Smart Secure Plus Max Life Insurance

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One of the primary reasons we all hustle every day is to provide a comfortable and secure life for ourselves and our loved ones. However, despite doing everything that we can, there is a little insecurity in our minds about the comfort of our family when we are not around. This is your time to put all your fears to rest by purchasing the Max Life Insurance Smart Secure Plus plan.

Max Life Insurance Smart Secure Plus is a life insurance plan designed to offer financial protection and peace of mind for your loved ones, even when you are not around. Additionally, the plan offers several other benefits that help secure your future financial needs. Let’s explore how.

Highlights Max Life Smart Secure Plus

A robust term insurance plan with high sum assured options

Flexible premium payment options

Additional/ Accelerated sum assured for wider coverage

Multiple riders to customise the plan

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Max Life Insurance Smart Secure Plus: Highlights

Here’s a table showing you the detailed highlights of the Max Life Insurance Smart Secure Plus plan:

Particulars	Details
Policy Name	Max Life Insurance Smart Secure Plus
Insurance Company	Max Life Insurance Company
Payout Option	Avaiilable Options: Lump Sum Monthly IncomePart Monthly and Part Lump Sum Income
Benefits	Multiple Benefits: Death Benefits Accelerated/Additional Sum AssuredWide Coverage Flexible Premium Payment OptionPlan Options
Riders	Available Options Max Life Waiver of Premium Plus Rider Max Life Critical Illness and Disability Rider
Claim Settlement Ratio	99.75% for the FY 2023-2024.

Wish to Enhance Coverage? Take a Look at the Riders Available with Max Life Insurance Smart Secure Plus

If you feel that the base coverage provided under the plan is not enough, then you do not need to worry, as the plan offers amazing riders that you can opt for on your existing policy to enhance the coverage. You can choose from the following riders:

Riders	Benefits
Waiver of Premium Plus Rider	Under this rider, the plan promises a complete waiver of all future premiums of the base policy and additional optional benefits in case the insured suffers: Critical illness DismembermentDeath Note: After waiving the premium, the policy remains unchanged.
Critical Illness and Disability Rider	Under this rider, if the insured is diagnosed with any of the listed critical illnesses, then the insurance company provides benefits.

Features and Benefits of Max Life Insurance Smart Secure Plus

Purchasing a plan like Max Life Insurance Smart Secure Plus comes with the promise that the needs of your loved ones will be taken care of, even in your absence. If you are interested in the plan, then take a look at the features and benefits of Max Life Insurance Smart Secure Plus:

Death Benefit

To address the needs of your family, the plan provides death benefits. In the event of the untimely demise of the insured individual, the plan provides a death benefit in the form of a lump sum payment to the beneficiary.

Wide Coverage

In addition to providing death benefits, this plan also addresses several other needs of the insured. For instance, on the diagnosis of a terminal illness, a 100% guaranteed death benefit is provided.

Flexible-Premium Payment Option

The plan is designed with the primary purpose of providing peace of mind for the insured and the family. Therefore, flexible premium payment options are available, allowing you to select your preferred premium amount and payment frequency based on your budget.

Accelerated/Additional Sum Assured

Imagine that you purchase a life insurance plan but later on, realise that the sum assured amount is not enough to fulfil all the responsibilities and needs of you and your loved ones. Sounds scary, right? Worry not because this plan has the option to opt for accelerated benefits that provide an additional sum assured amount in case of diagnosis of a critical illness etc.

Plan Options

When it comes to choosing a life insurance plan, one size doesn’t fit all. This is why the plan offers different base covers to meet the needs of every individual. Here’s what you need to know:

Life Cover: This guarantees the payment of the death benefit to the beneficiary in case of the untimely demise of the insured.
Increasing Life Cover: This guarantees a death benefit to the beneficiary along with an increase in the base sum assured at inception by 5% per annum on each policy anniversary.

Seamless Claim Settlement

People often don’t realise the importance of an insurance company that promises a seamless claim settlement. Imagine paying premiums for your entire life to build a safety net for your loved ones, only to have them struggle to claim what is rightfully theirs when you are no longer around. This is why choosing a plan like Max Life Insurance Smart Secure Plus becomes a viable option, as the insurance company has a high claim settlement ratio.

Exciting Discounts on Premium

The plan offers several impressive discounts tailored to the needs of different individuals. For instance, there are lower premium rates for female lives, individuals who are non-smokers, etc. You can check the policy documents to get discounts on the premium for making healthy lifestyle choices, as well as under the wellness benefits.

Max Life Insurance Smart Secure Plus: What is Covered?

Let’s take a look at the coverages that the Max Life Insurance Smart Secure Plus plan offers:

Death Benefit

In the event of the insured's untimely demise during the policy tenure, the beneficiary is paid the death benefit in the form of a lump sum equal to the sum assured. Remember that under the plan, you can choose between two options: life cover and increasing life cover.

Terminal Illness Cover

If the insured is diagnosed with any of the listed critical illnesses, the policy provides a lump sum payment equal to the death benefit amount. However, remember that the maximum payment under this shall not exceed ₹1 crore.

