A Review of Max Life Smart Secure Plus

About Max Life Insurance

Max life insurance is a joint venture of Max Financial Services and Axis Bank. The company is a private insurance provider offering a vareity of financial solutions like long term savings, retirement, and protection plans to fit the needs of its customers. The insurer has a CSR of 99.51% in the FY 2022-23, which means they settled most of claims received in the year and thus, are a reliable insurer to buy term plans from.

Let us see the various features of Max Life Smart Secure Plus are:

Key Features of Max Life Smart Secure Plus Plan

The key features of Max Life Smart Secure Plus Plan are as follows:

• Secure your family’s financial needs in case of an unfortunate event

• Choose to receive the death benefit payout in lump sum, monthly income, or lump sum + monthly income

• With the special Exit Value, leave the plan at a specific stage and get all the premiums back

• The return of premium variant allows you to receive all the premiums back at the end of the policy term

• Enhance the base plan with Critical Illness and Disability Rider, Waiver of Premium Plus Rider, and Accelerated Critical Illness Benefit Rider

• Get coverage for your Spouse as well with a Joint Life option

• The premium break allows you to skip 2 annual premium payments during the policy term

• The plan offers high sum assured discounts and lower premium rates for female and non-smoking customers

Benefits Available Under Max Life Smart Secure Plus

Let us take a look at the benefits that convinced Bhagat to buy the Max Life Smart Secure Plus:

• Death Benefits: In case the policyholder suffers an unfortunate death during the policy term, the death benefit will be paid to the family of the life assured to take care of their financial obligations.

• Cover Options: Max Life Smart Secure Plus offers two Cover options for the policyholders to choose from, and they are:

  • Life Cover: The sum assured will remain the same throughout the policy term and the guaranteed death benefit will be paid in case of death during the policy tenure. 

  • Increasing Life Cover: The sum assured will increase by 5% each year until it doubles the base sum assured. 

• Terminal Illness: In case the policyholder is diagnosed with a terminal illness during the policy term, 100% of the guaranteed death benefit will be payable. This is an inbuilt feature, thus you won't have to pay any extra premium for this. The maximum amount payable under this will be Rs. 1 Crore.

• Premium Break: In this, the policyholder can skip premium payments for a year after the completion of 10 policy years. You can avail of a maximum of 2 yearly premium breaks in a policy tenure.

• Joint Life: With the joint-option, both you and your spouse can stay covered under the same plan. This option can only be selected at the time of policy purchase.

• Accelerated CriticaI Illness Benefit: If the policyholder is diagnosed with any of the critical illnesses specified under the plan, the ACI benefit will be payable. The minimum ACI sum assured can be Rs. 5 Lacs.

• Accident Cover: In case the policyholder suffers an unfortunate death due to an accident, 100% of the Accident Cover Sum Assured will be paid in a lump sum amount along with the death benefit.

• Maturity Benefit: The term return of premium option allows the policyholder to receive all the premiums paid back at the end of the policy tenure as a maturity benefit. 

• Voluntary Sum Assured Top-up: Using this the policyholder can increase the sum assured at a later stage of the policy tenure. The option can be availed once before the policyholder turns 50 years old.

• Special Exit Value: Using Special Exit Value the policyholder can exit the plan at a specific stage according to the policy term. The option is not available for term plans with policy terms of less than 40 years.

• Add-on Riders: You can include the following riders in the base plan to enhance its coverage.

  • Max Life Waiver of Premium Plus Rider: Under this, all the remaining premiums will be waived off in the event of diagnosis of critical illness, dismemberment, or death(in case the policyholder and life assured are different individuals).

  • Max Life Critical Illness and Disability Rider: On diagnosis of any of the critical illnesses specified in the plan, the rider benefit will be paid.

Eligibility Criteria of Max Life Smart Secure Plus

Here is a table representing the eligibility criteria of Max Life Smart Secure Plus: 

Final Thoughts

The Max Life Smart Secure Plus is a comprehensive term plan that secures your family’s financial future in case of your unfortunate absence. Just like Bhagat you too can buy term plan online or offline depending on your convenience.

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