Max Life Smart Total Elite Protection
- Cover continuous benefit
- Terminal illness cover
- Early exit benefit
Mostly a term insurance plan offers coverage for a particular term and requires you to pay your premiums at the said intervals. But, have you ever heard of a term plan that gives you a grace period of 12 months for paying your next premium? Max Life Smart Total Elite Protection Term plan is such a plan that allows you to defer your premiums for 12 months while your coverage stays intact!
Max Life STEP plan is a pure-risk comprehensive solution that comes at an affordable price. It allows you to design your term plan and add additional coverage against accidental disability, and critical illness.
You must be wondering what makes this plan stand out from the other ones. Here we have listed the three unique benefits that make Max Life Total Elite Protection stand apart from the other term plans.
The cover continuous benefit is an inbuilt product feature. In this benefit, the policyholder gets a grace period of up to 12 months for the payment of the next premium. During that period, your term insurance policy still covers you. If there is a claim during these 12 months, the company will pay the death benefits as per the plan only after deducting the unpaid premium amount, if any as of the date of death.
Conditions associated with Cover Continuous Benefit:
Under this benefit, an amount of 2 lacs shall be paid out of the basic sum assured within one working day from the claim registration date after you submit all the mandatory documents. You can utilize Insta Payment after a waiting period of 1 year from the policy's inception or revival.
Conditions associated with Insta Payment on Claim Intimation:
Early Exit benefit allows you to exit the term plan early starting the 30th policy year and receive all your paid premiums back.
The Early Exit Value is determined based on the formula:
70% x (Total premiums paid + underwriting extra premiums paid + loading for modal premiums (if any)) x (Unexpired Term/Policy Term).
Conditions attached with Early Exit Benefit:
| Features | Specifications |
| Minimum and maximum entry age | Minimum Age - 18 years Maximum Age - Regular Pay and Limited Pay - 65 years Pay till 60 - 44 years |
| Maturity Age | Base Death Benefit - 85 years Accelerated Critical Illness (ACI) Benefit - 75 yrs Accident Cover - 85 years |
| Policy term | Minimum term - 10 years Maximum term - 67 years |
| Sum assured | Base sum assured: 1 crore to no limit. (ACI): 5 Lakh to 50 Lakh Accident Cover: 50 thousand to 1 crore. |
| Policy Loan | Not available Premium Payment Modes Annual, half-yearly, quarterly & monthly |
Here are the benefits associated with the Max Life Smart Total Elite Protection plan.
You can add the following riders to your Max Life STEP plan:
Max Life Waiver of Premium Plus rider supports the insurer and their family by waiving off all future premiums of the term plan, in case of the occurrence of any of the following events:
Under a waiver of premium (WOP) rider, only the base premium amount of the policy will be waived off, while all other components like add-one, or rider premiums will not be waived off under the same.
Under the critical illness rider, the policyholder receives an additional sum assured along with the base sum assured of the policy, in case of diagnosis of any listed 40 critical diseases.
While in accidental disability features, if you are not capable of earning for more than 6 months of period, and all of your future premiums will be waived off.
Here is the list of exclusions associated with the plan:
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Varun is a passionate content writer with over three years of experience in the insurance domain. An avid learner, he stays ahead of the industry's trends ensuring his writing remains fresh and includes the latest insurance shifts. Through his work, Varun strives to engage with targeted insurance readers.