Maturity Benefit under Return of Premium

Typically, term insurance does not offer maturity benefits; however, if the insured has opted for the return of premium feature, they can receive maturity benefits upon the policy's survival.

Max Life Insurance Smart Secure Plus: What is Not Covered?

A life insurance plan comes with certain exclusions under which the insurance company is not liable to pay any of the regular benefits and coverage. Let’s take a look at the exclusions under the plan.

Suicide Exclusions

In case of an untimely demise of the insured due to suicide or an injury or illness arising from a suicide attempt, then the insurance company does not provide any of the regular benefits under the plan.

Please review the policy document for a detailed explanation of suicide exclusions.

Pros & Cons Max Life Smart Secure Plus

One of the features of Max Life Smart Secure Plus plan is the return of premium options. Under this plan, the insured can receive back 100% of the total premiums paid if he/she outlives the policy term

Another unique feature of the Max Life Smart Secure Plus policy is the premium break option. Here the insured can take a break from paying the premium after 10 years of policy duration. This option can be used twice during the term of premium payment

The policy also allows the insured to avail a one-time exit option with the return of premium benefit

Voluntary Sum Assured Top-Up is another feature of this smart secure plus plan. Insured with SI equal to or greater than INR 50 lakh can enhance the sum assured of their policy

In addition, the Max Life Waiver of Premium Plus Rider is another option that can be availed in case of critical illness of the life assured

The plan excludes critical illness coverage for any pre-existing conditions or diseases that are diagnosed within 48 months of the date of policy issue

The plan also excludes treatment of a critical illness if it is caused due to self-inflicted injury or suicide attempt, or due to participation in illegal or criminal activities etc.

Further, any conditions or illness caused due to the use of intoxicants, drugs, alcohol etc., are also not covered under the plan

Permanent exclusion is also there for conditions caused due to pandemics, nuclear accident and organ replacement etc.

Our Verdict

The Max Life Insurance Smart Secure Plus is a comprehensive and robust life insurance plan that serves as a helping hand to take care of your loved ones' needs in the event of your absence. The premiums you pay today help ensure that your family can easily meet their financial expenses when you are not around.

If you haven’t already purchased a life insurance plan, then this is your sign to pick one today from the Paybima portal and safeguard your future.

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Max Life
Insurance Company

Established in 2000, Max Life Insurance Company is a joint venture between Max India Limited and Axis Bank. The company was formerly named Max New York Life Insurance Company Limited. It is the largest non-banking private-sector insurance company in India. It is a part of Max India Limited Group and a subsidiary company of Max Financial Services.

Max Life Insurance is amongst the foremost formed life insurance companies in India. It provides long-term protection, retirement, and savings plans through its multi-channel distribution and agency partners. Max Life Insurance has recently introduced comprehensive riders to provide financial protection against disease, death, and disability.

Founded in

2000

Number of Claims

6+ Lakhs

Number of Policies

48+ Lakhs lives covered

Turnover (GWP)

25,341.91CR

JV Partners

Max Financial Services and Axis Bank

Claims Experience

Claims Experience Rating 4.7

% of claims settled in less than 30 days
Reflects on the speed of settling valid claims

100%

% of Complaints received on overall claims
% customers unhappy with claims experience

0.04%

Claim Settlement Ratio (No. of claims)
What % of the claims received were paid?

99.65

Benefits of Max Life Smart Secure Plus

Key Benefits
Death benefit	Secure family’s financial future.
Terminal illness cover	Pays death benefit.
Maturity benefit	Maturity returns total premiums.
Accident cover	Accidental cover with base.
Other Benefits
Accelerated critical illness	Cover for 40 critical illnesses.
Joint life benefit	Spouse life coverage policy.
Rider benefit	Premium Waiver, CIDR.

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Single or regular pay can be used to make the premium payment under this plan. Further, the insured can choose to pay through limited pay as specified under the policy term. The frequency of the premium payment can be yearly, half-yearly, quarterly, or monthly.

The base premium amount paid during a year chosen by the insured as per the policy period and sum assured is called Annualised Premium.

The minimum entry age for the plan is 18 years, while the maximum age limit is 65 years.

Claim Settlement Ratio of the Max Life Insurance plan is 99.34%

The premium break option under the plan allows the insured to opt for a break from paying premiums, while remaining covered. This option can be availed by the insured twice during the duration of premium payment.

To purchase the policy, you need to provide proof of age, address, income, and a photo ID. However, please note that the required documents may vary depending on the policy type and the portal from which you purchase the plan.

Yes, there are tax benefits under the policy. The policyholder can claim tax exemptions of ₹1.5 lakhs against the premium paid for the term plan u/s 80C of the Income Tax Act. Additionally, tax benefits up to ₹25,000 can be claimed for critical illness benefits under section 80D of the Income Tax Act.

No, you cannot renew the policy for the duration of your lifetime. The renewal option is available till the end of the premium payment term. Remember that the plan offers maximum coverage till the age of 85 years, and a renewal option beyond this age is not allowed.