Axis Max Life - Smart Term Plan Plus

About Plan

Axis Max Life Smart Term Plan Plus - designed to provide customized protection that addresses diverse needs and life stages, offering coverage tailored to you. With its wide range of flexible options, this plan allows you to build a safety net that secures your familys financial future, even in the event of unforeseen circumstances.

Features

Every individuals needs are different and with the plethora of features available under Axis Max Life Smart Term Plan Plus to choose from, you can make your own term plan from the following options: -
Flexibility to choose from 6 plan variants based on your needs.
Cover Continuance Benefit
Insta Payment on Claim Intimation
Protect your monthly income in your absence with Income Protection cover plan variant
Option to avail life insurance coverage till age 100 years with Whole life cover variant
Inbuilt Terminal Illness
Exclusive Key Features for Female Life Insured:
Maternity Cover: Female Life Insured can safeguard themselves against certain Pregnancy related complications and their new born against Congenital Anomalies.
Lifeline Plus: Flexibility to avail Top-up in the event of the death of the spouse of female Life insured with premium rates based on inception rates, attained age, and revised total Sum Assured band.
Female Life Discount: A flat 15% discount on the premium (compared to the premium for Male life insured) will be applicable throughout the Premium Payment Term for Female Life Insured.

Benefits

Regular Cover
Under this plan variant, the Base Sum Assured chosen at inception will remain level throughout the term of the policy. In case life assured dies during the policy term, the Guaranteed Death benefit shall be payable, and policy terminates thereafter. This plan variant is also available for policies sourced as POS product.

Early ROP Plus
Under this plan variant, on survival of life insured, the policyholder will get back 50% of the total premiums paid (plus underwriting extra premiums paid plus loading for modal premiums, if any), on higher of (on attainment of age 60 or Age at entry + PPT + 10) and yet, continue the life cover with 50% of Base Sum Assured till the end of Policy term. The remaining 50% of total premiums paid (plus underwriting extra premiums paid plus loading for modal premiums, if any), shall be paid back at the end of policy term, in case of survival of Life insured till the end of policy term.
In case of death of life assured during the policy term, provided all due premiums have been paid, the applicable Guaranteed Death benefit shall be payable.

Smart Cover
Under this plan variant 150% of base sum assured is payable in case of death of life insured within first fifteen policy years and 100% of base sum assured is payable in case of death of life insured after first fifteen policy years.

Whole Life Cover
Under this plan variant, on survival of life insured, the policyholder will get back 50% of the total premiums paid (plus underwriting extra premiums paid plus loading for modal premiums, if any), back on higher of (on attainment of age 60 or Age at entry + PPT + 10) and yet, continue the life cover with 50% of base sum assured till the end of Policy term. The remaining 50% of total premiums paid (plus underwriting extra premiums paid plus loading formodal premiums, if any), shall be paid back on attainment of age 100 years and policy terminates 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.

Return of Premium
Under this plan variant, the Base Sum Assured chosen at inception will remain level throughout the term of the policy. In case life assured dies during the policy term, the Guaranteed Death benefit shall be payable, and policy terminates thereafter. In case of survival of life insured till the end of policy term, 100% of the total premiums paid (plus underwriting extra premiums paid plus loading for modal premiums, if any), will be payable. This plan variant is also available for policies sourced as POS product.

Income Protection Cover

Under this plan variant, in case of death of life assured during the policy term, provided the policy is in force, the Guaranteed Death benefit will be payable in the form of monthly income applicable at the time of death commencing from the end of the policy month on or after the date of intimation of death and continue for each policy month till higher of 120 months or the outstanding term in months. Where outstanding term in months is equal to number of whole months from the date of death to the end of the Policy Term. The policyholder will have the choice to opt for either Level Income or Inflation proof Income options. The monthly income applicable at the time of death will depend on the option chosen by the policyholder and the same has been defined below:
Level Income: monthly income applicable at the time of death is equal to the monthly income chosen at inception.
Inflation proof Income: monthly income applicable at the time of death is equal to the monthly income chosen at inception increased by 10% every 3 years (simple interest) from inception capped at 200% of the monthly income chosen at inception. After the death of the Life Insured, there shall be no increase in the income under this variant.

