individual)6

Number of products (Group)6

Number of riders / options (Group)1

Number of offices209

Number of cities136

Claims paid7 days

MDRTs105 (for calendar year 2014)

Trainers (including L & D)400

At Max Life Insurance, with each award and accolade received over the years, we have renewed our promise of providing the best quality of products andservices to our customers. Some of the awards and recognition rewarded to us.Awards won Won theGlobal Finance Best Life Insurance Company 2014, India. Won the trophy forBest Underwriting Initiative of the yearin theAsia Banking, Financial Services & Insurance Excellence Awards Max Life i-geniuswon Silver and Bronze 'Abby' award atGoafest 2014 Max Life Retirement PR campaignwon 'Excellence' award atSabre Asia Recognised amongstIndia's Best Companies to Work For 2014...Ranked58th from 82nd last year by GPTW Project CARS wonQCI - D.L.Shah Commendation Award 2014. Project Proactive Retention wonBronze Awardat World Conference for Quality & Improvement 2014 (WCQI) in Dallas, USA. Recognized amongst the top 100 companies'India's Best Companies to Work for 2013'a survey by Great Place To WorkInstitute Selected asSuperbrand of the Year 2013-14 Max Life Insurance won the 6th National Conference & Competition on Six Sigma, 2012, held by the Confederation of Indian Industry (CII) for the Green Belt project"Power of Speed - Settlement of Claims within 10 days". Overall 24 project presentations were made by manufacturing and service sector companies that included HCL, Wipro, Times of India, 3M India & QuEST Global from service sector. Awarded the 6thAIMIA LoyaltyAward in the category 'Financials - Non Banking Financial Services Sector'. AIMIA is a global leader in loyalty management and the loyalty awards recognize excellence innovation and best practice in customer loyalty. The selection criteria included a Voice of Customer study in addition to submissions by the organizations. Silver EFFIEAward in 2012, for the 'Aapke Sachche Advisor' campaign. Organized by The Advertising Club Bombay in India, the EFFIEs have become the gold standard in measuring marketing and communication effectiveness in India. QCI DL ShahAwards for Best Six Sigma Project on economics of Quality - 2012 Outlook Money survey - recognized as the only company to have funds amongst the top quartile in all funds category CII National Six Sigma recognitionfor Best Six Sigma Project - 2009 CIO 100 Technology Award 2008 - 2011 Golden Peacock Awardfor Excellence in Product Innovation for Max Vijay Awarded theAsia Insurance Industry 'Innovation of the Year' Award 2009 Gallup Great Work Place Award 2009 'CII - EXIM BankCommendation Certificate for Strong Commitment to Excel' for the year 2008 to 2010 Ranked7thin BT-Mercer-TNS Best Companies to Work ForSurvey2008 Among top 3 in Asia Life Insurance Company of the Year Award 2007 instituted by Asia Insurance Review Indo-American Corporate Excellence Awardfor 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, 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. 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 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 Life Insurance Co. Ltd.Mr. Analjit Singhthe Founder & Chairman of Max India Limited and its subsidiaries Max Life Insurance Company Limited; Max Healthcare Institute Limited and Max Bupa Health Insurance Company Limited. He has been the driving force behind the Max India Group's sustained growth and success since the mid 80's.A self made entrepreneur, Mr. 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 forService Excellence.Today, Max India Limited is a multi-business corporate, focused on People and Service oriented Businesses of 'Life'. Max India Group is present in the areas of Life Insurance (Protecting Life) through Max Life Insurance, a Joint Venture with Mitsui Sumitomo, Japan ; Healthcare (Caring for Life) through Max Healthcare, a Joint Venture with Life Healthcare, South Africa; Health Insurance (Enhancing Life) through Max Bupa Health Insurance; a Joint Venture with Bupa Finance Plc., U.K. and Senior Living business (Rejuvenates Life) through Antara, a fully owned subsidiary of Max India. Max India also continues its interest in manufacture of Speciality Products for the packaging industry through its SBU Max Speciality Films.Max India Group's annual turnover is nearly INR 86 billion with a customer base of about 5.1 million. The total investment in various businesses at the end of FY2012 stood at over INR 26 billion. The Group has over 500 offices across India; with people strength of about 57,000.Recognizing Mr. Analjit Singh's contribution towards building India Inc., he has been awarded one of India's highest civilian honors, the Padma Bhushan, by the President of India in 2011. He has also been recently awarded Ernst & Young, Enterpreneur of the Year Services. As one of India's leading business-persons, Mr. Analjit Singh is a Member of the Prime Minister's Joint Indo-US CEOs Forum. He is the non-executive Chairman of Vodafone India, India's second largest mobile telephony services. He is a Director on the board of several leading companies such as Dabur India, Tata Global Beverages, Hero MotoCorp and Sofina NV/SA, Belgium. He is also the Chairman of CII's National Committee on Insurance & Pension.Mr. Analjit Singh has always taken keen interest in enhancing India's academic excellence. He is currently an Executive Board Member of the Board of Governors, Indian School of Business (ISB), Hyderabad, where he is jointly funding a new campus at Mohali, Punjab and actively facilitating it as the Chairman, Mohali Campus Advisory Board, ISB. He has recently taken on the role of the Chairman of the Board of Governors, Indian Institute of Technology, Roorkee. In addition, he is the Chairman, Board of Governors, The Doon School, Dehradun.Mr. Analjit Singh is actively involved in social service, through his role as the Chairman and Chief Patron of Max India Foundation (MIF), the Social Service arm of Max India Group. Committed to fostering an inclusive society, 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, Manav Seva Sannidhi, CanSupport and Chinmaya Mission.The Foundation's main focus