Smart Term Plan
  • 100% return of premium
  • Loyalty Discount of 5%
  • 7 Variants of Death Benefit

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About Max Life Smart Term Plan - An Overview

The Max Life Smart Term plan is a pure risk, individual, non-linked, non-participating term insurance plan. It allows for customizations against critical illness, disability, and death benefits.

Who should buy the Max Life Smart Term Plan?

  • Single individuals with dependent parents
  • Married individuals with dependent spouse and/or children

Key Features of Max Life Smart Term Plan

  • The plan offers long-term coverage, till the age of 85.
  • 100% return of premium post plan maturity*.
  • It comes with a free look period of 15 days.
  • A loyalty discount of up to 5% can be availed by existing policyholders.
  • It offers lower premium rates for non-smokers.
  • Multiple premium payment options viz. Single premium, Regular premium, Limited premium, Pay till 60

Benefits of Buying Max Life Smart Term Plan

Benefits of Buying Max Life Smart Term Plan

Max Life Smart Term Plan: Insurance Riders

Max Life offers a number of exciting riders for policyholders to enhance their coverage. Let's take a look at the riders available under the Max Life Smart Term Plan.

  1. Accelerated Critical Illness (ACI)

    This benefit allows the insured to cover medical expenses upon diagnosis of any of the 40 pre-specified critical illnesses. Max Life offers two options under this benefit for users to choose from.

    Level ACI Benefit Increasing ACI Benefit
    Sum Assured is fixed throughout the policy term. Sum Assured will increase at a rate of 5% p.a. till the end of the policy period.
    Minimum Sum Assured
    Rs. 5 Lakhs
    Minimum Sum Assured
    Rs. 5 Lakhs
    Maximum Sum Assured
    50% of base policy Sum Assured; or
    Rs. 50 Lakhs
    Maximum Sum Assured
    25% of base policy Sum Assured; or
    Rs. 25 Lakhs

    **Last Updated on June, 2021

  2. Life Stage Add on Sum Assured

    This benefit allows policyholders to increase cover amount upon reaching certain milestones in life. The option cannot be added after the inception of the policy. In addition, this option cannot be availed if a claim for ACI has been made.

    The table below lists the life stage events applicable under this rider.

    Life Stage events Add on Sum Assured
    Marriage* 50% of the death benefit, not exceeding Rs. 50 Lakhs
    Childbirth** 50% of the death benefit, not exceeding Rs. 25 Lakhs
    House loan*** 50% of the death benefit, not exceeding Rs. 50 Lakhs

    **Last Updated on June, 2021

    * Only once during the policy term and should not be already married

    ** Only twice during the policy term

    *** Only once during the policy term

  3. Accident Cover

    This is an additional cover that individuals can avail themselves for extra coverage along with the base cover. In the event that the Life Assured dies of an accident, nominees are liable to receive the Sum Assured as a lump sum in addition to the death benefit and irrespective of the death benefit variant chosen.

  4. Premium Back

    The Premium Back option is highly sought after by those looking to invest in a term insurance policy and for the right reasons. As the name suggests, policyholders receive 100% of the total premium paid by them throughout the policy period if they survive upon term maturity. This benefit is available with all the variants of death benefit and across all premium payment modes and policy terms.

  5. Availability of Riders across Death Benefit Variants

    The table below illustrates the benefits available across the 7 variants of the death benefit.

    Variants Benefits / Riders
    ACI Accident Cover Life Stage
    Add-on
    Premium Back
    Life Cover Available Available Available Available
    Income Protector Available Available Available Available
    Income + Inflation Protector Available Available Available Available
    Life Cover + Income Available Available Available Available
    Life Cover + Increasing Income Available Available Available Available
    Increasing Cover Not Available Available Not Available Available
    Reducing Cover Not Available Available Not Available Available

    **Last Updated on June, 2021

Eligibility Criteria

Age at Entry Minimum: 18 years
Maximum: 60 years (Regular Pay)
44 years (Pay till 60 variant)
Maximum age at Maturity Base plan: 85 years
ACI Benefit: 75 years
Accident Cover: 85 years
Policy Term Base plan: 10 to 50 years
ACI Benefit: 10 to 50 years
Accident Cover: 5 to 50 years
Premium Payment Options Single premium, Regular premium, Limited premium, Pay till 60
Minimum Sum Assured Base plan: Rs. 10,00,000
ACI Benefit: Rs. 5,00,000
Accident Cover: Rs. 50,000

**Last Updated on June, 2021

*ACI stands for Accelerated Critical Illness

Max Life Smart Term Plan: Death Benefit Variants

The table below illustrates each death benefit variant available under the scheme.

