Benefits Features Max Life Smart Total Elite Protection
Benefits and Features of Max Life Smart Total Elite Protection (STEP) Term Plan
In view of the uncertainties of life, it is natural to worry about the financial security of your loved ones, if you are no longer there to support them. Purchasing a term life insurance plan is one way in which you can help protect your loved ones from money worries without impacting their lifestyle in the event your unfortunate demise. However, as a result of sustained inflation, the existing sum assured might be insufficient to maintain your family’s lifestyle needs in the long term. This is where the Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V04, A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan) can offer a higher sum assured and help your loved ones stay on top of their future financial needs.
But beyond the higher death benefit on offer, the Max Life Smart Total Elite Protection (STEP) Term Plan also offers other key benefits and features such as, Cover Continuance Benefit *2, Special Exit Value *1, Insta-payment on claim intimation *3, multiple rider options and much more.
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STEP Up Your Family’s Protection & Lifestyle with
Max Life Smart Total Elite Protection Term Plan
Buy 2 Crore Term Plan @Just ₹1103** /month
Insta Payment on Claim Intimation 2 Lakhs from Base Sum Assured
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Bhaskar Sinha
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4 Key Benefits of Max Life STEP Term Plan
Below are some key benefits that Max Life Smart Total Elite Protection Term Plan (A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan | UIN: 104N125V04) offers to policyholders:
Insta-Payment on Claim Intimation
Pay out of the base sum assured is a feature common to all term insurance plans, however, the Max Life Smart Total Elite Protection Term Plan also provides the benefit of Insta-payment. Under this benefit, an immediate payout of Rs. 2 lakh from the base sum assured shall be payable within 1 working day from the claim registration date provided all mandatory documents are submitted. The subsequent pay out shall be made after the claim is approved. This can help your family members meet any immediate costs associated with funeral, burial, repatriation of remains etc. Some key factors to keep in mind when availing this benefit include:
This benefit can only be availed if the policy is in-force.
This benefit is not payable in case of death during 1st policy year.
On receipt of intimation of death, a payment of 2 Lakh is payable as Insta Payment on Claim Intimation. The balance Death benefit shall be payable at the time of claim settlement.
Documents required for claim intimation are Death Certificate, Cancelled Cheque/Bank account de-tails, Claim intimation form, KYC of nominee and Policy document.
In case the Policy is during the Cover Continuance Benefit Period, then in case of death of the Life Insured, we will deduct the due amounts from above accelerated death benefit of Rs. 2 Lakh.
On assessment of documents submitted during claim assessment, additional documents may be sought by the company.
In case of repudiation / rejection of claim, the amount will be recovered from the nominee
In-Built Cover Continuance Benefit
Below are some key benefits that Max Life Smart Total Elite Protection Term Plan (A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan | UIN: 104N125V04) offers to policyholders:
In-Built Cover Continuance Benefit
Payment of premiums on a regular basis is a pre-requisite in order to continue receiving the benefits of your term plan. But what happens if you find yourself short of cash due to any reason such as job loss, unexpected medical bills, expensive home repairs, etc. The cover continuance benefit of Max Life STEP Term Plan can help you overcome such financial constraints by allowing you to defer premium payment for a period of up to 12 months from the due date, while maintaining the full risk cover under the base plan and attached riders, if any.
This is an in-built feature so no additional premium is required to be paid and no late fees or fines are applicable if you avail this benefit. All you need to do is inform Max Life Insurance about availing the cover continuance benefit at least 30 days (15 days in case of monthly mode) before exercising Cover Continuance Benefit. Some other factors to keep in mind here include:
The option can be exercised only after paying 3 full years premium.
The Cover Continuance Benefit shall be available for multiple times with a gap of 5 policy years from the expiry date of previous Cover Continuance Benefit.
Once the Cover Continuance Benefit is exercised, it shall continue for maximum of 12 consecutive policy months i.e. one Cover Continuance Benefit shall mean 1 annual premium, 2 half-yearly premiums, 4 quarterly premium or 12 monthly premiums.
