Max Life Smart Secure Plus Plan

Every individual’s needs are different and with the plethora of features available under Max Life Smart Secure Plus Plan to choose from, one can make his/her own term plan from the following option:

Death Benefit:

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:

• 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,

• 105% of Total Premiums paid ^ plus underwriting extra premium plus loadings for modal premiums as on the date of death

• Any absolute amount assured to be paid on death

Life Cover:

Guaranteed Death Benefit will be paid to the beneficiary on the death of the Life Insured.

In case an Accelerated Critical Illness (ACI) and/or Terminal Illness (TI) Benefit claim has been paid, the Guaranteed Death Benefit amount shall be reduced to the extent of the claim paid out on account of ACI/TI Benefit. The sum Assured chosen at inception will remain level through the term of the policy.

Increasing Life Cover:

Guaranteed Death Benefit will be paid to the beneficiary on the death of the Life Insured

Under this cover, the Base Sum Assured chosen at inception increases by 5% p.a. (simple interest) on each policy anniversary, subject to a maximum of 200% of the Base Sum Assured chosen at inception.

Payout Options:

The beneficiary at the claim stage can choose from the following payout options:

• Lumpsum that is 100% of the Guaranteed Death Benefit will be paid as Lumpsum.

• Monthly Income is the monthly payment for a fixed period of 10 years starting from the next monthly anniversary following the date of intimation of death. The monthly payment shall be determined on the basis of the prevailing RBI Bank Rate less 1% p.a. as on the date of intimation of death.

• Part Lumpsum and Part Monthly Income (at the then prevailing RBI Bank Rate less 1% p.a.) that is, the nominee can select the proportion of Guaranteed Death Benefit payable as Lumpsum and the remaining Guaranteed Death Benefit would be payable as Monthly Income. The proportion of Lumpsum and Monthly income amount can be chosen in multiple of 10%.

Terminal illness:

On diagnosis of Terminal Illness, 100% of the Guaranteed Death Benefit (subject to a maximum of INR 1 Cr) will be payable. Once a Terminal Illness claim is paid, the death benefit sum assured will be reduced by the terminal illness claim amount. The Terminal Illness Benefit is payable only once during the Policy Term and only one valid Terminal Illness Benefit claim will be admissible and payable under the Policy.

Premium Break:

In this option, the Policyholder is allowed to take two annual breaks (holidays) from paying premiums with the Policy remains in force as per the terms and conditions. The first break is available after the completion of 10 policy years provided the policy is in force. The second premium break can be exercised after a minimum gap of 10 years from the first premium break.

Joint Life Option:

Under the Joint Life option, both the Primary Life and the Secondary Life are covered. This option needs to be chosen at the inception of the Policy. Under this benefit:

• If Secondary Life dies or is diagnosed with a terminal illness, whichever is earlier before the death/diagnosis of Terminal Illness of the Primary Life:

1. 1. A guaranteed death benefit of Rs. 10 lacs will be payable to the beneficiary

1. 2. Primary Life cover continues with a reduced premium (to the extent of the premium of the Secondary Life) and the original base sum assured.

• If Secondary Life dies or is diagnosed with a terminal illness, whichever is earlier after the death/diagnosis of Terminal Illness of Primary Life:

1. 1. The guaranteed death benefit of Rs. 50 lacs will be payable to your nominee.

1. 2. The option has an in-built waiver of a premium feature whereby premiums (inclusive of loading for modal premiums and taxes) for the Secondary Life sum assured will be waived off when the Primary Life dies or is diagnosed with a terminal illness, whichever is earlier.

Accelerated Critical Illness (ACI) Benefit:

Accelerated Critical Illness (ACI) benefit is payable on diagnosis of any of the specified Critical Illness during the CI Benefit cover period, provided the policy is in-force and meets the terms and conditions.

• ACI pays 100% of the ACI Sum Assured following a confirmed diagnosis of the Life Assured suffering from one of the insured Critical Illness conditions (except Angioplasty) as specified during the ACI benefit policy term.

• Following a confirmed diagnosis of Angioplasty, ACI benefit pays lower of Rs. 5,00,000 or ACI Sum Assured.

• The premium shall not reduce post payment of an angioplasty claim unless it terminates the ACI benefit

Accident Cover:

On death due to an accident, 100% of the Accident Cover Sum Assured will be payable as a lump sum irrespective of the claim payout option chosen by the nominee, upon approval of a claim. This benefit shall be payable in addition to the death benefit Sum Assured. Any increase in the Base Sum Assured due to any of the product features shall not affect the Accident Cover Sum Assured. Cover will be available till the base policy term.

Return of Premium Variant:

There is a Return of Premium variant available under this product which is available at policy inception and cannot be selected at a later stage during the policy term. Under the Return of Premium variant, if the Life Insured survives throughout the policy term, 100% of the Total Premiums Paid plus underwriting extra premiums plus loading for modal premiums, if any, under the base policy only will be paid at the end of the policy term and the policy will terminate.

Voluntary Sum Assured Top-up:

This option allows the policyholder to increase the sum assured at a later stage in the policy term. This option has to be selected at the time of inception of the policy. The increase will only be applicable after the first policy year.

Special Exit Value:

A Special Exit benefit, where the policyholder shall be returned the total premiums paid plus underwriting extra premiums paid plus loadings for modal premiums if any of the policyholders surrenders his/her policy during the attained age of 65 years (age last birthday) or ‘x’ policy year (where x is defined as 25th policy year for policy term from 40 years to 44 years and 30th policy year for policy terms greater than 44 years), whichever is earlier.