Close
  • Close
Explore Products

Help Us To Help You

Thank you for your interest in YES BANK’s Personal Loan Product. Our representative will get in touch with you shortly

You may be eligible for a pre approved loan.
Login to NetBanking

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

UIN: 104N113V03

With Max Life Smart Term Plan, provide a 360-degree financial protection to your family in your absence.

key attractions

Death Payment

Term Cover with multiple death benefit payout options including increasing monthly income and lump sum payouts

Additional Coverage

Comprehensive protection against 40 critical illnesses, additional benefits in the form of riders such as Accidental Cover

Longer Coverage Duration

Choose your own desired policy term with coverage available up to age 85 years pay till 60

Eligibility

  • Entry Age:

    • Minimum:

      • 18 years

    • Maximum:

      • 60 years (Regular Pay)

      • 44 years (Pay till 60)

  • Maturity Age:

    • Base Death Benefit: 85 years

    • Accelerated Critical Illness (ACI) Benefit Option: 75 years

    • Accident Cover Option: 85 years

  • Policy Term:For Base Death Benefit and Accelerated Critical Illness (ACI) Benefit

    • Option1: 10 years to 50 years

    • Option2:

      • Minimum: 5 Years

      • Maximum: 50 years

Benefits

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 variant –

    • 1.25 times the Single Premium plus underwriting extra premium if any

    • For Other variants - 10 times the Annualised 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

  • Guaranteed** Sum Assured on Maturity

  • Any absolute amount assured to be paid on death#

You can choose any one of the following seven Death Benefit variants. You have to select the Lump sum Life Cover amount or the Monthly income (and the income payout tenure) to be paid on death of Life Insured, in addition to the Policy Term and Premium Payment Term. The Death Benefit variant has to be chosen at policy inception and cannot be changed later.

Death Benefit variants

Death Benefit details

(Provided policy is in force)

  1. Life Cover

  • The Lump sum Life cover amount chosen by the You at policy inception will be paid to the beneficiary, immediately on death of the Life Insured.
  • The Sum Assured under the option is the lump sum life cover amount chosen by You.
  • In case Accelerated Critical Illness (ACI) Benefit claim has been paid, the Life cover amount shall be reduced to the extent of the claim paid out on account of ACI Benefit.
  1. Income Protector

  • A fixed level monthly income for payout duration of 10 years, 15 years or 20 years as chosen by You at policy inception will be paid to the beneficiary post the date of death of the Life Insured. The monthly income will be payable each month on the anniversary date, starting from the next monthly anniversary post the date of death of the Life Insured.

  • The Sum Assured under the option will be derived basis the monthly income and payout duration chosen by You based on applicable income factors.

  • Please note that the monthly income can be chosen only in intervals of Rs.5, 000.

  • In case Accelerated Critical Illness (ACI) Benefit claim has been paid, the monthly incomes payable will be reduced proportionately to the extent of reduction in Sum Assured on account of ACI Benefit claim paid out.

  1. Income + Inflation Protector

  • Increasing monthly income for payout duration of 10 years, 15 years or 20 years as chosen by the You at policy inception will be paid to the beneficiary on death of the Life Insured. The first monthly income shall be equal to that chosen by you and thereafter income will increase every year by 10% p.a. (simple interest) of the first monthly income payable. The monthly income will be payable each month on the policy anniversary date, starting from the next monthly anniversary post the date of death of the Life Insured.

  • The Sum Assured under the option will be derived basis the monthly income and the payout duration chosen by you at policy inception based on applicable income factors.

  • Please note that the monthly income can be chosen only in intervals of Rs.5, 000.

  • In case Accelerated Critical Illness (ACI) Benefit claim has been paid, the monthly incomes payable will be reduced proportionately to the extent of reduction in Sum Assured on account of ACI Benefit claim paid out.

  • Please note that the future increase (10% p.a. simple) in the income would be calculated basis the revised first monthly income.

  1. Life Cover + Income

  • On death of the Life Insured the following will be paid:

    • The Lump sum Life cover amount chosen by the Policyholder at policy inception will be paid to the beneficiary immediately on death of the Life Insured, plus

    • Level monthly income of 0.4% of the Lump sum Life cover amount will be paid for 10 years, such that the 120 regular monthly incomes will be equal to 48% of the policy Sum Assured.

