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(A Non-Linked Non- Participating Individual Pure Risk Premium Life Insurance Plan)

UIN: 104N118V01

Max Life Smart Secure Plus Plan gives you the freedom to design your own plan that suits your financial protection needs.

Key Attractions

Base Benefit

Life coverage to suit personal needs

Inbuilt Options

Added protection at no cost**

Add on Benefits

Enhanced protection through optional benefits and riders*

Eligibility

**As per eligible conditions

*Additional Premium Required

  • Entry Age:

    • Minimum: 18 years

    • Maximum:

      • All PPT - 65 years; except

      • Pay till 60 - 44 years

  • Maturity Age:

    • Base Death Benefit 85 years

    • Accelerated Critical Illness (ACI) Benefit: 75 years

    • Accident Cover: 85 years

  • Policy Term: Base Policy

    • Minimum: 10 years

    • Maximum:

      • 67 years for Pure Protection

      • 50 years for Return of Premium

  • Accelerated Critical illness

    • Minimum:10 years

    • Maximum: 50 years

  • Accident Cover

    • Minimum: 10 years

    • Maximum:

      • 67 years for Pure Protection

      • 50 years for Return of Premium

Benefits

  • Life Cover- Sum Assured chosen at inception will remain level through the term of the policy

  • Increasing Life Cover- Under this cover, the Base Sum Assured chosen at inception increases by 5% p.a. (simple interest) on each policy anniversary, subject to maximum of 200% of Base Sum Assured chosen at inception.

Death Benefit:

On the death of the Life Insured anytime during the term of the policy, provided the policy is in-force, the Company will pay the Guaranteed Death Benefit under the Plan. Guaranteed Death Benefit is defined as higher of:

  • For Single Pay - 1.25 times the Single Premium plus underwriting extra premium if any; For Other Premium Payment Term - 10 times the Annualized Premium* plus underwriting extra premium, if any,

  • 105% of Total Premiums paid ^ plus underwriting extra premium plus loadings for modal premiums as on the date of death

  • Any absolute amount assured to be paid on death#

* “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 same irrespective of the premium payment mode.

^"Total Premiums Paid " means total of all the premiums received, excluding any extra premium, any rider premium and taxes.

#“Absolute Amount Assured to be Paid on Death” is the base sum assured in case of Life Cover and increased sum assured at the time of death in case of Increasing Life Cover (in case of Joint Life option, only the sum assured for Primary Life shall increase under Increasing Life Cover).

 

Claim Payout:

The beneficiary at the claim stage can choose from the following payout options:

  • Lumpsum, i.e. 100% of the Guaranteed Death Benefit will be paid as Lumpsum.

  • Monthly Income, i.e. monthly payment for a fixed period of 10 years starting from the next monthly anniversary following the date of intimation of death. The monthly payment shall be determined basis the prevailing RBI Bank Rate less 1% p.a. as on the date of intimation of death.

  • Part Lumpsum and Part Monthly Income (at the then prevailing RBI Bank Rate less 1% p.a.) i.e. the nominee can select the proportion of Guaranteed Death Benefit payable as Lumpsum and the remaining Guaranteed Death Benefit would be payable as Monthly Income. The proportion of Lumpsum and Monthly income amount can be chosen in multiple of 10%.

Note: Default payout option shall be lump sum in case no payout option is exercised.

The option to convert lumpum into monthly income payout shall not be available under claims against Terminal Illness, Accelerated Critical Illness and Accident Cover.

 

Terminal Illness:

On diagnosis of Terminal Illness, 100% of Guaranteed Death Benefit (subject to maximum of INR 1 Cr) will be payable.

Terminal Illness benefit will accelerate the death benefit i.e. once a Terminal Illness claim is paid, the death benefit sum assured will be reduced by the terminal illness claim amount. The Terminal Illness Benefit is payable only once during the Policy Term and only one valid Terminal Illness Benefit claim will be admissible and payable under the Policy.