areas are: Providing improved access to quality healthcare for underprivileged, particularly children. Creating awareness on health-related issues such as women's health, cancer, cardiovascular diseases and immunisation of children. Improving awareness of environmental issues with a view to supporting a sustainable and eco-friendly environment.He is also the Life Chairman, Bhai Mohan Singh Foundation.Mr. Analjit Singh is the Consul General (Honorary) of the Republic of San Marino in India.Senator Hillary Clinton, on behalf of The Indian American Center for Political Awareness (IACPA), awarded Mr. Analjit Singh for his 'outstanding achievement' in presenting the international community with an understanding of a modern and vibrant India. The IACPA has particularly lauded his efforts in forging several successful Joint Ventures with leading American companies and promoting business ties with the US.Mr. Analjit Singh is an alumnus of Doon School, Dehradun; Shriram College of Commerce, University of Delhi; School of Management and the Graduate School of Management, Boston University, Boston, USA. He is married and has three children. Mr. Anuroop (Tony) SinghVice Chairman, Max Life Insurance Co. Ltd.Mr. Anuroop (Tony) Singhwas appointed Director of Max Life Insurance with effect from February 24, 2004. He is an experienced business leader and an independent member on the Board of several leading companies. He has more than three decades of executive experience in the financial services sector, including two decades as a Chief Executive for various businesses. His emphasis on principles and core values-based operations has helped build many successful organizations. He also mentors & advises entrepreneurs and non-profits due to his keen interest in holistic and sustainable living.He is currently pursuing Non-Executive Board level engagements with select professionally-managed, values-driven corporate entities and social service organizations which aim to leverage the full potential of an active and professional Board. His focus is on Strategy, Governance and Performance Engineering.In the Healthcare sector, he is the Chairman ofMax Bupa Health Insurance(www.maxbupa.com), in the Insurance sector, he serves as the Vice Chairman ofMax Life Insurance Company(www.maxlifeinsurance.com). He is the Vice Chairman ofMax India(www.maxindia.com), in the IT sector, he was an independent member on the Board of Directors, Audit Committee and Human Resource Committee ofPerot Systems(www.perotsystems.com).In the banking sector, he was an independent member on the Board of Directors, Chair Nomination and Compensation Committee ofDevelopment Credit Bank(www.dcbl.com), in the Social Service, he serves as a member on the Board of Directors ofSOS Children's Villages of India(www.soscvindia.org).Prior to his present Non-Executive Board assignments, he led an executive career and was CEO and Managing Director ofMax New York Life Insurance Company(Now Max Life Insurance). He launched and established Max New York Lifes operations in India in 2000.Earlier, he was Country Head, India and Regional Head, Retail Banking, Middle East and South Asia, forANZ Grindlays Bank.He has also served as the Country General Manager for Retail Banking atBank of Americafor five years.He worked for 15 years in various positions withAmerican Express, establishing the Company in several countries in the region.He is currently devoting considerable time and resources to create the Quantum Institute for Well Being, a healing center which will focuson root cause based treatment (instead of symptoms) and offer alternate and complimentary therapies as part of the solution set. This will be a significant paradigm changing initiative and will evolve over a period of time with the support of outstanding domain experts, therapist and healers who are in the process of coming together.He is also supporting the development of a sustainable communityKailasa(www.kailasa.in), which is based on the principle of authentic living, spiritual growth and self-sustainability.Earlier in his life, qualifying as aChartered Accountantin 1976, he did his articleship fromA.F. Ferguson and Co. He also worked overseas withErnst & Young.He graduated from Delhi University in 1973 and studied at the Doon School, Dehradun. He is married to Catherine Morice Singh, a professor of Mathematics who holds a keen interest in Indian Culture and history of Indian Mathematics. They have two daughters, Priyanka Singh, a documentary photographer and Divya Singh, working as a finance executive. He himself lives and spends his time across India, Europe, USA and UAE. Mr. Rajesh SudCEO and Managing Director, Max Life Insurance Co. Ltd.Mr. Rajesh Sudwas appointed CEO and Managing Director with effect from November 1, 2008 of Max Life Insurance, which started operations in 2001 when the insurance sector was opened to private participation. A founder team member, Rajesh was amongst the first few management team members to join Max Life Insurance.He leads the company towards achieving its vision of being the most admired life insurance company in the country.Prior to this, Rajesh was responsible for establishing a multi channel distribution network for the individual life business. Rajesh has successfully established Agency as the core channel for the company with strong focus on process, training and productivity. These strong foundations have allowed Max Life Insurance to rapidly grow to pan India presence with a professional and trained sales force, which is widely regarded as the best in the industry.Apart from his distribution role, 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.Prior to joining Max Life Insurance, Rajesh was the Head of Asset Finance business at the largest foreign bank in India, ANZ Grindlays Bank and was seconded as the CEO and MD of the Bank's subsidiary finance company, Esanda Finance and Leasing Ltd. Rajesh started his career with Bank of America and held various positions of increasing responsibility. 