Max Life Smart Total Elite Protection Term Plan

Note: Know more about what is term insurance first before reading this article.

What Are The Features Of The Max Life Smart Total Elite Protection Term Plan?

Here are the features of the STEP Plan by Max Life Insurance:

• This term insurance plan offers flexible premium payments 

• Get accelerated payouts for critical illnesses with Accelerated Critical Illness Benefit.

• Enhance protection with coverage for accidents.

• Safeguard financial stability with waived premiums with Max Life Waiver of Premium Plus Rider.

• Gain added protection for critical illnesses or disability with Max Life Critical Illness and Disability Rider.

• Benefit from a special exit value after you decide to exit the policy.

• Receive a payout for a terminal illness diagnosis.

• Facilitate prompt claim settlements with insta payment.

What Is The Eligibility Criteria Of The Max Life Smart Total Elite Protection Term Plan?

Here is the eligibility criteria of the Max Life STEP Plan:

Note: You can easily calculate the term plan premium by using the term insurance calculator online tool.

What Are The Benefits Of The Max Life Smart Total Elite Protection Term Plan?

Here are the benefits of Max Life STEP Plan:

1. Death Benefit:

   If the Life assured passes away during the policy term, and the policy is in force, the Company will pay the Guaranteed Death Benefit, calculated as the higher of:

   • For Single Pay: 1.25 times the Single Premium plus any underwriting extra premium;

     For Other Premium Payment Term: 10 times the Annualized Premium plus any underwriting extra premium.

   • 105% of Total Premiums paid plus underwriting extra premium and loadings for modal premiums as of the date of death.

   • Any absolute amount assured to be paid on death.

2. Payout Options:

   Choose from multiple payout options:

   • Lump sum: 100% of the Guaranteed Death Benefit paid in one go.

   • Monthly Income: Monthly payments for 10 years starting from the next monthly anniversary after the intimation of death, determined by the prevailing RBI Bank Rate minus 1% p.a. as of the date of intimation of death.

   • Part Lump sum and Part Monthly Income: Nominee can select the proportion of Guaranteed Death Benefit as Lump sum, with the remaining paid as Monthly Income at the prevailing RBI Bank Rate minus 1% p.a.

3. Terminal Illness Benefit:

   Upon diagnosis, Rs. 1 Cr will be paid. This benefit accelerates the death benefit, reducing the sum assured. It's payable once during the Policy Term. After a claim, premiums are waived, and the policy continues until death or the policy term ends. Accelerated Critical Illness benefit and Accident Cover terminate post-diagnosis. The policyholder can surrender the policy after the policyholder’s terminal illness diagnosis.

4. Accelerated Critical Illness (ACI) Benefit:

   Payable upon the diagnosis of specified Critical Illness during the CI Benefit cover period, ensuring the policy is in force and complies with the terms and conditions (refer to Annexure 1 for details).

5. Accident Cover:

   In the event of death due to an accident, 100% of the Accident Cover Sum Assured will be paid as a lump sum, irrespective of the chosen claim payout option, in addition to the death benefit Sum Assured. Accident Cover can be added to the premium paying policy at any time during the term, with a pro-rata premium for mid-term additions and a full premium from the next policy anniversary.

6. Special Exit Value:

   The Special Exit benefit offered by this life insurance plan allows the policyholder to receive total premiums, underwriting extra premiums, and loadings for modal premiums if surrendering the policy. This can be exercised from the 30th policy year, excluding the last 4 policy years. Conditions include policy in-force, a term of at least 40 years, applicable to the base cover premium only (excluding additional benefits like ACI and Accident cover), termination of the policy upon value availing, and no additional premium required for this inbuilt feature.

7. Early Exit Value:

   If all due premiums are paid, the policy acquires an Early Exit Value:

   • Single Pay: After payment of single premium.

   • Limited Pay: After payment of all due premiums.

   • Regular Pay: No Early Exit Value is applicable.

8. Insta Payment on Claim Intimation:

   Upon intimation of death (with required documents) after a 1-year waiting period from policy issuance or revival, an accelerated benefit of 2 Lacs out of the base sum assured will be paid within 1 working day of claim registration, subject to submission of all mandatory documents. Subsequent payouts occur after claim approval.
   
   

What Are The Riders Available In The Max Life Smart Total Elite Protection Term Plan?

Max Life Smart Total Elite Protection (STEP) Term Plan allows the policyholder to choose from 2 riders to enhance their coverage at the beginning of the policy, in addition to the base plan. Let’s understand about each of them:

• Max Life Waiver of Premium Plus Rider: This rider provides a premium waiver for the base policy and attaches riders upon the occurrence of Critical Illness, Dismemberment, or Death (for different Life Assured and Policyholder). The waiver includes both base benefit premium and additional optional benefits. If the policyholder is the same as the life assured and experiences a listed critical illness under ACI benefit, both ACI and WOP+ benefits are triggered.
  
  

• Max Life Critical Illness and Disability Rider: This rider provides benefits upon the diagnosis of covered critical illnesses. Key points to note:

  • Rider term and premium payment term match the outstanding base policy term and premium term, with the rider term not exceeding the base plan's term.

  • Rider premium cannot exceed 100% of the Annualized Premium plus underwriting extra premium and loading for modal premiums, if any.

  • Rider sum assured cannot exceed the base sum assured chosen at policy inception.

  • Not available for Single Pay premium payment variant.

  • Attachable during the base plan's premium paying term, subject to the rider's minimum applicable term.

  • Refer to the Max Life Critical Illness and Disability Rider Prospectus for details.

  • Not available if the policyholder opts for Accelerated Critical Illness benefit, and vice versa.

  • Max Life Critical Illness and Disability Rider or its subsequent versions can be attached to this product or any future versions.

What Are The Plan Details Of The Max Life Smart Total Elite Protection Term Plan?

Here are the plan details of Max Life Smart Total Elite Protection Term Plan: 

• Free Look Period:

You have 15 days (30 days for policies sourced through Distance Marketing) from receiving the policy document to review its terms. If you disagree with any terms, you can return the policy with reasons provided. You'll receive a refund, deducting a proportionate risk premium, medical examination expenses, and stamp duty charges.

• Nomination:

Nomination follows the provisions of Section 39 of the Insurance Act 1938, as amended.

• Assignment:

Assignment follows the provisions of Section 38 of the Insurance Act 1938, as amended.

• Grace Period:

A grace period of 30 days (15 days for monthly mode) is allowed for premium payment. The company accepts premium during this period without late fees. If the Life Assured dies during the grace period, the unpaid premium (if any) is deducted from the benefits.

• Lapsation and Revival of Policy:

If premiums are not received before the policy acquires surrender benefit/early exit value, the policy lapses, and no benefits are payable. You can revive a lapsed policy within five years from the due date of the first unpaid premium by paying overdue premiums with applicable late fees.

What Are The Exclusions In The Max Life Smart Total Elite Protection Term Plan?

The exclusions in the Max Life Smart Total Elite Protection (STEP) Term Plan is:

• Suicide Exclusions: If the policyholder dies by suicide within 12 months from the policy's Date of Commencement of Risk or the date of revival, the policy will immediately terminate. In such cases, the Company will refund the Total Premiums Paid, underwriting extra premiums and loading for modal premiums to the nominee.

• Statutory Impositions: Premiums and benefits under your policy are subject to applicable statutory levy, cess, and taxes imposed by the Government. The Policyholder is responsible for paying these statutory impositions.

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