Max Life Smart Secure Plus Plan | Benefits & Features
In today’s uncertainties, it is crucial to make sure that your financial plan is capable of meeting any challenges head on. Max Life Smart Secure Plus Plan (A Non-linked, Non-participating Individual Pure Risk Premium Life Insurance Plan | UIN 104N118V05) is a one-of-a-kind policy, enabling the policyholders to gain maximum financial security with flexible pay-out options and unique in-built benefits such as terminal illness, special exit value~1 along with valuable add-ons.
Let’s understand how the Smart Secure Plus Plan by Max Life works in detail.
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1 Cr Life cover + Premium of Rs.3L* Returned
With Max Life Term Insurance Plan
Premiums back ~1 on exit
Tax savings of up to Rs.46,800/-##
*
Disclaimer :
Max Life Smart Secure Plus Plan. A non-linked non-participating individual pure risk premium life insurance plan| The premium calculated as per Standard premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 years premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan and is rounded off from Rs. 3,26,964 . ~1 Condition for special exit value: Option to receive all premiums paid back at the age of 55 years and post which the life cover also gets terminated. Total premiums paid towards the policy (excl. GST) will be the Special Exit Value payable at the age of 55 years in case the policy holder wishes to completely exit the policy. Benefit available with special exit value -Total premium paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies & modal extra. the total premiums paid plus underwriting extra premiums paid plus loadings for modal premiums exclusive of all applicable taxes, cesses or levies. This value shall be applicable on the base cover premium only and not to additional optional benefits like ACI, Accident cover, Joint life cover and Voluntary Sum Assured Top-Up.
Written by
Reviewed by
Rohit Ghosh
Insurance Writer
Rohit Ghosh has authored and reviewed several informative articles on Life and Term Insurance during his experience working with top Life Insurance brands. During his experience in the Life Insurance sector he has been responsible for formulation of several integrated marketing communication strategies. In his current role with Max Life Insurance he is responsible for website content and experience enhancement
Bhaskar Sinha
Insurance Expert
8+ years of experience in Life Insurance with expertise in Developing Life and Health Products, Digital Sales, Conducting effective trainings and Key Account Management.
How Does Smart Secure Plus Plan Work?
Max Life Smart Secure Plus Plan is a policy designed to provide comprehensive financial security to customers. With two death benefit variants and multiple pay-out options, it gives policyholders life security and the freedom to customize the policy benefits according to their financial profile.
Let’s take Mr. Ahuja’s example who wants to purchase Max Life Smart Secure Plus Plan to understand how it works:
He can choose between the two death benefit variants of the plan:
• Life cover
This means that the base sum assured selected by Mr. Ahuja at the inception of the policy will remain the same throughout the policy term.
• Increasing Life Cover
Under this variant, Mr. Ahuja’s chosen sum assured at the inception of the policy will grow at a rate of 5% annually, at each policy anniversary, subject to a maximum of 200% of the base sum assured. This type of life cover is ideal for managing the impact of inflation and increased cost of living.
He can choose between different premium payment options such as – Single Pay, Regular Pay, 5 Pay, 10 Pay, 12 Pay, 16 Pay, Pay Till 60. In addition to this, , the beneficiary of Mr. Ahuja’s policy will have options to choose from different pay-out options at the claim stage. Since each family’s financial profile is different, the pay-out options allow them to receive the money on their terms, as per their preference.
The family can choose to receive the pay-out from Max Life Smart Secure Plus Plan as a lump sum amount, as monthly income or part lump sum and part monthly income.
Max Life Smart Secure Plus Plan Features
Here are some features of Max Life Insurance Smart Secure Plus Plan that can help you build a strong net of financial security for yourself and your loved ones:
1. Death Benefit Options
With the Life Cover or Increasing Life Cover option given by Max Life smart secure plus plan, you can create a robust financial support system for your loved ones. This plan allows you to pick from a variety of options to ensure that the sum assured is sufficient even in the future.
Because the major goal of any term plan is to cover the insured person's life and financial liabilities, the life cover choice must be carefully chosen. Make sure you map out your future financial needs carefully and choose the life insurance choice that best fits your goals.
2. In-Built Terminal Illness Coverage
If you are diagnosed with a terminal illness during the policy term of Smart Secure Plus Plan by Max Life, you are eligible to receive a pay-out of up to 1 crore.