Life Cover Nominee receives the sum assured as lump-sum immediately after the demise of the life insured
Income Protector Nominee receives fixed level monthly income for up to 10, 15, or 20 years
Income + Inflation Protector Nominees receive an increasing amount in monthly income for up to 10, 15, or 20 years. The first month's income is as chosen by the policyholder; subsequent monthly income increases by 10% p.a.
Life Cover + Income Nominees receive the sum assured as a lump sum plus fixed monthly income (0.4% of lump sum) for 10 years
Life Cover + Increasing Income Nominees receive the sum assured in a lump sum plus an increasing amount of monthly income payable for a period of 10 years. The first month's income is 0.4% of a lump sum; subsequent monthly income increases by 10% p.a.
Increasing Cover Sum assured increases by 5% p.a.; upon the death of insured, the nominee receives lump sum effective as of last policy anniversary
Reducing Cover Sum assured decreases by 5% p.a. every 5thpolicy year; upon the death of insured, nominees receive lump sum effective as of last policy anniversary

**Last Updated on June, 2021

Sample Premium Illustration

In the table below, we have presented the premiums payable against each death benefit variant based on a sample scenario. We have assumed the policyholder to be a 30 years old, non-smoker male who bought the Max Life Smart Term plan for coverage till the age of 70.

Death Benefit Variant Cover Amount
(in ₨)
Regular Pay
(in ₨)
Limited Pay (in ₨) Pay till 60
(in ₨)
Single Pay
(in ₨)
5 Pay 10 Pay 12 Pay 15 Pay
Life Cover 1 Crore 10,800 52,800 24,300 20,600 17,700 13,600 2,21,400
Income Protector* 1 Lakh / month 11,955 58,206 26,751 22,832 19,598 15,188 2,41,643
Income + Inflation Protector** 1 Lakh / month 14,983 73,249 33,711 28,578 24,555 18,867 3,07,148
Life Cover + Income*** 1 Crore 15,033 73,495 33,825 28,674 24,638 18,931 3,08,180
Life Cover + Increasing Income**** 1 Crore 16,793 82,100 37,785 32,031 27,522 21,147 3,44,259
Increasing Cover 1 Crore 17,600 87,800 39,500 33,200 28,300 21,900 3,72,700
Reducing Cover 1 Crore 9,300 44,200 20,400 17,500 15,100 11,800 1,82,800

**Last Updated on June, 2021

* Sum Assured at Inception: Rs. 97,99,000

** Sum Assured at Inception: Rs.1,38,73,000

*** Monthly income: Rs. 40,000; Sum Assured: Rs.1,39,19,600

**** 1st year monthly income: Rs. 40,000; Sum Assured: Rs. 1,55,49,200

Exclusions under Max Life Smart Term Plan

Max Life has specified certain exclusions in the Smart Term Plan under which policyholders are exempted from the benefit payable. These exemptions come into effect if death occurs as a result of the following:

  1. Suicide Exclusion:

    In the event that the Life Insured, irrespective of her/his sanity, dies by suicide within 12 months from the date of policy inception, or the date of revival of the policy, the policy shall stand terminated, effective immediately.

  2. ACI and Accident Benefit Rider Exclusion:

    Life Assured is not entitled to receive benefit under the ACI rider in case of:

    • Death due to delayed medical treatment
    • Death due to alcohol abuse or taking of drugs, narcotics, or psychotropic substances
    • Death due to participation in an unlawful act with criminal intent
    • Death due to war, terrorism, invasion, rebellion, military power, riots, or civil commotion
    • Death while being engaged in any naval, military, or air force operation during times of peace
    • Death due to professional sport(s) or any adventurous pursuits or hobbies such as deep-sea diving, skydiving, cliff diving, bungee jumping, paragliding, hand gliding, and parachuting, among others

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.5/5 (44 Total Rating)

June 16, 2021

Victor Dutta

Agra

I m really happy with the riders provided by Max Life. I bought a term plan and the riders just make sure that I have a thorough cover.

June 16, 2021

Sanjeev Roy

Gandhinagar

I went to file a claim at Max Life. I was thoroughly impressed by their support. They made sure that I got my due and I m so thankful.

May 27, 2021

Gayatri Todarmal

Indore

I have excellent work experience with Policyx.com.They give proper training of all products then move to floor for work, Office atmosphere is too good everyone is friendly and supporting nature. I thank to Policyx.com😊

May 12, 2021

Ankita Singh

Pune

I am a customer of Max insurance company from the last two years and I am very happy with the service of this company. Keep it up Max life insurance.

May 10, 2021

Shashi

Bengaluru

Through out the process from booking the policy to explaing the policy was smooth. Extra effort from Ajay bharadwaj he took extra time to solve the query and answered all my questions patiently. Appreceiate. Thanks

Last updated on June, 2021

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