Max Life Smart Secure Plus Plan
With the rapidly changing economy, managing everyday expenses can become challenging. One must have a contingency plan to meet the family's growing needs. Max Life Smart Secure Plus Plan can act as a saviour to create a financial net around the family. It is specifically designed to fulfil financial requirements and offer reliable support in case of contingencies. With the Smart Secure Plus Plan (A Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan UIN: 104N118V06), the insured gets two death benefits, including a cover for terminal illness and an exit value. In addition, this plan provides optional benefits such as premium breaks, joint life cover, additional payout on accidental death and much more....Read More
Max Life Smart Secure Plus Plan
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What is Max Life Smart Secure Plus Plan?
It can be challenging to manage the growing expenses in a rapidly changing economy. It would be best if you had a contingency plan to accommodate your family’s evolving financial requirements. Max Life Smart Secure Plus Plan – a new product offering of Max Life term insurance comes to your rescue and helps you create a financial shield that can accommodate any such changes.
Max Life Smart Secure Plus Plan offers two death benefits. The Smart Secure Plus Plan is designed to fulfil your financial security requirements and provide a dependable support system for emergencies. You also get inbuilt benefits such as cover for terminal illness and a special exit value*.
This term plan also offers an array of optional benefits such as joint life cover, premium breaks, additional payout on accidental death and more. With this plan, your insurance needs are completely covered. It can work as a one-stop solution for your financial security requirements. As the policy buyer, it is best to understand how the policy works to be more aware of your financial decisions.
(*This is only applicable for NROP (Pure Protection), Policy Term 40 and above)
Max Life Smart Secure Plus Plan
A plan that provides comprehensive financial protection.
₹ 1 Cr
Life Cover
64
Critical Illness Cover
₹ 46K*
Tax Savings
- Return of Premium : Get back all premiums paid on survival till maturity
- Limited pay option : Pay premium till 60 years for a life cover till 85 years
Disclaimers:
~This is applicable for a 24-Year Old Healthy Male, Non-Smoker, 25 Years Policy Term, 25 Year Premium Payment Term (exclusive of GST) for Max Life Smart Secure Plus Plan. *Tax benefits as per prevailing tax laws, subject to change. Save Rs. 46,800 on taxes if the insurance premium amount is Rs.1.5 lakh per annum and you are a regular Individual, falling under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime.
MAX LIFE CRITICAL ILLNESS AND DISABILITY RIDER (UIN- 104B033V01) available as a rider on payment of additional premium. Extended cover of up to 85 years is available with gold and platinum variant only. @64 critical illnesses covered in platinum and platinum plus variant on payment.
ARN: PC/SSPP/050623
Tax exemptionup to Rs. 54,600~#
High life cover at affordable premiums
Claim Paid Ratio^99.51%
Coverage against 64 critical illnesses@
How does Max Life Smart Secure Plus Plan work?
Having a sound financial plan against unforeseeable circumstances is crucial. You can ensure your family’s well-being in your absence by investing your hard-earned money in the right instrument. Let’s understand how the Max Life Insurance term plan works in detail to help you make a well-informed decision.
With Max Life Smart Secure Plus Plan, you get to choose from the following benefit types and policy term options while purchasing the policy:
| Benefit Type | Minimum Policy Term | Maximum Policy Term* |
|---|---|---|
| Base Cover | 10 Years | 67 Years |
| Accelerated Critical Illness (ACI) Option | 10 Years | 50 Years |
| Accident Cover Option | 5 Years | 67 Years |
Additionally, there are different premium payment terms available such as:
| Premium Payment Term (PPT) | Available Base Policy Terms* | Available ACI Policy Terms | Available Accident Cover Policy Terms* |
|---|---|---|---|
| Single Pay | 10 Years to 67 Years | NA | NA |
| Regular Pay | 10 Years to 67 Years | 10 Years to 50 Years | 5 Years to 67 Years |
| 5 Pay | 10 Years to 67 Years | NA | 10 Years to 67 Years |
| 10 Pay | 15 Years to 67 Years | 10 Years | 10 Years to 67 Years |
| 12 Pay | 17 Years to 67 Years | 10 Years to 12 Years | 10 Years to 67 Years |
| 15 Pay | 20 Years to 67 Years | 10 Years to 15 Years | 10 Years to 67 Years |
| Pay Till 60 The premium payment term will be equal to (60 less Entry Age (Age last birthday)) | Policy term should be greater than premium payment term and can be a maximum of 67 years | 10 Years to (60 less Entry Age (Age last birthday)) | 6 Years to 67 Years |
This plan offers two death benefit options to cater to diverse financial requirements. Mr Kapur can choose from a Life Cover or an Increasing Life Cover, depending on his preference.