3. Return of Premium
In case you choose the return of premium option*^ with the smart secure plus plan at the inception of the policy, it entitles you to a maturity benefit if you live to the end of the policy term. You can receive the total premium amount paid at the end of the policy term if you choose this option.
4. Option to Insure Spouse’s Life
When it comes to term insurance, one of the most important considerations is your spouse's financial security in the event of an unexpected occurrence. Max Life Smart Secure Plus Plan allows you to purchase a joint life cover^*^ to protect your partner's life as well as your own.
5. Accident Cover
In the event where the insured individual dies as a result of an accident, insured's family receives cover amount as well as the base cover(on selection of Max Life Accidental Death and Dismemberment Rider - A Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider UIN: 104B027V04)This accident cover^*^ can be added to the Max Life Smart Secure Plus Plan at any time throughout the premium payment term, subject to the accident cover's terms and conditions.
6. Accelerated Critical Illness (ACI)
If you have the Accelerated Critical Illness (ACI) benefit^*^, you will be entitled to receive the Max Life Smart Secure Plus life cover amount if you are diagnosed with one of the 40 critical illnesses listed, as long as your policy is active and you meet the other terms and conditions.
7. Premium Break
Premium break~ is a unique feature offered by Max Life Insurance Smart Secure Plus Plan. Once the policy has been in effect for ten years, you can take a premium break or holiday from paying the premium.
When you choose to take a premium break, your policy will continue to be active, with the risk cover operating according to the terms and circumstances of the max life term plan. The premium break option can be selected twice during the PPT and is only applicable for policies, with policy term greater than 30 years and PPT greater than 21 year^^
8. Special Exit Value~1
You will have a one-time option to exit the policy with an exit benefit of Return of Premiums*^ (total premiums paid plus underwriting extra premiums paid plus loading for modal premiums, if any) at the time of exercising the option, for the base cover only, under this option of the Max Life term insurance.
9. Voluntary Sum Assured Top-Up
You can increase the amount assured at any time during the policy term with the Max Smart Secure Plus Plan voluntary sum assured~2 top-up feature. You have the option of increasing the coverage to 100% of the base sum insured.
Max Life Smart Secure Plus Plan Benefits
Financial security is an integral part of one’s life today when there are innumerable threats around us. It is of utmost importance to plan for your future, keeping your loved ones’ wishes and goals in mind so you never have to be financially dependent on anyone.
Max Life Smart Secure Plan can be an ideal tool to help you on your journey to financial security. Here’s how it benefits you:
1. Provides Comprehensive Financial Security
The option to choose increasing life cover provided by Max Life Smart Secure Plus Plan lets policyholders get adequate sum assured as they move through different stages of life. This means max life smart secure plus life cover will not become irrelevant with time. Instead, it is designed to evolve with your financial requirements.
2. Covers Your Spouse’s Life
If you are a sole earning member of your family, then it is important to plan your future, keeping your spouse’s financial needs in mind. Max Life Smart Secure Plus Plan allows individuals to do so by choosing the joint life cover option^*^.
3. Security Net Against Terminal Illnesses
The terminal illness benefit of Max Life Insurance Smart Secure Plus Plan allows you, the insured person, to receive the sum assured of up to Rs. 1 crore in the event of a diagnosis. Since the costs of medical treatment are at an all-time high and only expected to increase, this is a valuable benefit that allows you to stay prepared for troublesome circumstances.
Furthermore, given the surge in critical disease instances in recent years, the Smart Secure Plus Plan also allows policyholders to add a critical illness rider^*^ to the policy that offers accelerated pay-out in case of diagnosis.
4. Acts as Income Replacement
Since term insurances are long-term protection plans, your family's needs may have changed by the time the death benefit is received. As a result, the provision of numerous pay-out alternatives by Max Life Smart Secure Plus Plan can help customers in utilising the funds according to their current needs. For example, if there is a substantial expense to be paid, such as a child's college expenses, they can choose the lump sum pay-out method in case of the insured’s unexpected demise.
5. Gives Customization Options
Apart from choosing between different variants of the plan, you can add several add-ons to the policy such as top-up sum assured, premium break~, return of premium*^, etc. The policy also gives your beneficiary the option of choosing the pay-out method according to their needs.
With the Max Life Smart Secure Plus Plan, you can choose the ideal combination of features and advantages if you know your particular financial needs and anticipate future demands carefully. This will allow you to create a comprehensive financial security strategy that will effectively safeguard you and your family.
Smart Secure Plus Plan Max Life: Who Can Get?
