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Max Life Smart Secure Plus plan is a comprehensive term insurance plan that offers pure risk protection to the family of the life assured in case of any eventuality. This term insurance plan offers large life cover at affordable premiums along with tax benefits applicable as per the prevailing tax laws. Let us take a look at the key features, benefits, and more details about the Max Smart Secure Plus Plan.
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Here is a list of key features of this term insurance plan:
Get financial protection for your family in the form of death benefits in your absence.
Choose to pay the premiums as per your budget.
Select coverage for up to 85 years as per your individual needs.
Opt for the premium break option for policy terms of more than 30 years and premium payment terms of more than 21 years.
You can cover your spouse under the same plan with the policy’s joint life option.
Get accidental coverage along with terminal illness coverage.
Choose to exit the plan early with the special exit benefit.
Option to increase your sum assured with the Voluntary Sum Assured Top Up option.
The return of premium variant allows you to receive all the premiums paid back at the policy's maturity.
Opt for the Max Life Waiver of Premium Plus Rider or Max Life Critical Illness and Disability Rider per your requirements.
Term Plans
Life Cover Option: The guaranteed death benefit will be paid on the death of the life assured. In terminal illness, the guaranteed death benefit amount will be reduced to the extent of the claim paid on the TI benefit.
Increasing Life Cover: The guaranteed death benefit will be paid to the nominee on the death of the life assured. The base sum assured increases by 5% on each policy anniversary until the sum assured is 200% of the base sum assured. The sum assured will only increase till the 21st policy year and not from the 22nd year onwards.
On the death of the life assured, the guaranteed death benefit higher of the following will be paid:
For single pay - 1.25 times the single premium plus any extra premiums paid
105% of the total premiums paid, plus any extra premiums paid for loadings and modal premiums
Any absolute amount assured to be paid on death
10 times the annualised premiums plus any extra premiums
The return of premium variant of this policy allows you to receive all the premiums paid back at the maturity of the policy. The premiums returned will be excluding GST, admin charges, and other such nominal charges. However, the return will not return the additional premiums paid for the accident cover benefit, secondary life benefit under joint life, and for any opted riders.
The special exit benefit allows you to receive a return of all the premiums, including the loadings and modal premiums, if the policyholder exits the plan during:
The attained age of 65 years
‘x’ policy year (where x is the 25th policy year for policy term ranging between 40 years to 44 years and the 30th policy year for policy terms greater than 44 years), whichever is earlier.
This plan offers term insurance tax benefits as per the prevailing tax laws under sections 80C and 10(10D) of the Income Tax Act, 1961.
Guaranteed Surrender Value
The guaranteed surrender value is subject to the following criteria:
Single Pay: Immediately after the payment of a single premium
Limited Pay and Regular Pay: After the payment of two full year’s premiums
Guaranteed Surrender Value is defined as: GSV factor x (Total Premiums Paid plus underwriting extra premiums paid plus loading for modal premiums, if any)
Special Surrender Value
The plan will acquire special surrender value as per the following:
Single Pay: Immediately on the payment of the first premium
Limited Pay and Regular Pay: After the completion of the first policy year
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| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 65 years |
| Maturity Age | - | 85 years |
| Policy Term | Base Cover: 10 years Accident Cover: 5 years | Base Cover: 67 years Accident Cover: 67 years |
| Sum Assured | Base Cover: 20 Lacs Accident Cover: 50,000 | Base Cover: No limit Accident Cover: 1 Crore |
| Premium Pay Term | Single Pay, Regular Pay, Limited Pay (5, 10, 12, 15 years), Pay till 60 years | |
| Premium Pay Modes | Annual, semi-annual, quarterly, monthly | |
You can use the term insurance premium calculator to check the premiums applicable for your profile.
Here is a list of all the term life insurance riders available with the Max Smart Secure Plus Plan:
This rider waives off all the future premiums for the policy and other riders as well, in the case of:
Critical illness;
Dismemberment;
Death, in case the policyholder and life assured are different individuals.
The rider provides the benefit payout on diagnosing any critical illnesses covered under the policy. The rider cover tenure cannot exceed the base policy tenure.
Upon diagnosis of a terminal illness, 100% of the guaranteed death benefit (a maximum of 1 crore sum assured) will be paid accelerated to the policyholder. If the sum assured is more than 1 crore, the remaining amount will be paid as a reduced sum assured to the nominee on the policyholder’s death.
On the accidental death of the life assured, 100% of the accident cover sum assured will be paid as a lump sum on the approval of the claim, irrespective of the claim payout option chosen by the nominee.
Voluntary Sum Assured Top-Up Options: With this option, you can increase the sum assured later in the policy term, but the increase will only be applicable after the first policy year. To opt for this feature, the base sum assured should be more than or equal to 50 Lacs, the option should be claimed before the policyholder turns 50, and the minimum PPT under the policy is 5 and 10 years.
Joint Life Cover Option: The joint life cover option will provide coverage to both you and your spouse and pay the death benefit in the following way:
On the death/diagnosis of terminal illness of the secondary life before the primary life, the primary will receive a guaranteed death benefit of 10 lacs, and the primary life cover continues with a reduced premium and the original sum assured.
On the death/diagnosis of terminal illness of the secondary life after the primary life, the guaranteed death benefit of 50 lacs will be paid to the nominee.
The joint life option has an in-built waiver of premium feature where the premiums for secondary life sum assured will be waived off on the death/diagnosis of terminal illness of the primary life.
Premium Break Option: This option allows you to delay the premium payment by 12 months while keeping the policy active. The premium break feature can be used twice. The first premium break will be available after the completion of 10 policy years, and the second after another 10-year gap. This option is available for policies with tenure greater than 30 years and premium pay tenures more than 21 years.
Reduced Paid-Up Value: This feature is only available in return of premium variant, and once the policy has acquired a surrender value, the policy will, by default, turn into a reduced paid-up in case of non-payment of premiums.
Higher Sum Assured Discounts: Max SSPP offers built-in discounts for higher sum assured.
Smoker/Non-smoker Premiums: The plan offers lower premiums for non-smoking customers, and the premium rates are unaffected by the smoker status.
Female Customer Premiums: The plan also offers lower premiums for female customers than male customers.
Claim Payout Options: With this plan, the nominee can choose the most suitable claim payout mode from: monthly income, lump sum, or part lump sum and part monthly income options.
The plan does not cover death due to suicide within the first 12 of the policy inception or revival. In such cases, provided the policy is in force, the nominee or beneficiary of the policyholder shall be entitled to:
Higher of surrender value available as on date of death or total premiums paid plus underwriting extra premiums paid plus loadings for modal premiums paid exclusive of all applicable taxes, cesses and levies till the date of death.
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.
†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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