Max Life Smart Secure Plus Plan
Max Life Insurance is one of the renowned insurers in the insurance sector. It is known for its quality products and excellent customer service. Max Life Smart Secure Plus plan is a comprehensive financial plan that offers complete security while aligning with your needs and requirements. This policy acts as a financial support system during emergencies. It comes with several benefits and features such as two death benefits, cover for terminal illness amongst others.
Max Life Smart Secure Plus Plan Features
- Max Life Smart Secure Plus plan is a comprehensive term plan providing financial assistance for various kinds of emergencies.
- This term plan offers a host of benefits fulfilling varied financial requirements of individuals.
- It comes with the Return of Premium option wherein upon surviving the policy term, you receive all the premiums paid. This benefit is available with both base covers, and all policy terms, and premium payment terms.
- Max Life Smart Secure Plus plan comes with a unique feature of Premium Break. This feature allows you to take a premium break from paying the premiums once the policy completes 10 years of tenure. During a premium break, the policy remains active with the risk cover option as per the policy terms and conditions. You can opt for this option twice during the premium payment term. This feature is available for policies with policy term over 30 years and premium payment term over 21 years.
- Under the Special Exit Value of Max Life Smart Secure Plus plan, you get a one-time option to exit the policy with an exit benefit of Return of Premiums only in case of the base cover. Once the premiums are returned, the policy gets terminated. This option is available if the policy tenure for the pure protection plan is over 40 years. It is not available with the return of premium variant.
- With the Voluntary Sum Assured Top-Up feature, the sum assured can be increased at a later stage of the policy tenure. If the chosen sum assured is greater than or equal to Rs 50 lakhs, you can exercise this option after completing one policy year. The cover can be increased up to 100% of the base sum assured. This option is available for a policy with a minimum term of 10 years and a minimum premium payment term of 5 years. It can be exercised after 1 year waiting period from the time of policy issuance.
Max Life Smart Secure Plus Plan Eligibility Criteria
|Minimum/ Maximum Age at Entry||18 years/ 65 years for Regular pay |
For pat till 60: 44 years
|Maturity age||Base Death Benefit: 85 years |
Accelerated Critical Illness: 65 years
Accident Cover: 85 years
|Minimum Sum Assured||Base Death Benefit: Rs 20 lakhs |
Accelerated Critical Illness: Rs 5 lakh (minimum)
Accident Cover option: Rs 50,000 (minimum)
|Maximum Sum Assured||Base Death Benefit: No limit |
Accelerated Critical Illness: 50% of a base death benefit
Accident Cover option: Rs 10 lakh
|Premium Payment Mode||Yearly, Half-yearly, Quarterly, and Monthly|
Max Life Smart Secure Plus Plan Benefits
- Max Life Smart Secure Plus plan offers death benefits, ensuring strong financial support for your loved ones with the Life Cover or Increasing Life Cover option. You can choose from different variants and provide an adequate sum assured in the coming years.
- Max Life Smart Secure Plus plan also offers Terminal Illness Cover wherein in case you are diagnosed with a terminal illness, your financial needs will be taken care of with 100% of the guaranteed death benefit.
- This plan provides maturity benefit with the return of premium variant, which entitles you to receive all premiums paid if you survive the policy term.
- Max Life Smart Secure Plus Plan offers Accident Cover wherein the insured’s family gets the cover amount along with the base cover in case of the policyholder’s demise due to an accident. This cover can be added to the term plan at any time during the premium payment term, subject to the conditions for the accident cover.
- The Accelerated Critical Illness benefit under Max Life Smart Secure Plus Plan provides the cover amount upon diagnosis of any of the 40 specified critical illnesses, required that the policy is in-force and fulfills the other terms and conditions.
- This policy takes care of your spouse’s requirements in your absence as it offers joint-life benefits. So, if you are looking for a life cover for your spouse under a single policy, then Max Life Smart Secure Plus plan is an ideal option. In case of the untimely demise of your spouse before you or diagnosed with a terminal illness, a guaranteed death benefit of Rs 10 lakhs is paid to the beneficiary and primary life cover continues at a reduced premium. And in case you suffer an untimely incident before your spouse and in the future, if they are diagnosed with a terminal illness or passed away, then the guaranteed death benefit of Rs 50 lakhs is paid to the nominee. In addition, it also comes with a built-in premium waiver wherein the premiums will be waived off for your demise on your demise.
- Max Life Smart Plus plan comes with rider benefit options, including waiver of premium plus rider and critical illness cover.
Max Life Smart Secure Plus Plan Exclusions
Max Life Smart Secure Plus Plan does not cover death due to suicide within 12 months from the policy commencement or the date of policy revival; the policy shall terminate immediately. In such cases, the insurer shall only refund the total premiums paid plus underwriting extra premium plus loading for modal premiums paid (but exclusive of taxes, cesses & levies as imposed by the Government from time to time) the nominee.
In case the policyholder has chosen increase sum assured using Voluntary Sum Assured Top-Up option, suicide clause will be applicable on the increased sum assured due to Voluntary Sum Assured Top-Up option. Hence, if the life insured commits suicide within 12 months, from the date of increase in sum Assured due to Voluntary Sum Assured Top-Up, the nominee will get Sum Assured under the base policy + return of additional premium (Total Premiums Paid plus underwriting extra premium paid plus loading for modal premiums paid) that was paid to increase the sum Assured because of Voluntary Sum Assured Top-Up. The increased sum assured will not be paid as suicide happened within 12 months of increase in sum assured due to Voluntary Sum Assured Top-Up.
Max Life Smart Secure Plus Plan Review
Max Life Smart Secure Plus Plan is a comprehensive term insurance plan offering complete financial security in the absence of the policyholder. The policy comes with various features and benefits such as spouse cover, rider benefits, premium break option, different premiums payment terms and mode, life cover options, and payout options, fulfilling different requirements of the individuals.