Death Benefits

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 PPTs - 10 times the Annualised Premium plus underwriting extra premium, if any,
b. 105% of Total Premiums Paid plus underwriting extra premium paid plus loadings for modal premiums paid as on the date of death,
c. Absolute Amount Assured to be paid on Death

Maturity Benefits

1. Under All variants except Return of Premium, Early ROP Plus and Whole Life cover variant: No maturity benefit shall be payable upon survival of the life insured till the end of the policy term.
2. Under Return of Premium plan variant: Return of 100% of Total Premiums Paid (plus underwriting extra premiums paid plus loading for modal premiums, if any), at end of policy term upon survival.
3. Under Early ROP Plus and Whole Life cover variant: Under this variant, the policyholder will get back the remaining 50% of total premiums paid (plus underwriting extra premiums paid plus loading for modal premiums, if any), at the end of policy term upon survival.

Any additional premium charged for the following optional benefits will not be returned at maturity under all the above mentioned 3 variants.
Maternity Cover,
Riders opted for, if any
If there is a discount applicable under the policy, only the 100% of the discounted premiums received would be returned on/till maturity of the policy.

Survival Benefit

During the Policy Term while the Life Insured is alive, Survival Benefit payable shall be payable only for Early ROP Plus and Whole Life Cover variants in arrears, provided the Policy is in-force and all due Premiums have been received. The same shall be as under:
i. For Early ROP Plus Plan Variant and Whole Life Cover Plan Variant - In case Life Insured survives the higher of: (i) Age 60 or (ii) the Age on the Date of Commencement of Risk plus the Premium Payment Term plus 10 years, 50% of Total Premium Paid (plus underwriting extra premiums paid plus loading for modal premiums, if any), shall be payable

Claim & Solvency Ratio

Claim Ratio	Solvency Ratio
100% (2023-24)	-

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Frequently Asked Questions About Insurance

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What is health insurance? +

Health insurance is a type of coverage that pays for medical and surgical expenses incurred by the insured. It may also provide coverage for other types of health-related costs, such as prescription drugs, mental health services, and preventive care.

Why do I need health insurance? +

Health insurance helps protect you from high medical costs. It provides access to medical care when you need it, helping to pay for doctor visits, hospital stays, surgeries, prescription medications, and other health-related services.

What is a premium? +

A premium is the amount you pay for your health insurance every month. Depending on your plan, the premium may vary based on factors like age, location, and level of coverage.

What is a deductible? +

A deductible is the amount of money you must pay out-of-pocket before your health insurance starts covering your medical expenses. For example, if you have a deductible of $1,000, you must pay $1,000 out-of-pocket before your insurance starts covering your medical bills.

What are copayments and coinsurance? +

Copayment (copay): A fixed amount you pay for a covered health care service, typically when you get the service. Coinsurance: The percentage of the cost you pay for covered health services after you've paid your deductible. For example, if your coinsurance is 20%, you pay 20% of the bill, and the insurance company pays the remaining 80%.

What is an out-of-pocket maximum? +

The out-of-pocket maximum is the maximum amount you can spend on your health insurance. If you exceed this amount, your insurance company will pay 100% of your medical expenses.

What is the difference between in-network and out-of-network providers? +

In-network providers: Health care providers that have a contract with your health insurance plan to provide services at negotiated rates. Out-of-network providers: Providers that don't have a contract with your insurance plan. Services from these providers may cost more or not be covered at all.

What is a Special Enrollment Period (SEP)? +

The Special Enrollment Period (SEP) is a special time during the year when you can sign up for or make changes to your health insurance plan. If you miss this period, you may have to wait until the next one unless you qualify for a Special Enrollment Period (e.g., due to a life event like marriage or having a baby).

Can I keep my doctor with health insurance? +

If you have a preferred doctor, it’s important to check if they are in-network with your insurance plan. If they are not in-network, you may need to pay more out-of-pocket, or you may have to switch to another doctor who is in-network.

What is a Health Savings Account (HSA)? +

A tax-advantaged account for people with high-deductible health plans (HDHPs). The funds roll over from year to year and can be used for qualifying medical expenses.

What is a Flexible Spending Account (FSA)? +

A tax-advantaged account for people with low-deductible health plans (LDHPs). The funds roll over from year to year and can be used for qualifying medical expenses.

What is a Health Maintenance Organization (HMO)? +

An HMO is a type of health insurance plan that requires you to choose a primary care physician (PCP) and get referrals from them to see specialists. HMOs often have lower premiums and out-of-pocket costs but offer less flexibility in choosing providers.

What is a Preferred Provider Organization (PPO)? +

A PPO is a health insurance plan that offers more flexibility in choosing healthcare providers and doesn’t require referrals to see specialists. You can see any doctor, but you’ll pay less if you use in-network providers.

