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Axis Max Life Smart Term Plan Plus

₹1 Cr

Term-life cover

₹9,727 /year

Cover up to

Plan benefits

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    Pre-Approved Offer upto 2 Cr Term Cover

    Pre Approved Sum Assured (PASA)

    ET Money and Max Life Insurance have partnered to offer you an exclusive pre-approved sum assured term cover of upto 2 Cr. With this plan, opting for a 2 Crore term cover means no need to submit income proof or undergo physical medical tests.**Max Life Terms and Conditions apply**

    Pre Approved Sum Assured (PASA)

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    ₹0 Cost Term Plan: Get 2X Your Money Back

    What is ₹0 Cost Term Plan?

    With ₹0 Term Insurance, you have a Special Exit Benefit, which refunds all your entire premium, which you will pay. Once you reach the age 65 and no longer have financial responsibilities, you can opt to exit the plan.

    If you do, you will get back all the premiums you have paid, except for the GST. If you have opted for any add-ons, those premiums will also be refunded to you. This benefit comes at no extra cost.

    With ₹0 Term Insurance, you have a Special Exit Benefit, which refunds all your entire premium, which you will pay. Once you reach the age 65 and no longer have financial responsibilities, you can opt to exit the plan.

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    Death benefit

    Death benefit

    Upon death of the person insured during the policy term and provided all due premiums have been paid, the nominee will receive the Total Sum Assured.

    Lumpsum benefit that your nominee shall get in event of death

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    Insta-Payment on Claim Intimation

    Insta-Payment on Claim Intimation

    Policyholders can receive an accelerated benefit of 2 Lacs out of the base sum assured within 1 working day upon intimation of death. This feature is activated after a waiting period of 1 year

    Policyholders can receive an accelerated benefit of 2 Lacs out of the base sum assured within 1 working day upon intimation of death. This feature is activated after a waiting period of 1 year

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    Option to defer one year's premium

    Option to defer one year's premium

    Policyholders can defer premium for one year while maintaining full death benefit coverage without late fees or interest, after completion of 3 policy years. Available for multiple times with a gap of 5 policy years.

    Policyholders can defer premium for one year while maintaining full death benefit coverage without late fees or interest, after completion of 3 policy years. Available for multiple times with a gap of 5 policy years.

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    Tax benefits

    Tax benefits

    Term Insurance policies offer tax benefit on

    a) premium paid (Sec 80C) and

    b) benefits received (Sec 10(10D)) under the Income Tax Act

    You get dual tax-saving benefit a) on the premium paid (Sec 80C) and b) benefits received under Sec 10 (10D)

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    Extra benefit for salaried users

    Extra benefit for salaried users

    All salaried users are eligible for an additional 15% discount on premium for 1st year of the policy tenure.

    Additional 15% discount for salaried users on premium for 1st year

About the insurer

99.65%

Claim Settlement Ratio

Claim settlement ratio (Apr 2023 - Mar 2024)

Claim settlement ratio (CSR) indicates how many claims a company has settled against the number of claims received. A CSR of 90% or more is good and indicates greater chances of settlement of a claim

Max Life Insurance Co. Ltd. was established in Dec 2000. The insurer has been beating their own benchmarks of claim performance every year. They have averaged over 98% claims settlement ratio over the last three years.

5.5 Lakhs +

Policies sold

Policies sold

Number of policies sold between Apr 2018 and Mar 2019

202%

Solvency Ratio

Solvency Ratio as on 31 Mar 2021

Solvency ratio determines if an insurance company has enough funds to pay all its claims. While all companies need to maintain a minimum ratio of 150% under IRDAI regulations, the higher it is, the better.

IRDAI stipulates a minimum solvency ratio of 150%

99.60%

Claims settled within a month

Speed of claim payout (quarter ended 31 Mar 2019)

99.60% of claims settled within a month

Claims process

Ask for claims intimation form claim-down-arrow claim-up-arrow

Upon death of the life assured, the nominee can download the claim intimation form from the insurer website or ask for it by contacting ETMoney at +91-9205231523 or insurancesupport@etmoneycare.com

Upon receipt of intimation, the insurer shall contact the nominee/beneficiary for the required set of documents
- List of Documents
  • Death certificate issued by Govt. / Relevant Authority
  • Death claim form with claimant's NEFT details
  • Original Policy Document
  • Claimant’s Identity & Residence Proof
  • FIR, Police Inquest Report & Panchanama (in case of unnatural death)
  • Additional documentation might be requested by the insurer on a case-to-case basis

If all documents are received and in order, insurer claims team will take decision on the claim.

Upon favourable decision, payment shall be made to nominee or titleholder of the claim.

If the decision is unfavourable, then the insurer will issue a formal and written letter to the claimant with exact reasons for declining the claim. If the claimant is unsatisfied with the response, he/she can file it with the insurance ombudsperson or take appropriate legal action
  • You can claim in all kinds of death (natural, accidental, illness, calamities)
  • You can't claim in death due to suicide only in first year of policy.

FAQ

Is my premium fixed or will it change in the future? claim-down-arrow claim-up-arrow

Once the policy is issued to you, the premium amount stays the same throughout the entire tenure of the policy. The only exception to this are any changes to the tax structure which are declared by the Indian Government from time to time

Yes, nominee can be changed anytime during the policy period

Axis Max Life offers a 30 day free look period in which you can choose to cancel the policy. Refund shall be paid back in such cases excluding the medical charges.

Both - the premiums paid and benefits received - are eligible for tax benefits under Section 80C; Section 80D and Section 10(10D) of the Income Tax Act

There are no maturity benefits under a term insurance policy. However, if the policyholder were to die within the policy period, the nominee(s) shall receive the death benefits.

No. The duration of life cover cannot be changed once the policy is issued.

Yes, there is a waiting period of 3 months to apply for term policy. In case you have contracted COVID-19, it is suggested to apply for term insurance after the specified waiting period to avoid policy rejection.

Salaried users are eligible for an additional 12% discount on premium for only the 1st year of the policy.

Axis Max Life Smart Term Plan Plus

UIN No - 104N127V02

Axis Max Life Insurance Co. Ltd. is a Joint Venture between Max Financial Services Ltd. (part of Max Group) and Axis Bank Ltd. It has a total claims paid ratio of 99.51% for the FY 23-24. Axis Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multichannel distribution.

Policy documents

document Policy brochure download-ico