Axis Max Life Smart Total Elite Protection Term Plan

This plan also offers a special exit benefit that allows customers to repay the total premiums paid after exiting the plan. Let’s learn more about the Axis Max Life Smart Total Elite Protection Term Plan here.

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

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

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

• Death Benefit: This term insurance plan provides a level sum assured throughout the policy term.

• Flexible Claim Payout: Nominee can choose between:

  • Lump sum payout

  • Monthly income

  • Combination of lump sum and monthly income

• Terminal Illness Benefit: Pays an accelerated benefit of ₹1 crore on diagnosis of a terminal illness, at no extra cost.

• Special Exit Value: Option to receive all premiums paid back from the 30th policy year onwards (subject to policy conditions), but not during the last 4 years of policy. No extra premium to be paid.

• Cover Continuance Benefit: Allows premium deferment for up to 12 months while keeping the policy coverage active.

• Insta Claim Payment: Accelerated benefit paid within 1 working day of claim registration, subject to document submission.

• Accidental Death Cover (Rider): Additional protection against accidental death.

• Waiver of Premium Plus Rider: Waives future premiums in case of disability or critical illness.

• Critical Illness and Disability Rider: Provides coverage against specified critical illnesses and disabilities.

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

Here is the eligibility criteria of the Axis 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 Axis Max Life Smart Total Elite Protection Term Plan?

Here are the benefits of Axis Max Life STEP Plan:

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, if any.

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

• Base sum assured

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: The nominee can choose the percentage of the Guaranteed Death Benefit to be received as a lump sum, while the remaining amount can be paid as monthly income. The split between lump sum and monthly income can be selected in multiples of 10%.

Terminal Illness Benefit:

• On diagnosis of a terminal illness, 100% of the Guaranteed Death Benefit, up to a maximum of ₹1 crore, is paid to the policyholder. This benefit accelerates the death benefit, meaning the death cover is reduced by the amount paid under the terminal illness claim. The benefit is payable only once during the policy term.

• After a valid terminal illness claim is approved, all future premiums for the base policy and selected options are waived. The policy continues until the death of the life insured or the end of the policy term, whichever occurs first. However, any accidental death cover attached to the policy will cease upon diagnosis of a terminal illness. The policyholder also retains the option to surrender the policy after the diagnosis of a terminal illness.

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.

• Maturity Benefit

• No maturity benefit is paid under the product

Special Exit Value:

The policyholder can choose to surrender the policy and receive all premiums paid, including underwriting extra premiums and modal loading charges (if applicable). This option can be exercised from the 30th policy year onwards, provided there are at least 4 policy years remaining before maturity.

Conditions:

• The policy must be active (in-force) at the time of availing the Special Exit Value.

• This benefit is available only for policies with a term of 40 years or more.

• The Special Exit Value applies only to the premium paid for the base policy and does not include premiums paid for optional benefits such as the Accidental Death Cover.

• Once the Special Exit Value is availed, the policy will terminate and all benefits under the policy will cease.

• This is an inbuilt feature of the policy and can be availed without paying any additional premium.

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.

Insta Payment on Claim Intimation:

Under this feature, if the death of the life insured is reported after a waiting period of one year from the policy issuance or revival date, an accelerated portion of the base sum assured is paid within one working day of claim registration, provided all required documents have been submitted. The remaining claim amount is paid after the claim is reviewed and approved as per the insurer's claim settlement process.

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

Axis 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:

• Axis 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.

• Axis 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.

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

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

The exclusions in the Axis 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.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.