  • The Sum Assured is the sum of the Lump sum Life cover amount and the first Monthly income payable times the applicable income factors.

  • Please note that the monthly income will be payable each month on the policy anniversary date, starting from the next monthly policy anniversary post the date of death of the Life Insured.

  • In case Accelerated Critical Illness (ACI) Benefit claim has been paid, the Lump sum Life cover amount shall be reduced by the extent of the claim paid out on the account of ACI Benefit. However, the level monthly income shall remain unchanged.

  1. Life Cover + Increasing Income

  • On death of the Life Insured the following will be paid:

    • The Lump sum Life cover amount chosen by the Policyholder at policy inception will be paid to the beneficiary immediately on death of the Life Insured, plus

    • Increasing monthly income will be paid for 10 years, wherein the first year monthly income shall be equal to 0.4% of the Lump sum Life cover amount. The income will increase every year by 10% p.a. (simple interest) of monthly income payable in the first year.

    • The Sum Assured is the sum of the Lump sum Life cover amount and the first Monthly income payable times the applicable income factor.

    • Please note that the monthly income will be payable each month on the policy anniversary date, starting from the next monthly anniversary post the date of death of the Life Insured.

E.g.: A policy with Sum Assured of Rs.1, 00, 00,000 is sold on 10th January 2019 and the Life Insured dies on 25th June 2019. In this case, the first monthly income will be paid on 10th July 2019 (i.e. the next monthly anniversary post the date of death of the Life Insured) and thereafter on 10th of each month, for a period of 10 years. Following table illustrates the monthly income payable to the beneficiary:

Time Period

Monthly income payable on 10th of each month

10th July 2019 till 10th June 2020

Rs.40,000

10th July 2020 till 10th June 2021

Rs.44,000

10th July 2021 till 10th June 2022

Rs.48,000

10th July 2022 till 10th June 2023

Rs.52,000

10th July 2023 till 10th June 2024

Rs.56,000

10th July 2024 till 10th June 2025

Rs.60,000

10th July 2025 till 10th June 2026

Rs.64,000

10th July 2026 till 10th June 2027

Rs.68,000

10th July 2027 till 10th June 2028

Rs.72,000

10th July 2028 till 10th June 2029

Rs.76,000

In case Accelerated Critical Illness (ACI) Benefit claim has been paid, the Lump sum Life cover amount payable shall be reduced to the extent of the claim paid out on the account of ACI Benefit. However, the increasing monthly income shall remain unchanged.

  1. Increasing Cover

  • Under this variant, the Sum Assured payable increases by 5% p.a. (simple interest) of the Lump sum Life cover amount chosen by you at policy inception on each policy anniversary

  • Immediately on death of the Life Insured, Sum Assured effective as on the last policy anniversary will be paid to the beneficiary as lump sum

  • Please note that under this variant, the Sum Assured will increase only till completion of 21st policy year. The Sum Assured will not increase from 22nd policy year onwards and will be the same as Sum Assured effective as on the last policy anniversary

  • The Sum Assured under this variant is the Lump sum Life cover amount chosen by the Policyholder at policy inception

  • Please note that Accelerated Critical Illness benefit and Life Stage Add on benefit options are not available with this death benefit variant

  1. Reducing Cover
  • Under this variant, the Sum Assured payable decreases by 5% p.a. (simple interest) of the Lump sum Life cover amount, on completion of every 5th policy year. Immediately on death of the Life Insured, Sum Assured effective as on the last Policy Anniversary will be paid to the beneficiary as lump sum.

  • The Sum Assured under this variant is the Lump sum Life cover amount chosen by the Policyholder at policy inception.

  • Please note that:

    • This variant is available if Lump sum Life cover amount chosen at inception is greater than or equal to Rs.1 Crore.

    • Maximum Accident Cover Sum Assured available under the variant is lower of 25% of Lump sum Life cover amount chosen at inception or Rs.50 lacs.

    • Please note that Accelerated Critical Illness benefit and Life Stage Add on benefit options are not available with this death benefit variant.

