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

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

**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.

**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.

**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