Max Life Smart Secure Plus Plan is a non-participating, non-linked, individual, pure risk-premium life insurance plan. This plan helps create a secure financial corpus for individuals where the total household income is less than Rs. 5 lakhs per annum. In addition, Max Life, along with Policybazaar, provides the Max Life Smart Secure Plus Plan to female homemakers to financially support the family in the hour of need.
Let us know some benefits and features of the Max Life Smart Secure Plus Plan and how is this term insurance a must-have for every homemaker in the country.
What Is Max Life Smart Secure Plus Plan?
Max Life Smart Secure Plus Plan helps create a financial shield for individuals that helps fight any critical change in the future. Along with two death benefits, the Term Insurance for homemakers offers the additional benefit of terminal illness and special exit cover. A complete life coverage insurance plan, the Max Life Smart Secure Plus Plan is a one-stop financial solution for every homemaker or any individual across.
Eligibility Criteria
The right insurance plan for a safe and unforeseen future is a must for every individual. Max Life Smart Secure Plus Plan is a comprehensive insurance and protection plan that can be easily customized as per the consumers’ preference.
Here are the eligibility criteria under the Max Life Smart Secure Plus Term Insurance for Homemakers:
| Age at Entry |
Age (Minimum) – 18 years
Age (Maximum):
For Regular pay: 65 years
For Pay till 60 years: 44 years |
| Age of Maturity |
Death Benefit (Base): 85 years
ACI (Accelerated Critical Illness): 65 years
Accident Coverage: 85 years |
| Annual Premium(Minimum) |
Based on the minimum sum assured |
| Annual Premium(Maximum) |
No Limit |
| Sum Assured(Minimum) |
Death Benefit (Base): Rs. 20,00,000
ACI (Accelerated Critical Illness): Rs. 5,00,000 (minimum)
Accident Coverage: Rs. 50,000 (Minimum) |
| Sum Assured(Maximum) |
Death Benefit (Base): No Limit
ACI (Accelerated Critical Illness): 50% of a base death benefit
Accident coverage: 1,00,00,000 |
| Modes of Premium Payment |
Annual, Monthly, Semi-annual, Quarterly |
Policy Tenure for Max Life Smart Secure Plus Plan:
| Policy Tenure |
Type of Benefit |
Policy Tenure |
| Base Cover |
10 - 67 years |
| Accidental Critical Illness |
10 - 50 years |
| Accident Cover |
5 years to 67 years |
Features of Max Life Smart Secure Plus Plan
Here are the key features related to the Max Life Smart Secure Plus Plan:
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Financial Security
Death benefit, maturity benefit, and many other add-on benefits available under the Max Life Smart Secure Plus Plan offer comprehensive financial security to the policyholder’s family. With the right combination of benefits and features wisely as per the financial needs, one can gain exponential advantages with this plan.
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Premium Break
One of the unique features, policyholder under this plan is eligible to take a break from the payment of premiums after the completion of 10 years of the tenure. The premium break benefit is available to policyholders with policies having a tenure of more than 30 years and payment of premium term for more than 21 years.
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Return of Premium
In case the policyholder outlives the policy tenure, they are eligible for 100% premium returns. The return of premium benefit is available for both base covers and all Policy Terms and PPT (Premium Payment Terms).
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Sum Assured Top-Up
Sum assured at the starting of the policy purchase can be increased at the later stage of the policy term. The cover can be upgraded up to 100% of the sum assured.
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Special Exit Value
Applicable for a minimum policy tenure of 40 years, the individual under the plan has to option to withdraw from the plan one-time and earn exiting benefits of return of premiums for base cover during the time of exit.
Benefits of Max Life Smart Secure Plus Plan
Let us understand the main benefits of the Max Life Smart Secure Plus Plan in detail:
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Death Benefit
If the assured passes away during the tenure of the policy, the guaranteed death benefit shall be payable by the insurer. The death benefit receivable by the nominee will be the highest of the following:
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For single pay: 1.25X single premium plus underwriting additional premium (if any), or
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For other premium payment terms: 10X annualized premium plus underwriting additional premium (if any), or
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105% of total premiums paid plus underwriting additional premium (if any) plus modal premium loading, whichever is higher.
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Maturity Benefit
The policyholder shall receive the maturity benefits after surviving the complete policy tenure only if the premium variant's return is opted for in the Max Life Smart Secure Plus Plan.
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Accidental Critical Illness Benefit
Suppose the policyholder suffers from any of the 40 critical illnesses mentioned in the policy brochure. In this case, they are eligible to claim the critical illness benefit offered under the plan, provided the policy is active.
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Terminal Illness Benefit
100% of the guaranteed death benefit shall be payable if a terminal illness is diagnosed under the Max Life Smart Secure Plus Plan up to Rs. 1 crore (maximum).
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Joint Life Cover Benefit
A joint life cover benefit is available under the plan, which can be opted for during the policy purchase. Under the joint life cover benefit, if the spouse is diagnosed with any critical illness covered under the plan, then Rs. 10 lakh benefit is offered to the beneficiary.
Conclusion
Policybazaar and Max Life coming together and taking a significant initiative towards the financial future of the homemakers of the country is a major step towards empowering the women of the Indian society. However, with many benefits and features available under the Max Life Smart Secure Plus Plan, it is also recommended to understand the policy before making any kind of investment.
