Max Life Smart Term Plan

• Extra 5% loyalty discount on being an existing policyholder.
• Get long term coverage or assurance until the age of 85.
• For surviving, term policy premium will be returned under the base policy.
• Options to avail 7 different variants of death benefits.
• Cover up assurance for nicotine/tobacco consumers.
• Flexibility in payment options with regular/monthly/quarterly or pay till 60.
• With a freelook period of 15 days, get an option to return your policy.

• Return of premium offered if the insurer survived the policy term under the base policy. Return of premium is beneficial later to protect the family financially and help them to live their livelihood.
• Smart term plan offers you the flexibility of shorter duration for payment with regular/monthly/quarterly and option to pay till your age 60.
• Pocket saying low budget, get flexibility in paying the premium as per your budget.
• With smart term plan of max life, get all the comprehensive protection against almost 40 major critical illnesses like heart attack, kidney failure, or cancer.
• Claim all tax benefits in smart term plan under section 80C/D and 10D in 1961 under the income tax act.
•  Availability of accidental cover as a rider and additional benefits in smart term plan.
• In your non-existence, get 360-degree credit protection for your family and loved ones. 

Death Benefits

 Max life smart term plan gives a considerable amount of death benefit in form the of different variants, so let understand all the variants and know about it.

Variant 1 - Life Cover

Under life cover variant, your family will get complete 100% insurance benefits or sum insured that you bought at the time of the policy. Your family can claim the amount back in a lump-sum amount in an unfortunate demise.

Variant 2 – Income Protector

Under the income protector variant, the nominated family will get monthly income for up to 10 to 20 years.

It depends on the payout period when you purchase the income protector policy.  

Variant 3 – Inflation + Income Protector

Under this variant, your nominated family and closed ones will receive an inflated amount as monthly income up to 10 to 20 years.

Again it depends at a time when you purchase the policy as your death benefits. Also, the monthly income will increase by 10% as a simple interest as your first monthly income.

Variant 4 – Life cover + Income

Now in this life cover+ income variant, your family will receive 100% of sum assured with fixed monthly income. Also, the monthly income will be 0.4 % of your sum assured and would be paid to the nominee after your demise.

Variant 5 – Life Cover + Increasing Income

As per the policy of the variant, your family will get 100% of the sum assured, straight away after your unfortunate demise.

Also, the family will receive gradually increasing monthly payment, equivalent to 0.4 of sum assured, and it will increase by 10% every coming year (P.A) as a simple interest of the first monthly income.

The income payout would continue for next 10 years.

Variant 6 – Increasing Cover

Under this variant, the sum assured underneath the base policy will increase by 5% per annum as simple interest on every policy anniversary till your 21^st policy anniversary.

On the other hand, if you met with an unfortunate death in the policy term, then your family will immediately receive the sum assured payment as lump-sum (which will be the same as your last policy anniversary).

Variant 7 – Reducing Cover

Under the variant of reducing cover, the sum assured, fall off by 5% per annum for completing the every coming 5^th policy year.

 In case of your demise in your policy period, your nominated family will receive the sum assured, and that will be the same as on the last policy anniversary.

 

Death Benefit Variants	Policy Term	Sum Assured	Premium Payment Term	Annualised Premium (Exclusive of GST)
Life cover	40 years	1 Crore	40 years	9,500 Rs
Income protector	40 years	NA	40 years	13,685 Rs
Inflation + Income protector	40 years	NA	40 years	24,284 Rs
Life cover+ Income	40 years	1 Crore	40 years	13,064 Rs
Cover+ Increasing income	50 years	1 Crore	50 years	28,113 Rs
Increasing cover	40 years	1 crore	40 years	15,400 Rs
Reducing cover	40 years	10 crores	40 years	204,000 Rs

In the max life smart term plan, the availability of rider is an accidental cover for the insurer.

Also, some comprehensive protection benefits available against 40 critical illnesses like kidney failure, cancer, heart attack, and more major critical diseases and can opt for 7 different kinds of death variant benefits. An insurer has an option to increase their insurance coverage.

Under the max life smart term plan, the premiums paid towards this plan qualify for tax benefits under section 80C of the Income Tax Act, 1961. The death benefit is entitled to tax benefits as per Section 10 (10D) of the Income Tax Act.