Features & Benefits of Axis Max Life Smart Term Plan Plus

This term plan offers unique benefits to female life insured, such as:

Maternity Cover*: Women opting for Axis Max Life Smart Term Plan Plus receive maternity benefits designed to safeguard female life insured against certain pregnancy related complications and their new born against congenital anomalies.

 

Lifeline Plus: In the case of the death of the spouse of female life insured, a top-up can be availed with premium rates based on inception rates, attained age and the revised total sum assured band.

 

Female Life Discount: This term plan offers a flat 15% premium discount to female Life Insured throughout the premium payment term.

^{Disclaimer: *on payment of additional premium}

This term insurance plan has 7 plan variants that offer enhanced flexibility by allowing policyholders to customize the plan based on their unique and evolving needs. These variants are:

1. 1. Regular Cover – This variant offers level Base sum assured throughout the policy term and the policy terminates on payout of Guaranteed death benefit in case of an unforeseen event.

 

2. 2. Rebalancing Cover – In this variant the Base sum assured is split between Life cover sum assured and Accidental death benefit cover sum assured. The Life Cover Sum assured payable upon accidental or non-accidental death while the latter is payable only in the case of accidental death of the life insured. At inception of the policy, the Life Cover SA is set at 10% of the Base Sum Assured, while the ADB cover SA is set at 90% of Base Sum Assured. For an inforce policy, at every policy anniversary, starting from the first policy anniversary, the life cover sum assured will increase every year by 10% p.a. (simple interest) of the Base sum assured and the accidental death benefit cover sum assured will decrease by the same amount. The total Base Sum Assured will not change throughout the tenure of the policy. Once the Life Cover SA is equal to Base Sum Assured, the rebalancing will cease with no ADB Cover and the Life Cover will continue till the end of the policy term.

 

3. 3. Early ROP Plus – This variant offers 50% of the total premiums paid (plus underwriting extra premiums paid plus loading for modal premiums, if any), paid back as survival benefit if the policyholder attains the age of 60 years or age of entry + premium payment term + 10 years (whichever is higher). For the remainder of the policy term, 50% of the base sum assured will continue as Life cover. If the life insured survives the entire policy term, the remaining 50% of the total premiums paid (plus underwriting extra premiums paid plus loading for modal premiums, if any), will be paid back.

 

4. 4. Smart Cover – This variant offers 150% of base sum assured payable in case of death of life insured within the first 15 policy years. Subsequently after the 15^th policy year till end of the policy term, 100% of the base sum assured is payable in case of death of life insured.

 

5. 5. Return of Premium – Under this variant, the Base sum assured chosen at inception remains level throughout the policy term. 100% of total premiums paid (plus underwriting extra premiums paid plus loading for modal premiums, if any), will be payable if the life insured survives till the end of policy term. In case life assured dies during the policy term, the Guaranteed Death benefit shall be payable, and policy terminates thereafter.

 

6. 6. Whole Life Cover – This variant offers coverage till the age of 100 years. Additionally, 50% of the total premium paid (plus underwriting extra premiums paid plus loading for modal premiums, if any), will be paid back to the life insured on higher of (on attainment of age 60 years or age at entry + premium payment term + 10 years). Subsequently the plan will continue till the end of policy term with 50% of the base sum assured. The Remaining 50% of premiums paid (plus underwriting extra premiums paid plus loading for modal premiums, if any), shall be paid back on attainment of age 100 years and the policy terminated thereafter. In case of death of life assured during the policy term till age 100 years, provided all due premiums have been paid, the applicable Guaranteed Death benefit shall be payable.  

 

7. 7. Income Protection Cover – This variant is designed to provide income replacement to the policy beneficiary in the case of the untimely demise of the life insured. This can be in the form of level income or inflation-proof income subject to key terms and conditions of the policy.

 

For more details on the variants, please refer to policy prospectus.

 

Under this benefit, on receipt of intimation of death (along with required documents) after a waiting period of 1 year from the date of policy issuance or revival, an accelerated benefit (as mentioned in the table) out of the base sum assured payable within 1 working day from claim registration date provided all mandatory documents are submitted. The base sum assured less accelerated payout amount will be payable at the time of claim settlement.  

 

Sum Assured Range	Insta - Claim Amount (in INR)
5 Lacs to Less than 25 Lacs	Rs. 5,000
25 Lacs to less than 50 Lacs	Rs. 25,000
50 Lacs to less than 1 Cr	Rs. 1,00,000
Greater than and equal to 1 Cr	Rs. 2,00,000

 

The following optional add-ons can enhance the protection offered under the base plan and are available on the payment of additional premium. These optional add-ons include:

 

1. 1. Axis Max Life Critical Illness and Disability Rider (UIN: 104B033V02, Non-Linked Non-Participating Individual Pure Risk Health Insurance Rider)

 

2. 2. Axis Max Life Waiver of Premium Plus Rider (UIN: 104B029V05, A Non-Linked Non-Participating Individual Pure Risk Health Insurance Rider)

 

3. 3. Axis Max Life Accidental Death and Dismemberment Rider (UIN: 104B027V05, A Non-Linked Non-Participating Individual Pure Risk Health Insurance Rider)

 

Note: Please refer the prospectus to know details including various terms and conditions applicable in order to maximise the potential benefits of the policy.

If the life insured is diagnosed with a terminal illness, 100% of the Guaranteed Death Benefit (capped at Rs 1 crore) will be payable under all variants except Income Protection Cover & Rebalancing Cover.

For the Income Protection variant, on diagnosis of Terminal Illness, monthly income payments, based on the 'monthly income applicable at the time of death,' will commence and continue for the higher of 120 months or the 'outstanding term in months'. The total income payments will be subject to maximum of Rs. 1 Crore. For Rebalancing plan variant, on diagnosis of Terminal Illness, 100% of Life Cover SA (subject to maximum of Rs. 1 Crore) will be payable.

 

For details pertaining to terms and conditions, please refer to the policy prospectus.

Although term plans generally do not typically offer maturity benefits, you can avail maturity benefits by choosing specific variants of the Axis Max Life Smart Term Plan Plus, such as “Return of Premium”, “Early ROP Plus” and “Whole Life Cover” variants. Please refer to the policy prospectus and policy document to know the details of this benefit.

This option allows the policyholder to defer the due premiums for up to 12 months from the due date while maintaining the full risk cover under the base plan and attached riders, if any. This feature can be availed only after completion of 3 policy years provided all due premiums have been paid and the policy is in force. If you wish to use this benefit again during the policy term, a minimum interval of 5 years needs to have passed since the previous instance when the benefit was availed. The cover continuance benefit is an in-built product feature and no additional premium needs to be paid to avail this benefit.

This is an in-built feature of the Axis Max Life Smart Term Plan Plus and is applicable for all the variants other than ‘Return of Premium (ROP)’, ‘Early ROP Plus’ and ‘Whole Life Cover’. Under this, policyholder shall be returned the total premiums paid plus underwriting extra premiums paid plus loadings for modal premiums, if any if the policyholder surrenders his/her policy. This option can be exercised in any policy year starting 30^th policy year (including the 30th policy year), but not during the last 4 policy years. The Special Exit Value benefit is only applicable to policies with a term of 40 years or longer.

In addition to the Special Exit Value (SEV) benefit mentioned above, for PPT variants (excluding Regular Pay and Pay Till 60), the policyholder will be entitled to an additional Special Exit Value (SEV) benefit. This benefit will also be calculated as a proportion of the total premiums paid, underwriting extra premiums paid, and loadings for modal premiums (if any).