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Financial protection is one of the fundamental requirements every individual wants when considering their prospects. In such cases, a plan is required to cater to your needs and provide comprehensive security and protection. Max Life Smart Plus Plan is the one-stop solution to all your problems and helps you create an inclusive financial plan.
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In today's unpredictable world, life insurance is essential. Max Life Smart Secure Plus offers comprehensive protection with unique benefits: death benefit, terminal illness cover, special exit value, joint life cover, premium breaks, and accidental death payouts. This comprehensive, non-linked, non-participating life insurance plan secures your family's future in challenging times.
Term Plans
The cost of all the necessities is rising with every passing year, and that, in turn, increases the stress of one’s life. Nowadays, life insurance is necessary for your family, and it prepares you for any uncertainty. As we have discussed, a plan protects an individual against certain financial difficulties such as job loss, income loss, diseases, etc. The Max Life Smart Secure Plus Plan is a comprehensive plan that aims to provide cover at uncertain times, such as illnesses, accidents or worse, death.
Listed below are few reasons to choose the Max Life Smart Super Plus Plan in 2024:
The death benefit and other add-on options make this new Max Life term insurance an ideal plan that provides complete protection and security. The plan provides you an option to choose features and benefits that suit your financial requirements. Anyone having immediate dependents should consider investing in the Max Life Smart Secure Plus Plan.
The Max Life Super Secure Plus Plan offers the pay-out flexibility of claims to your nominee to receive the sum assured amount as per their needs in case of an unfortunate event such as the death of the policyholder. One can choose to receive the death benefit in the form of a lump sum or regular pay or both as per the choice of the beneficiary. As the term insurance plan are basic protection plans that protect the family's needs by providing death benefits. Therefore, the multiple pay-out options help in using the money according to their requirements at the right time.
The New Max Life Term Insurance (Max Life Smart Secure Plus Plan) offers a benefit of terminal illness wherein the person insured is entitled to a sum assured of up to Rs 1 Crore. This is applicable in case of diagnosis of any diseases mentioned in the company’s brochure. This plan also offers critical illness disability riders which can enhance the coverage and provide financial protection to your family.
| Entry Age | Minimum Age – 18 years Maximum Age: Regular pay – 65 years For pay till 60 – 44 years |
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| Maturity Age | Base Death Benefit: 85 years ACI i.e., Accelerated Critical Illness -75 years Accident Cover- 85 years |
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| Minimum Annual Premium | It is subjected to the minimum sum assured as per the applicable premium rates | ||||||||
| Maximum Annual Premium | No Limit | ||||||||
| Policy Tenure |
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| Minimum Sum Assured | Base Death Benefit – Rs. 20,00,000 ACI – Rs. 5,00,000 (minimum) Accident Cover Option – Rs. 50,000 (Minimum) |
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| Maximum Sum Assured | Base Death Benefit – No Limit ACI – 50% of a base death benefit Accident cover – 1,00,00,000 |
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| Modes of Premium Payment | Annual/Semi-annual/Quarterly and Monthly |
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Choosing the right insurance plan can be tough. Consider age, income, smoking, health, and goals when planning. Max Life Smart Secure Plus offers flexible features to protect your family, including death benefits, terminal illness cover, joint life cover, and accidental death payouts. Here are the key features that this Max Life Term plan offers:
It is one of the important features where an individual is eligible to take a premium break or break from paying the premium once the policy has completed the term of 10 years. The option of premium break is available for the policies having tenure greater than 30 years and the premium payment term more than 21 years of age.
In this, 100 percent of the complete premiums are payable with the premium return feature, if in case you lived the policy. Both the base covers are offered across all the policy and premium payment terms (PPT). The plan also assures you to return your money at the policy term end.
This plan provides you an option to increase the sum assured at an advanced stage of the policy term. If the chosen sum assured (at the starting of the policy) is more than or equivalent to Rs 50 lakh then this option can be easily exercised after the one-year completion of the policy. The cover can be increased up to 100% of the base sum assured.
In this, the individual has the one-time option to leave the plan along with an exiting benefit of the return of premiums during the time when the option is exercised for the base cover. This is accessible when the policy tenure for the plan is of 40 years or more.
Max Life Smart Secure Plus Plan offers the below mentioned two death benefit options during the inception of the policy term:
In this option, the base sum assured remains the same all throughout the policy period. For example, Mr. Ramesh chose this option as the death benefit for his family. So when he dies, they can claim the base sum assured and receive the full amount all at once.
In this option, the base sum assured will grow by 5% annually at every policy anniversary, and is subject to a maximum of 200% of the base sum assured. For example, Mr. Mahesh chose this option as the death benefit keeping in mind the impact of increasing price rates of products and commodities, and that to maintain the cost of living, an increased life cover is mandatory. Therefore, after his death, his nominees will now receive the life cover with annual growth, each year.