 

Special Exit Value:

Option to receive all premiums paid back (total premiums paid plus underwriting extra premiums paid plus loading for modal premiums, if any) at a specific point in the term of the policy (free of cost). Available when Return of Premium variant is not chosen. No additional premium to be paid

Applicable for:

  • the attained age of 65 years (age last birthday) or

  • ‘x’ policy year (where x is defined as 25th policy year for policy term from 40 years to 44 years and 30th policy year for policy terms greater than 44 years), whichever is earlier.

 

Return of Premium:

Return of 100% of Total Premiums Paid (plus underwriting extra premiums paid plus loading for modal premiums, if any), at end of policy term upon survival.

 

Premium Break:

In case of financial trouble, option to skip paying your premium for a year and still stay covered. 2 premium breaks will be available during the policy term. The option is available for policies with policy term greater than 30 years and premium payment term greater than 21 years. The option is available only under Regular Pay and Pay Till 60 PPT (PPT greater than 21 years).

 

Accident Cover:

Additional coverage against the risk of Accidental death

 

Voluntary Top-up Sum assured:

Additional Protection for Additional Liabilities. Option to double your insurance cover, basis underwriting, at the time of your need by increasing your sum assured up to an additional 100% of base sum assured, chosen at inception.

 

Joint Life Benefit:

Cover your spouse, at inception, at nominal premium.

Under this benefit:

  1. If Secondary Life dies or is diagnosed with terminal illness, whichever is earlier before the death/diagnosis of Terminal Illness of the Primary Life:

  • Guaranteed death benefit of Rs. 10 lacs will be payable to the beneficiary

  • Primary Life cover continues with reduced premium (to the extent to the premium of the Secondary Life) and original base sum assured.

  1. If Secondary Life dies or is diagnosed with terminal illness, whichever is earlier after the death/diagnosis of Terminal Illness of Primary Life:

  • Guaranteed death benefit of Rs. 50 lacs will be payable to your nominee.

  1. The option has an in-built waiver of premium feature whereby premiums (inclusive of loading for modal premiums and taxes) for Secondary Life sum assured will be waived off when the Primary Life dies or is diagnosed with terminal illness, whichever is earlier.

 

Accelerated Critical Illness:

Enhance your life cover, with an additional health cover, with accelerated lumpsum payout in case life insured is diagnosed with any of the 40 critical illnesses.

Please read prospectus for more details

 

RIDERS:

Max Life Waiver of Premium Plus Rider (UIN:104B029V03- A Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider) Comprehensive protection (waiver of future premiums) against Death, Disability & Critical Illness.

Max Life Critical Illness and Disability Rider (UIN: 104B033V01- A Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider): Comprehensive coverage against the risk of critical illness and disability.

 

Tax Benefits:

You may be entitled to certain applicable tax benefits on your premiums and Policy benefits. Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. It is advisable to seek an independent tax consultation.

 

Seamless Claim Settlement Process:

Nominee contacts Max Life and a dedicated Claims Relationship Officer is assigned to him / her to assist in the claims process.

Payment Options

Flexible Premium Payment Options:

  • Premium Payment Term:

  • Limited Pay- 5,10,12 & 15 years

  • Regular Pay

  • Single pay

  • Pay Till 60

  • Payment Mode:

    • Annual

    • Semi-Annual

    • Quarterly

    • Monthly

How Does It Work?

The following illustration will help you understand how Max Life Smart Secure Plus Plan works –

Illustration 1:

Illustration 2:

Sample Annual Premiums: for different Premium Payment Term, 30 year Male, Non-smoker, 40 year Policy Term:

Death Benefit cover

Life Cover Amount (in Rs. )

Single Pay

5 Pay

10 Pay

12 Pay

15 Pay

Pay till 60

Regular Pay(40 pay)

(in Rs. )

(in Rs. )

(in Rs. )

(in Rs. )

(in Rs. )

(in Rs. )

(in Rs. )

Life Cover

1 crore

2,30,961

47,898

24,979

21,237

17,625

11866

11,201

Increasing Cover

1 crore

542,921

86,176

43,618

37,718

30,128

19,496

18,287

 

Important Notes

1. Kindly note that the above case study is only an example and does not in any way create any rights and/or obligations.

2. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. It is advisable to seek an independent tax consultation. Tax benefits are as per prevailing tax laws subject to change

3. Extra premium will be charged for substandard lives as per company’s Board approved underwriting policy.

4. Premium shown in all of the above illustrations is exclusive of GST.

5. Annualized premium definition to be added and correlate the same with the statement mentioned in example.

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 same irrespective of the premium payment mode as shown in illustration.

Disclaimer

YES Bank is a registered Corporate Agent of Max Life Insurance Company Limited under the Corporate Agency License no. CA0125. The Life Insurance Products are offered and underwritten by Max Life Insurance Company Limited having IRDAI Registration No:104, CIN: U74899PB2000PLC045626 having its corporate office at 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) -122 002

Max Life Smart Secure Plus , a Non –Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan, UIN 104N118V01 are provided only by Max Life Insurance Company Limited. They are not Bank deposits or obligations of or guaranteed by YES Bank Limited. All claims under the policy will be solely decided upon by Max Life Insurance Company Limited.

The purchase of any insurance product by YES Bank Customers is purely voluntary and is not linked to availment of any other facility from YES Bank. For more details on risk factors, benefits, waiting period, exclusions, coverage, terms and conditions please read the sales brochure carefully before concluding the sale.

Tax benefits on the Insurance Product are subject to the conditions and limits mentioned in the Income Tax Act 1961 as amended from time to time. Customer is advised to take an independent view from tax consultant.

LIFE INSURANCE COVERAGE IS AVAILABLE IN THIS PRODUCT.THIS LIFE INSURANCE PRODUCT IS OFFERED AND UNDERWRITTEN BY MAX LIFE INSURANCE CO. LTD. THE LIFE INSURANCE CONTRACT IS BETWEEN THE PROPOSER AND MAX LIFE INSURANCE CO LTD.

Max Life Insurance Co. Ltd. is a joint venture between Max Financial Services Limited and Axis Bank Ltd. Insurance is the subject matter of solicitation. For more details on the risk factors, Terms and Conditions, please read the sales and rider prospectus carefully before concluding a sale. Trade logo displayed belongs to Max Financial Services Ltd. and Axis Bank Ltd. respectively and with their consents, are used by Max Life Insurance Co. Ltd. Customer Helpline number 1860 120 5577, Website- https://www.maxlifeinsurance.com/ , SMS 'LIFE' to 5616188.

Please note that all the tax benefits are subject to tax laws at the time of payment of premium or receipt of policy benefits by you. Policy holders are advised to consult tax expert for better clarification /interpretation.

ARN: Max Life/Yes Bank/Webpage /SSPP/ May 2021

IRDAI Regn No: 104 I CA Regn. No. CA0125

For any queries with respect to Insurance Policies bought through YES Bank, kindly contact us at our Toll Free No: 18001200, Email ID: yestouch@yesbank.in, Website: www.yesbank.in

Beware of Spurious Phone calls and Fictitious/Fraudulent offers:

  1. IRDAI is involved in activities like selling insurance policies or announcing bonus or or investment of premiums.

  2. Public receiving such phone calls are requested to lodge a police complaint.

 

For more details on YES Bank copyright & disclaimer and Privacy Policy, please visit our website www.yesbank.in

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  • MaxLife Smart Secure Plus Plan - Premium Table
  • Commission Disclosure
  • MaxLife Smart Secure Plus Plan - Prospectus
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  • MaxLife Smart Secure Plus Plan - Standard Disclaimer