Max Life Smart Term Plan
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Max Life Smart Term Plan

Max Life Smart Term Plan is a non-linked, non-participating individual pure risk premium life insurance plan, which provides complete financial protection to your family in your absence. The plan offers comprehensive protection against critical illness, disability, death, and all at an affordable price.

Who Should Buy Max Life Smart Term Insurance?

Max Life Smart Term Insurance can be purchased by anyone who is earning and has dependents to care for. For example-

  1. If you invest in Max term insurance when you are single, then this becomes beneficial for parents who are financially dependent on you. This plan will take care of their needs when you are gone.
  2. Your partner and kids need financial support to carry their day to day activities in your absence. Thus, you must make them financially independent and this plan ensures their financial safety for the future.

What are the key features of the Max Life Smart Term Plan?

  • With this plan, one can choose from multiple premium payment options such as single pay, regular pay, pay till 60, and limited pay option.
  • The plan offers long-term coverage for up to 85 years.
  • You are eligible for a 5% loyalty discount if your policy is in the premium paying stage or paid-up stage.
  • The plan offers lower premium rates to non-smokers.

Eligibility of Max Life Smart Term Plan

Age of entry

18-60 years

Maximum age of maturity

85 years

Policy Term

  • For Base Death Benefit & Accelerated Critical Illness Benefit Option: 10 to 50 years
  • Accident Cover Option: 5-50 years

Minimum Sum Assured

10 lakhs

The values may change as per the chosen plan option

Max Life Smart Term Plan: Death Benefit Variants

The plan offers seven different variants for the death benefit payout. Let us understand each variant in detail:

Life Cover:

In the event of the death of the life insured, the beneficiary will receive the lump sum life cover amount that was chosen at the time of purchasing the policy.

Income Protector:

If the policyholder dies, his/her nominee will receive a fixed monthly income for 10 years, 15 years, or 20 years, as chosen by the policyholder during the time of purchasing a policy.

Income + Inflation Protector:

In an unfortunate event of the death of the policyholder, the nominee will receive an increasing monthly income for up to 10 years, 15 years, or 20 years, as chosen by the policyholder.

Life Cover + Income:

Under this variant, the nominee will receive the lump sum life cover, along with a fixed monthly income. The monthly income component will be 0.4% of the lump sum life cover and will be paid to the nominee for 10 years after your policyholder's demise.

Life Cover + Increasing Income:

After the policyholder's death, his/her nominee will receive a lump sum life cover. Also, the nominee will receive an increasing monthly income for the next 10 years, which would be equal to 0.4% of the lump sum life cover. which will increase every year by 10% p.a. of the first monthly income payable. 

Increasing Cover:

In this variant, the sum assured will increase by 5% p.a of lump sum life cover on each policy anniversary (till 21st policy year). In case of the demise of the policyholder, the nominee will immediately receive the sum assured (as on last policy anniversary) as lump-sum. 

Reducing Cover:

In this variant, the sum assured decreases by 5% p.a of the lump sum life cover on completion of every 5th policy year. If the policyholder dies, his/her nominee will immediately receive the sum assured amount (as on the last policy anniversary) as a lump sum.

What are the Benefits of Buying Max Life Smart Term Insurance?

  • The plan offers comprehensive protection against 40 critical illnesses, including the dreaded illnesses like kidney failure, heart attack, and cancer.
  • The plan offers additional benefits in the form of riders such as Accidental Cover.
  • The plan provides the flexibility to choose premium payment options as per your budget and requirements.
  • The policy offers tax benefits under Section 80C, 80D, and 10(10D) of the Income Tax Act, 1961.

Premium Illustration

Vishal, a 30 years old male, wants to invest in Max Life Smart Term Plan for 70 years of coverage and the premium payment term is 30 years. He selected the 'Pay till 60' option for premium payment. Let's see how the premium fluctuates concerning variants and sum assured.

Sum Assured

Premium Payment Term (in Rupees)

Monthly 

Quarterly

Semi-Annually

Annually

25 Lacs

665

1,972

3,875

7,552

50 Lacs

561

1,664

3,269

6,372

75 Lacs

842

2,495

4,904

9,558

1 Crore

997

2,957

5,812

11,328

How To Buy Max Life Smart Term Plan?

Buy from Max Life:

  1. Visit Max Life Insurance website and click on 'Calculate Premium'.
  2. Enter the required details and click on 'Calculate Now'.
  3. Choose the coverage amount, premium, and add-on covers (if you wish to).
  4. Fill the details & pay the premium. Your policy will reach your inbox in no time.

Buy from PolicyX.com:

  1. Scroll up at the top of this page to find 'Free Quotes From Top Companies', fill the details, and click on 'Continue'.
  2. Out of all the quotes, choose the Max Life Smart Term plan and click on 'Buy Now'.
  3. Pay the premium and your policy will be shared in your inbox soon.

Frequently Asked Questions

1. Can I increase my cover later?

Yes, one can increase the insurance coverage once they have achieved all the important milestones of life.

2. Can I return or cancel my policy?

One has the option to return his/her policy as the plan offers a free look period of 15 days.

3. Is there an option of getting my premium back?

The plan offers a premium back option, which can be availed at the policy inception. Under this benefit, if the policyholder survives throughout the policy term, 100% of the annualized premium will be paid.

4. What premium payment modes are available under this plan?

The plan offers four modes of premium payment- Annual, Semi-annual, Quarterly, and Monthly.

5. Does this plan offer any financial assistance on the diagnosis of critical illness?

Max Life Smart Term Plan helps you to immediately avail financial help in the form of accelerated payouts under its Accelerated Critical Illness (ACI) Benefit.

Last updated on 25-09-2020