1. Life cover
The base sum assured that Mr Kapur chooses at the policy’s inception will remain the same throughout the policy term.
2. Increasing Life Cover
The base sum assured that Mr Kapur chooses at the policy’s inception will grow at a rate of 5% annually at each policy anniversary, subject to a maximum of 200% of the base sum assured. This life cover is ideal for managing the impact of inflation and increased cost of living.
In addition, the beneficiary of Mr Kapur’s policy may choose from different payout options at the claim stage. Since each family’s financial profile is different, the payout options allow them to receive the money on their terms per their preference.
1. As a Lump Sum
In the case of Mr Kapur’s untimely demise, his family will receive 100% of the guaranteed death benefit as a lump sum upon claiming at the claims stage with the Max Life term insurance.
2. As Monthly Income
His family can receive the guaranteed death benefit as regular payments in 120 instalments or 120 monthly incomes to replace the income source. This option can work for families like Mr Kapur’s, where he is the sole wage-earner. It will allow them to meet the monthly expenses and keep a steady flow of income.
3. Part Lump Sum and Part Monthly Income
This option for the payout allows Mr Kapur’s family to receive the guaranteed death benefit as a lump sum amount and a monthly income. They can choose the proportion of the death benefit payable as a lump sum, and the remaining death benefit will be payable as a monthly income.
Benefits of Max Life Smart Secure Plus Plan
Let’s understand the benefits of Max Life Smart Secure Plus Plan in detail:
Death Benefit
You can establish a strong financial support system for your loved ones with the Life Cover or Increasing Life Cover option offered by Max Life Smart Secure Plus Plan. This plan allows you to choose from variants and ensure that the sum assured is adequate even for the coming years. With the options for customisation available, you can cover all your bases and keep your family secure and financially stable during challenging times. Since the primary objective of any term plan is to cover the insured individual’s life and financial liabilities, it is crucial to choose the life cover option carefully. Make sure you map your financial requirements for the future well and select the life cover option that aligns with your objectives fittingly.Terminal Illness Cover
As part of this term insurance plan benefits, your financial needs will be taken care of if you are diagnosed with a terminal illness. In such a scenario, 100 % of the guaranteed death benefit (capped at 1 crore) will be paid to you upon certification by a medical practitioner.Maturity Benefit
Suppose you opt for the return of the premium variant with a smart secure plus plan at the time of purchase. In that case, it entitles you to receive a maturity benefit upon surviving the policy term. With this option available, you can receive the total premium paid at the end of the policy term.Accident Cover
Under this benefit, the insured's family receives the cover amount and base cover in case of the insured individual’s demise due to an accident. You can add this cover to your term plan (Max Life Smart Secure Plus Plan) at any time during the premium payment term, subject to the conditions for the accident cover.Accelerated Critical Illness
With the Accelerated Critical Illness (ACI) benefit, you are eligible to receive the cover amount upon diagnosis of any of the 40 specified critical illnesses, provided the policy is in-force and meets other terms and conditions.Joint Life Benefit
If you are looking for a policy that can take care of your spouse’s needs after you, this may be a preferred choice. A significant concern when buying term insurance is the financial care of your spouse in case of an unfortunate event. Therefore, choosing a policy like the Max Life Smart Secure Plus Plan can give you peace of mind. When buying the Max Life Smart Secure Plus Plan, you can choose a joint life cover to secure your partner’s life and yourself. Here’s how it would work:- In case your spouse meets with an untimely demise before you or is diagnosed with a terminal illness, a guaranteed death benefit of Rs 10 lakhs will be payable to the beneficiary. The primary life cover will continue at a reduced premium and the original sum assured chosen by you will be payable to your spouse in the payout option of their choice.