Max life insurance is now available for self-employed and business owners as well, thus allowing them to secure their loved ones at affordable premiums. Here is a list of the eligibility conditions that you need to satisfy while buying the plan:
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 45 years |
| Maturity Age | 85 years | |
| Sum Assured | 25 Lacs | 49.9 Lacs |
| Rider Available | Yes | |
| Online Discounts | Yes | |
| ROP Option Avalable | Yes | |
| Medicals | 100% Physical Medicals | |
The plan offers discounts if the higher sum assured amount is chosen. Discounts are also available for existing or Max Group Employees.
3-year age setback is under the plan over males’ rates for females. This is applicable for all premium payment terms except pay till 60.
The plan offers lower premium prices for non-smokers in comparison to the smokers
Let’s understand this with the help of an example:
The table illustrates the premium payable for a non-smoker and smoker of 30 years age and coverage till 70 years paying premium annually under Max Life SSP plan.
| Death Benefit | Amount of Life Cover (in Rs.) | Regular Pay (in Rs) | |
| Non- Smoker | Smoker | ||
| Life Cover | 1 Crore | 10,578 | 16,925 |
| Increasing Cover | 1 Crore | 17,270 | 27,632 |
Here’s a quick lay down to the benefit of the Max Life Smart Secure Plus Plan:
If the life assured dies during the policy term, provided the policy-in-force, in such situations, the insurer will pay the guaranteed death benefit to the nominee under the plan. The nominee will get the highest of:
When one opts for the return of the premium variant at the time of buying the policy, the individual is eligible to receive the maturity benefit when the policy term is survived.
This benefit offers the cover amount in case of diagnosis of any 40 critical illnesses mentioned in the brochure, providing the policy is active.
In case of a terminal illness is diagnosed, 100% of the guaranteed death benefit will be payable, subject to a maximum of Rs. 1 Crore.
In this, both primary life (you) and secondary life (your spouse) are covered. Joint Life is required to be selected at the starting of policy. This includes:
If your wife dies or is diagnosed with a terminal illness (whichever is earlier), then a guaranteed benefit of Rs. 10 lakhs will be paid to the beneficiary.
*Note: To know the benefits of terminal illness rider, you must first know what is terminal illness meaning in term insurance.
Max Life SSP plan offers the option to choose from the different riders to enhance their policy coverage. Here are the following riders:
This rider will waive off all the future premiums under the plan in case of the following unfortunate events:
This rider will provide benefits upon the diagnosis of any critical illness covered.
Policyholders can avail of this rider to cover themselves if they are unfortunately diagnosed with a critical illness. The maximum rider policy term is 20 years. If your base plan lasts 20 years or less, the rider will also last 20 years. If your base plan is longer than 20 years, the rider will match the length of your base plan. This gives you flexibility based on your needs.
This rider gives a lump sum payment to the policyholder if they have a serious accident that leads to total and permanent disability. The amount from the ATPD rider is an extra benefit on top of the regular base plan, which continues as usual.
Following is some of the important terms and conditions of the Max Life SSP plan:
If a policyholder is not satisfied with the terms and conditions of the policy, the insurer offers 15 days to cancel the policy, if it is purchased online. And 30 days, if sourced through the distance marketing mode. The policyholder will get a refund of the paid premiums, in case the policyholder disagrees with T&Cs.
The grace period of 30 days from the due date of every premium payment is allowed for all premium modes. 15 days is allowed for monthly mode. The plan coverage continues during this period, but if the policyholder dies during the grace period, the company deducts all the unpaid premium.
The policy will lapse and no benefits will be paid in case of non-receipt of premiums. The policy can be revived within the revival period of 5 years from the due date of the unpaid premium.
Below mentioned are the types of payouts available in Max Life Smart Secure Plus Plan:
In this option, the nominee/claimant will receive 100% of the death benefit as a lump sum after he/she claims the amount upon death of the policyholder.
In this option, the nominee will receive regular payments as monthly incomes to compensate for the deceased policyholder’s monthly salary.
In this option, the nominee will get death benefit as both lump sum amount and as monthly income. Here, they can choose what part of the amount they want to receive as a lump sum, and the remaining amount can be paid ad monthly income.
Suicide
If the life assured commits suicide within 12 months from the commencement of the policy, then the company will refund the complete premiums paid including the underwriting, and loading for the paid premium modal.
In case the policyholder chooses to increase the sum assured using the voluntary sum assured top-up option, the suicide clause is going to be applied on the sum assured increased because of the voluntary sum assured top-up alternative.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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