There should be a gap of at least 5 policy years between the two Cover Continuance Benefit i.e. policyholder can opt for next Cover Continuance Benefit after completion of 5 years from the expiry of last exercised Cover Continuance Benefit. For example, if the policyholder opts for Cover Continuance Benefit in the 5th policy year for the first time. The second Cover Continuance Benefit will be available to be exercised after 5 years, i.e. from the 11th policy year onwards.
In case the above due amounts are not paid within 30 days (15 days in case of monthly mode) of the commencement of the next Policy Year after expiry of the Cover Continuance Benefit Period, the Policy including Rider(s), if any, shall lapse and no benefits shall be payable in the Policy or the Rider(s), if any and company shall be entitled to recover the same from any amounts or benefits payable under the Policy or Rider(s).
This option can be exercised from the next premium anniversary, independent of the policy anniversary. For example, for a monthly mode policy, a policyholder having paid 12 monthly premiums may choose not to pay the next 12 monthly premiums.
If the policyholder exercises the Cover Continuance Benefit in the last 5 years of the policy, then the next Cover Continuance Benefit shall not be allowed.
This option will only be applicable on the Base premium, ACI premium, Accident cover premium and rider premium, if any.
Policyholder can surrender the policy anytime along with this option even during the Cover Continuance Benefit year.
The policyholder needs to intimate the company 30 days (15 days in case of monthly mode) before exercising Cover Continuance Benefit. If a premium is unpaid with no prior intimation, the policy at the end of the grace period shall be treated as per the terms & conditions.
The policyholder needs to pay the total outstanding amount at the end of Cover Continuance Benefit period. For example, if the policyholder exercises Cover Continuance Benefit in the 5th policy year then at the end of Cover Continuance Benefit period, policyholder has to pay the due premium for previous year (5th year) along with the next due premium (6th year)
The Cover Continuance Benefit shall not be available during the last year of the premium paying term.
No interest shall be levied on the premium due during the Cover Continuance Benefit period.
Special Exit Value
This benefit of the Max Life STEP Term Plan is designed to provide greater flexibility to the policyholder. By availing the benefit of special exit value, the policyholder can surrender the policy prior to completion of policy term and get a refund for the total premiums paid plus underwriting extra premiums plus loadings for modal premiums (if any). This is an inbuilt feature so the policyholder does not have to pay any extra premium to receive this benefit. One must however keep in mind some key pointers regarding special exit value in Smart Total Elite Protection Term Plan:
Special Exit Value (SEV) feature is available only if the policy term is 40 years or longer
SEV benefit can be availed during any year starting from the 30th policy year
This benefit cannot be availed in the last 4 years of the policy term
Based on the above criteria, there are some restrictions on the period during which a policy holder can apply for SEV and the below table illustrates this based on different age of entry and policy term (minimum 40 years) opted by the policyholder:
Age of Entry
Policy Term (years)
Age Range for SEV Applicability
30 years
40
59 to 65
45
59 to 70
50
59 to 75
55
59 to 80
35 years
40
64 to 70
45
64 to 75
50
64 to 80
40 years
40
69 to 75
45
69 to 80
45 years
40
74 to 80
Note:The examples in the above table is only for purpose of illustration and is not an exhaustive list.
Inbuilt Terminal Illness
Get free coverage against the diagnosis of Terminal Illness and accelerate** payout of Rs 1 crore. No additional premium to be paid. On diagnosis of Terminal Illness, Rs 1 Cr will be payable.
Terminal Illness benefit will accelerate the death benefit i.e. once a Terminal Illness claim is paid, the death benefit sum assured will be reduced by the terminal illness claim amount. The Terminal Illness Benefit is payable only once during the Policy Term and only one valid Terminal Illness Benefit claim will be admissible and payable under the Policy.