 

Maturity Benefit:

No maturity benefit is payable except in case where Premium Back variant is selected in which case if the Life Insured survives throughout the policy term, 100% of the Total Premiums Paid plus underwriting extra premiums (i.e.) under the base policy only (corresponding to base Sum Assured and any Life Stage Add on Sum Assured) will be paid at end of policy term and the policy will terminate.

 

Riders:

  • Max Life Waiver Of Premium Plus Rider(UIN- 104B029V03) - Waiver for all future premiums under a policy on earlier happening of either of the following events, provided the policy is in force: a) Critical Illness; or b) Dismemberment; or c) Death (only when Life Insured and Policyholder are different individuals)

Please refer to the respective Rider Prospectus for more details.

 

Tax Benefits:

  • As per the prevailing tax laws, the premium paid is eligible for tax exemption under section 80 C as per the Income Tax Act 1961. Death benefits received by the policyholder’s nominee are also tax-free.

 

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.

 

*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

** Guaranteed Sum Assured on Maturity is 100% of the Total Premiums Paid plus underwriting extra premium, if any if Premium Back Option is chosen and NIL otherwise

#The absolute amount assured to be paid on death will depend on the death benefit option chosen by the policyholder at inception of the policy.

Payment Options

Flexible Premium Payment Term (to be chosen at inception; cannot be changed subsequently):

  • Single Pay Variant (Policy Terms ranging from 10 years to 50 years)

  • Regular Pay Variant (Policy Terms ranging from 10 years to 50 years)

  • Limited pay Variant: 5 Pay / 10 Pay / 12 Pay / 15 Pay (Policy Term = Premium Payment term + 5 years; Max Policy Term = 50 years)

  • Pay till 60 Variant: The Premium Payment Term will be equal to 60 less Entry Age (Age last birthday), subject to a minimum Premium Payment Term of 16 years and entry age being less than or equal to 44 years

How Does It Work?

 

Illustration Disclaimer:

*Annualised Premium shall be the premium amount payable in a policy year chosen by the policyholder, excluding Extra Premium, Rider Premium, loading for modal premiums and applicable taxes, cesses and levies, if any.

Please note that all applicable taxes, cesses and levies as imposed by the Government from time to time are collected over and above the Policy Premium

Extra Premium will be charged for Sub-standard lives as per companies board approved underwriting policy

Disclaimers

**The Guaranteed and Non-Guaranteed benefits are applicable only if all due premiums are paid.

 

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 Company Limited is a Joint Venture between Max Financial Services Limited and Mitsui Sumitomo Insurance Co. Limited. Max Life Insurance Co. Ltd., 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) -122 002. For more details on the risk factors, terms and conditions, please read the prospectus carefully before concluding a sale. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in tax laws. Insurance is a subject matter of solicitation. Trade logos displayed belong to Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. respectively and are used by Max Life Insurance Co. Ltd. under a license. You can call us on our Customer Helpline No. 1860 120 5577, Website- https://www.maxlifeinsurance.com/ , SMS 'LIFE' to 5616188.

YES BANK Limited is the Corporate Agent of Max Life Insurance Co. Ltd. Registered Office: YES BANK Limited, IFC - 2, 15th Floor, Senapati Bapat Marg, Elphinstone Marg (W), Mumbai – 400013. The purchase of a Max Life Insurance product by YES BANK’s customer is purely on a voluntary basis. As YES BANK is not in the business of insurance, there is no link either direct or indirect between the banking services offered by the bank to its customers and use of the insurance products.

IRDAI Certificate Regn. No. CA0125

IRDAI Regn. No: 104

ARN No.: Max Life/Yes Bank/SmTP/Web Page/Aug 2020

BEWARE OF SPURIOUS / FRAUD PHONE CALLS!

  • IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums.

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

what would you like to do next?

Important Documents
download app
Android App for YES BANK
App Store for YES BANK
yes pay wallet

Digital Wallet with free Virtual card and UPI which can be used to send/receive money, mobile/DTH recharge, pay bills and much more

Read More

Download Forms

Documents Required

  • MaxLife Smart Term Plan - Premium Table
  • Commission Disclosure
  • MaxLife Smart Term Plan - Product Leaflet
  • Rider Prospectus (UIN - 104B029V03)
  • MaxLife Smart Term Plan - Product Prospectus