MAX Life Smart Term Plan

MAX Life Smart Term Plan is one of the most flexible term plans, which caters to the varying needs of people from all walks of life. With this plan, one can customize the insurance coverage accordingly by opting for the desired benefits.

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Anyone who is earning and has financial dependents should ideally consider buying a MAX Life Smart Term Plan. This would help to support the family financially in case of any untoward incident.

Eligibility Criteria of MAX Life Smart Term Plan

The table below shows the eligibility criteria of MAX Life Smart Term Plan:

Parameters

Details

Coverage

All individuals

Premium Payment Term(PPT)

1. Single Pay: Payment Terms range from 10-50 years.

2. Regular Pay: Payment Term range from 10-50 years.

3. Limited Pay: Payment options: 5Pay/10 Pay/12 Pay/15 Pay. Policy term = PPT + 5 years; Max Policy Terms = 50 years)

4. Pay till 60: Minimum PPT of 16 years.

Mode of Premium Payment 

Monthly, quarterly, semi-annual, and annually

Minimum Sum Assured

Base Death benefit

Medical Sales: Rs 25 lakh

Non-Medical sales: Rs 10 lakh

 (all plan variants other than the Reducing Cover)

Rs. 1 crore for Reducing Cover plan variant

Accelerated Critical Illness Option: Rs 5 lakh

Accident Cover Option: Rs 50,000

Maximum Sum Assured

Base Death Benefit

No limit

Accelerated Critical Illness Option:

·        Level ACI Benefit: a fixed amount, i.e., the ACI Sum Assured, will be provided through a specified policy term. Maximum ACI sum assured is 50% of the base policy Sum assured, i.e., Rs 50 lakh

·        Increasing ACI Benefit: In this option, the ACI sum assured will increase by 25% of the total base policy coverage amount chosen at inception, i.e., Rs 25 lakh

Accident cover option:

·        Reducing cover variant: 25% off the base sum assured, i.e., Rs 50 lakh

·        Other  variants: Rs 1 crore

*accident cover sum cannot be higher than the Base death benefit.

Benefits of MAX Life Smart Term Plan

The following are the key benefits of the MAX Life Smart Term Plan:

  1. Seven Death Benefit Variants

    The MAX Life Smart Term Plan provides seven death benefit variants for protection at affordable prices. The variants are: 

    1. Life Cover

      The beneficiary will be immediately entitled to the Life cover as the Lump-sum on the Life Insured’s death.

    2. Income Protector

      This includes a monthly income for 10, 15, or 20 years. The beneficiary will get this amount after the Life Insured’s death by the Insurer. The policyholder chooses the monthly income.

    3. Inflation + Income Protector

      This variant offers a monthly income for a period of 10, 15, or 20 years. The policyholder will choose the first monthly income, which will then increase by 10% p.a. of the first monthly income every year.

    4. Life cover + Income

      The beneficiary will be entitled to the life cover as a lump sum immediately after the Life Insured’s death, or he will be paid with the life cover as a monthly income of 0.4% of the lump sum for 10 years.

    5. Life Cover + Increasing Income

      The beneficiary will be entitled to the life cover as a lump sum immediately after the Life Insured’s death, or he will be paid with the life cover as a monthly income, which is 0.4% of the lump sum for the first year. The monthly income will then increase every year by 10% p.a. of the first year's monthly income.

    6. Increasing Cover

      The Sum Assured gets increased by 5% p.a. of the life cover amount. This will be continued only till the 21st policy year. The beneficiary will be paid with the Sum Assured on the last policy anniversary of the Life Insured’s death.

    7. Reducing Cover

      Upon completion of the 5th year of the policy, the Sum assured decreases by 5% p.a. of the life cover amount. This will be continued only till the 21st policy year. The beneficiary will be paid with the Sum Assured as on the last policy anniversary of the Life Insured’s death.

  2. Premium Paying Options

    The MAX Life Smart Term Plan provides a range of payment of premium options. The premium can be paid once or throughout the policy term. For payment of premium throughout the policy term, one can opt for the option of paying on a monthly, quarterly, half-yearly, or yearly mode.

  3. Accelerated Payout

    Immediate financial help will be provided by the insurance policy through the Accelerated Critical Illness (ACI) benefit option if the life insured is diagnosed with any form of critical illnesses. The ACI benefit option covers forty critical illnesses. Two variants are available under the ACI benefit.

  4. Accident Coverage

    On the untimely death of a life insured due to an accident, 100% of the Sum Assured will be entitled to the nominee as a Lump sum irrespective of the death variant. The family will be benefited as the amount will be payable along with the Sum assured on death.

  5. Premium Back Variant

    This benefit can be availed only during the date of policy inception. 100% of the total premiums paid will be entitled to the life insured if he survives throughout the policy term.

  6. Life Stage Benefits

    The life cover of the Smart Term Plan can be enhanced through the life stage benefits at changes in your life like marriage, childbirth. These options can be selected only at the time of policy inception and can be availed.

  7. Tax Benefits

    The tax benefits are applicable as per Section 80C and 10(10D) of the Income Tax Act, 1961.

    Note: Tax benefit is subject to changes in tax laws. Standard T&C apply.

Additional Rider Benefit Options Under MAX Life Smart Term Plan 

A term insurance policy is benefited with the additional benefits of riders, which give the claimant an amount more than the life coverage amount.

  1. Waiver of Premium Plus Rider 

    The rider benefit option comes with waiving of all the future premiums or the riders on occasion on:

    • Critical illnesses.
    • Dismemberment
    • Death is applicable if the policyholder and the life insured is a different person.
  2. Accidental Benefit

    If the life insured dies of an accident, the accidental rider benefits with an additional payout immediately.

Documents Required to Buy MAX Life Smart Term Plan

Listed below are the documents required to buy MAX Life Smart Term Plan:

  • Identity proof
  • Address proof
  • Passport size photographs
  • Income proof

How to Buy MAX Life Smart Term Plan Online?

Follow the steps below to buy the MAX Life Smart Term Plan online: 

  • Visit the official website of MAX Life's Smart Term Plan.
  • Visit the term insurance plans and select the term plan.
  • Proceed with the “Calculate Premium" option for getting the idea of the premium required to pay against the chosen Sum assured.
  • Details have to be submitted, including gender, age group, smoking habits, etc.
  • Carry on with the “Proceed” option. Various add-ons can be added to the policy to enhance the life cover.
  • Documents details have to be added in the form required for purchasing the term policy.
  • After the upload is complete, click on the proceed button.
  • Payment of the premium.
  • Submission of the necessary documents and the process is completed.

Exclusion Under MAX Life Smart Term Plan

Suicide

All the benefits associated with the policy will cease if the life insured dies of suicide within twelve months from the date of policy inception. The Insurer will refund the highest of

  • Sum of the total premiums paid.
  • The extra premium is received till the date of death.
  • Surrender value, if any, till the date of death.

However, if the life insured applies for the life stage benefits, then the nominee will be entitled to the benefits of the increased Sum assured from the date of increase in Sum Assured till the date of death in the life stage benefit. The claimant will further receive the additional annualized premium and the extra premium provided by the insured's life insured for enhancing the life stage benefit.

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