Max Life Smart Term Plan

Max Life Smart Term Plan Summary

A non-linked, non-participating, individual pure risk premium life insurance plan which is highly popular with customers. Being a term insurance plan, it offers large cover at lower premiums.
 

Plan Name	Smart Term Plan
Product Type	Term Life Insurance
UIN	104N113V04

Key features of Max Life Smart Term Plan

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

• Comprehensive death benefit variants: This plan helps policyholders customize the protection required at affordable prices by offering 7 death benefit variants to choose from at the time of purchase.

Sr. no	Death Benefit Variant
1	Life Cover
2	Income Protector
3	Income + Inflation Protector
4	Life Cover + Income
5	Life Cover + Increasing Income
6	Increasing Cover
7	Reducing Cover

• 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. Moreover, you have the option to pay premiums in yearly, half-yearly, quarterly, or monthly mode.
• Longer coverage duration: Choose your own desired policy term with coverage available up to age 85 years
• Accelerated Critical Illness Benefit: Accelerated payout is offered in case life insured is diagnosed with any of the 40 specified critical illnesses by paying an additional premium - an increasing cover option also available which ensures your risk cover stays relevant to your age.
• Additional Protection with Additional Liabilities: Enhance your cover at important milestones of your life by choosing Life Stage Event Benefit by paying an additional premium.
• Riders & Accidental cover: Get 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 an additional premium.
• Premium Back option: Get all your money back with this option by paying an additional premium.

COMPARE THIS PLAN WITH OTHER TERM PLANS

Amount you wish to be covered for? 10 Lakhs 15 Lakhs 20 Lakhs 25 Lakhs 30 Lakhs 35 Lakhs 50 Lakhs 75 Lakhs 1 Crore 1.5 Crore 2 Crore 2.5 Crore 3 Crore 4 Crore 5 Crore 10 Crore 15 Crore 20 Crore 25 Crore

Duration of Policy? 5 Years 6 Years 7 Years 8 Years 9 Years 10 Years 11 Years 12 Years 13 Years 14 Years 15 Years 16 Years 17 Years 18 Years 19 Years 20 Years 21 Years 22 Years 23 Years 24 Years 25 Years 26 Years 27 Years 28 Years 29 Years 30 Years 31 Years 32 Years 33 Years 34 Years 35 Years 36 Years 37 Years 38 Years 39 Years 40 Years 41 Years 42 Years 43 Years 44 Years 45 Years 46 Years 47 Years 48 Years 49 Years 50 Years 51 Years 52 Years 53 Years 54 Years 55 Years 56 Years 57 Years 58 Years 59 Years 60 Years

Male Female

Tobacco?

Yes

No

I authorize MyInsuranceClub & its partners to Call/SMS & agree to the Terms of Use.

Show premiums

 

Eligibility Criteria for buying Max Life Smart Term Plan

	Minimum	Maximum
Sum assured	Non-medical - ₹ 10 lakhs Medical - ₹ 25 lakhs (except reducing cover variant) Reducing Cover death benefit variant - ₹ 1 crore	No limit, subjected to the underwriting policies of Max Life
Age at entry	18 years	Regular pay - 60 years Pay till 60 variant - 44 years
Maturity age	-	Base Death Benefit: 85 years Accelerated Critical Illness (ACI) Benefit Option: 75 years Accident Cover Option: 85 years
Premium Payment Term	Single Pay variant Regular Pay variant (Policy Term is equal to Premium Payment Term) Limited pay variant (5 Pay / 10 Pay / 12 Pay / 15 Pay) Pay till 60 variant
Premium Payment Modes	Annual, Semi-Annually, quarterly & monthly

Let us understand the above-mentioned premium payment terms and policy term combinations better with the help of this table:
 

Premium Payment Term Variant	Available Base Policy Terms	Available ACI Option Policy Terms	Available Accident Cover Policy Terms
Single Pay	10 Years to 50 Years	NA	NA
Regular Pay	10 Years to 50 Years	10 Years to 50 Years	5 Years to 50 Years
5 Pay	10 Years to 50 Years	NA	5 Years
10 Pay	15 Years to 50 Years	10 Years	5 Years to 10 Years
12 Pay	17 Years to 50 Years	10 Years to 12 Years	5 Years to 12 Years
15 Pay	20 Years to 50 Years	10 Years to 15 Years	5 Years to 15 Years
Pay Till 60	Policy term should be greater than premium payment term (Maximum of 50 years)	10 Years to (60 minus Entry Age)	5 Years to (60 minus Entry Age)

How does Max Life Smart Term Plan work?

Let us understand the working of Max Life Smart Term Plan better with the help of an example:

Mr. Mohit, a software engineer, buys Max Life Smart Term Plan

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

Sum Assured	₹1 crore
Age	30 years
Policy Term	40 years
Premium Payment Term	40 years
Annual Premium (Exclusive of GST)	₹10,500

After 5 years, he passes away. A lump sum benefit of ₹1 crore is paid to his nominee and the policy terminates.

Variant 2 - Income Protector: A fixed level monthly income for payout duration of 10 years, 15 years, or 20 years as chosen by the insured at policy inception will be paid to the nominee post the date of death of the Life Insured.
 

