Axis Max Life Introduces Smart Term Plan Plus with Added Benefits

Axis Max Life Insurance has launched Smart Term Plan Plus, a non-linked, non-participating, pure-risk life insurance plan designed to provide flexible coverage across different life stages. The plan includes various options and benefits for female policyholders and is designed to address specific financial needs.

Coverage and Exit Benefits

The plan allows policyholders to receive up to 200% of the total premiums paid as a special exit value from the 30th policy year, without requiring additional premiums. It also includes multiple coverage variants such as “Return of Premium,” “Early ROP Plus,” “Smart Cover,” and “Whole Life Cover”, which provide flexibility based on individual preferences.

A rebalancing cover feature is also included, automatically adjusting life cover and accidental death benefits as the policy progresses. For families with young children, the Smart Cover feature increases coverage to 1.5X for the first 15 years. The Whole Life Cover option extends coverage up to age 100.

Women-Centric Benefits

The plan includes a maternity cover benefit, offering protection against pregnancy complications and covering congenital anomalies in newborns for up to three years. Female policyholders also have access to the Lifeline Plus benefit, which allows them to increase their coverage by up to 50% of the base sum assured (or ₹50 lakh, whichever is lower) if their spouse passes away.

Women receive a 15% discount on premiums, with salaried women getting an additional 15% discount on their first-year premium, bringing the total possible discount to 27.75%.

Income Protection and Payouts

The plan offers an income protection cover, where policyholders can choose to receive monthly income payouts, either as a fixed amount or an inflation-adjusted payout. This option provides financial stability for dependents.

According to Axis Max Life’s IPQ 6.0 Survey, only 31% of urban Indians have term insurance. The company states that this plan is designed to address the protection gap by making coverage more accessible.

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