Smart Term Plan
Although buying term insurance is a smart decision, you can avail customised coverage with a smart term plan. A Smart Term Plan pays the entire sum assured to your nominee at the time of your demise, making it financially easy for the dependents to survive. Another benefit of a smart term plan is that it gives you multiple premium payment options. ...Read More
What is a Smart Term Plan?
People have different expectations from term life insurance - be it protecting their child's future or ensuring that they can pay off their home loan. Considering today’s rapidly evolving financial needs, improving living standards, inflation, and increasing health threats, there is a need for insurance products that can fulfil them all. This is where a smart term plan becomes useful.
A smart term plan provides a wide range of life insurance benefits and policy options. It allows you to personalise your insurance coverage by selecting the desired features. Through various benefits and facilities, this plan assists you in creating your own all-around financial safety net. Depending on your unique financial profile, you can opt for a smart term plan that appropriately fits your budget and specific requirements.
Let's understand what it is and how it can help you create a stronger financial backup for you and your family!
Why Choose Max Life Insurance?
Solvency Ratio 201%
(Source: Public Disclosure) Company of the year*^*
99.51%* Claims paid Percentage
(Source: Individual Death Claim Paid Ratio as per Audited Financials for FY 2022-2023)
Registration No. 104
Features You should Look for in a Smart Term Insurance Plan
As a policy buyer, it may be difficult for you to navigate through the slew of Smart Term Plans available in the market today. Hence, we have compiled a list of key features that you should look for when selecting a Smart Term Plan. These features can add value to your insurance plan and make it easier for you to get financial security. Let’s take a look at them:
Multiple Payment Options
Return of Premium
Increasing Sum Assured
Cover for Spouse
A Rider is an optional benefit that may be added to your base term protection policy to assist you in acquiring more than just life insurance. The need for protection and the amount differ from person to person.
You can choose the appropriate insurance coverage based on your income, liabilities, and significant life events and maximise the advantages by opting for various riders. When you are looking for a Smart Term Plan, check for the availability of riders with the particular policy.
Max Life Smart Secure Plus Plan
A plan that provides comprehensive financial protection.
₹ 1 Cr
Critical Illness Cover
- Return of Premium : Get back all premiums paid on survival till maturity
- Limited pay option : Pay premium till 60 years for a life cover till 85 years
~This is applicable for a 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. *Tax benefits as per prevailing tax laws, subject to change. Save Rs. 46,800 on taxes if the insurance premium amount is Rs.1.5 lakh per annum and you are a regular Individual, falling under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime.
MAX LIFE CRITICAL ILLNESS AND DISABILITY RIDER (UIN- 104B033V01) available as a rider on payment of additional premium. Extended cover of up to 85 years is available with gold and platinum variant only. @64 critical illnesses covered in platinum and platinum plus variant on payment.
Why do You need Smart Term Insurance?
Buying a Smart Term Plan is an excellent way to secure your family’s financial future against the uncertainty of life. As you move through the different stages of life, your priorities, liabilities and the dependants’ needs may change. You need a Smart Term Plan that can adapt to these conditions with you.
Let’s understand the reasons that make a smart-term plan a must-have today:
Traditional Term Insurance vs. Smart Term Insurance
Term life insurance is the most straightforward type of life insurance. If you are wondering whether you should choose a Simple Term Plan or a Smart Term Plan, it is best to gather relevant information before making a decision.
Let’s take a look at the benefits you can get with smart term insurance, which may not necessarily be provided with a regular term plan:
Smart term plans such as the Max Life Smart Secure Plus Plan, on the other hand, offer a premium return option, which is a significant advantage. The assurance of receiving the premiums back can make a considerable difference in your long-term financial planning.
Who should Opt for a Smart Term Insurance Plan?
If you're a single person
Your parents may rely on you for financial assistance, particularly when they retire. You'll need term insurance to cover your living expenses while you're gone.
If you are a married couple without children
Your spouse may have no one else to turn to for financial assistance except you. As a result, you must devise a backup plan to ensure his or her future in your absence.
If you're married with children
As a parent, you are responsible for your children's school and marriage expenditures, and for supporting your spouse. Even if you are gone for an extended period of time, your family will be able to retain their existing lifestyle with the help of a smart term plan.
How to Choose the Best Smart Term Insurance Plan?
Smart term insurance is more than a financial product. It is also the key to a stable and secure future for your family under unfavourable circumstances. Hence, it is critical to select the appropriate smart term plan.
