Max Life Smart Secure Plus Plan Review, Benefits, Eligibility, features, benefits, rider, surrender value and more details read here.
With the fast-changing economy, managing everyday expenses can be challenging. There should be a contingency plan to meet the growing needs of the family. Max Life Smart Secure Plus plan can help in meeting the financial needs of the family.
It is specially designed to meet the financial requirements and provide reliable support in case of contingencies. With the Smart Secure Plus plan, the insured gets two death benefits, which include cover for terminal illness and exit value. Know this Max Life Smart Secure Plus plan in detail.
Max Life Smart Secure Plus Plan
Managing rising expenses in a fast-changing economy can be challenging. You need a contingency plan that can accommodate the evolving financial needs of your family. Max Life Smart Secure Plus is specially designed to meet all financial needs and provide reliable support in case of emergencies.
Max Life Smart Secure Plus Plan is a non-linked non-participating life insurance plan that offers death benefit and other inbuilt benefits like terminal illness cover and a special exit value. This special exit value is applicable only for NROP (Pure Protection) and policy term 40 and above. This term plan also offers joint life cover, premium break, additional payouts on accidental death. Hence, it is a comprehensive protection plan that is customized as per the preferences of their clients.
Max Life Smart Secure Plus Plan Eligibility
| Name of Insurance:- | Max Life Smart Secure Plus |
| Entry Age: | Minimum:- 18 Years Maximum:- Regular Pay – 65 Years Pay Till 60 – 44 Years |
| Minimum Sum Assured: | Death Base Benefit:- Rs.20,00,000 Accelerated Critical Illness (ACI) Benefit Option:- Rs.5,00,000 Accident Cover Option:- Rs.50,000 |
| Maximum Sum Assured: | Death Base Benefit:- No Limit (Subject to Board approval) Accelerated Critical Illness (ACI) Benefit Option:- 50% of Base Death Benefit Accident Cover Option:- Rs.1,00,00,000 |
| Premium Payment Mode: | Yearly/Half-Yearly/Quarterly/Monthly |
| Policy Term: | Base Cover: 10 to 67 Years Accelerated Critical Illness (ACI): 10 to 50 Years Accident Cover Option:- 5 to 67 Years |
| Maturity Age (Maximum): | Death Base Benefit:- 85 Years Accelerated Critical Illness (ACI) Benefit Option:- 75 Years Accident Cover Option:- 85 Years |
| Official website: | maxlifeinsurance.com |
Features of Max Life Smart Secure Plus
Some of the key features of Max Life Smart Secure Plus Plan are as follows:
Return of Premium
In this insurance plan if you survive till the policy term, you can get 100% of the total premiums paid with premium return feature. This benefit is available with both the base cover and all premium paying terms and policy terms. If you want the assurance of getting your money back at the end of the policy term, then this plan can work well for you.
Premium Break
In this policy, after the completion of the term of ten years, you can take a premium break from paying the premium. You can choose this option twice during the premium payment term. Premium break option is available for policies with term of more than 30 years and premium payment term of more than 21 years.
Special Exit Value
You have an option to exit the policy with the exit benefit of return of premium. Use this option only for base cover. Once the premiums for the policy are returned, the policy will be terminated. Notably, this option is available if the policy term for a pure protection plan is 40 years or more.
Sum Assured Top-up
This plan gives you the option to increase the Sum Assured at an advanced stage of the policy term. If the chosen Sum Assured (at the inception of the policy) is more than or equal to Rs.50 Lakhs, then this option can be easily exercised after the completion of one policy year. This cover can be increased up to 100% of the Basic Sum Assured.
Benefits of Max Life Smart Secure Plus Plan
Death Benefit
If the life insured dies during the policy term. In such situations, the insurer pays the guaranteed death benefit to the beneficiary of the insured under the plan. The payment to be made to the beneficiary of the insured will be as follows:
- For Single Pay – 1.25 times the single premium plus underwriting additional premium (if any)
- For other PPT – 10 times of annualized premium along with underwriting additional premium (if any)
- 105% of full premium paid plus underwriting additional premium (if any) plus modal premium loading.
Maturity Benefit
You can opt for the return of premium variant with the Smart Secure Plus plan at the time of purchasing the policy. In that case, it entitles you to receive maturity benefits on survival till the policy term. With this option available, you can get the total premium amount paid at the end of the policy term.
Terminal Illness Cover
As part of the benefits of this term insurance plan, your financial needs will be taken care of if you are suffering from a terminal illness. In such an event, 100% of the Guaranteed Death Benefit (limited to 1 Crore) will be paid to you on certification by a Medical Practitioner.
Accident Cover Benefit
Under this benefit, in case of death of the life assured due to an accident, the family of the life assured receives the cover amount along with the base cover. You can add this cover to your term plan at any time during the premium paying term subject to the terms of accident cover.
Accelerated Critical Illness (ACI)
You are eligible to receive the cover amount on diagnosis of any of the 40 specified critical illnesses, provided the policy is in force and fulfills other terms and conditions.
Joint Life Cover
If you are looking for a policy that can meet the needs of your spouse after you, then this can be a preferred option. An important concern while buying term insurance is the financial care of your spouse in case of an unfortunate event. While purchasing Max Life Smart Secure Plus plan, you can choose a Joint Life cover to secure your life as well as that of your partner. Here’s how it would work:
- In case of your spouse’s untimely death or being diagnosed with a critical illness, a guaranteed death benefit of Rs 10 lakh will be given to the beneficiary, and the primary life cover will continue at reduced premium and Basic Sum Assured . The assurance chosen by you will be payable to your spouse in the pay-out option of their choice.
- In case you happen to meet your spouse in an unfortunate event, and if they are diagnosed with a critical illness or pass away in the future, a guaranteed death benefit of Rs 50 lakh will be given to the beneficiary. Additionally, it comes with an in-built waiver of premium, which means that on your demise, the premium for your spouse’s sum assured will be waived off.
Riders of Max Life Smart Secure Plus Plan
Max Life Waiver of Premium Plus Rider
This rider will waive all future premiums under the plan in case of the following unfortunate events:
- Critical illness
- Disability
- Death (This would be vested in case the policyholder or the life assured is an individual. In such cases the rider benefit would be paid on the death of the policyholder.)
Max Life Critical Illness and Disability Rider
This rider provides benefits on diagnosis of any of the covered critical illnesses.
Grace Period
A grace period of 30 days is available for quarterly, half-yearly, and annual premium payments. Same if you pay monthly premium then you get 15 days discount. If the premium is not paid before the end date of the grace period, the policy will lapse.
Revival
In case of non-receipt of premium, no benefit will be paid. The policy can be revived within the revival period of 5 years from the due date of unpaid premium.
Free look period
If you are not satisfied with the terms and conditions or features of the policy, you have the option to cancel it by returning the policy document to the insurance company within 15 days from the date of receipt of the policy document. In case of digital policies through distance marketing, a free look period of 30 days is allowed.
The Bottom Line:
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