Smart Term Plan

Name: Smart Term Plan Online 2022
Brand: Max Life Insurance
Rating: 4.3 (20607 reviews)

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, maki

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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!

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

Ideally, a Smart Term Plan should come with multiple premium payment options. It is because everyone has a unique financial profile, which depends on various personal factors, such as the number of dependents, life goals, and nature of the occupation. Premium payment options such as single pay, regular pay, and pay till 60 are available with smart term plans such as the Max Life Smart Secure Plus Plan, which make it easier for you if you have diverse financial needs to get coverage comfortably. This Smart Term Plan also offers a limited pay option.

Return of Premium

With a Smart Term Plan, you should be eligible for a maturity benefit once the policy period is over. The return of the premium facility is not available with a regular term plan. It is only designed to offer a death benefit in case of the insured individual’s untimely demise. However, many policy buyers look for the return of premium features with their insurance plans, thus making Smart Term Plans with this benefit a favourable option.

Increasing Sum Assured

An increasing sum assured means you can increase the amount assured at any time during the policy term, depending upon the terms and conditions of the Smart Term Insurance. With the Max Life Smart Secure Plus Plan, you can exercise this option after one policy year if the sum assured decided at policy start is greater than or equivalent to Rs.50 lakhs. You have the option of increasing the coverage to 100% of the base sum insured.

Cover for Spouse

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. A smart term plan, which offers joint life coverage, can give you the peace of mind that even if you are not around, your spouse will be financially stable.

Rider Benefits

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.

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:

Financial Stability Against Life’s Uncertainty

It is the primary reason individuals get insurance, and with good cause. The death of the family's breadwinner or any other earning member might throw the surviving family members' lives into disarray. Managing home finances and providing for the family's basic requirements becomes incredibly challenging. Term life insurance pays out the entire sum assured at the time of death, making life simpler for the surviving family members, although monetarily.

Maintaining Lifestyle Standard

With time, the standards of lifestyle will only improve for each of us. Hence, opting for a Smart Term Plan which can adapt to such changes is a wise decision. With the facility to increase the sum assured at different stages in life, you can take care of your family’s needs adequately.

Better Finance Management

The flexibility of premium payments with a Smart Term Plan allows you to manage your income, savings, and investments more effectively. For instance, you can finish your premium liabilities by a certain age with a Smart Term Plan, if it enables you to use the money more efficiently in other aspects.

Clearing Debts

In the unfortunate event of your demise, your loved ones may be faced with a significant financial burden due to overdue loan payments. Debt payments will simply add to their problems at a time when they are already dealing with a lot of stress. Having a Smart Term Plan can assist in the repayment of such debts.

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:

Premium Return

Term insurance plans, in general, do not have a maturity value; they protect your family's financial future in the event of a disaster.

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.

Longer Coverage

A smart term plan is designed to offer individuals the necessary coverage for an extended period in life. It can keep your family under the financial safety net for years to come if you choose to buy it at an early life stage.

Comprehensive Financial Protection

With a variety of riders available with a smart term plan, such as critical illness cover, accidental death cover, and waiver of premium benefit, you can get enhanced financial protection for you and your loved ones.

Choice of Multiple Premium Payment Options

A smart term plan also allows you to choose whether to pay the premium in full or for a set length of time when you make your purchase. You may choose a premium payment plan that fits your budget, allowing you to focus on other priorities. You can pay your premiums annually, half-yearly, quarterly, or monthly.

Life Stage Benefits

Our wants and aspirations change with time for each of us. For example, in our twenties, we may think about making as much money as possible. We want to start a family and save for retirement as we get older. In short, our insurance plan must adapt to our shifting life phases and objectives. It is what a Smart Term Plan is equipped to do with the increasing sum assured feature.

Exit Value

Max Life Smart Secure Plus Plan is a smart term plan with an exit value, a surrendered offering whereby the customer can receive all premiums paid back at one specified point in the policy term.

Premium Break

Another unique feature of a smart term plan is the option to skip paying premiums without losing the cover during the policy term. This valuable feature can relieve you from paying the premium in case of financial troubles.

Pay-out Options

The payout options offered under a smart term plan enable you to control how your loved ones receive and use the insurance money. For example, you or the nominee can decide whether your family should get the insurance payout in one lump sum or as a monthly income.

Who should Opt for a Smart Term Insurance Plan?

Step One
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.
Step Two
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.
Step Three
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:

Examine the Claim Settlement Ratio of the Insurer

You can get valuable information regarding an insurance provider by looking at their claim settlement ratio. The claim settlement ratio is the percentage of claims that an insurer settles compared to the total number of claims it receives in a given year. As a result, the higher the company's claim settlement ratio, the more likely it is considered reliable.

Selecting the Appropriate Insurance Coverage

Everyone's insurance requirements are unique. Before choosing smart term insurance, one should consider all of their assets and responsibilities. The main goal should be to save enough money, so your family can keep their lifestyle the same in your absence.

Flexibility

As mentioned earlier, several insurance firms provide a choice of payout possibilities. Apart from this, you will also have the option to choose the premium payment term with a smart term plan. These features can be helpful for your financial planning in terms of allocating your funds to the right place at the right time. Hence, make sure you choose a smart plan with adequate flexibility.

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 more on how to decide the sum assured for your term insurance. You can click on the below tabs and choose the adequate sum assured:

Term Insurance

₹50 Lakhs

Starting from ₹15/day^%*

Check Plan

Term Insurance

₹75 Lakhs

Starting from ₹23/day^%*

Check Plan

BESTSELLER

Term Insurance

₹1 Crore

Starting from ₹25/day^%*

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Term Insurance

₹1.5 Crore

Starting from ₹37/day^%*

Check Plan

Term Insurance

₹2 Crore

Starting from ₹37/day^%*

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Term Insurance

₹5 Crore

Starting from ₹88/day^%*

Check Plan

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 Total Elite Protection Term Plan (UIN: 104N125V05). ARN: C/SA/140824

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Plan Prospectus Plan Rate Table Plan Contract Plan Leaflet

ARN NO: PCP/STP/220124

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

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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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Why Choose Max Life Insurance?

Solvency Ratio 172%

(Source: Max Life Public Disclosure, FY 2023-24)

99.65% Death Claim Paid Ratio

(Source: Individual Death Claim Paid Ratio as per Audited Financials for FY 2023-2024)

IRDAI Registered

Registration No. 104

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 goals
Multiple variants - lump sum; short-term income, long-term income, and whole-life income with unique benefits
Know more
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 income
Life coverage along with a return of premium option to get the premiums paid back as a survival benefit
Know more
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 fees
The freedom to select an insurance term of up to 85 years, a term for paying the premiums, and payouts that meet your demands
Know more
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 payout
Tax benefit under section 80D, as per prevailing tax laws
Know more
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 goals
Multiple variants - lump sum, short term income, long term income, and whole life income with unique benefits
Know more
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 nominee
Two premium payment options - 6 and 10 years to be chosen as per suitability of the plan for your needs
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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 life
Limited pay options to pay for term plans with return of premium - 5 Pay, 10 Pay, 12 Pay, 15 Pay, or 60 Pay
Know more
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 injury
Wellness benefit to avail a discount on annualised renewal premiums as per healthy weeks you accumulate
Know more
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 terms
Continued benefits of the base policy to give you peace of mind about maintaining various life expenses
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