(A Non-Linked Non Participating Individual Pure Risk Premium Life Insurance Plan)
With Max Life Smart Term Plan, provide a 360-degree financial protection to your family in your absence.
Term Cover with multiple death benefit payout options including increasing monthly income and lump sum payouts
Comprehensive protection against 40 critical illnesses, additional benefits in the form of riders such as Accidental Cover
Choose your own desired policy term with coverage available up to age 85 years pay till 60
60 years (Regular Pay)
44 years (Pay till 60)
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
Minimum: 5 Years
Maximum: 50 years
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)
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:
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.
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.
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.
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.
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
*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
**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!
Digital Wallet with free Virtual card and UPI which can be used to send/receive money, mobile/DTH recharge, pay bills and much moreRead More