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.
Max Life Smart Term Insurance can be purchased by anyone who is earning and has dependents to care for. For example-
Age of entry
Maximum age of maturity
Minimum Sum Assured
The values may change as per the chosen plan option
The plan offers seven different variants for the death benefit payout. Let us understand each variant in detail:
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.
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.
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.
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.
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.
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.
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.
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.
Premium Payment Term (in Rupees)
Yes, one can increase the insurance coverage once they have achieved all the important milestones of life.
One has the option to return his/her policy as the plan offers a free look period of 15 days.
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.
The plan offers four modes of premium payment- Annual, Semi-annual, Quarterly, and Monthly.
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 21-12-2020