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Smart Term Plan

Max Life Smart Term Plan

A customizable term insurance plan that fits and protects all your evolving needs.

Why This Plan?

Key Attractions

Every individual’s needs are different and with the plethora of features available under Max Life Smart Term Plan to choose from, you can make your own term plan:-

  • Comprehensive death benefit variants: Max Life Smart Term Plan helps you customize the protection required at affordable prices by offering 7 death benefit variants .
  • Option to pay your premiums as per your budget : Choose from a range of premium payment terms – Once, for a limited period or throughout the policy term.
  • Longer coverage duration: Choose your own desired policy term with coverage available upto age 85 years
  • Accelerated payout in case life insured is diagnosed with any of the 40 specified critical illnesses by choosing “Accelerated Critical Illness Benefit” by paying additional premium – increasing option also available which ensures your cover stays relevant to your age.
  • Additional Protection with Additional Liabilities. Enhance your cover at important mile-stones of your life by choosing Life Stage Event Benefit by paying additional premium.
  • Comprehensive protection against Death, Disability & Critical Illness by adding Max Life Waiver of Premium Plus Rider & against accidental death by adding Max Life Accident Cover option by paying additional premium.
  • Get all your money back with the Premium Back option available under the plan by paying additional premium.

 

Sum Assured and Eligibility

  • Sum Assured (Base Cover): Base Death Benefit Non-Medical Sales: ` 10,00,000. Medical Sales: `25,00,000 for all death benefit variants other than the Reducing Cover death benefit variant.

For Reducing Cover death benefit variant, the minimum Sum Assured is `1,00,00,000 Accelerated Critical Illness (ACI) Benefit Option Minimum: `5,00,000; Accident Cover Option Minimum: `50,000

  • Entry Age : Min. Minimum Age:- 18 years Max.- Regular Pay:- 60 years ; Pay till 60 variant : 44 years

  • Maximum Maturity Age: Base Death Benefit: 85 years ; Accelerated Critical Illness (ACI) Benefit Option: 75 years ; Accident Cover Option: 85 years

  • Policy Term: Base Death Benefit Policy Term starting from 10 years to 50 years ; Accelerated Critical Illness (ACI) Benefit Option Minimum Policy Term : 10 Years Maximum Policy Term : 50 Years,

Accident Cover option Minimum Policy Term : 5 Years Maximum Policy Term : 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.

MaturityBenefit :

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 annualised premiums paid (i.e. total premiums paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies and modal extra) 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.

Tax Benefits:

You may be entitled to 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.

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:

  • Pick any premium payment term variants from the following:-

  • Single Pay variant available for policy terms ranging from 10 years to 50 years

  • Regular Pay variant, where Policy Term is equal to Premium Payment Term and available for all policy terms ranging from 10 years to 50 years;

  • Limited pay variant: 5 Pay/10 Pay/12 Pay/15 Pay a) 5 pay available for all policy terms ranging from 10 years to 50 years b) 10 pay available for policy terms ranging from 15 years to 50 years c) 12 pay available for policy terms ranging from 17 years to 50 years d) 15 pay available for policy terms ranging from 20 years to 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. For this option the Page 18 of 40 policy term should be greater than premium payment term and can be a maximum of 50 years (subject to maximum cover ceasing age of 85 years)

  • Payment Mode: Annual, Semi-Annual, Quarterly and Monthly.

How Does This Work:

Variant #1 – Life Cover: 100% of the Sum Assured chosen at policy inception will be paid to the beneficiary as lump sum, immediately on death of the Life Insured.

Sample Illustration – Mr. Shankar is a 30 year old software engineer. He buys Max Life Smart Term Plan Life Cover variant. The details of the policy are as follows:-

Death Benefit variant

Sum Assured

Policy Term

Premium Payment Term

Annual Premium

(Exclusive of GST)

Life Cover

`1 crore

40 years

40 years

`9,500

 

After paying 5 premiums, he passes away. A lump sum benefit of `1 crore is paid out to his nominee and policy terminates

 

1447425103813

 

Variant #2 – 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 nominee post the date of death of the Life Insured.

Sample Illustration – Mr. Sharma is a 35 year old salaried professional working with an MNC. He buys Max Life Smart Term Plan Income Protector variant. The details of the policy are as follows:-

Death Benefit variant

Monthly Income chosen

Payout period chosen

Policy Term

Premium Payment Term

Annual Premium

(Exclusive of GST)

Income Protector

`1,00,000

10 years

40 years

40 years

`13,685

 

After paying 8 premiums, he passes away. A monthly income of `1 lac is paid out to his nominee every month for 120 months starting from the next monthly policy anniversary post Mr. Sharma’s death.

1447425104144

Variant #3 – Income + Inflation Protector: An increasing 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 nominee post the date of death of the Life Insured. The monthly income increases every year by 10% p. a. (simple interest) of the first monthly income payable.