What is the difference between a Health Savings Account (HSA) and a Flexible Spending Account (FSA)? +

HSA: A tax-advantaged account for people with high-deductible health plans (HDHPs) The funds roll over from year to year and can be used for qualifying medical expenses. FSA: A tax-advantaged account for people with low-deductible health plans (LDHPs) The funds roll over from year to year and can be used for qualifying medical expenses.

What does the term "pre-existing condition" mean? +

A pre-existing condition is a medical condition that you had before you got your health insurance. It could include things like diabetes, high blood pressure, or heart disease.

Can I cancel my health insurance at any time? +

Yes, you can cancel your health insurance plan at any time. However, if you cancel outside the open enrollment period, you may not be able to get another plan until the next enrollment period unless you qualify for a Special Enrollment Period.

Are prescription drugs covered by health insurance? +

Many health insurance plans cover prescription medications, but the coverage may vary. Plans typically have a formulary, or list of covered drugs, and different drugs may have different levels of coverage, depending on whether they are generic, brand-name, or specialty drugs.

What is preventive care? +

Preventive care includes health services that help prevent illnesses, such as vaccinations, screenings, and annual checkups. Under the Affordable Care Act, most preventive services are covered by health insurance plans at no additional cost to the policyholder.

What should I do if my health insurance claim is denied? +

If your claim is denied, you can appeal the decision. Review the denial letter for reasons, contact your insurer for assistance, and file a written request for a hearing. If you win the appeal, you may be able to get a refund or other compensation.

How can I choose the best health insurance plan for me? +

When selecting a plan, consider factors like: Your health care needs (e.g., frequent visits, prescriptions) The plan’s network of doctors and hospitals The cost of premiums, deductibles, copays, and out-of-pocket maximums Coverage for specialized care or treatments Compare the different plans and benefits to find one that meets your needs.

What happens if I don't have health insurance? +

If you don’t have health insurance, you can still access some health care services, such as emergency care, in-network doctors, and in-network hospitals. You may be eligible for Medicaid, which provides some health care services at no cost to you.

What is life insurance? +

Life insurance is a contract between you and an insurance company, where you pay regular premiums in exchange for a lump sum payment (death benefit) to your beneficiaries upon your death.

What are the different types of life insurance? +

Term Life Insurance: Provides coverage for a specific period (e.g., 10, 20, or 30 years). If you pass away during this term, your beneficiaries receive the death benefit. It does not build cash value. Whole Life Insurance: Offers lifetime coverage with a death benefit and also builds cash value over time, which you can borrow against or use. Universal Life Insurance: A flexible policy that allows you to adjust the premiums and death benefit while also building cash value.

How much life insurance coverage do I need? +

The amount of coverage you need depends on factors like your income, debts, family needs, and long-term financial goals. A common rule is to have coverage worth 10 to 15 times your annual income, but this can vary based on your individual situation.

What is the difference between beneficiaries and policyholders? +

The policyholder is the person who owns the life insurance policy and pays the premiums, while the beneficiary is the person or group that receives the death benefit when the policyholder passes away.

Can I change my beneficiaries? +

Yes, you can change your beneficiaries at any time during the life of the policy, as long as the policy is in force and you follow the correct procedure with the insurance company.

What is the contestability period? +

The contestability period is the time during which you have the right to contest the decision of the insurer to pay the death benefit. This period varies depending on the type of life insurance policy and the insurer.

Does life insurance cover accidental death? +

Some life insurance policies include accidental death coverage, while others may require a separate rider for this benefit. Be sure to review your policy to understand what’s covered.

Can I cancel my life insurance policy at any time? +

Yes, you can cancel your life insurance policy at any time, provided you follow the correct procedure with the insurance company.

What is cash value? +

Cash value is the accumulated value of the life insurance policy that can be used to pay for expenses, such as medical bills or funeral expenses.

How do I borrow against cash value? +

You can borrow against the cash value of your life insurance policy, but it will need to be repaid, and any unpaid loan will reduce the death benefit.

What is the difference between whole life and universal life insurance? +

Whole life insurance provides coverage for a specific period (e.g., 10, 20, or 30 years) and builds cash value over time. Universal life insurance offers lifetime coverage with a death benefit and also builds cash value over time.

How are life insurance premiums determined? +

Life insurance premiums are based on factors like age, health, lifestyle (e.g., smoking), coverage amount, and type of policy. Generally, younger, healthier individuals pay lower premiums.

