Axis Max Life Smart Term Plan Plus 

Let us take a look at the key features, benefits, and more details about the Axis Max Smart Term Plan Plus.

Key Features of Axis Max Smart Term Plan Plus 

Here is a list of key features of this term insurance plan:

• Flexibility to choose from 4 variants of plan based on your requirements. 

• Insta payment during claim intimation period 

• Benefit of cover continuance 

• Receive 200% of your total premium amount paid called as Special Exit Value. 

• Inbuilt terminal illness available 

• Protection for your monthly income in case of your absence with variant of income protection cover plan. 

• Maternity Cover: Female policyholders can protect themselves against specific pregnancy-related complications, and their newborns against congenital anomalies.

• Lifeline Plus: Offers the flexibility to opt for a top-up if the female policyholder’s spouse passes away, with premiums adjusted based on original rates, current age, and revised sum assured band.

• Female Life Discount: Women policyholders receive a flat 15% premium discount throughout the payment term, compared to male policyholders.

Variants Available Under This Plan 

Benefits of Axis Max Life Smart Term Plus Plan

1. Plan Options

   • 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.

   • 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.

   • 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.

2. Death Benefit

   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

3. Return of Premium

   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.

4. Special Exit Value

   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.

5. Tax Benefits

   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. 

6. Surrender Value

   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

Eligibility Conditions of Axis Max Smart Term Plan Plus

Here are the eligibility conditions you need to meet before buying the Axis Max Life Smart Term Plan Plus:

You can use the term insurance premium calculator to check the premiums applicable for your profile.

Rider Benefits Available with Axis Max Smart Term Plan Plus

Here is a list of all the term insurance riders available with the Axis Max Smart Term Plan Plus: 

1. Maternity Cover

   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.

2. Axis Max Life Waiver of Premium Plus Rider

   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.

3. Axis Max Life Critical Illness and Disability Rider

   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.

4. Terminal Illness Benefit

   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.

5. Accidental Death and Dismemberment Cover Benefit

   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. 

Additional Benefits of Axis Max Life Smart Term Plan Plus

• 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.

• Special Exit Value: Policyholders have the option to receive a refund of all premiums paid—without any extra cost—from the 30th policy year onward (excluding the last 4 years of the policy).

• Additionally, for specific premium payment term (PPT) options (excluding Regular Pay and Pay Till 60), an extra Special Exit Value (SEV) is available. This benefit, calculated as a percentage of total premiums (including underwriting and modal loadings), can be availed between "Policy Term minus 13 years" and "Policy Term minus 7 years” based on a predefined table.

  Policy Year	Additional SEV %	Total SEV %
  Policy Term minus 13th	25%	125%
  Policy Term minus 12th	50%	150%
  Policy Term minus 11th	75%	175%
  Policy Term minus 10th	100%	200%
  Policy Term minus 9th	75%	175%
  Policy Term minus 8th	50%	150%
  Policy Term minus 7th	25%	125%

• 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.

Exclusions of the Axis Max STPP

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.