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What is Axis Max Life Insurance Surrender Value
Life insurance is a long-term economic benefit, and there are some unfortunate situations when you might need to surrender your plan. This simply means terminating the plan before its maturity. So, in case you surrender a plan in the middle of the policy term, you would receive a surrender value that has been allocated towards earnings and savings. The surrender charge deducted from this amount varies by plan. The Axis Max Life Insurance surrender value received once you surrender your policy is called the Axis Max Life policy surrender value.
Steps to Surrender Axis Max Life Insurance Plan
Maintaining the life insurance policy’s active status throughout the entire policy term is advisable. However, if a policyholder decides to revoke their Axis Max Life insurance policy, they may do so by taking the following steps
- Step 1
Visit the official website of Axis Max Life Insurance.
- Step 2
Click the "Contact Us" link in the "Customer Service" section when you’ve reached the bottom of the page.
- Step 3
Enter your state, zip code, and city in the "Locate A Branch Office" box, then click on "Get Address" to get the address of your nearest branch.
- Step 4
The branch offices close to your location will then be displayed on the page.
- Step 5
The policyholder must visit the office.
- Step 6
To surrender the Axis Max Life insurance policy you must then go to the counter and ask the customer service agent for assistance.
- Step 7
Once your documents are verified, your policy will be surrendered.
pert Insights
- Axis Max Life Insurance has the highest claim-settlement ratio of 99.65%.
- Data: IRDAI Annual Report (2023-24)
Documents Required to Surrender Axis Max Life insurance policy:
The policyholder will now be questioned by the customer service agent about the policy in addition to being asked to provide the following documents:
- Axis Max Life Insurance policy surrender form which the policyholder can collect from the help desk themselves.
- Self-attested copy of photo ID proof, in which your name and your photo are visible (for example Aadhar card, PAN card, Voter ID card, etc.)
- Original policy pack, which you receive at the time of purchasing of policy from Axis Max Life Insurance.
- A cancelled cheque with a pre-printed name, a copy of a bank passbook with a banker’s attestation, or a banker’s attestation on the account information in the surrender request in the case of NEFT (which is useful to transfer the balance amount from Axis Max Life Insurance to your account).
- Your latest contact details (In case any other information is required, the company will contact you).
Types of Axis Max Life Policy Surrender Value
There are two types of surrender values for Axis Max Life Policy:
Guaranteed Surrender Value
The guaranteed surrender value is the product of the total premiums paid and the surrender value factor ( % of total premiums paid).Special Surrender Value
Special surrender value depends on the total sum assured, total premiums paid, policy term, and applicable bonuses.
Calculation of Axis Max Life Insurance Surrender Value
30% X the total amount of premiums paid = Guaranteed Surrender Value.
The first-year premiums, all additional premiums, accident benefit premiums, and term rider premiums are not included in the same. The policy plan and the year that a person intends to surrender the policy may affect the percentage that will be paid.
How to Contact Axis Max Life Insurance?
Policyholders can get in touch with Axis Max Life Insurance in the following ways:
- Send ‘Hi’ to +91 7428396005 from the registered mobile number.
- Call the customer care number of the company (1860 120 5577) through the registered mobile number. (Monday to Saturday: 9 AM to 6 PM).
- Online Helpline: 0124 648 8900 (09:00 AM to 09:00 PM – Monday to Saturday).
- For NRI customers: +91 11 71025900, +91 11 61329950 (9 AM to 6 PM; IST).
- Email for NRI customers: nri.helpdesk@maxlifeinsurance.com.
- Corporate Office: Axis Max Life Insurance Co. Ltd. 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) – 122002.
- Operation Center: Axis Max Life Insurance Co. Ltd, Plot No. 90-C Udyog Vihar, Sector 18, Gurugram (Haryana) – 122015.
- Fax Number: 0124-4159397.
Axis Max Life Insurance Policy Surrender Charges
In case, you are dissatisfied with the policy from Axis Max Life Insurance, you have a period of 15-30 days from the purchase of the plan to cancel it, known as the free look period.
In that period, a single penny will not be deducted from your premium. If you want to cancel the plan after 30 days or any other time frame, the insurance company will charge the customer a pro-rata premium.
In a Nutshell
When it comes to insurance, the surrender value enables policyholders to formally declare their coverage, if they decide they no longer require it. However, once you give up your life insurance, you are no longer eligible for the policy’s benefits. As a result, if the policyholder passes away untimely after the insurance surrender, the nominee will not be entitled to any monetary benefit. Therefore, before cancelling a life insurance policy, carefully review the policy documents and consider your options. Most of the life insurance policies are surrendered due to the mis-selling.
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