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.Rajesh completed his Advanced Management Program from Wharton Business School, University of Pennsylvania, Philadelphia, USA. He also has a Management post graduation degree in Marketing and Finance from Faculty of Management Studies, Delhi University. Mr. Rahul KhoslaDirector, Max Life Insurance Co. Ltd.Mr. Rahul Khoslawas appointed the Director of Max Life Insurance with effect from February 2012. Rahul is a seasoned business manager with wide domain expertise built over 27 years in financial services. He has deep management experience, strong leadership skills, and broad business perspectives developed across several multinational environments, both globally and in India.His last role was based in Singapore as Group Head of Products for Visa, for all markets in Asia Pacific, Central Europe, Middle East and Africa and represented the region on Visa's Global Product Management Team. Previously, he was Chief Operating Officer for Visa Asia Pacific. In his 11 years with Visa, Rahul helped to exponentially grow the business and build Visa's leadership through product innovation, senior client interface, organizational effectiveness and business execution.Before joining Visa, Rahul was the country head for ANZ Grindlays' Personal Financial Services businesses in India, with P&L responsibility across all aspects of retail banking. 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, balance sheet management, revenue drivers, margin optimization, organization structure and expense management to achieve significant traction across all profitability dimensions.Rahul worked in Bank of America in India as Head of Retail Assets, Strategy, Finance and Legal, where he helped to re-launch the bank's retail business in India, 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.He spent almost 10 years in American Express, 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. Before this, Rahul was CFO for the American Express TRS businesses for India and South Asia, and was a member of the core team that launched India's first American Express local currency card, won the Chairman's Award for a significant automation project and authored a landmark client profitability analysis for the businesses.Rahul is a Chartered Accountant (articled with A F Ferguson & Co) and graduated with honours in Economics from St Stephen's College, Delhi. Mr. Rajit MehtaDirector Max Life Insurance Co. Ltd.Mr. Rajit Mehtawas appointed Director of Max Life Insurance with effect from November 01, 2008. He is a seasoned business manager with a wide domain of expertise built over 20 years in financial services.Rajit is a founder member of the Company and has seen it through its formative years. In his previous role Rajit was Executive Director and Chief Operatiing Officer at Max Life Insurance. His responsibilities included Customer Service and Operations, Information Technology, Business Excellence and Infrastructure & Facilities. He was also the mentor for setting up a Learning & Development Centre of Excellence (CoE). He was also involved in Project Max Vijay, an innovative Retail business model aimed at providing protection and long term wealth creation opportunities to the underserved segments in India.For two years he also took additional responsibilities as the Chief Transformation Officer for the company. This entailed setting up a Governance framework to oversee execution of key initiatives, designing and implementing New Work Systems, aligning key stakeholders, rationalizing the cost structure substantially to improve profitability and laying down a comprehensive Change Management agenda. Max Life has during this period, not only doubled its Market share and but has also seamlessly transited to a new Brand identity.Rajit has been instrumental in building the company's Human Capital, recruiting and retaining a strong management team, creating a positive work environment and culture and ushering "best-in-class" HR practices. He has successfully led several projects to achieve Service Excellence and Operational Efficiencies to support business strategy. This included putting a Service Blueprint in place, reconfiguring the Organization Design, Technologies, Front-end Service delivery system, introduction of Self-Service mechanisms and implementing a comprehensive Outsourcing Strategy to impact Customer experience and costs.Rajit has played a strategic role in helping the company expand its distribution footprint across India including facilitating a project to "Revamp Sales processes". The project culminated in Rajit co-authoring a book titled "Growth Leadership Practices at Max Life".Prior to Max New York Life, he was the Director Personnel at Bank of America and has also worked with HCL. His total experience spans 28 years. Rajit is a graduate in Commerce, post graduate in Human Resources and has also attended an Advanced Management Program at INSEAD France. He is the recipient of the Chairman's Award for Excellence at Max New York Life. 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. Ms. Marielle TheronDirector, Max Life Insurance Co. Ltd.Ms.Theronwas appointed Director of Max Life Insurance with effect from May 2009. She is a Principal of Erlen Street Corporation, Switzerland, a company that specialises in strategic investment and management consulting solutions.Prior to that, Ms Theron worked in both consulting and corporate roles for multi-national companies and governments across Europe, Asia, Australia, New Zealand and South Africa, advising on insurance and investment related solutions. She holds a B.Sc. majored in Actuarial Science from Laval University, Canada and is a Fellow of the Society of Actuary (FSA). Mr. K. Narasimha MurthyDirector, Max Life Insurance Co. Ltd.Mr. K. Narasimha Murthywas appointed as an Independent Director of Max Life Insurance Co. Ltd. with effect from August 23, 2013.Closely involved with several National level Financial Institutions, he is presently serving on the Board of ONGC., LIC Housing Finance Ltd., STCI Finance Ltd.(Formerly Securities Trading Corporation of India Ltd.), Infiniti Retail Limited, APSFC, Max Bupa Health Insurance Co. Ltd and Board of Supervision NABARD. In addition, he also serves as an Independent Director on the Board of many large Corporates.In the past, Mr. Murthy has served as a Director with IDBI Bank Ltd.