- In case you suffer an unfortunate incident before your spouse, and if in the future, they are diagnosed with a terminal illness or pass away, the guaranteed death benefit of Rs. 50 lakhs will be payable to the nominee. Additionally, it comes with a built-in premium waiver, meaning premiums will be waived off for your spouse’s sum assured upon your demise. Riders for Additional Benefits.
Riders
Along with the base benefits of the Max Life Smart Secure Plus Plan, you can choose from various riders to add to your policy. These include a premium plus rider waiver and critical illness cover (CIDR).
Joint Life Term Insurance Policies
The joint life feature in the Max Life Smart Secure Plus plan allows you to opt for additional life cover for your spouse, with a nominal increase in the premium of the base sum assured, at the inception of the policy. This feature offers life cover up to 50 Lac for your spouse, starting at just 5% of the base premium
How does Joint Life Policies work?
With this feature you can cover your spouse, at inception at nominal premium. Under the Joint Life option, both you (Primary Life) and your spouse (Secondary Life) are covered. This option needs to be chosen at the inception of the Policy. Let’s understand this better with the help of an example
Raj, 35-year-old male, choses a base sum assured of 2 Crore for a monthly premium of Rs.3063 (cover till 75) & opts for a joint life option for additional protection for his wife, Seema (30-year-old) by paying just Rs.171 Per month extra. Here, Raj is the PLI & Seema is the SLI.
Under this benefit:
A. If Raj dies or is diagnosed with terminal illness, before Seema’s death/terminal Illness diagnosis
- Death benefit of 2 Cr paid to Raj’s nominee
- Inbuilt waiver of premium to waive off any premiums to be paid for Seema’s life cover
- 50 Lac death benefit to Seema’s nominee on her death/terminal illness diagnosis, in case it happens before end of PT
B. If Seema dies or is diagnosed with terminal illness before Raj’s death/terminal illness diagnosis
- Death benefit of 10 Lac to be paid to Seema’s nominee
- 2 Cr Death benefit to Raj’s nominee on her death/terminal illness diagnosis, in case it happens before end of PT
C. If both Raj & seema die/diagnosed with terminal illness together
- Death benefit of 2 Cr paid to Raj’s nominee
- Death benefit of 50 Lac paid to Seema’s nominee
Eligibility Criteria for Joint Life option
- Joint life cover is available only for your spouse i.e. Secondary Life.
- This option is only available at inception
- Joint life cover is available only if the Primary life base sum assured is greater than or equal to Rs. 1 crore.
- Maximum maturity age for Secondary Life shall be 85 years (age last birthday) post which the Secondary Life policy will terminate irrespective of the Primary Life policy still being inforce
- Premium break cannot be opted with this feature
- Features like ACI, ROP, Increasing cover, voluntary top-up & SEV are applicable on PLI cover only
Why Choose Max Life Smart Secure Plus Plan?
Each year the cost of living is steadily rising, and the threats to life have multiplied. Having a life insurance plan for your family’s future is integral in such a scenario to be prepared against any uncertainties. The new Max Life term insurance plan (Max Life Smart Secure Plus Plan) can be a valuable addition to your financial plan because of the varied multiple benefits and features.
Here are some reasons why you should choose the new Max Life term insurance:
1. Comprehensive Financial Security
Suppose you understand your personal financial requirements well and project future needs cautiously. In that case, you can choose the right combination of features and benefits with the Max Life Smart Secure Plus Plan. The availability of death benefit options and several add-on benefits make the new Max Life insurance term plan a suitable instrument to get comprehensive financial security.
It will enable you to build an all-inclusive financial security plan that can efficiently protect you and your loved ones. If your family depends on your income, it is of utmost importance that you begin investing timely.
2. Health Component
Max Life term insurance (Max Life Smart Secure Plus Plan) comes with a terminal illness benefit that entitles you, the insured person, to the sum assured of up to Rs 1 crore in case of diagnosis of a disease. Without a plan like Max Life term insurance (Smart Secure Plus Plan) that offers 100% of the sum assured in case of a terminal illness (capped to 1 Cr), you may face an immense financial burden to cover the respective medical expenses.