Here are a few things to think about which will help you select the best smart term plan:
Choosing the Right Sum Assured Option for Max Life Smart Term Plan
In case of a comprehensive financial protection of your loved ones it is essential that you select the adequate sum assured. know moreon how to decide the sum assured for your term insurance. You can click on the below tabs and choose the adequate sum assured:
₹ 50 Lakhs
Starting from ₹ 15/ day*
₹ 75 Lakhs
Starting from ₹ 22/ day*
₹ 1 Crore
Starting from ₹ 23/ day*
₹ 1.5 Crore
Starting from ₹ 35/ day*
₹ 2 Crore
Starting from ₹ 35/ day*
₹ 5 Crore
Starting from ₹ 83/ day*
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 NO: C/SA/050623
ARN NO: PCP/STP/260623
Check out the different Online Insurance Plans from Max Life!
- Max Life Smart Secure Plus Plan
Comprehensive death benefit for your family member(s) in case of your unfortunate demise during the policy term
Guaranteed Maturity Benefits/Income Benefits and accrued guaranteed additions to help meet your life goalsKnow more
Multiple variants - lump sum; short-term income, long-term income, and whole-life income with unique benefits
- Max Life Smart Term Plan
Financial protection against critical illnesses, including heart attack, cancer, and kidney failure
Flexibility to choose the most suitable premium payment options that fit your budget and incomeKnow more
Life coverage along with a return of premium option to get the premiums paid back as a survival benefit
- Max Life Online Savings Plan
Comprehensive death benefit throughout the duration of the insurance, together with money saving for different life goals
For policyholders, monthly payments, earned bonuses, and customisable fund choices are available with no additional feesKnow more
The freedom to select an insurance term of up to 85 years, a term for paying the premiums, and payouts that meet your demands
- Max Life Cancer Insurance Plan
A comprehensive cancer insurance policy that pays out at all stages of the disease
If there are no claims for the first five years, receive a 10% increase in the initial sum insured
20% of the Sum Insured: Early-Stage Diagnosis Premium Waiver
Annual income for five years in main stage diagnosis with lump sum payoutKnow more
Tax benefit under section 80D, as per prevailing tax laws
- Max Life Smart Wealth Plan
Comprehensive death benefit for your family member(s) in case of your unfortunate demise during policy term
Guaranteed maturity benefits/Income benefit and accrued guaranteed additions to help meet your life goalsKnow more
Multiple variants - lump sum, short term income, long term income, and whole life income with unique benefits
- Long-Term Income
Guaranteed income benefit for 25 or 30 years after the policy period ends, as per the sub variant selected
Terminal benefit that equals total premiums paid, post completion of the payout period payable to nomineeKnow more
Two premium payment options - 6 and 10 years to be chosen as per suitability of the plan for your needs
- Term Plan with Return of Premium
Option to receive the premiums paid back on successful survival of the insured till end of policy term
Death benefits for your family members in case of any eventuality leading to the loss of your lifeKnow more
Limited pay options to pay for term plans with return of premium - 5 Pay, 10 Pay, 12 Pay, 15 Pay, or 60 Pay
- Max Life Critical Illness and Disability Rider
Additional protection against up to 64 critical illnesses depending on the rider variant you select
Total and Permanent Disability Cover on the occurrence of disability arising from sickness or injuryKnow more
Wellness benefit to avail a discount on annualised renewal premiums as per healthy weeks you accumulate
- Max Life Waiver of Premium Plus Rider
Waiver of all future premiums in case of the covered dismemberment so that you can live worry-free
Future premiums waiver in case you suffer from critical illnesses as specified in the rider termsKnow more
Continued benefits of the base policy to give you peace of mind about maintaining various life expenses
Additional Benefits through Riders | Max Life Insurance
Max Life Waiver of Premium Plus Rider (UIN: 104B029V04)
Max Life Waiver of Premium Plus Rider (UIN: 104B029V04) provides a waiver of all future premiums in case of Critical Illness, dismemberment, or Death (only when Life Insured and Policyholder are different individuals). This product doesn’t have an in-built Waiver of Premium benefit. 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, and Rider Leaflet
Max Life Critical Illness and Disability Rider (UIN: 104B033V01)
Max Life has a comprehensive insurance plan covering up to 64 critical illnesses and total and permanent disability coverage. You can choose the best variant for you from the five available variants. You will also be eligible for a discounted renewal premium based on the number of steps monitored on the Max fit app. You can even choose to get a cover-up to the age of 85 years. (For further details, please refer to Max Life Critical Illness and Disability Rider, UIN – 104B033V01, prospectus/brochure.
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