(2001-11), UTI Bank Ltd., (presently AXIS Bank)(1999-2004), Unit Trust of India (UTI)(2002-03), IFCI Ltd.(2008-09), APIDC Ltd., Bombay Stock Exchange and many more. As the Chairman of Expert Committee on Urban Co-op. Banks (UCBs)(2002) in A.P., he has analysed the performance of more than 140 UCBs.Mr K. Narasimha Murthy holds brilliant academic records. He scored ranks in both CA & ICWA courses and entered the Profession of Cost & Management Accountancy in 1983. Expert in his field, he has to his merit credits of turning around of many large Corporates, focusing on systems improvement with Cost Reduction approach. Currently, he is associated with the development of Cost & Management Information Systems for more than 150 Companies covering more than 45 industries.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). The institution honoured him with citation in October 2007. He was recently also nominated as a Member Convener on the Implementation & Monitoring Committee on Audit Reforms in Public Sector Banks by the Govt. of India. Mr. John PooleDirector, Max Life Insurance Co. Ltd.Mr. John Poolewas appointed Director of Max Life Insurance with effect from July 2012.John joined Max Life in 2005 and served as the Appointed Actuary from 2005 till 2011.Before joining Max Life Insurance, John's career was spent mainly with the AMP one of Australia's leading life insurers. 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, India and Japan. He also served as CFO and Actuary for the largest of AMP's Australian business units.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. Mr. Rajesh KhannaDirector, Max Life Insurance Co. Ltd.Mr. Rajesh Khannawas appointed Director of Max Life Insurance with effect from July 2012.He is the Founder & CEO of Arka Capital Advisors Pvt. Ltd., and is an angel investor in early stage companies. Previously, he serves as the MD and India Head at Warburg Pincus, and was a member of its global Executive Management Group . He served on the Board of Lemon Tree Hotels, Lokmat Media and Max India. Prior to joining Warburg Pincus, he worked with Citibank N.A. and Arthur Andersen & Co.Rajesh Khanna holds an MBA from IIM, Ahmedabad and is a Chartered Accountant. Mr. D.K. MittalDirector, Max Life Insurance Co. Ltd.Mr. D. K. Mittalwas appointed as an independent non-executive Director of Max Life Insurance with effect from April 01, 2014. He is a former Indian Administrative Service (IAS) officer of 1977 batch (UP cadre) and has served the government of India in various capacities. Until last year, Mr. Mittal was Secretary, Department of Financial Services, where he was responsible for overseeing Banking, Insurance and Pension policies of India. During his tenure he worked very closely with the RBI and was on the Board of the RBI, LIC, State Bank of India, IIFCL and IIFCL(UK). Previously as Secretary, Ministry of Corporate Affairs, he has worked closely with ICAI, ICSI and ICWAI. As an Additional Secretary, Department of Commerce, Mr. Mittal was the chief negotiator of India for WTO negotiation. He also supervised all multilateral Preferential Tariff negotiations, development and operation of SEZs in India and FDI and Overseas Investment from India. As Joint Secretary, Ministry of Commerce, he had oversight of International Trade and Special Economic Zones. He formulated SEZ policy in March 2000 for the first time in India. He was with ILFS on secondment from the Govt of India and worked in the area of project development and financing of infra projects.Mr. Mittal has hands on experience in Infrastructure, International Trade, Urban Development, Renewable Energy, Agriculture Development and Micro- Credit, Corporate Governance, Banking, Insurance, Pension and Finance.He holds a Masters degree in physics with specialization in Electronics from University of Allahabad, India. Mr. Masataka KitagawaDirector, Max Life Insurance Co. Ltd.Mr. Masataka Kitagawawas appointed Director of Max Life Insurance Co. Ltd. with effect from July 28, 2015. He is responsible for Mitsui Sumitomo Insurance's overseas life insurance business. He has an experience of more than 30 years in insurance industry, including 13 years as a Liability Insurance underwriter in Fire & Casualty Insurance Underwriting Department, 8 years of overseas business experience in London & Bermuda and 3 years experience as the general manager of IR (investors relationship) Department involving the companys strategy and corporate planning.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.He holds a Bachelor of Sociology from Hitotsubashi University, Tokyo. Mr. Hideaki NomuraDirector, Max Life Insurance Co. Ltd.Mr Hideaki Nomurawas appointed Director of Max Life Insurance Co. Ltd. with effect from June 27, 2012. Mr. Hideaki Nomura has 29 years experience in financial industries including insurance, banking and investment banking.In his tenure with Mitsui Sumitomo Insurance., Ltd. ("MSI") for 17 years, He took a strategic role in helping the company expand into Asian local insurance businesses by analyzing, structuring and valuating M&A transactions, such as Sinatay Life in China, Sinarmas Life in Indonesia, Hong Leong Assurance in Malaysia, Hong Leong Takaful in Malaysia, Mingtai Insurance in Taiwan, etc.He was also in charge of establishing new businesses, such as Unit-LinkedAnnuityJoint Venture with Citigroup, defined contribution business and mutual fund business.Prior to joining MSI, He spent 12 years in Nippon Credit Bank (currently Aozora Bank) and its investment banking subsidiary in London, where his roles were bond trading, fixed income market analysis, financial derivatives sales, credit analysis and providing loans to corporations.He holds an MBA from Graduate School of International Corporate Strategy, Hitotsubashi University, Tokyo, completed his exchange program from Anderson Business School at University of California, Los Angeles and has a BA in Economics from Keio University, Tokyo.He is a Chartered Member of the Securities Analysts Association of Japan and a Certified Financial Planner granted by Japan Association for Financial Planners. Mr. Toshinari TokoiMr. Toshinari Tokoihas resigned from the Board of Max Life Insurance effective July 27, 2015.

