What is Max Life Smart Term Plan
Max Life Smart Term Plan is a customizable term plan that offers comprehensive protection against critical illness, disability, and death. This term plan provides 360-degree financial protection to your family in your absence. Additionally, Max Life Smart Term Plan offers:
- Return of premium upon surviving the policy term under base policy*
- Comprehensive protection against 40 critical illnesses, including kidney failure, heart attack, and cancer
- Limited premium payment options such as limited pay, regular pay and pay till 60
- Flexible premium payment options as per your budget
- Option to increase insurance coverage upon achieving important milestones in life
- Significant tax benefits under Section 80C, 80D and 10(10D) of income tax act 1961
- Multiple death benefit payout options including increasing monthly income and lump sum payouts
- Additional benefits in the form of riders such as Accidental Cover
Max Life Insurance offers the ease of choosing your term plan online or offline. Following table will help you in understanding the break up.
If you plan to check offline prices, the following table will help you out:
What Add-ons Can I Avail with Max Life Smart Term Plan?
Max Life Smart Term Plan helps you enhance your policy cover upon meeting important milestones in life, such as being married or becoming a parent. With the Life Stage Benefit under the plan, you can easily beat inflation as your policy continues to protect you and your loved ones.
At the same time, you can also make sure that you have comprehensive financial backup to tackle any emergency such as death, physical disability, and critical illness. This is possible through Max Life Waiver of Premium Plus Rider and Max Life Accident Cover options.
To top it all, you have the option of the Premium Back variant, which enables you to pay back the entire amount of premium payments for base policy (exclusive of GST- mention the condition).
1. Max Life Waiver of Premium Plus Rider^^
You may have heard about how you can risk forfeiting your life insurance policy by not paying the premiums on time. While you may not skip paying the premiums willingly, there are certain scenarios where you might be unable to continue with the payments. For example, you may experience a loss of income due to a:
- Critical Illness; or
- Dismemberment; or
In any such scenario, the Waiver of Premium Plus rider will help ensure that the insurance plan continues to provide the intended protection. On the other hand, we will take care of all the future premium payments on your behalf.
2. Accident Cover Option
In India, accidents are quite common. You may have seen a few instances where people get seriously injured in an accident and eventually succumb to their injuries. In any such scenario, it is the family of the individual who suffers the most. Not only do they have to deal with the sudden loss of their loved one, but they also have no one to look up for emotional and financial support.
Therefore, you need to make sure that your loved ones remain protected from such an instance. While you have the insurance benefit to help them survive, you can also provide for an additional amount of money, over and above the term plan payout with the Accident Cover Option.
With this option ; hence, you can make sure that your family remains financially secure in the best way possible. Now, the Accident Cover Option is available for every death benefit variant chosen.
Why Should You Buy Max Life Smart Term Plan?
Max Life Smart Term Plan is a flexible plan that caters to people from different walks of life and age groups. Therefore, you can customize your insurance coverage by choosing the desired benefits accordingly.
If you are earning, you should buy a term insurance plan to support your family’s financial future.
If you are single – You have your parents who may depend on you for financial support, especially after their retirement. With term insurance; therefore, you can help take care of their lifestyle expenses and create an additional source of income for them in your absence
If you are married with no kids – Your spouse may have no one else but you, to look for financial support. Thus, it becomes crucial that you create a backup plan to secure his/her future in your absence
If you are married and have kids – Being a parent, you have the responsibility to take care of your kids’ education and marriage expenses. Also, you are responsible for your partner’s financial well-being. A term plan will help support your family in maintaining their current lifestyle, even in your absence.
What are the Unique Features of Max Life Smart Term Plan?
Max Life’s Smart Term Plan empowers you to secure your loved ones financially, against the possibility of your untimely demise. While most term plans do not offer any maturity benefits, Max Life Smart Term Plan offers to pay you back the entire premium amount received under the base plan*.
Even then, the cost of premium payable under Max Life Smart Term plans is relatively lower than other forms of life insurance. If you are still wondering, here is why Max Life Smart Term Plan is better for You:
- Seven different variants for the death benefit payout
- Single Pay, Regular Pay, Pay till 60 and Limited Pay options are available for premium payment
- Freelook period of 15 days
- Life cover assurance up to 85 years
- Built-in discounts available for higher Sum Assured
- 5% loyalty for the existing customers
- Female buyers will receive a 3-year age setback over the rates for male buyers (for example, a 28-year old female will receive the same rate of premium and policy benefits as a 25-year old male) This is applicable on all premium payment term variants except Pay till 60 variant
- Lower premium rates for non-smokers
- No restrictions on travel or future occupation