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Features & Benefits of Max Life Smart Term Plan

Learn about the features and benefits of Max Life Smart Term Plan.

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You have always tried to give the best of life to your family and ensure that they fulfil their dreams. However, in your heart, you may still feel uncertain about their future, especially if something were to happen to you. Is your family going to be able to sustain the same lifestyle even in your absence? Max Life Insurance offers Smart Term Plan to put all your fears to rest and to give you peace of mind. What is Max Life Smart Term Plan, you ask?

Well, Max Life Smart Term Plan (A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan, UIN: 104N113V03) is a comprehensive security solution that can be personalized for you and your loved ones, all at an affordable price.

Why pay for benefits that do not meet your requirements – the Smart Term Plan from Max Life Insurance offers you the freedom to design your insurance plan that fulfils all your protection(security) needs. Take a look at the main features of Max Life Smart Term Plan below. 

Benefits of Max Life Smart Term Plan 

Each individual's needs are different, and with the broad set of options available under the Max Life Smart Term Plan, you can customize your term plan. The Benefits/Options are :

  • 7 Death Benefit Variants
  • Multiple Premium Payment Options
  • Long Coverage Duration (Coverage till 85 years of Age)
  • Accelerated Pay-out if diagnosed with listed 40 Critical Illnesses
  • Accident Cover Option
  • Premium Back Option
  • Health Coverage through Riders/Add-ons
  • Life Stage Add on Sum Assured Option
  • Tax Benefits
     

Let’s discuss the benefits of Max Life Smart Term Plan in detail below:

1. Comprehensive Death Benefit Variants 

Max Life Smart Term Plan helps you customize the protection you need at affordable prices and offers you seven death benefit variants to choose from at the time of purchase. The 7 variants of Max Life Smart Term Plan are:

  • Life Cover
  • Income Protector
  • Inflation + Income Protector
  • Life Cover + Income
  • Life Cover + Increasing Income
  • Increasing Cover
  • Reducing Cover
     

Also Read: Term Insurance Benefits

2. Multiple Premium Payment Options 

While buying Max Life Smart Term Plan, you have an option to choose from a range of premium payment terms – once, for a limited period or all through the policy term. You have the option of paying premiums on a yearly, half-yearly, quarterly, or monthly basis.

3. Long Coverage Duration (Coverage till 85 years of Age)

What is Max Life Smart Term Plan's most extended coverage duration, you may enquire? Well, with Max Life Smart Term Plan, you can choose your desired policy term – with coverage extended up to 85 years of age

4. Accelerated Pay-out if diagnosed with listed 40 Critical Illness

What Is Max Life Smart Term Plan Max Life Insurance

Long Coverage Duration (Coverage till 85 years of Age)

What is Max Life Smart Term Plan's most extended coverage duration, you may enquire? Well, with Max Life Smart Term Plan, you can choose your desired policy term – with coverage extended up to 85 years of age.

4. Accelerated Pay-out if diagnosed with listed 40 Critical Illness

In case the life insured, (You) get diagnosed with any of the 40 listed critical illnesses, Max Life Smart Term Plan allows you to choose 'Accelerated Critical Illness Benefit’ for a nominal additional premium. 
 

What Is Max Life Smart Term Plan Max Life Insurance

In case the life insured, (You) get diagnosed with any of the 40 listed critical illnesses, Max Life Smart Term Plan allows you to choose 'Accelerated Critical Illness Benefit’ for a nominal additional premium.

5.Accident Cover Option

If the life insured meets with an untimely death due to an accident, a 100% of the accidental cover (sum assured) will be provided as a lump sum, irrespective of the death benefit variant chosen (after the approval of claim). Max Life Smart Term Plan benefits the life insured's family as the benefit shall be payable in addition to the death benefit (Sum Assured).

Note: At any time during the Max Life Smart Term Plan policy tenure,

Max Life Smart Term Plan Benefits Max Life Insurance

5. Accident Cover Option

If the life insured meets with an untimely death due to an accident, a 100% of the accidental cover (sum assured) will be provided as a lump sum, irrespective of the death benefit variant chosen (after the approval of claim). Max Life Smart Term Plan benefits the life insured's family as the benefit shall be payable in addition to the death benefit (Sum Assured).

Note: At any time during the Max Life Smart Term Plan policy tenure, the Accident Cover option can be added to the premium paying policy. A pro-rata-based premium will be charged if the benefit is added in the mid duration of the policy term, and the full premium will be charged commencing the next policy anniversary. Moreover, this option is not available for Single Pay premium payment term.

Max Life Smart Term Plan Benefits Max Life Insurance

the Accident Cover option can be added to the premium paying policy. A pro-rata-based premium will be charged if the benefit is added in the mid duration of the policy term, and the full premium will be charged commencing the next policy anniversary. Moreover, this option is not available for Single Pay premium payment term.

6. Premium Back Variant 

One of the most crucial attributes of what Max Life Smart Term Plan is providing as a benefit is its Premium Back variant. However, remember that the choice to opt for the premium back variant is available only at the inception stage (at the time of buying the policy). It cannot be chosen for in the later stages of the Max Life Smart Term Plan's policy term.

