Max Life Smart Secure Plus Plan a Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan UIN: 104N118V02
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Max Life Smart Secure Plus Plan A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan UIN: 104N118V02 PROSPECTUS Life Insurance Coverage is available in this Product. About Max Life Insurance Max Life Insurance Company Limited (“Max Life”) is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group, an Indian multi-business corporation. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multichannel distribution including agency and third-party distribution partners. Max Life has built its operations over almost two decades through need- based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per public disclosures, during the financial year 2019-20, Max Life achieved gross written premium of Rs. 16,184 crore. As on 31st March 2020, the Company had Rs. 68,471 crore of assets under management (AUM) and a Sum Assured in Force of ₹913,660 crore. For more information, please visit the company's website at www.maxlifeinsurance.com. Max Life Smart Secure Plus Plan You have always strived to give your family the best in life and have ensured they fulfill their dreams. However, in your heart, you always feel insecure about their future in your absence. Will your family be able to sustain the same lifestyle even in your absence? To put all your fears to rest and to provide you with peace of mind, Max Life Insurance offers Max Life Smart Secure Plus Plan - a comprehensive protection solution which can be personalized for you and your loved ones at an affordable price. Pay only for the benefits that suit your requirement – Max Life Smart Secure Plus Plan gives you the freedom to design your own plan that suits your protection needs. This is a non-linked non-participating individual pure risk premium life insurance plan; upon policyholder’s selection of Return of Premium variant (described below) this product shall be a non-linked non-participating individual life insurance savings plan. Key features of 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, you can make your own term plan from the following options: - • Death benefit • Option to pay your premiums as per your budget • Longer coverage duration: Choose your own desired policy term with coverage available upto age 85 years • Premium Break option* (available for policies with Policy Term greater than30 years and PPT greater than 21 years) • Joint Life option* • Accelerated Critical Illness Benefit* • Accident Cover* • Voluntary Sum Assured Top Up option • Max Life Waiver of Premium Plus Rider* • Max Life Critical Illness and Disability Rider* • Special Exit Value • Terminal Illness • Return of Premium variant* *on payment of additional premium Product Name: Max Life Smart Secure Plus Plan Page 1 of 40 Snapshot of the Features: Additional/Accelerated Sr. No Benefits Brief description Sum Assured** Max Life Smart Secure Plus Plan helps you customize the 1 Death Benefit Base protection required at affordable prices by offering 2 death benefit covers to choose from at the time of purchase. Empower the nominee to choose the payout mode, at claims stage: 2 Claim Payout Base • Lumpsum • Monthly Income • Part Lumpsum and Part Monthly Income Get free coverage against the diagnosis of Terminal Illness and Terminal 3 Accelerated accelerate payout up to Rs. 1 crore. Illness No additional premium to be paid Option to receive all premiums paid back, at a specified point in Special Exit the term of the policy (free of cost). Available when Return of 4 NA Value Premium variant is not chosen. No additional premium to be paid Return of 100% of Total Premiums Paid (plus underwriting extra Return of 5 NA premiums paid plus loading for modal premiums, if any), at end Premium* of policy term upon survival. In case of financial trouble#, option to skip paying your premium Premium 6 NA for a year and still stay covered. 2 premium breaks will be Break* available during the policy term. 7 Joint Life* Additional Cover your spouse, at inception, at nominal premium. Additional Protection for Additional Liabilities. Option to Voluntary Top- double your insurance cover, basis underwriting, at the time of 8 up Sum Additional your need by increasing your sum assured up to an additional assured* 100% of base sum assured, chosen at inception. Enhance your life cover, with an additional health cover, with 9 Critical Illness* Accelerated accelerated lumpsum payout in case life insured is diagnosed with any of the 40 critical illnesses. Accident 10 Additional Additional coverage against the risk of Accidental death. Cover* Waiver of Comprehensive protection (waiver of future premiums) against 11 Premium Plus NA Death, Disability & Critical Illness. Rider* Critical Illness Comprehensive coverage against the risk of critical illness and 12 and Disability NA disability. Rider* *On payment of Additional Premium **Additional Sum Assured is the sum assured paid in addition to the base product sum assured, on occurrence of the insured event. **Accelerated Sum Assured is the sum assured paid and reduced from the base sum assured. #Financial Trouble – Protect yourself against Job loss, on-going pandemic, income loss etc. Product Name: Max Life Smart Secure Plus Plan Page 2 of 40 Table of Contents: Section Description Sub topics Death Benefits Terminal Illness Premium Break Joint Life Accelerated Critical Illness Accident Cover A Benefits Under the Plan Return of Premium Voluntary Sum Assured Top-up Maturity Benefit Special Exit Value Surrender Value Reduced Paid Up Value Rider Higher Sum Assured discounts Lower premium rates for female lives B Other Benefits Smoker/Non-smoker Restriction on Travel/Occupation Discounts C Plan at a Glance Boundary Conditions Sample Premium D Illustrative examples Examples Free Look period Nominations Assignment Grace Period Revival E Few Terms and Conditions Suicide Exclusion Statutory Impositions Section 45 Section 41 Tax benefits Accelerated Critical Illness F Annexure Permanent Exclusions – Accelerated Critical illness benefit Exclusions for Accident Cover Product Name: Max Life Smart Secure Plus Plan Page 3 of 40 Section A - Benefits under the Plan: 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: 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 # * “Annualised Premium” shall be the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any. The Annualised premium remains same irrespective of the premium payment mode. ^ "Total Premiums Paid " means total of all the premiums received, excluding any extra premium, any rider premium and taxes. # “Absolute Amount Assured to be Paid on Death” is the 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). The details of benefits under this product are given below: Guaranteed Death Benefit is payable on death of the Life Insured, provided the policy is in force. Benefit is accelerated (subject to max benefit of Rs. 1 crore) on diagnosis of Terminal Illness, provided the policy is in-force Base Cover Size of benefits Guaranteed Death Benefit will be paid to the beneficiary on death of the Life Insured. Life Cover In case Accelerated Critical Illness (ACI) and/or Terminal Illness (TI) Benefit claim has been A paid, the Guaranteed Death Benefit amount shall be reduced to the extent of the claim paid out on account of ACI/TI Benefit. Sum Assured chosen at inception will remain level through the term of the policy Guaranteed Death Benefit will be paid to the beneficiary on 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 maximum of 200% of Base Sum Assured Increasing Life chosen at inception. Cover B Please note that under this cover, the Sum Assured will increase only till completion of 21st policy year. The Sum Assured will not increase from 22nd policy year onwards and will be the same as Sum Assured effective as on the last policy anniversary. Please note that Accelerated Critical Illness benefit and Voluntary Sum Assured Top-up benefit option are not available with this death benefit cover. Product Name: Max Life Smart Secure Plus Plan Page 4 of 40 Further, the beneficiary at the claim stage can choose from the following payout options: • Lumpsum, i.e. 100% of the Guaranteed Death Benefit will be paid as Lumpsum. • *Monthly Income, i.e. 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 basis 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.) i.e. 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.