Max Life Smart Term Plan

Max Life Smart Term Plan

Max Life Smart Term Plan is a comprehensive protection plan providing 360-degree coverage to people belonging to different walks of life and age. It comes with different death benefit variants, which you can choose as per your requirement to support your family at the optimum level. The plan also offers maturity benefits in the form of the return of premium option.

Max Life Smart Term Plan Features

  • Max Life Smart Term Plan comes with multiple death benefit variants – Life Cover, Income Protector, Income + Inflation Protector, Life Cover+ Income, Life Cover + Increasing Income, Increasing Cover, Reducing Cover.
  • This plan offers a maturity benefit option with the return of premium benefit.
  • It covers 40 critical illnesses, including heart attack, cancer, and kidney failure.
  • It gives the option to increase coverage during essential milestones in life.
  • Tax benefits available under Section 80C, 80D, and 10(10D) of the Income Tax act 1961.
  • It offers add-on benefits in the form of riders like Accidental Cover.
  • It has flexible premium payment options – single, regular, pay till 60, and a limited pay option.
  • Max Life Smart Term Plan provides life coverage up to 85 years.
  • The plan offers life coverage to smokers too.

Details of the 7 different death benefit variants under Max Life Smart Term Plan

Death Benefit Variants  Description
Life Cover The nominee receives 100% of the Sum Assured, chosen at the time of purchasing the policy.
Income Protector The nominee receives a fixed monthly income for up to 10 years, 15 years, or 20 years which the policyholder needs to choose at the time of purchasing the policy.
Inflation + Income Protector The nominee receives an increasing monthly income for up to 10 years, 15 years, or 20 years as a death benefit.
Also, the monthly income keeps on increasing every year by 10% of the first monthly income payable (simple interest).
Life Cover + Income The nominee receives 100% of the Sum Assured as a lump sum, along with a fixed monthly income which will be 0.4% of the Sum Assured and paid to the nominee for up to 10 years.
Life Cover + Increasing Income The nominee receives 100% of the Sum Assured along with increasing monthly income, equal to 0.4% of Sum Assured that will increase every year by 10% p.a. (simple interest) of the first monthly income payable. Furthermore, the monthly income payout continues for the next ten years
Increasing Cover The base policy Sum Assured under increases by 5% p.a. (simple interest) on each policy anniversary for up to the 21st policy anniversary. In case of the insured’s demise within this period, the nominee will immediately receive the Sum Assured amount as a lump sum (which will be effective as on the last policy anniversary).
Reducing Cover On completion of every 5th policy year, the Sum Assured decreases by 5% p.a. (simple interest). In case of the insured’s demise within this period, the nominee receives the Sum Assured amount as a lump sum (which will be effective as on the last policy anniversary).

Why should you choose the Max Life Smart Term Plan?

  • To avail complete protection against 40 critical illnesses.
  • To opt for the premium amount according to your budget while securing your loved ones financially.
  • To enjoy maturity benefit in the form of getting back the premiums that you have invested.
  • To avail a shorter duration for premium payment such as paying till 60.
  • To equip your family with a regular flow of income by choosing from multiple death benefit payout options.
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