Max Life Insurance launched a new term insurance plan last year named Max Life Smart Total Elite Protection (STEP) Term Insurance Plan. Earlier, it was only available for high-net-worth individuals. But Max Life Insurance now made this plan available for anyone seeking term insurance. It is a modified version of Max Life’s erstwhile Smart Secure Term Plan.
In this article, we will explore the features and benefits of Max Life Smart Total Elite Protection Term Plan to help you decide if this new term insurance plan is good for you.
Do you want to provide the security of a term insurance cover to your family? Great! You’ve already won half the battle. To win the other half, you need to buy that term cover. Talk to us to find out the best term insurance plan for you.
Book a call with us to discuss your term insurance requirements with our expert advisors.
The Benefits
Term life insurance is a simple yet necessary protection required for anyone with a financially dependent family. Max Life Smart Total Elite Protection Term Insurance covers all the benefits a simple yet robust term insurance coverage can offer.
Death Benefit: Smart Total Elite Protection provides financial protection in the form of a death benefit in case you pass on during the policy term. Your family can choose to get this benefit in a lump sum, monthly income or part lump sum and part monthly income at the claim stage.
Terminal Illness Benefit: Smart Total Elite Protection extends free accelerated terminal illness benefit up to Rs. 1 Crore in case you are diagnosed with a terminal illness. In case your family files a death claim later, the death benefit amount paid to them is reduced to the extent of the terminal illness benefit paid to you.
Special Exit Value: You have the Zero Cost option available in the form of a special exit value. You get the option to recoup all your premiums if you return your policy later during a specified period while enjoying life cover in the meanwhile. Smart Total Elite Protection term plan offers this amazing special exit value feature without any added cost.
Riders or Add-Ons
Customize your cover under Smart Total Elite Protection by choosing riders or add-ons based on your requirements. You will have to pay an extra premium for these options or riders.
Accident Cover Benefit: Get additional coverage in case of death due to an accident by opting for this add-on. It will enhance your coverage in case of an accidental death. However, if you want robust term coverage without getting into the specifics of death, you can skip this one.
Waiver of Premium (WOP) Rider: A term plan premium payment becomes a burden if you get any disability due to an accident or a critical illness. Smart Total Elite Protection extends this option to waive all your future premium commitments in case of both through this Waiver of Premium rider.
Critical Illness Rider: Max Life Insurance offers the most comprehensive critical illness cover. This critical illness rider provides an additional benefit which covers up to 64 listed illnesses and total permanent disability. We recommend opting for this benefit along with Smart Total Elite Protection base coverage. However, keep in mind that this rider is expensive.
What is NOT available under Smart Total Elite Protection Term Plan?
Spouse Cover: Smart Total Elite Protection does not cover both spose and partner under the same policy. However, the lack of this feature should not be a deterrent for you to buy this plan.
Top Up Cover or Increasing Cover: You do not have the option to increase your cover in the future under Smart Total Elite Protection. If you want enhanced coverage due to inflation or a change in lifestyle, you will have to buy a separate policy.
Return of Premium: Smart Total Elite Protection does not have the return of premium feature. So, you cannot recover your premiums once your term policy matures. Nonetheless, we do not recommend choosing this feature as it makes your simple term policy expensive.
About Max Life Insurance
Max Life is the largest emerging life insurer in India. By annual new business premium, it is among the top 5 life insurers in India. Now, Axis Bank, India’s third largest private bank, is a co-promoter with a significant ownership position, which brings forth an immense potential for future growth.
Max Life Insurance also offers competitive term insurance pricing. Smart Total Elite Protection is one of the most affordable term insurance plans in India.
If you look at Max Life’s claim settlement ratio in the last 3 years, it lies between 99.3% to 99.5%, which is great. This is the highest in the industry. And what better you can ask for? Max Life Insurance is settling 995 claims out of every 1000 death claims it receives.
Max Life’s volume of claim complaints, the number of claim-related complaints per 10000 claims received, is between 5 to 10 in the last 3 years. This is a low number by industry average and reflects the robustness and efficiency of Max Life’s claim settlement process.
Should You Buy Max Life Insurance Smart Total Elite Protection Term Insurance?
Max Life Insurance offers a good term life plan at affordable prices in the form of Smart Total Elite Protection. Max Life’s great operational efficiency is reflected in its good claim settlement ratio and low volume of claim-related complaints. Moreover, Max Life Insurance is a great brand backed by India’s third-largest private bank.
If you are looking for a robust term insurance plan from a trusted life insurer, you can consider buying Smart Total Elite Protection term insurance plan.
Summary
- Smart Total Elite Protection is a new term insurance plan launched by Max Life Insurance.
- Smart Total Elite Protection offers all the basic term insurance features such as accident cover, terminal illness benefit and the zero cost option.
- You can customize your cover with riders like Waiver of Premium and Critical Illness.
- Smart Total Elite Protection is competitively priced and one of the most affordable term insurance plans in India.
- Max Life Insurance is a good brand and operates with great efficiency, which is reflected in its good claim settlement ratio and low volume of claim-related complaints.
- Looking for a robust term insurance plan from a trusted life insurer? Max Life Smart Total Elite Protection is your go-to option.
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