Financial security is one of the basic needs that everyone wants when they think about their prospects. In such cases, a plan is required that meets your needs and provides comprehensive protection and security. Max Life Smart Plus Plan is the only solution to all your problems which helps in making a comprehensive financial plan.
What is Max Life Smart Secure Plus Plan?
As the economy changes rapidly, so do the challenges of managing rising costs. A contingency plan is also important to meet the financial needs of the family. Max Life Smart Secure Plus Plan comes as a savior that creates a financial cushion around your family, thus accommodating such necessary changes with ease.
Max Life Smart Secure Plus is specially designed to meet all financial needs and provide reliable support in case of emergency. Max Life Smart Secure Plus Plan is a non-linked non-participating life insurance plan that offers amazing and unique benefits like death benefit and terminal illness cover and other inbuilt benefits including special exit value. This special exit price is applicable only for NROP (Net Protection) and policy term 40 and above. This term plan also provides joint life cover, premium break, additional payment on accidental death. Hence, it is a comprehensive security plan that is customized according to the preferences of their customers.
Why Max Life Smart Secure Plus Plan?
With every passing year the prices of all necessities are increasing and the pressure on life is also increasing. Nowadays, it is very important to have life insurance for your family and it prepares you for any kind of contingencies. As we have discussed, this scheme protects the individual from certain financial difficulties like loss of job, loss of income, ongoing epidemic. Max Life Smart Secure Plus Plan is a comprehensive plan due to its many features and benefits.
Some parameters to choose Max Life Smart Super Plus Plan in 2022 are listed below:
Death benefit and other add-on options make this New Max Life Term Insurance an ideal plan that offers complete protection and security. This plan gives you the option to choose the features and benefits that suit your financial needs. Anyone with immediate dependents should consider investing in Max Life Smart Secure Plus Plan.
Flexibility in payment of claims
Max Life Super Secure Plus Plan provides claim payment flexibility to your nominee to receive the sum assured as per their requirements in case of an unfortunate event like death of the policyholder. A person can choose to receive the death benefit in the form of lump sum or regular salary or both as per the choice of the beneficiary. A term insurance plan is a basic security plan that protects the needs of the family by providing a death benefit. Therefore, many pay-out options help to use the money as per their needs at the right time.
Critical Illness – Health Factors
New Max Life Term Insurance (Max Life Smart Secure Plus Plan) offers a terminal illness benefit where the insured pays Rs. Eligible for sum assured up to 1 crore. This applies in case of diagnosis of any disease mentioned in the company brochure. The plan also offers a critical illness rider and a disability rider that can extend coverage and provide financial security to your family.
Key Features of Max Life Smart Secure Plus Plan
There are many plans available in the insurance market. Therefore, choosing the right one for your family is also a difficult task
Everyone’s needs are different. Some of the key features of Max Life Smart Secure Plus Plan are as follows:
One of the important features is that after the 10-year term of the policy is completed, where one becomes eligible to take a premium break or take a break from premium payments. The premium break option is available for policies with a term of more than 30 years and a premium payment period of more than 21 years.
Return of Premium
In this, if you are living the policy then 100 percent of the entire premium is payable with the premium return feature. Both the Aadhaar covers are offered in all policies and premium payment terms (PPT). This plan also gives you money back guarantee at the end of the policy period.
Sum assured top-up
This plan gives you the option to increase the sum assured at advanced stages of the policy period. If the Sum Assured selected (at the beginning of the policy) is Rs. 50 lakhs or more, this option can be easily exercised after completion of one year of the policy. The cover can be extended up to 100% of the base assured.
Specific exit value
In this, the individual has an outright option to opt out of the plan with the benefit of opting out of premium reimbursement while opting for Aadhaar cover. This is available when the policy term for the scheme is 40 years or more.
Additional Features of Max Life Smart Secure Plus Plan
The scheme offers a discount if a higher sum assured is selected. Exemption is also available for existing or Max Group employees.
Lower premium rates for women
A 3-year-old shock has been planned for women at men’s rates. This is applicable for all premium payment terms except pay upto 60.
Smoker / Non-Smoker
This plan offers a lower premium value for non-smokers than for smokers
Benefits of Max Life Smart Secure Plus Plan
Here is a brief description of the benefits of Max Life Smart Secure Plus Plan:
benefit of death
If the insured person dies during the policy period, if the policy is in force, then in such cases, the insurer will pay the death benefit to the insured person named under the scheme. The nominee will receive the most:
- For single payment – 1.25 times of single premium with additional premium underwriting (if any).
- For other PPT – 10 times of annual premium with additional premium underwriting (if any).
- 105% of fully paid premium plus underwriting additional premium (if any) plus model premium loading.
When a person opts for the return of premium variant while purchasing a policy, that person is eligible to receive
Maturity benefit at the end of the policy period.
Accidental Critical Illness Benefit
If the policy is active, this benefit provides cover amount in case of diagnosis of any of the 40 serious diseases mentioned in the brochure.
Terminal illness cover
In case of terminal illness, 100% of the assured death benefit will be payable, subject to a maximum of Rs. 1 Karor.
Additional rider benefits
Max Life SSP Plan offers the option to choose from various riders to increase your policy coverage. Here is the following
Max Life Smart Secure Plus Plan Terms and Conditions
Following are some important terms and conditions of Max Life SSP Plan:
Joint Life Cover
It includes both primary life (अप) and secondary life (अपका जीवनसाथी). It is necessary to choose joint life at the beginning of the policy. It also includes:
If your spouse dies or is diagnosed with a terminal illness (whichever is earlier), a guaranteed benefit of Rs. 10 lakhs will be paid to the beneficiary Waiver of Premium Rider This rider will waive all future premiums under the scheme in case of the following unfortunate events:
- serious illness
- Death (This will be notified when the policyholder is a life insurance person. In such cases, the rider benefit will be paid upon the death of the policyholder)
Critical illness and disability rider
This rider will provide benefits upon diagnosis of any covered critical illness.
Free look period
If the policyholder is not satisfied with the terms and conditions of the policy, the insurer offers 15 days to cancel the policy when purchased online. And 30 days, if obtained by remote marketing mode. If the policyholder disagrees with the T&C, the policyholder will get a refund of the premium paid.
A grace period of 30 days from the due date of each premium payment is applicable for all premium modes. 15 days are allowed for monthly mode. Plan coverage continues during this period, but if the policyholder dies during the grace period, the company deducts all unpaid premiums.
revival of policy
The policy will lapse and no benefit will be paid in case of non-payment of premium. The policy can be revived within a revival period of 5 years from the due date of unpaid premium.
Exclusions of Max Life Smart Secure Plus Plan
If the insured commits suicide within 12 months of the commencement of the policy, the company will reimburse him.
Payment of full premium including underwriting and loading for paid premium models.
If the policyholder chooses to increase the sum assured by using the Voluntary Sum Assured Top-up option, the suicide clause is
Voluntary Sum Assured is going to be applicable on sum assured due to top-up option.