Monthly Income chosen	₹1 lakh
Age	35 years
Pay-out period chosen	10 years
Policy Term	40 years
Premium Payment Term	40 years
Annual Premium (Exclusive of GST)	₹15,874

After 8 years, Mr. Mohit passes away. A monthly income of ₹1 lakh is paid out to his nominee every month for 120 months starting from the next monthly policy anniversary post Mr. Mohit’s death.

Variant 3 - Income + Inflation Protector: An increasing monthly income for payout duration of 10 years, 15 years, or 20 years as chosen by the insured at policy inception will be paid to the nominee post the date of death of the Life Insured.
 

Monthly Income chosen	₹1 lakh
Age	40 years
Yearly Increase	10% p.a.
Pay-out period chosen	10 years
Policy Term	40 years
Premium Payment Term	40 years
Annual Premium (Exclusive of GST)	₹28,301

After 6 years, he passes away. A monthly income of ₹1 lakh which increases every year by ₹10,000 is paid to his nominee for 120 months as chosen by Mr. Mohit at inception. The monthly income starts from the next monthly policy anniversary post his death.

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

Sum Assured	₹1 crore
Age	30 years
Monthly Income payable	₹40,000
Pay-out period for income	10 years
Policy Term	40 years
Premium Payment Term	40 years
Annual Premium (Exclusive of GST)	₹14,616

After 5 years, he passes away. A lump sum benefit of ₹1 crore is paid out to Mr. Mohit’s nominee immediately on death. Also, a monthly income of ₹40,000 is paid out to his nominee for the next 120 months.

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

Sum Assured	₹1 crore
Age	40 years
Monthly Income payable	₹40,000
Yearly Increase	10%
Pay-out period for income	10 years
Policy Term	40 years
Premium Payment Term	40 years
Annual Premium (Exclusive of GST)	₹31,720

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

Variant 6 - Increasing Cover: The Sum Assured increases by 5% p.a. on each policy anniversary till the completion of the 21st policy anniversary. Immediately on the death of the Life Insured, Sum Assured effective as on the last policy anniversary will be paid to the beneficiary as a lump sum.
 

Sum Assured	₹1 crore
Age	30 years
Yearly Increase in Sum Assured	₹5 lakhs
Policy Term	40 years
Premium Payment Term	40 years
Annual Premium (Exclusive of GST)	₹17,000

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

Policy Year	Increase in Sum Assured	Effective Sum Assured
1	0	₹1 crore
2	₹5 lakhs	₹1.05 crore
3	₹5 lakhs	₹1.1 crore
4	₹5 lakhs	₹1.15 crore
5	₹5 lakhs	₹1.2 crore

Variant 7 - Reducing Cover: The Sum Assured decreases by 5% p.a. on completion of every 5th policy year. Immediately on the death of the Life Insured, Sum Assured effective as on the last policy anniversary will be paid to the beneficiary as a lump sum.
 

Sum Assured	₹10 crore
Age	45 years
Annual reduction in Sum Assured	₹50 lakhs
Policy Term	40 years
Premium Payment Term	40 years
Annual Premium (Exclusive of GST)	₹2,34,000

After 27 years, he passes away. Hence, the Sum Assured effective in the 27th policy year which is ₹7.5 crores as shown in the table below is paid as a lump sum to his nominee and the policy terminates.
 

Policy Year	Decrease in Sum Assured	Effective Sum Assured
1 to 5	0	₹10 crore
6 to 10	₹50 lakhs	₹50 lakhs
11 to 15	₹50 lakhs	₹9 crore
16 to 20	₹50 lakhs	₹8.5 crore
21 to 25	₹50 lakhs	₹8 crore
26 to 30	₹50 lakhs	₹7.5 crore
31 to 35	₹50 lakhs	₹7 crore
36 to 40	₹50 lakhs	₹6.5 crore

 
You can get Best online Term plan on MyInsuranceClub

Tax Rebates in Max Life Smart Term Plan

• Premiums – The premiums paid for the plan are exempt from taxation under Section 80C of the Income Tax Act.
• Maturity Claim – Maturity amount is exempted from tax under Sec 10(10D) of the Income Tax Act  
• Death Claim – Death claims received under the plan are free from taxation under Section 10(10D) of the Income Tax Act

Exclusions in Max Life Smart Term Plan

If the Life Insured dies by suicide within 12 months from the date of inception of the policy or the date of revival of the policy, the policy shall terminate immediately. In such cases, the Company shall only refund Total Premiums Paid + underwriting charges + loading for modal premiums (if any) to the nominee.

FAQs on Max Life Smart Term Plan

1. What is Free-look Period?
If the policyholder is not happy with the plan, he can cancel the policy within 15 days of the plan issuance. This period is called the free-look period. Upon cancellation, the premium paid net of any applicable expenses would be returned. To know more about the Free-Look Period, click here.

2. What is Grace Period?
In the case of Yearly, Half-yearly, and Quarterly premium payment modes you have a grace period of 30 days from the premium due date. In the case of monthly premium payment mode, the grace period is 15 days.

3. What is the Revival Period?
Once the policy has lapsed, it can only be revived within a revival period of five years from the due date of the first unpaid premium or the end of the Policy Term whichever is earlier.

4. Are any Riders available?  
You have the choice of taking the following rider by paying an extra premium amount:     

• Max Life Waiver of Premium Plus Rider (UIN 104B029V03)

If you have any queries, our IRDA-trained advisor at MyInsuranceClub can help you get them solved. You can get various Term Life insurance comparisons on MyInsuranceClub.