Axis Max Life Smart Secure Plus Plan

What is Axis Max Life Smart Secure Plus Plan? 

In today's unpredictable world, life insurance is essential. Axis 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.

Why Should You Choose Axis Max Life Smart Secure Plus Plan?

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 Axis 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 Axis Max Life Smart Super Plus Plan in 2024:

1. Financial Protection 

   The death benefit and other add-on options make this new Axis 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 Axis Max Life Smart Secure Plus Plan. 

2. Flexibility in paying Claims 

   The Axis 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. 

3. Critical Illness – The Health Component 

   The New Axis 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. 

Eligibility Criteria of Axis Max Life Smart Secure Plus Plan

Key Features of Axis Max Life Smart Secure Plan 

Choosing the right insurance plan can be tough. Consider age, income, smoking, health, and goals when planning. Axis 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 Axis Max Life Term plan offers:

1. Premium Break 

   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. 

2. Return of Premium 

   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. 

3. Sum Assured Top-up 

   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. 

4. Special Exit Value 

   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. 

Types of Death Benefit Options In Axis Max Life Smart Secure Plus Plan

Axis Max Life Smart Secure Plus Plan offers the below mentioned two death benefit options during the inception of the policy term:

1. Life Cover

   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.

2. Increasing Life Cover

   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 Smart Secure Plus for Self-employed and Business Owners

Axis 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:

Additional Features of Axis Max Life Smart Secure Plus Plan 

1. Discounts 

   The plan offers discounts if the higher sum assured amount is chosen. Discounts are also available for existing or Max Group Employees. 

2. Lower Premium Rates for females 

   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. 

3. Smoker/Non-smoker 

   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 Axis Max Life SSP plan.

Benefits of Axis Max Life Smart Secure Plus Plan 

Here’s a quick lay down to the benefit of the Axis Max Life Smart Secure Plus Plan: 

1. Death Benefit 

   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: 

   • For Single Pay – 1.25 times of the single premium along with the underwriting additional premium (if any)
   • For other PPT – 10 times the annualized premium along with the underwriting additional premium (if any)
   • 105% of complete paid premiums plus underwriting additional premium (if any) plus modal premiums loadings. 

2. Maturity Benefit 

   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. 

3. Accelerated Critical Illness Benefit 

   This benefit offers the cover amount in case of diagnosis of any 40 critical illnesses mentioned in the brochure, providing the policy is active. 

4. Terminal Illness Cover 

   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. 

5. Joint Life Cover 

   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.

Additional Rider Benefits of Axis Max Life Smart Secure Plus Plan

Axis Max Life SSP plan offers the option to choose from the different riders to enhance their policy coverage. Here are the following riders: 

1. Waiver of Premium Rider

   This rider will waive off all the future premiums under the plan in case of the following unfortunate events: 

   • Dismemberment 
   • Critical Illness 
   • Death (This will be implied when the policyholder or life insured are individuals. In such situations, the rider benefit will be paid upon the policyholder’s death)

2. Critical Illness and Disability Rider 

   This rider will provide benefits upon the diagnosis of any critical illness covered.

3. Critical Illness Rider

   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.

4. Accidental Total and Permanent Disability Rider  

   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.

Terms and Conditions of Axis Max Life Smart Secure Plus Plan 

Following is some of the important terms and conditions of the Axis Max Life SSP plan: 

1. Free Look Period

   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. 

2. Grace Period 

   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. 

3. Revival of Policy 

   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. 

Types of Payout In Axis Max Life Smart Secure Plus Plan

Below mentioned are the types of payouts available in Axis Max Life Smart Secure Plus Plan:

1. Lump Sum

   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.

2. Monthly Income

   In this option, the nominee will receive regular payments as monthly incomes to compensate for the deceased policyholder’s monthly salary.

3. Part Monthly/Lump Sum Income

   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.

Exclusions of Axis Max Life Smart Secure Plus Plan 

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.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.