In the simplest of terms, the Premium back variant returns the premiums paid, in case the life insured survives the duration of the policy term. Under the premium back variant of Max Life Smart Term Plan, 100% of the total premiums paid, with the addition of extra underwriting premiums, if any, will be paid at the end of the Smart Term Plan Max Life Insurance policy term. Then the policy terminates.  

Note: Any additional premium charged for optional benefits such as ACI benefit and Accident cover option or riders will not be returned at maturity under this Premium back variant. This premium back variant of Max Life Smart Term Plan benefits is available with all Death Benefit options and across all Premium Payment Terms and Policy Terms. 

Also Read: Features & Benefits of Max Life Online Term Plan

7. Health Coverage through Riders/Add-ons 

Max Life Smart Term Plan offers wide-ranging protection against death, disability, and critical illness, including kidney failure, heart attack, and cancer with an in-built Accelerated Critical Illness (ACI) benefit option.

Moreover, you can also opt for Max Life Waiver of Premium Plus Rider (A Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider, UIN 104B029V03), which facilitates a waive-off of all future premiums payable in case of dismemberment or diagnosis of 11 specified critical illness of the life insured and also in case of death of the policy holder (if Policyholder and Life Insured are different).

8. Life Stage Add on Sum Assured Option

With Max Life Smart Term Plan, you have the option of 'Life Stage Add on Sum Assured' in future basis 'Life Stage' events such as marriage, childbirth, or a house loan. This option of Max Life Smart Term Plan needs to be selected at the time of inception of the policy. 

The increase will only be applicable once you inform the company about the ‘Life Stage’ change (along with the requisite proofs).

9. Tax Benefits

With Max Life Smart Term Plan, you can also enjoy tax benefits on the premium paid under Section 80C, 80D, and 10(10D) of Income Tax Act, 1961.

Know More: Life Insurance Tax Benefits

What Is Max Life Smart Term Plan Features Max Life Insurance

The increase will only be applicable once you inform the company about the ‘Life Stage’ change (along with the requisite proofs).

9. Tax Benefits

With Max Life Smart Term Plan, you can also enjoy tax benefits on the premium paid under Section 80C, 80D, and 10(10D) of Income Tax Act, 1961.

Know More: Life Insurance Tax Benefits

What Is Max Life Smart Term Plan Features Max Life Insurance

Features of Max Life Smart Term Plan

Some other essential features of Max Life Smart Term Plan (A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan, UIN: 104N113V03) are -

  • Rider Options
  • High Sum Assured Discounts
  • Lower Premium Rates for Non-Smokers
  • No Restriction on Travel/Future Occupation
  • Loyalty Discounts
     

1. Rider Options 

With Max Life Smart Term Plan, you can now make your life cover more inclusive by adding the following riders:

A. Max Life Waiver of Premium Plus Rider (A Non-Linked Rider, UIN 104B029V02): This rider provides a waiver of all future premiums under a specific Max Life Smart Term Plan and all other chosen riders, in case of the following events (provided the base policy and riders are active):

  • Critical Illness
  • Dismemberment
  • Death
     

Note: The rider benefits under the Max Life Smart Term Plan will be paid in case of the policyholder's death, given that the life insured, and the policyholder are different individuals.

2. High Sum Assured Discounts 

While purchasing Max Life Smart Term Plan, if you opt for a higher sum assured, you may be eligibile for a high sum assured discount.

3. Lower Premium Rates for Non-Smokers 

Max Life Smart Term Plan encourages individuals to practice healthy life habits, hence offers lower premium rates for non-smokers. However, the accident cover option and accelerated CI benefit option's premium rates do not vary by smoker status.

4. No Restriction on Travel/Future Occupation

With Max Life Smart Term Plan, you have no restriction on travel or future occupations.

5. Loyalty Discounts

For existing Max Life customers, there is a loyalty discount of 5% on the first-year premium. You can calculate your premium amount for purchasing a Max Life Smart Term Plan using our online premium calculator here.

4. No Restriction on Travel/Future Occupation

With Max Life Smart Term Plan, you have no restriction on travel or future occupations.

5. Loyalty Discounts

For existing Max Life customers, there is a loyalty discount of 5% on the first-year premium. You can calculate your premium amount for purchasing a Max Life Smart Term Plan using our online premium calculator here.

Secure Your Future with Max Life Smart Term Plan Today

The uniqueness of what Max Life Smart Term Plan offers is its flexibility catering to the security requirements of individuals from different walks of life and age groups. Max Life Smart Term Plan allows you to customize your insurance coverage by giving you the option to select the desired benefits.

Considering the features and benefits that you can avail with Max Life Smart Term Plan, you can ensure protection for your family's future, and also enjoy tax benefits under Section 80C and Section 10(10D) of the Income Tax Act 1961, making it a comprehensive solution. For further understanding, you can also refer to the Max Life Smart Term Plan Brochure.

In case you require further assistance, contact our 24/7 customer service team or LIVE chat with the assistance team on our Max Life Insurance website. We strive to offer you the best of security solutions, so stay insured, stay safe. 

ARN:- Jul/Bg/02A-M20

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