Why do you need life insurance

Mr. Mehta was very happy with his job, his family and life in general. He was very particular with his finances. 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. However, Mr. Mehta will concur that one can never tell when fate will tarnish a pretty picture. He suddenly suffered a heart attack, with a few complications, and was admitted to the hospital. Three weeks in the ICU and an angiography and angioplasty struck him with a serious financial blow. His modestmedical insurancecovered some of his expenses but he had to dip into his savings for the rest. He thought his current financial plan was solid, but he was wrong. What if the next time his medical expenses are even higher? What about the money he has to keep aside for his daughters wedding, or his sons higher studies? What if he doesnt pull through the next time? Who will take care of his family and support them financially? Another disaster like this will destroy hislong term savings plans.That was it! He had to re-assess his financial structure. 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. His family will have financial security if he isnt lucky enough to survive the next time.He also decided to take into consideration the expenses for his childrens higher studies and marriage. Mr. Mehta was thinking very clearly in the long term now.Although we dont want to think of these situations, preparing for them with the right financial planning will only help our long term goals. Mr. Mehta realised this the hard way. Luckily, we have the chance to learn from his mistake and better prepare ourselves from now for an uncertain future.

Tyupes of policiesWhen Mr. Mehta decided to get life insurance to protect himself and his family, he had to be sure he was choosing the right policy. He had to buy a life insurance policy that caters to his needs, as well as his sons education needs and his daughter's marriage expenses. He was clear about that. These decisions could not be taken lightly anymore. When he was faced with his own mortality, it gave him the push he needed to save wisely and save for the future. His life insurance company helped him derive a formula that best suited his requirements and the requirements he has for his children. The various life insurance policies he could choose from are listed below:Term InsuranceThis 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, in the case of his/her death, after a certain period of time. These policies can be taken for 5, 10, 15, 20 or 30 years.Endowment PolicyIn an endowment policy, 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.Money Back Life Insurance PolicyThis policy offers the payment of partial survival benefits (money back), as is determined in the insurance contract, while the insured is still alive. In case the insured dies during the period of the policy, thebeneficiarygets the full sum insured without the deduction of the money back amount given so far.Group Life InsuranceThis is when a group of people have been named under a single life insurance policy. It is popular for an employer or a company to add employees under the same policy. Each member of the group has a certificate as legal evidence of insurance.Unit Linked Insurance PlanULIPs (Unit Linked Insurance Plan) offer the insured the double benefit of protection from risk and investment opportunities. ULIPs are linked to the market where the insureds money is invested to help earn additional monetary benefits.

How much insurance do you need

So how much insurance does Mr. 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. He has to take into account his standard of living, his income, his spending habits, inflation etc. before he arrives at the benefit he wishes his family to receive at the time of his death. This policy should also have acritical illnessand disabilityriderto help in case of his hospitalization and medical expenses. Amazing, how everything was in such clear view to Mr. Mehta. Usually, wisdom's advice is that the death benefit from alife insurance policyshould be approximately 8 to 10 times the annual income of the insured. It is wise to include foreseen liabilities and add an inflation rate into the amount to get a more accurate figure.He also has to decide how much he expects to receive for his children's higher education. He has to factor in what his children's career inclinations are, what type of college he wants his children to attend, whether he wants his children to study in India or abroad, etc. In addition, he has to decide what he will have to spend on his daughter's marriage.No one can ever get exact figures, but it is important to draw a fair sketch of your future financial goals and save according to them. You may not get it absolutely right, but long term planning, as Mr. Mehta realised, definitely keep you prepared. Mr. Mehta knows thatone rupee saved now is worth many more in the future.Fortunately, Mr. Mehta had trained professionals to help him beat out all his considerations and invest in life insurance to suit his future needs and wants. So Mr. Mehta has now prepared himself much better for an unforeseen future. It will definitely suit our purpose to do the same.

Life insurance termsAccidentAn accident is an unforeseen event or occurrence causing damage or injury to a personAge LimitIt is the stipulated minimum and maximum ages below and above which the company will not accept applications or may not renew insurance policies.AgentAn insurance company representative who sells and services life insurance contracts for the insurer; He is an intermediary between the insurer and the policyholderAnnuityPlanAn insurance contract that provides for an income for a specified period of time, such as a number of years or for lifeApplication/Proposal FormThis is to be filled by the insurance companys agent and sometimes a medical examiner including information given by the proposer. In addition, it has to be signed by the proposer. It is one of the primary steps to get an insurance policy.AssignmentAn assignment is a legal transfer where a policyholder can transfer his interest to another. It can be made by an endorsement on the policy document or by a separate deed. Assignment can be either Conditional or Absolute.BeneficiaryThebeneficiaryis the person or entity, named in the policy as the recipient of the life insurance benefit in the event of policyholder's death.CoverageThe amount of protection that the policyholder will receive based on the terms of the policy.ExclusionsThese 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.FiduciaryA fiduciary is a person who has been legally trusted by abeneficiary. For example, if abeneficiarylegally documents that someone will act on his behalf when required.Grace PeriodPolicy holders are expected to pay their premium on time. However, a certain additional period is given to the insured. During this additional period, orgrace period, the policyholder is allowed to pay the premium without any interest. Therefore it is a specified period after a premium payment is due, in which the policyholder may make such payment, and during which the protection cover of the policy normally continues.Insurable InterestThis means that the insured, or thebeneficiarywho receives the policy benefits, must necessarily suffer an emotional or financial loss if an unforeseen or untouched event occurs. Without insurable interest an insurance contract stands invalid.InsurabilityInsurabilitymeans all conditions that affect the health, susceptibility to injury and life expectancy of an insured.InsuranceIt is to indemnify the insured, orbeneficiaryon the death of the insured, as protection against unforeseen circumstances. (A system under which individuals, businesses, and other entities, in exchange for a monetary payment (a premium), are guaranteed compensation for losses resulting from certain perils under specified conditions.)InsuredThe insured is the person who is covered in the insurance policy.Lapsed PolicyA policy which has been terminated for non-payment of premiums. A policy lapses usually when the premium due is not paid even after thegrace period.Maturity DateThe 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.MaturityClaimThe amount given to the insured at the end of the maturity period is called the maturityclaim.Moral HazardAn insurance policy is based on the need for insurance, the health and personal habits of the insured, the insureds standard of living and income. The moral hazard is the decision of theinsurance companyto accept the risk and issue a policy after taking the factors mentioned above into consideration.NominationThis is when the policy holder or insured officially authorises another person to receive any monetary benefits of the policy. The authorised person is theNominee.PremiumThe amount paid by the insured, either in lump sum or in periodic amounts, to the insurance company under thelife insurance policy.ReinstatementReinstatementof a policy is the act of putting a lapsed policy back into force, after thegrace periodhas expired. The company may require evidence ofinsurabilityand will always require the insured to pay the total amount of overdue past premiums.Surrender ValueThe surrender value it the amount paid to an insured who wishes to terminate the policy before its maturity date.VestingAgeThe age at which the insured starts receiving a pension from the insurance company in an insurance-cum-pension policy.

