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Have you ever heard of a term plan that gives you a 12-month grace period before paying your next premium? Max Life Smart Total Elite Protection Term plan is such a plan, allowing you to defer your premiums for 12 months while your coverage stays intact!
Max Life STEP plan is a pure-risk comprehensive solution at an affordable price. It allows you to design your term plan and add additional coverage against accidental disability and critical illnesses.
Max Life Smart Total Elite Protection offers you a range of benefits including:
Minimum Age - 18 years Maximum Age - 65 years
Maximum Maturity Age - 85 years
Minimum term - 10 years Maximum term - 67 years
Base sum assured: 1 crore to no limit.
The policy loan is not available under Smart Total Elite Protection Plan.
Annual, half-yearly, quarterly & monthly
Let's understand how the Max Life Smart Total Elite Protection works with a simple premium illustration.
Mr. Verma is looking for a term plan that provides him with life coverage along with special exit value.
His financial advisor advised him to buy the Max Life Smart Total Elite Protection. He visited PolicyX.com
Let's understand how the Max Life Smart Total Elite Protection works for him with a premium illustration table.
Age of policyholder | Annual premiums | Policy tenure | Premium payment term | Total premiums paid | Sum assured |
30 years | Rs 12,776 | 30 years | 30 years | Rs 3,83,280 | Rs 1 crore |
Key Takeaways: In case of Mr. Verma's demise during the policy tenure, Rs 1 crore will be paid to their nominee.
Here are the benefits associated with the Max Life Smart Total Elite Protection
Max Life Smart Total Elite Protection offers built-in discounts for customers looking for a higher sum assured in term insurance, such as 5 crore or 10 crore.
The plan offers up to 20% lower premium rates for its female policyholders. This discount is valid for all premium payment terms except pay till 60.
The plan does not restrict travel anywhere in the world and future occupation changes; all eligible claims will be settled after submitting all the proper documents.
Max Life Smart Total Elite Protection plan offers tax benefits under section 80C of the income tax act, 1961 for up to 1.5 lakhs of the total premium paid in the same financial year.
Max Life Smart Term 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- Critical Illness or Permanent Disability.
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.
You have to choose your premium payment tenure at the start of the policy and cannot be changed at a later stage.
You can choose your coverage tenure for up to 85 years as per your requirements.
You have the option to receive all premiums paid back, in any policy year starting from the 30th policy year, but not during the last 4 policy years. No additional premium to be paid (free of cost)
You cannot avail of a loan under this policy.
Here is the list of exclusions associated with the plan:
Max Life Smart Total Elite Protection is a simple term plan that offers financial protection to your loved ones after your demise. This plan offers a range of benefits including- special exit value, inbuilt terminal illness cover, cover continuance benefit, etc. If you are still confused about which term plan is best for you then you can contact us at PolicyX.com. One of our insurance representatives will contact you shortly, understand your requirements, and choose a plan that suits your needs.
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The minimum entry age for the Max Life STEP plan is just 18 years of age.
Yes, you can get a tax rebate of up to 1.5 lakh under section 80 of the Income Tax Act.
No, the Max Life Smart Total Elite Protection Term Plan only provides death benefits; no survival benefit will be paid under this plan.
Max Life offers a 30-day grace period and 15 days for an annual premium paid.
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