Health-related expenses are the most significant financial drain in a person’s life. It may be unpleasant to think of yourself or your family suffering, but being financially prepared for such situations is crucial. Therefore, Max Life offers a critical illness and disability rider, which can further strengthen the cover and provide valuable financial assistance to you. Additionally, the health component of the Max Life term plan is a desirable advantage, considering the rise in cases of critical illnesses in recent years.
3. Flexibility of Claims Payout
It offers the flexibility of claims pay-out to your beneficiary to receive the sum assured as per their requirements in case of the insured’s untimely demise. They can opt to receive the death benefit as a lump sum amount, regular payments to replace the monthly income source or as a combination of both (as per the nominee’s choice).Since term insurances are long-term protection plans, the needs of your family may have transformed by the time they receive the death benefit. So, the availability of multiple pay-out options can help them use the money according to their needs at the time. For instance, they can take the lump sum amount if there is a significant expense, such as a child’s college fees to be paid.
Max Life Smart Secure Plus Plan Features
Return of Premium
Under the new Max Life term insurance, you can receive 100% of the total premiums* paid with the return of the premium feature, in case you survive the policy. This benefit is available with Base Covers and all Premium Payment and Policy Terms. If you wish to have the assurance of getting your money back at the end of the policy term, this plan may work well for you.
*plus underwriting extra premiums plus loading for modal premiums, if any, under the base policy only (corresponding to the base Sum Assured and any Voluntary Sum Assured Top-up)
Premium Break
Special Exit Value
Voluntary Sum Assured Top-Up
Choosing the Right Sum Assured Option for Max Life Smart Secure Plus Plan
When it comes to the comprehensive financial protection of your loved ones it is essential that you select the adequate sum assured. Know more on how to decide the sum assured for your term insurance. You can click on the below tabs and choose the adequate sum assured:
Disclaimer: Standard daily premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN: 104N118V06).
ARN: C/SA/050623
Download Policy related Documents
Riders Available With This Plan
Max Life Waiver of Premium Plus Rider
Max Life Waiver of Premium Plus Rider (UIN: 104B029V04) provides a waiver of all future premiums in case of Critical Illness, Dismemberment, or Death (only when Life Insured and Policyholder are different individuals). This product doesn’t have an in-built Waiver of Premium benefit, thus, the rider benefit is an additional benefit. For more details on the Rider and various terms and conditions, please refer to the Max Life Waiver of Premium Plus Rider Prospectus/ Brochure, Rider Contract, Rider Rates, and Rider Leaflet.
Downloads
Max Life Smart Secure Plus Plan - FAQs
The minimum entry age for the new Max Life term insurance is 18 years, and the maximum age is capped at 65 years. As per the plan, you pay till the age of 60, and the maximum entry age is 44 years.
The premium payment options under this plan are single pay or regular pay. You can alternatively choose a limited pay duration (5 pay, 10 pay, 12 pay, 15 pay, or pay till 60) of the premium payment. The frequency of the premium payment can be annual, half-yearly, quarterly, or monthly.
The policyholder has a period of 15 days (30 days if the policy is sourced through Distance Marketing modes) from the date of receipt of the policy document to review the terms and conditions of the Policy, where if the policyholder disagrees with any of those terms or conditions, they have the option to return the Policy stating the reasons for their objections. The policyholder shall be entitled to a refund of the premiums paid, subject only to the deduction of a proportionate risk premium for the period of cover and the expenses incurred by the company on medical examination of the lives insured and stamp duty charges.
Annualised Premium is the base premium amount payable in a year which the policyholder chooses, depending on the policy period and sum assured. The Annualised Premium remains the same irrespective of the premium payment mode. ‘Annualised Premium’ shall be the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any. The Annualised premium remains the same irrespective of the premium payment mode.
Benefit Type | Maximum Maturity Age (Age last birthday) |
Base Death Benefit | 85 Years |
Accelerated Critical Illness (ACI) benefit | 75 Years |
Accident Cover Option | 85 Years |
For more details on risk factors, terms and conditions, please refer to the product and rider prospectus before concluding a sale.
ARN: PCP/SSPP/060723
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