Channels of distributionMrs. Sharma had just lost her husband to aterminal illness. He was wise to invest in life insurance to secure her and their 4 year old son. Mrs. Sharma realised, through her husbands wise financial planning, thatlife insurancereally was alife saver.Although she had a decently paying job, she never quite had to worry about financial planning while her husband was alive. Well, it was time for her to get a life insurance policy of her own to secure her future and the future of her son. For the first time, she had to start thinking of long term savings and the protection of her loved ones future. She was clear that life insurance is a very healthy option. The question, however, 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. She started her research on the Internet, took advice from her friends and spoke to other who already had life insurance. She had to get the best policy to suit her long term needs and the future she envisioned for her young son. With all the information at her disposal, she had chosen the course she was going to take. She started to look at the information on how to choose the right company and about the various channels of distribution, deciding on the best channel to use.Mrs. Sharma reads:Life insurance products are sold by companies that have been licensed by the Insurance Regulatory and Development Authority (IRDA). The products are sold through distribution channels that are licensed by IRDA as well. These individual agencies, brokers, corporate agencies or even banks have to follow certain codes of conduct when dealing with and helping a person choose a suitable policy.It is important to select a life insurance company which is financially solid, keeps its customers interests at the forefront and provides good quality service.The second important thing to do is to select a suitable channel to invest in life insurance. 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, what is the most suitable policy, the most suitable premium payment options.

Things you must know about intermediariesThe information Mrs. Sharma just read gave her a lot of insight into how she should select a good company and a good channel of distribution. Well, if she was going to put her money into a long term plan to derive certain benefits for herself and her son, she couldn't just invest with anyone. It had to be a trusted company and a dependable intermediary, with the experience to identify her needs and helping her plan for long term savings and the protection of her loved one's future. Flipping through some more information Mrs. 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. Always ask the agent for proper identification. Get information about the agent's company, the agent's manager and the address and contact details of the office. Always seek references for selecting the right life insurance agent by simply asking around, such as among family members, trusted friends, colleagues or business partners.'Mrs. Sharma had a clearer picture of life insurance and what to look for in a channel of distribution. She was now more confident that she could choose a good channel of distribution.Let's learn, as Mrs. Sharma has, to be wise when we choose a channel of distribution for ourlife insurance policy. We are investing for the future, we are securing the lives of our children, we are preparing for unforeseen situations that might leave us financially crippled.

Must Do Steps While Buying InsuranceOf course, now that Mrs. Sharma was gathering all this information her interest grew further. She continues reading:What are the 'must do' steps tobuy life insurance? Select a reputable insurance company that is financially solid, keeps its customers interests at the forefront and provides good quality service. Check your agents credentials like his ID, license, company, etc. 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, your annual income and standard of living, your spending habits and your long term objectives and goals. The agent should do a risk profiling exercise to understand and suggest what kind of plan suits your need - a traditionalinsurance planor Unit Linked Insurance Plan. In case, you are offered a ULIP, the agent should advise you on what kind of an investment fund fits your profile. Decide, with the help of the agent, what is thebest insurance policybased on your needs, future plans, standard of living, income and liabilities, expected benefit for yourself and your dependents, etc. Ask your agent important questions like "What would I have to pay for insurance?" "What are the inclusions andexclusionsin 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. It is important to disclose all the information. Do not withhold or provide wrong information regarding your health, financial condition, lifestyle, 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. 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. In case the policy is not delivered, you should get in touch with the insurance company immediately. Once you get the policy, make sure that you read and fully understand the terms and conditions listed in the policy during the stipulated 'free look period'. If you have any doubts or concerns, you should get in touch with the agent or the insurance company.Mrs. Sharma has learnt not only how to choose the right channel of distribution, but also the right steps to follow when she buys insurance. Through Mrs. Sharma's example, we now understand how important it is to do adequate research and take enough time tofind the right person, 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.