Max Life Smart Secure Plus Plan is an ideal financial instrument for individuals who are looking for comprehensive life security. Since it comes with multiple benefits, including life cover for spouse, it can be used as a one-stop policy for several financial needs.
Here is the eligibility criteria for purchasing the policy:
Minimum Entry Age: 18 Years
Maximum Entry Age: 65 Years
Since it is a long-term protection plan, it is best to invest in the policy in the early stages of life so you are able to reap the benefits appropriately.
1. Waiver Of Premium Plus Rider
Max Life Waiver of Premium Plus Rider~ (UIN: 104B029V04) provides waiver of all future premiums in case of Critical Illness or dismemberment or Death (only when Life Insured and Policyholder are different individuals). This product doesn’t have an in-built Waiver of Premium benefit~ and thus rider benefit is an additional benefit. For more details on the Rider and various terms and conditions, please refer to the Max Life Waiver of Premium Plus Rider Prospectus/Brochure, Rider Contract, Rider Rates & Rider Leaflet
2. Critical Illness and Disability Rider (CIDR)
The Max Life Critical Illness and Disability Rider~ (Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider | UIN: 104B033V01) can be added to your policy by paying an additional premium. It provides financial security against diagnosis of listed critical illness and coverage on total and permanent disability. For more details on the Rider and various terms and conditions, please refer to the Max Life Critical Illness and Disability Rider Prospectus/Brochure, Rider Contract, Rider Rates & Rider Leaflet.
Choosing the Best Term Insurance With the Right Sum Assured Option
One of the important factor of choosing the best term insurance plan for your family’s financial protection is deciding on the right sum assured. Know more on how to decide the best term life insurance sum assured option for you. You can also click on the below tabs to understand in details about following sum assured amounts:
Disclaimer: Standard daily 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 Secure Plus Plan (UIN:104N118V06).
ARN: C/SA/050623
FAQs
The premium break~/holiday feature of Smart Secure Plus Plan by Max Life is a unique feature that allows policyholders to skip a premium payment during the policy term. This feature can be exercised twice during the policy term.
Yes, you can opt for the joint life cover^*^ add-on with your Smart Secure Plan to secure your partner’s life along with yours.
There is a return of premium add-on benefit*^ available with Max Life Smart Secure Plus Plan which allows you to receive 100% of the premiums paid upon policy maturity.
The minimum policy term for Max Life Smart Secure Plan is 10 years.
These are the premium payment options available with Max Life Smart Secure Plan:
Premium Payment Term (PPT)
Available Base Policy Terms*
Available ACI Policy Terms
Available Accident Cover Policy Terms^*^
Single Pay
10 Years to 67 Years
NA
NA
Regular Pay
10 Years to 67 Years
10 Years to 50 Years
5 Years to 67 Years
5 Pay
10 Years to 67 Years
NA
10 Years to 67 Years
10 Pay
15 Years to 67 Years
10 Years
10 Years to 67 Years
12 pay
17 Years to 67 Years
10 Years to 12 Years
10 Years to 67 Years
15 Pay
20 Years to 67 Years
10 Years to 15 Years
10 Years to 67 Years
Pay Till 60 The premium payment term will be equal to (60 less Entry Age (Age last birthday))
Policy term should be greater than premium payment term and can be a maximum of 67 years
10 Years to (60 less Entry Age (Age last birthday))
6 Years to 67 Years
ARN NO: Jun23/Bg/25G
Disclaimer:
~Available at an Additional Premium for policies with policy term greater than 30 years and Premium payment term greater than 21 years. Option to skip paying premium for 12 months. 2 Premium breaks will be available during the Premium Payment Term separated by interval of atleast 10 years.
^*^On payment of Additional Premium
~Applicable Riders available on the payment of Additional Premium Are Max Life Critical Illness & Disability Rider| Non-linked Non-Participating Individual Pure Risk Premium Health Insurance Rider| UIN 104B033V01 and Max Life Waiver of Premium Plus Rider~| A Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider| UIN 104B029V03
*^On payment of Additional Premium. Upon policyholder’s selection of Return of Premium Variant this product shall be a Non-linked Non-Participating Individual Life Insurance Savings Plan
~2 Voluntary Top-up Sum assured: Option to double your insurance cover, basis underwriting, at the time of your need by increasing your sum assured up to an additional 100% of base sum assured, chosen at inception
~1 Conditions for Special exit value: Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of Premium variant is not chosen. No additional premium to be paid.
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