Sample Illustration – Mr. Khan is a 40 year old salaried professional working with an MNC. He buys Max Life Smart Term Plan Income Protector variant. The details of the policy are as follows:-

Death Benefit variant

Monthly Income chosen

Yearly Increase

Payout period chosen

Policy Term

Premium Payment Term

Annual Premium (Exclusive of GST)

Income + Inflation Protector

`1,00,000

`10,000

(10% of first month income)

10 years

40 years

40 years

`24,282

After paying 6 premiums, he passes away. A monthly income of `1 lac which increases every year by `10,000 is paid out to his nominee for 120 months as chosen by Mr. Khan at inception. The monthly income starts from the next monthly policy anniversary post Mr. Khan’s death.

1447425104284

Variant #4 – Life Cover + Income: 100% of the Sum Assured chosen by You is payable immediately on death of life insured + a fixed monthly income of 0.4% of Sum Assured will be paid for next 10 years every month post death of life insured.

Sample Illustration – Mr. Singh is a 30 year old businessman. He buys Max Life Smart Term Plan Life Cover + Income variant. The details of the policy are as follows:-

Death Benefit variant

Sum Assured chosen

Monthly Income payable

Payout period for income

Policy Term

Premium Payment Term

Annual Premium (Exclusive of GST)

Life Cover + Income

`1 crore

`40,000

10 years

40 years

40 years

`13,062

After paying 5 premiums, Mr. Singh passes away. A lump sum benefit of `1 crore is paid out to his nominee immediately on death. Also, a monthly income of `40,000 is paid out to his nominee for the next 120 months.

1447425104434

Variant #5– Life Cover + Increasing Income: 100% of the Sum Assured chosen by You is payable immediately on death of life insured + a monthly income of 0.4% of Sum Assured which increases every year by 10% p.a. (simple interest) of the first monthly income payable will be paid for next 10 years every month post death of life insured.

Sample Illustration – Mr. Guha is a 40 year old businessman. He buys Max Life Smart Term Plan Life Cover + Increasing Income variant. The details of the policy are as follows:-

Death Benefit variant

Life Cover amount chosen

Monthly Income payable

Yearly Increase

Payout period for income

Policy Term

Premium Payment Term

Annual Premium (Exclusive of GST)

Life Cover + Increasing Income

`1 crore

`40,000

`4,000

(10% of first month income)

10 years

40 years

40 years

`28,113

After paying 7 premiums, Mr. Guha passes away. A lump sum benefit of `1 crore is paid out to his nominee immediately on death. Also, a monthly income of `40,000 which increases by `4,000 every year is paid out to his nominee for the next 120 months.

1447425104617

Variant #6 – Increasing Cover: The Sum Assured increases by 5% p.a. (simple interest) on each policy anniversary till completion of 21st 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.

Sample Illustration – Mr. Reddy is a 30 year old doctor. He buys Max Life Smart Term Plan Increasing Cover variant. The details of the policy are as follows:-

Death Benefit variant

Sum Assured

Yearly Increase in Sum Assured till completion of 21st policy anniversary

Policy Term

Premium Payment Term

Annual Premium (Exclusive of GST)

Increasing Cover

`1 crore

`5 lacs

40 years

40 years

`15,400

After paying 5 premiums, Mr. Reddy passes away due to illness. The Sum Assured effective as on the last policy anniversary which is `1.2 crores as shown in below table is paid out as lump sum to his nominee and policy terminates.

Number of premiums paid

Sum Assured effective during the last policy year

Increase in Sum Assured

Effective Sum Assured

1

`1 crore

(base sum assured chosen by Mr. Reddy)

0

`1 crore

2

`1 crore

`5 lacs

`1.05 crore

3

`1.05 crore

`5 lacs

`1.1 crore

4

`1.1 crore

`5 lacs

`1.15 crore

5

`1.15 crore

`5 lacs

`1.2 crore

Variant #7 – Reducing Cover: The Sum Assured decreases by 5% p.a. (simple interest) 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.

Sample Illustration – Mr. Paul is a 45 year old businessman. He buys Max Life Smart Term Plan Reducing Cover variant. The details of the policy are as follows:-

Death Benefit variant

Sum Assured

Reduction in Sum Assured on completion of every 5 policy years

Policy Term

Premium Payment Term

Annual Premium (Exclusive of GST)

Reducing Cover

`10 crore

`50 lacs

40 years

40 years

`2,04,000

The effective Sum Assured for a given policy year for Mr. Paul is shown in below table:-

Policy Year

Sum Assured effective during the last 5 policy years

Decrease in Sum Assured

Effective Sum Assured

1 to 5

`10 crore

(base sum assured chosen by Mr.Reddy)

0

`10 crore

6 to 10

`10 crore

`50 lacs

`9.5 crore

11 to 15

`9.5 crore

`50 lacs

`9 crore

16 to 20

`9 crore

`50 lacs

`8.5 crore

21 to 25

`8.5 crore

`50 lacs

`8 crore

26 to 30

`8 crore

`50 lacs

`7.5 crore

31 to 35

`7.5 crore

`50 lacs

`7 crore

36 to 40

`7 crore

`50 lacs

`6.5 crore

After paying 27 premiums, Mr. Paul passes away. Hence, the Sum Assured effective in 27th policy year which is `7.5 crores as shown in table above is paid out as lump sum to his nominee and policy terminates.

Disclaimer:

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/

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/AURAA/Smart Term Plan/Web Page/Jul 2019

 

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.

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