Questions You Must Ask Before Buying Life InsuranceThe right advice makes all the differenceBuying Life insurance is one of the most important decisions of our lives.We believe that you must be aware of everything that you need to know about yourlife insurance policies. As a prospect who wants to buy a life insurance policy, you must be clear about the policy details, its features and benefits before you actually decide to buy a life insurance policy.Here are 5 questions that you MUST ask a life insurance agent before buying a life insurance policyIs the Agent Advisor qualified or authorized to suggest me a life insurance solution?As a first step, you should ask your insurance agent to provide his/her Agent License Number, and details pertaining to it such as, when was it issued and when is it expiring. This will give you an idea of how many years of experience he or she has in offering life insurance advice and solutions. You should also check whether he or she is a full-time or part-time agent.All insurance agents have a reporting manager on the rolls of aninsurance company. Write down and keep record of the contact details of the reporting manager and the branch office out of which the agent advisor operates.What are my financial needs current and future?The first thing you should ensure is that the agent advisor is a problem-solver; one who can understand and fulfill your and your family's financial security and long-term wealth creation needs.If your agent does not ask probing questions and provide you life insurance solutions based on the needs derived from your answers, you may need to look for another agent.The Agent Advisor, before recommending a life insurance plan, should gauge your needs by carefully assessing the gap between your assets and liabilities, your annual income and standard of living, your spending habits and your long term objectives and goals.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, whole life, endowment, health or a Unit Linked Plan.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 him or her 3 key things: How much premium do you pay? What you get in return in the form of sum assured and cash orfund valueat the end of thepolicy term, depending upon the type of life insurance product chosen? What are the various inclusions andexclusionsof the life insurance product chosen?The agent should be able to spell these out very clearly and in writing.Additional details to be asked for include payment paying tenure, mode of payment, minimum years of lock-in period (as applicable), flexibility in partialcash valuewithdrawal, etc. In the case of health insurance, the network of hospitals covered under the plan should be shared with by the agent advisor.What are the differentiators of this product?Always ask the differentiating factors, comparing the agent's product offering with other similar life insurance products offered in the market. This will support his or herclaimof suggesting the best product solution. Doing so will also be a check on his industry knowledge and product awareness.Moreover, life insurance companies are known to offer a wide range of life insurance products. The agent needs to have a thorough knowledge of all the life insurance products offered by the company. Moreover, he or she should be informed about the competitor's products so as to provide unbiased and meaningful recommendations, regardless of how much he or she stands to gain by way of commissions.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, as the riders come at a comparatively low cost while enhancing the life cover component of alife insurance plan.Additional detailsAlways ask your agent to provide signed benefit illustrations of the returns promised.Under the Insurance Regulatory and Development Authority (IRDA) rules, an agent cannot show you benefit illustrations with more than an optimistic estimate of 10% and a conservative estimate of 6%.Have a question for us? Get the right answer from one of our advisors in your city today.Points that you should clarify with your agent after buying the policy.Ideally, the agent should answer all the queries a policyholder may have before he or she actually buys the policy.However, 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.After the policyholder receives his/her policy pack, 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.In case of any discrepancy, there is a 15-dayfree look periodwithin which a policyholder can choose to return the policy and there is refund of the premium paid post the deduction of applicable charges.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 afree look periodof 15 days to a policyholder, during which a policyholder can review the policy and upon not being satisfied basis the benefits and features of the product, can choose to return the policy and there is refund of the premium paid post the deduction of applicable charges.At Max Life Insurance, we have a dedicated Grievance Redressal Cell to examine customer issues and provide an impartial resolution in case the policyholder has a concern.IRDA has also set-up various Ombudsmen offices across the country, which take up policyholder complaints.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 ContractWhat To Look For In Your Insurance ContractLife insurance is the only financial tool which offers the triple advantage of risk coverage,long term savings, and tax benefit. It offers financial protection to an individual after taking into account the present and future value of his assets and liabilities. However, consumers need to develop a better understanding of the life insurance products that they buy.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.Mentioned below are 10 key parameters to weigh once you receive the policy document. Verify personal detailsPersonal data provided to thelife insurance companyforms a very important part for policy servicing and settlement of all claims.Please make sure that all personal details such as your name, age, address, etc. are mentioned correctly.Moreover, 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. Analyze the benefitsThe benefits of your life insurance policy must correspond with your long-term goals. After the receipt of policy document, go through the features and benefits of the product and check if they match with promises made during the purchase. Cross-check features such as sum assured, premium amount, flexibility of the plan, etc. Check the ridersIn addition to life coverage, you may have purchased add-on covers known as "riders" for other types of contingencies. Go through the insurance contract to understand theridercoverage. Consider the payment tenurePlease check for how long you need to pay premiums and also what mode of payment you may have chosen, for example half yearly, quarterly, annual, etc.You may sometime get a wrong advice like "you need to pay for only 3/5 years". Please do not fall for such advice. 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. Authenticate the returnsDo not blindly believe the returns promised. Once you get the policy document, check out the benefit illustrations of returns.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%, as per the IRDA's mandate. Study carefully what is guaranteed and what is not. Comb through the policy contractIn addition to the benefits specified in policy documents, it is necessary to carefully read the terms and conditions of the policy. In case you find any difficulty in understanding any aspect of terms and conditions, please check with the life insurer the impact of those terms and conditions. Confirm surrender chargesVery rarely, a situation may arise where you face a cash crunch and need to surrender your policy or make partial withdrawals. For times like these, make sure to examine the exact surrender charges mentioned in the policy document, so that you can plan finances and minimize losses accordingly. ExamineexclusionsExclusionsin the policy define aspects or situations that will not be included in the coverage. An exclusion that one is not aware of can make the cover redundant.Read theexclusionscarefully. These may include suicide, death which occurs during the commission of a crime, acts of war or terrorism, death due to a natural calamity, etc. Some exclusion may be only for a specified period and may be called restrictions instead. Claims settlement processCheck if thenominee's details are captured correctly. You have the option of including one or more nominees and specify their share ofclaim. The policy should also list down all details on how to file aclaim. What to do when you think a life insurance policy has been mis-soldThe 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, then he/she is free to return the policy andclaimrefund of the premium paid post deduction of applicable charges.IRDA has also set-up various Ombudsmen offices across the country, which can take up policyholder grievance and complaints.

Services You Should Expect From A Life Insurance Company Or Intermediary

Mrs. Sharma's task did not end when she selected her agent. Her bank of information emphasized equally on what she should expect from her life insurance agent before and after she takes a policy. Her research offered her more information:What should I expect from my life insurance agent? An agent should possess a valid license, identity proof and business card of the company represented. An agent should provide you with information on all the life insurance products available. An agent should understand your needs based on a judgement of your asset liability gap, annual income, standard of living and age and recommend a solution that fulfils your long term savings and protection goals. The agent should do a risk profiling exercise to understand and suggest what kind of plan suits your need - a traditional insurance plan or Unit Linked Insurance Plan. In case, you are offered a ULIP, the agent should advise you on what kind of an investment fund fits your profile. 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 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. Your agent should also advise you to provide all necessary correspondence details like complete postal address, primary and alternate contact numbers, email ID, etc. Your agent has to clearly mention to you the importance of disclosing vital information pertaining to your health, income, lifestyle, occupation and other insurance policies and the consequences of non-disclosure. Your agent should provide details of all the documents that are required at the time of filling the proposal form. The agent has to advise you to appoint anominee, who will ensure that the terms in the policy are carried out in your unfortunate absence. 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 must provide assistance and help arrange for all the medical tests and other related formalities. The agent should guide you on the various tax benefits that you can avail from your insurance policy. 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. The agent should help you with respect to any changes that you want to make to your policy, e.g. changingbonusoptions, switching and redirecting premiums and assist you in taking a loan against your policy. 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, if required. The agent must provide the necessary assistance to thebeneficiaryin complying with the requirements to settle aclaim.This information may seem like an instruction booklet with a lot of 'do this' and 'do that'. However, the need for this information is extremely important. Without this information we will all be groping in the dark. Through the research Mrs. Sharma has done, she has provided us with the information we require to make calculated and wise decisions for our own long term savings and protection goals.

