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Term Insurance 516 views April 21, 2021
Considering today’s world, everybody wants to have financial stability in case of an emergency. Max Life Smart Secure Plus Plan could be that financial shield to your family if something unfortunate happens. Before choosing this comprehensive plan from Max Life, let’s look at its key features mentioned below.
- Comprehensive financial security with two death benefit options
- Longer coverage duration up to 85 years
- Terminal illness benefit up to INR 1 crore
- Flexibility to receive death benefits according to your convenience
- Return of the premium feature
- Option to pay premiums according to your budget
- Accidental cover on payment of additional premiums
If you want to know about the features of the Max Life Smart Secure Plus Plan in detail, this page can help you in the same. Here, we will discuss all of them so that you can understand them better. Keep reading to know more!
Table of Contents
What is the Minimum Sum Assured for Max Life Smart Secure Plus Plan?
Under the Max Life Smart Secure Plus Plan, the minimum sum assured for the base death benefit option stands at INR 20 lakh, while for secondary life (in joint life), it stands at INR 10 lakh. For the Accelerated Critical Illness benefit option, the minimum sum assured will be INR 5 lakh. On choosing the Accident Cover option, individuals can get a minimum and maximum sum assured of INR 50,000 and INR 1 crore, respectively.
Let’s Discuss the Benefits of the Max Life Smart Secure Plus Plan in Detail!
We are discussing the different benefits of the Max Life Smart Secure Plus Plan – Two Death benefit options, terminal illness cover, maturity benefit, etc. – in detail. Have a look!
Two Death Benefit Options
With the Max Life Smart Secure Plus Plan, policyholders can choose between two death benefit options according to their preferences – Life Cover and Increasing Life Cover.
With the life cover option, the base sum assured will remain the same throughout the policy term. On the other hand, increasing life cover, the base sum assured will increase at a rate of 5% per annum every policy year (up to 200% of the base sum assured).
Nominees can also choose to receive the death benefit from different payout options – as a lump sum amount, as monthly income (in 120 installments) or part lump sum & part monthly income.
Terminal Illness Cover
If a policyholder is diagnosed with a terminal illness, he/she will get 100% of the guaranteed death benefit (up to INR 1 crore) as part of the policy benefits. The medical practitioner needs to provide certification regarding the terminal illness.
Maturity Benefit
On choosing the Return of Premium option with your Max Life Smart Secure Plus Plan, you will get all your premiums paid back (during premium payment term) as maturity benefit if you survive till the policy term.
Accident Cover
If a policyholder dies due to an accident, his/her family will get the sum assured (for accident cover) along with the base cover. Policyholders can choose this additional cover anytime during the premium payment term by paying an additional premium amount.
Accelerated Critical Illness Cover
If a policyholder gets diagnosed with any of 40 specified critical illnesses, you will get the base sum assured along with the Accelerated Critical Illness cover if the policy is in force.
Special Exit Value
With this option from Max Life Smart Secure Plus Plan, policyholders can get a one-time option to exit the policy. Upon exit, individuals will receive an Exit Benefit on return of premiums for the base cover only. Also, your policy will terminate once your premiums have been returned.
What is the Policy Term for Max Life Smart Secure Plus Plan?
Under the Max Life Smart Secure Plus Plan, the policy term depends on the benefit type. To know more, you can check the below table.
| Benefit Type | Minimum Policy Term | Maximum Policy Term |
|---|---|---|
| Base Cover | 10 years | 67 years |
| Accelerated Critical Illness (ACI) | 10 years | 50 years |
| Accident Cover | 5 years | 67 years |
What is the Premium Payment Term?
Individuals can choose a premium payment term for Max Life Smart Secure Plus Plan at the time of the inception of the policy, and it will depend on the policy term chosen. To know more, check the below table.
| Premium Payment Term | Base Policy Term | Accelerated Critical Illness Policy Term | Accident Cover Policy Term |
|---|---|---|---|
| Single Pay | 10 to 67 years | Not Available | Not Available |
| Regular Pay | 10 to 67 years | 10 to 50 years | 5 to 67 years |
| 5 Pay | 10 to 67 years | Not Available | 10 to 67 years |
| 10 Pay | 15 to 67 years | 10 years | 10 to 67 years |
| 12 Pay | 17 to 67 years | 10 to 12 years | 10 to 67 years |
| 15 Pay | 20 to 67 years | 10 to 15 years | 10 to 67 years |
| Pay till 60 (the premium payment term will be equal to 60 less entry age) | Policy term should be greater than premium payment term, up to 67 years | 10 to (60 less entry age) years | 6 to 67 years |
Max Life Smart Secure Plus Plan Eligibility Criteria
Check the eligibility criteria for the Max Life Smart Secure Plus Plan mentioned below.
- The minimum entry age stands at 18 years, while the maximum age can be 65 years.
- The maximum maturity age can be 85 years for Base Death Benefit and Accident Cover, while it stands at 75 years for Accelerated Critical Illness benefit.