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Axis Max Life Smart Term Plan Plus 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.
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Let us take a look at the key features, benefits, and more details about the Axis Max Smart Term Plan Plus.
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 Axis Max Life Waiver of Premium Plus Rider or Axis Max Life Critical Illness and Disability Rider per your requirements.
Term Plans
Regular Cover: Under this variant, the base sum assured selected at the time of policy purchase will remain the same throughout the policy tenure. On the death of the policyholder, the policy benefit will be paid, and the policy will terminate.
Rebalancing Cover: In this plan variant, the selected sum assured is divided between the life cover sum assured and the ADB (accidental death benefit) that is payable on death only. At the policy purchase, the base sum assured is 10%, while the ADB cover is set at 90%. At each policy anniversary, the base sum assured cover will increase by 10% with the ADB cover decreasing at the same rate.
Early ROP Plus: On the survival of the policy term, the policyholder will receive 50% of the total premiums paid (including underwriting and loading for modal premiums) on the attainment of the higher (age of 60 years, or age at entry + premium pay term + 10), and yet the life cover continues with 50% base sum assured till the end of the policy tenure. The remaining premiums will be returned at the end of the policy term, on the survival of the complete policy term. In case the policyholder passes away during this period, the applicable guaranteed death benefit shall be paid.
Smart Cover: With this option, 150% of the base sum assured is payable in case of the policyholder’s death within the first 15 policy years. 100% of the base sum assured is payable in case of death after the first 15 policy years.
Whole Life Cover: Under this plan option, 50% of the total premiums paid (including underwriting extra premiums and loading due to modal premiums and loading charges) on the attainment of the higher (age of 60 years, or age at entry + premium pay term + 10), and the cover for the remaining term will continue with the 50% remaining sum assured. The remaining 50% of the total premiums paid will be returned to the policyholder once he/she turns 100 years. In case of the policyholder’s death during the policy term, the guaranteed death benefit will be paid to the nominee.
Return of Premium: The base sum assured selected at the time of policy purchase will remain the same throughout the policy term. In case the policyholder passes away during this tenure, the guaranteed death benefit will be paid. On the survival of the policy tenure, the 100% of the total premiums paid will be returned, including underwriting extra premiums + loading due to modal premiums.
Income Protection Cover: With this plan variant, on the death of the policyholder, the guaranteed death benefits will be paid as ‘monthly income applicable at the time of death’ commencing from the end of the policy month on or after the date of death intimation and continue each policy month till higher of the 120 months or the outstanding tenure in months. The policyholder will have the choice to opt for ‘level income’ or ‘inflation proof income’. The ‘monthly income applicable at the time of death’ will be based on the option chosen by the policyholder as per the below details:
Level Income: ‘Monthly income applicable at the time of death’ is equal to the monthly income selected the at the time of policy purchase
Inflation proof Income: ‘Monthly income applicable at the time of death’ is equal to the monthly income selected at the policy inception is increased by 10% every 3 years from the date of issuance is capped at 200% of the monthly income selected at the time of purchase. On the death of the policyholder, there will be no increase in income under this variant.
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 include 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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Here are the eligibility conditions you need to meet before buying the Axis Max Life Smart Term Plan Plus:
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 44 – 65 years (depending on different variants) |
| Entry Age for Maternity Cover | 18 years | 40 years |
| Maturity Age | 28 years | 85 – 100 years |
| Policy Term | Base Cover: 10 years Accident Cover: 5 years Maternity Cover: 5 years | Base Cover: 67 – 82 years Accident Cover: 67 years Maternity Cover: 5 years |
| Sum Assured | All Variants: 5 Lacs Rebalancing Cover: 50 Lacs Maternity Cover: 2 Lacs | All Variants: No limit Rebalancing Cover: 1.99 Crores Maternity Cover: 10 Lacs |
| 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 insurance riders available with the Axis Max Smart Term Plan Plus:
Female policyholders can secure themselves against various pregnancy related complications and their newborn kids against congenital anomalies. You can check the rider details in the product prospectus.
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 and dismemberment 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.
Lifeline Plus: This feature is exclusively available for the female customers and offers flexibility to avail top-up in the event of the death of the spouse of female policyholders with the premiums selected at the policy inception, attained age, and revised total sum assured. This option is only available only with regular cover and return of premium plan variants.
Insta Payment on Claim Intimation: An accelerated benefit of the base sum assured will be payable within 1 working day from the claim registration date, given the mandatory documents are submitted, and the subsequent payout shall be made after the claim is approved.
Health Management Services: The policyholder can opt for the Health Management Services such as second medical opinions, medical consultations, discounts on medicines from the service provider registered with the insurance company.
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.
Cover Continuance Benefit: This option allows you to delay the premium payment by 12 months while keeping the policy active. The cover continuance 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: Axis Max STPP 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: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
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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
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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