Can I borrow money from my life insurance policy? +

If you have a whole life or universal life policy, it may build cash value over time. You can borrow against this cash value, but it will need to be repaid, and any unpaid loan will reduce the death benefit.

What happens if I stop paying my life insurance premiums? +

If you stop paying premiums, your policy may lapse. For permanent policies like whole or universal life, the cash value may cover the premiums for a time, but eventually, if premiums are not paid, the policy will end.

What is auto insurance? +

Auto insurance is a contract between you and an insurance company that provides financial protection against damage or injury caused by accidents, theft, or other incidents involving your vehicle. It covers both liability and your vehicle's repair costs depending on the type of policy.

What types of auto insurance coverage are available? +

There are several types of auto insurance coverage, including liability, collision, comprehensive, uninsured/underinsured motorist, and additional coverage like roadside assistance and collision damage waiver.

How much auto insurance do I need? +

The amount of coverage you need depends on factors such as the value of your car, your driving habits, your state's legal requirements, and whether you own or lease your vehicle. A good starting point is to meet your state's minimum required coverage, but you may want additional coverage for added protection.

Can I cancel my auto insurance policy at any time? +

Yes, you can cancel your auto insurance policy at any time, provided you follow the correct procedure with the insurance company.

What is the difference between liability and comprehensive coverage? +

Liability coverage covers the damages and injuries caused by accidents, while comprehensive coverage also covers non-accident damages, such as theft or vandalism.

How do I choose the right auto insurance policy? +

When selecting an auto insurance policy, consider factors such as the type of coverage you need, your driving habits, the value of your vehicle, and your state's legal requirements.

What factors affect my auto insurance premium? +

Several factors impact your insurance premium, including: Your driving history (accidents, tickets), The make, model, and age of your car, Your location (accident rates in your area), Your age, gender, and marital status, The level of coverage you choose, Your credit score (in some states).

What is a deductible? +

A deductible is the amount you must pay out of pocket before your insurance policy starts to cover the remaining cost of repairs or claims. For example, if you have a $500 deductible and incur $2,000 in damages, you will pay $500, and your insurer will pay the remaining $1,500.

What is the difference between comprehensive and collision coverage? +

Collision coverage pays for repairs to your vehicle after a collision with another vehicle or object, regardless of who is at fault. Comprehensive coverage covers non-collision incidents, such as theft, vandalism, or damage from natural disasters.

Can I get uninsured/underinsured motorist coverage? +

Yes, uninsured/underinsured motorist coverage is available in some states. This coverage provides financial protection for you if another driver is uninsured or underinsured.

Is auto insurance required by law? +

Yes, in most states, you are required to have a minimum level of liability insurance. Some states also require additional coverage like Personal Injury Protection (PIP) or uninsured motorist coverage. The requirements vary by state, so it’s important to check your local laws.

What happens if I don’t have auto insurance? +

If you drive without insurance, you risk facing legal penalties, fines, and the possibility of your driver's license being suspended. If you're involved in an accident, you could be held responsible for the damages.

Can I add other drivers to my auto insurance policy? +

Yes, you can add other drivers, such as family members or friends, to your policy. However, their driving record and age may affect your premium. It's important to inform your insurer about all the drivers in your household.

What should I do if I get into an accident? +

If you're in an accident, follow these steps: Ensure safety by moving to a safe location if possible. Call the police and file a report. Exchange contact and insurance information with the other driver(s). Take photos of the accident scene, vehicle damage, and injuries. Notify your insurance company about the accident as soon as possible.

What is home insurance? +

Home insurance is a contract between you and an insurance company that provides financial protection against damage or loss caused by natural disasters, theft, or other incidents.

What types of home insurance coverage are available? +

There are several types of home insurance coverage, including flood, fire, burglary, and liability. You may also have coverage for water damage, mold, and other property damage.

How much home insurance do I need? +

The amount of home insurance coverage you need depends on the value of your property, the type of coverage you want, and your insurance provider. You may also need additional coverage for water damage, mold, and other property damage.

Can I cancel my home insurance policy at any time? +

Yes, you can cancel your home insurance policy at any time, provided you follow the correct procedure with the insurance company.

What is the difference between flood and fire coverage? +

Flood coverage covers damage caused by floods, while fire coverage covers damage caused by fires.

How do I choose the right home insurance policy? +

When selecting home insurance, consider factors such as the type of coverage you need, the value of your property, and your insurance provider.

What factors affect my home insurance premium? +

Factors such as the type of coverage you need, the value of your property, and your insurance provider can significantly impact your premium.