Max Life smart secure Plus plan is a non-linked, non-participating, individual pure risk life insurance plan. This max Life term plan is somewhat special as it offers multiple new and enhanced benefits such as premium break option, special exit value, choice of claim payout for the nominee.
Max Life smart secure Plus plan also offers a wide variety of options at inception such as type of cover – base cover & accelerated cover, Accidental cover option, increasing life cover, and claim settlement options.
We will discuss it all in detail in this post.
Max Life Smart Secure Plus Plan is an all-in-one kind of policy where you can choose different options as per your requirements.
Table of Contents
Max Life Smart Secure Plus Plan – Cover options
- Base cover- Here you opt only for life coverage only
- Accelerated critical illness Benefit – One can choose Accelerated critical care cover is the cover paid from the base cover on happening of the event and this paid cover amount is reduced from the base life cover.
- Accidental cover option
All these above-mentioned options have different policy tenure and coverage. Here, you can choose from different premium paying terms i.e. single pay, regular pay, and limited pay or pay till age 60.
Once you have chosen the type of coverage you need. Thereafter you have to choose from two types of life coverage options.
- life cover -this is the sum assured which is payable to the nominee in case of any mishappening to the policyholder
- Increasing life cover- One can choose a base sum assured at the start of the policy but this life cover will grow at a rate of 5% annually at each policy anniversary subject to a maximum of 200 % of the base sum assured
Max Life Smart Secure Plus Plan
Max Life Smart Secure Plus Plan Features
Return of premium
If you choose the return of premium feature, you can get back 100% of your total premium in case you survive the policy term. Return of 100% of Total Premiums Paid (plus underwriting extra premiums paid plus loading for modal premiums, if any), at end of policy term upon survival. If you opt for this feature, you have to pay high premium as compared to a normal coer.
Premium Break
In case of financial trouble, you can opt to take a break from paying your premium twice and still stay covered.
This option is available with a policy term greater than 30 years and a premium paying term is greater than 21 years only. If your policy Falls between the above bracket then you can take a premium break after the completion of 10 years.
Special Exit Value
Max life Smart Secure Plus plan also provides you a one-time option to exit the policy with a special exit benefit. You can exercise this option even if you have not opted for the return of the premium option.
Notably, this option is available if the policy term for the pure protection plan is 40 years or more. It is not available with the return of the premium variant.
Terminal Illness
Here you also get free coverage against the diagnosis of Terminal illness and accelerate payout up to Rs. 1 crore. No additional premium to be paid for this feature.
Joint Life
If you want you can also extend coverage to your spouse under one plan only by just paying a little extra premium.
Voluntary Topup Sum assured
At inception, you can choose to increase your life coverage in the future by up to 100%. By this, you can double your life cover whenever you want to.
Claim Payout
The nominee can also take claim payout in three different ways which suits to his/her needs.
Death Claim
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:
a. For Single Pay – 1.25 times the Single Premium plus underwriting extra premium if any;
For Other Premium Payment Term – 10 times the Annualised Premium * plus underwriting extra premium, if any,
b. 105% of Total Premiums paid ^ plus underwriting extra premium plus loadings for modal premiums as on the date of death
c. Any absolute amount assured to be paid on death ( base sum assured in case of Life Cover and increased sum assured at the time of death in case of Increasing Life Cover (in case of Joint Life option, only the sum assured for Primary Life shall increase under Increasing Life Cover).
Max life smart secure plus plan review
Along with that, this term plan also offers an array of optional benefits such as joint life cover, premium breaks, additional payout on accidental death and more. With this plan, your insurance needs are completely covered. It can work as a one-stop solution for your financial security requirements. As the policy buyer, it is best to understand how the policy works to be more aware of your financial decisions.
Max Life Smart Secure Plus plan offers various benefits under one policy. One can choose the options as per his/her needs. to buy the plan. https://www.maxlifeinsurance.com/term-insurance-plans/smart-secure-plus-plan
Additional Reading
https://bestinvestindia.com/lic-tech-term-vs-jeevan-amar/
https://bestinvestindia.com/what-is-term-plan-meaning-advantages/