Post a Terminal Illness claim, all premiums falling due from the date of diagnosis of terminal illness (for the base policy and options chosen) would be waived off and the policy shall continue till death of the life insured or the end of the policy term, whichever is earlier.
**Accelerated Sum Assured is the sum assured paid and reduced from the base sum assured
Multiple Rider Options
Below are some of the key rider options that the policyholder can choose when opting for the Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V04, A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan):
Benefits
Additional/Accelerated Sum Assured**
Brief description
Critical Illness*
Accelerated
Enhance base life cover, with an additional health cover, with accelerated** lump sum payout in case the life insured is diagnosed with any of the 40 critical illnesses.
Accident Cover*
Additional
Additional coverage against the risk of Accidental death.
Waiver of Premium Plus Rider*
NA
Comprehensive protection (waiver of future premiums) against Disability & Critical Illness.
Critical Illness and Disability Rider*
NA
Comprehensive coverage against the risk of critical illness and disability.
Note:*Rider options are available on payment of additional premium
**Accelerated Sum Assured is the sum assured paid and reduced from the base sum assured.
The above table of riders and benefits is for illustrative purposes only. For complete details please refer to the policy prospectus.
Note:The above is a short list of some key features and benefits of the Max Life Smart Total Elite Protection Term Plan. For the complete list please list please refer to the product prospectus and related documents.
Frequently Asked Questions (FAQs)
No, since it is a term plan, maturity benefit is not available in this case.
Yes, you will get a grace period of 30 days from the due date of premium payment to complete your payment. In the case of monthly premium mode chosen, grace period will be of 15 days.
The policyholder has the option of choosing a minimum amount of Rs. 5 lakh with increments of 5 lakhs thereafter up to a maximum of Rs. 50 lakh as the ACI benefit amount with the Max Life STEP Term Plan.
Yes, policyholders will continue to get all benefits of the base policy as well as riders availed, even if CCB has been availed. However, pay outs in such cases may be subject to applicable deductions on a case by case basis.
The Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V04, A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan) can offer life cover to policyholders up to the age of 85 years. For example, an individual entering into the at the age of 45 years can opting for a maximum policy term of 40 years or an individual entering into the plan at 30 years can opt for a maximum policy term of 55 years.
ARN: Apr24/Bg/19AF
Disclaimer:
*1Max Life Smart Total Elite Protection Term Plan. A non-linked non-participating individual pure risk premium life insurance plan | ~1Get back all the premiums paid with Special Exit value. This can be exercised in any policy year starting 30th policy year, but not during the last 4 policy years. Available for minimum policy term of 40 years. Benefit available with special exit value the total premiums paid plus underwriting extra premiums paid plus loadings for modal premiums exclusive of any applicable taxes, cesses or levies. This feature shall be applicable on the base cover premium only and not for additional optional benefits like ACI, Accident cover, Joint life cover, any attached riders and Voluntary Sum Assured Top-Up.
*2The cover continuance benefit allows policyholders to defer premium for one year while maintaining full death benefit coverage without late fees or interest. This option can be exercised after completion of 3 policy years provided all due premiums have been paid and the policy is in-force. The policyholder needs to intimate the company 30 days (15 days in case of monthly mode) to exercise this benefit. The duration of Cover Continuance Benefit shall be consecutive 12 policy months from the date of first unpaid premium (post intimation) and this feature can be availed multiple times with a gap of 5 policy years from the expiry date of previous Cover Continuance Benefit. At the end of Cover Continuance Benefit period, the policyholder is required to pay the due premiums, including the premium applicable for the period of CCB, without late fee or interest.
*3This feature is applicable after a waiting period of 1 year from the date of policy issuance or revival. An accelerated benefit of 2 Lakh, from the base sum assured will be paid to the nominee within 1 working day of claim intimation, provided all required documents are submitted and the claim gets approved*. In case of claim repudiation, the amount shall be recovered from the nominee. *For detailed terms & conditions, refer to the scheme brochure & the policy document.
~~Premium for 24-year old healthy male, non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V04).