Things You Must Know About Taking ClaimsIt is one thing to pay for a life insurance policy to secure your long term plans. It is something entirely different to learn what is needed toclaimbenefits from your life insurance policy. Mrs. Sharma has to now educate herself on what she has to do in the event of aclaim. This could be claiming benefit on hercritical illnessrider, for her sons education funds, at the time of expiration of her policy, etc. She reads on....What should I do when I have to make aclaim? First call your insurance agent to fill up the required form. Always keep your policy with you when you are entering details to file theclaim. In case of the death of the insured, certified copy of the death certificate should be available. It should be submitted with theclaimform and other documents listed in the Policy Document. Once theclaimhas been submitted, provide all the relevant documents /information as sought by the Insurance Company. This will help in faster settlement of theclaim. Theclaimsettlement can be received in a various number of ways. This depends on the type of life insurance policy taken byLife Assured. The insurance agent will assist in theclaimsettlement as instructed by thebeneficiaryor insured. The monetary amount from theclaimcan be received in various ways: In a lump sum so it can be used immediately for clearance of the deceased insureds debts, etc. Lump sum amounts offer a lot of flexibility. Theclaimcan be received in instalments, which may be the agreement in the contract. Here regular amounts will be given to thebeneficiaryby the insurance company at prefixed intervals. The insured orbeneficiarymay put that money back into another insurance policy.Things are finally clear to Mrs. Sharma and she is set to purchase life insurance for her future security and the security of her son. Mrs. 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.Be wise! Be prepared! Be secure!

Policy holerds rightsFor the benefit of policyholders, we hereby state certain important rights that policyholders have under law:Point Of SalePolicyholder 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;Where a policyholder does not fill up the proposal or connected papers, 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.Proposal For InsuranceA proposal for grant of cover must be evidenced by a written document. It is the duties of the insurer to furnish to the insured free of charge, within 30 days of acceptance of a proposal, a copy of the proposal form.Where a proposal form is not used, 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.A policyholder is entitled to a decision on its proposal, after the same has been processed within a period of 15 days from the receipt of proposals by insurer.Claims ProcedurePolicy contract is to state primary documents which are normally required to be submitted by aclaimant in support of aclaim;Insurer is to raise any query or requirement of additional documents all at once and not in piecemeal within 15 days of receipt of theclaim.Aclaimis to be paid or disputed giving all relevant reasons within 30 days from the date of receipt of all relevant papers and clarifications required.Subject to any law in force, where aclaimis 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.For information on other rights available to policyholders, you may log on tohttp://www.irda.gov.in

Role Of IRDARole 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. As a key part of its role, it is responsible to protect the rights of policyholders. In order to create awareness about IRDAI, it's role, duties and responsibilities are stated here under: IRDAI provides a certificate of registration to alife insurance company. IRDAI is responsible for the renewal, modification, withdrawal, suspension or cancellation of this certificate of registration. IRDAI frames regulations on protection of policyholders' interests. It offers policyholders the right to voice their complaints against insurers or insurance companies. The IRDAI has set up the grievance redressal cell to take up the complaints of the policyholder. It specifies the requisite qualifications, code of conduct and practical training for intermediaries or insurance intermediaries and agents. It specifies the code of conduct for surveyors and loss assessors; It promotes efficiency in the conduct of insurance businesses; It promotes and regulates activities of professional organisations connected with life insurance; It levies fees and other charges to carry out the purposes of the IRDAI Act; It can call for information from, undertake the inspection of, conduct enquiries and investigations including the auditing of insurers, intermediaries, insurance intermediaries and other organisations connected with the business of life insurance; 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; It regulates the investment of funds by insurance companies; It regulates the maintenance of margins of solvency; It adjudicates disputes between insurers and intermediaries or insurance intermediaries; 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 percentage of life insurance business to be undertaken by an insurer in the rural or social sector; and It exercises any other powers as may be prescribedTo know more about the IRDAI, please visithttp://www.IRDAI.gov.in.

Insurance & Tax SavingsHow 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; they also protect your taxes.Tax SlabsThis explains how the various tax brackets in India work and how much tax relief we are all eligible for. The new tax structure was initiated on 1stApril 2014.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 LevelTax Rate

UptoRs.2,50,000Nil

Rs.2,,50,001 -Rs.500,00010%

Rs.500,001 -Rs.10,00,00020%

AboveRs.10,00,00030%

Tax slabs for Financial Year 2014-2015 (Assessment Year 2015-2016)

For Senior Citizens aged 60 yearsor above but less than 80 yearsFor Very Senior Citizens aged80 years or above

Income LevelTax RateIncome LevelTax Rate

UptoRs.300,000Nil--

Rs.300,001-Rs. 500,00010%UptoRs.500,000Nil

Rs.500,001-Rs.10,00,00020%Rs.500