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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 unforeseen incident.

Note: Know more what is term insurance first before reading about MAX Life Smart Term Plan

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

Key Features of Max Life Smart Term Plan

This Max life term plan comes with the following key features:

  • You can choose from a variety of 7 death benefit options

  • The plan returns the premiums paid throughout the policy term at the end of the policy

  • You can enhance the sum assured as per your changing life stages

  • The plan offers comprehensive security against death, disabilities, and diseases

  • You can pay your Max life smart term plan premiums either in a single, limited, or a regular policy term

  • The policy offers long-term coverage that covers the policyholder till 85 years of age

  • The policy provides low premium rates for non-smoking individuals

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

Benefits of MAX Life Smart Term Plan

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

  1. 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 monthly income will be paid each month on the policy anniversary date starting from the next month of the policyholder’s death month.

    3. Income + Inflation Protector

      This variant offers an increasing 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, plus 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. 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. Under this option, any of the additional premiums paid for ACI coverage or rider will not be included, and the returned amount will be subject to tax and other nominal deductions.

  4. 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, and childbirth. These options can be selected only at the time of policy inception and can be availed.

  5. 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.

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Additional Rider Benefit Options Under MAX Life Smart Term Plan 

This term insurance can offer the following riders that you can add to the base policy for an additional benefit.

  1. Accelerated Critical Illness Rider

    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 of the critical illnesses listed under the plan. The ACI benefit option covers forty critical illnesses. There are two variants available under the ACI rider, and they are:

    • Level Accelerated Critical Illness: The ACI benefit cover amount, once selected, will stay constant for the entire policy term.

    • Increasing Accelerated Critical Illness: The rider sum assured will increase at a rate of 5% of the base rider sum assured every year. The maximum increase allowed in this rider is 50 Lacs, 50% of the base sum assured, or 200% of the rider sum assured.

  2. 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.

  3. Accidental Death Benefit Cover

    If the life insured dies of an accident, 100% of the Sum Assured will be paid as accidental rider benefits immediately 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.

Eligibility Criteria of MAX Life Smart Term Plan

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

Parameters Minimum Maximum
Entry Age 18 years Regular Pay - 60 years
Pay till 60 - 44 years
Maturity Age - 85 years
Policy Term 10 years 50 years
Premium Payment Term(PPT) 1. Single Pay: Policy 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 Rs. 25 lakhs
Maximum Sum Assured No limit

Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.

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: 

  • Step 1: Go to the term insurance page

  • Step 2: Enter your name, gender, contact number, and date of birth

  • Step 3: Fill in your occupation type, annual income, educational background, and smoking habits

  • Step 4: Select the Max Life Smart Term Plan and proceed to pay

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.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

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