Max life official name is Max Life Insurance Company Limited, is an Indian origin insurance company which headquarters is based in the capital city of India that is New Delhi. No other non – banking insurance company is big as Max Life. The Max Life Insurance Company Limited is established in 2000 and starts its work in 2001.
Max Life provides you various insurance covers which includes health insurance, life insurance , vehicle insurance and many other insurance services provided by the Max Life Insurance Company Limited.
Here we will solely give you detail about that what is health insurance, benefits of health insurance, procedure and document required for purchasing health insurance from Max Life and also we will give you information about the advantages and disadvantages of health insurance from Max Life Insurance Company Limited. We will give you whole description so kindly it is advised to read this article carefully and then plan to purchase Max Life insurance or not to buy it.
Basically, health insurance is a kind of insurance like many other insurances, which covers hospital, surgical, medical expenditure of an health insurance covered person.
The Health insurance recovers medical expenses which cause by the mean of illness or any injury according to health insurance packages.
What is different kind of Health insurance :-
Here we are discuss about various kind of health insurance such as Individual Health Insurance, family floater Health Insurance, Senior Citizen Health Insurance, Group Health Insurance and various others.
1) Individual Health Insurance :-
In this type of health insurance, insurance is cover for a person, his/her spouse, parents and your children. This insurance package covers almost all kind of expense of medical like hospitalisation, day care, several surgery and lot more.
Let you purchase this individual health plan where sum assured is ten lakh rupees then each of the cover person can claim at most ten lakh rupees per year of policy.
2) Family Floater Health Insurance :-
In this type of insurance each individual of the total cover share amount. It is also called one of the cheapest and affordable health insurance.
Suppose your insurance covered ten lakh rupees individual can claim 8 lakh rupees or individual’s spouse can claim 2 lakh rupees or vice a versa.
3) Senior Citizen Health Insurance :-
This insurance cover specially designed for the older group person. In this kind of policy there are addition benefits covered. As the senior citizen according to data may have more health related issues so health insurance includes regular medical check ups.
4) Group Health Insurance :-
This kind of health insurance covers large number of individuals working in corporate sector.
Means a company owner / employer purchase the health insurance for his / her employees. These health insurance plan is comparatively cheaper than other plans and covering only basic medical treatment. Though these kind of insurance is quite popular.
Benefits of health insurance from Max Life Insurance Company Limited :-
1) If you do not have cash available, by individual’s policy number the person can be treated by cashless method. The Max Life tie up with so many small and big hospitals through out the country.
2) The claim acceptance in Max Life is very fast. It is based on general feedback by customers who purchased Max Health Life insurance.
3) According to section 80 D of the Income Tax act of 1961 if you are paying for health insurance policy then you are fulfil the criteria of tax deduction.
The claim ratio in the last financial year that is 2022-23 is almost 99.51% which is quite impressive.
In Max Life health insurance more than 64 critical insurance covered.
There are large number of health insurance plans for knowing more details just visit at www.maxlifeinsurance.com
Following Documents are required for Health Insurance (Max Life)
1) Requirement of proof of identity :- The Identification card is authorised by government of Republic of India. Any of the document such as Aadhar Card, Voter Identification Card, Driving License required.
2) Age proof is required which again authorised by government agencies. Any of the one need to show for age proof such as Aadhar Card, Passport, Birth certificate, Voter / Election Identification card.
3) You should have to show the proof of residential address of the individual such as driving license, Aadhar Card, Ration Card, PAN Card, electricity bill.
4) There is requirement of colour passport size photographs of the individual who have to purchase the health insurance.
5) If demanded by the insurance company authority then submit the medical reports.
6) A form of proposal which is signed by the individual.
Advantages and limitations of the health insurance :-
There are more advantages as compared to demerits in health insurance though we have to consider all aspect about the health insurance.
Advantages :-
1) All knows that medical expenses are that kind of insect which makes a person pocket blanket. A lot of people who do not have health insurance came from Middle class to poverty line, because medical bills are a huge burden for a person. So the health insurance helps person in this, without any heavy load on one’s pocket.
2) Health insurance protects your hard earned money as health insurance decrease the expenses of medical bill in case of medical problem.
3) Person can admit without giving any money to hospital, just show the policy number and automatically you get admitted with no cash. This cashless facility is one of the best feature of the health insurance.
4) Tax benefits :- When you are filling Income Tax returns then you can save taxes by showing valid health insurance.
5) The acceptance rate of claim is very fast in Max Life Insurance Company Limited.
Disadvantages :-
1) As the age increases of individual the premier of health insurance is also got increased, it is a major drawback of health insurance.
2) If a person have Co – Payment clause , means , for example if you have raise a claim of ₹ 20,000 then ₹ 16,000 is payable by insurance company and ₹ 4,000 is claimed by individual. So, before purchasing the health insurance read the documents and terms and conditions carefully.
Definitely, the answer is yes that you should buy a health insurance, but which insurance company it is completely on you.
Frequently Asked Questions :-
1) What is claim acceptance ratio of Max Life?
Ans:- The claim ratio is quite better about 99.51% in 2022-23.
2) How to contact to Max Life insurance for query / doubts and enquiry?
Ans:- Contact on 0124 421 9090 for any query or doubt.
3) Is it better to buy Max Life Health Insurance?
Ans:- It is completely depends on you, you should buy or not, but a definitely yes for purchasing health insurance.
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