Max Life Insurance recently launched its term life insurance plan known as the Smart Total Elite Protection Plan (STEP). This plan is customized to suit today’s modern lifestyle and helps individuals account for their needs with more ease. Notably, this term life insurance policy is a non-linked and non-participating plan that offers coverage to help account for evolving needs by offering features beyond the basic death benefit. This unique approach to life insurance makes STEP suitable for the modern world. It helps address the need for increased protection by extending more flexible coverage options, allowing one to account for one’s financial security requirements more effectively.
On that note let’s explore a smart total elite protection plan to understand the features and benefits better and their utility.
Key Features and Benefits of STEP
These features and benefits of the Smart Total Elite Protection Plan (STEP) make it stand apart from the rest –
Cover continuance benefit
This particular feature allows policyholders to delay a premium payment for as long as a year while enjoying complete cover for their base plan and rider plans. This option is available to policyholders every five years to provide them with the flexibility they actually need.
Special exit value
Max Life Smart Total Elite Protection Plan offers individuals the peace of mind and flexibility to withdraw from the plan. This particular feature allows individuals to withdraw their contributions from their 30th policy year, without attracting any penalties or undisclosed fees. This feature offers greater financial control over one’s life insurance policy.
Insta-payment on claim intimation
This term life insurance plan provides the beneficiary of the policy with quick access to Rs. 2 lakh advance on the actual guaranteed death benefit when a claim is filed after the sudden demise of the insurance holder. Following the claim registration, the advance is paid given all the required documents are furnished and in order. Subsequently, the full payout is paid after the claim approval. This allows the beneficiary to account for immediate financial obligations until the full claim is settled and tide over their emergency accordingly. However, the initial amount that is disbursed has to be returned by the beneficiary if the claim request is ultimately rejected.
Terminal Illness Benefit
This life insurance plan acts as an ideal safety net with a cover of Rs. 1 crore that is sent out to the beneficiary of the plan if the policyholder is diagnosed with a terminal disorder and has less than 6 months to live. However, the same needs to be confirmed by at least two doctors. This advance or the terminal illness benefit helps ease the financial worries of the insured and the beneficiary. However, once the terminal illness benefit is claimed the final death benefit gets reduced by the sum paid in advance.
Accelerated Critical Illness (ACI) Benefit
The ACI benefit typically pays the money if the insured gets diagnosed with a critical illness covered under the policy during the policy term. Individuals can choose their payout amount or the ACI Sum Assured anywhere between Rs. 5 lakhs and Rs. 50 lakhs, which would be in increments of 5 lakhs. However, it is a one-time benefit and the insured cannot claim it again even when they get diagnosed with another covered illness. In addition, once the ACI is paid the promised death benefit and premiums get slashed by the credited amount. Individuals can receive their share of ACI benefits till they reach the age of 75 years or when their policy ends after 50 years, whichever occurs first.
Accident Coverage
If the insured passes away due to an unforeseen accident, their beneficiary will get a lump sum amount that is equivalent to 100% of their Accident Cover Sum Assured. However, the amount is regardless of how the insured opts to get their death benefit.
This payout is offered in addition to the regular basic death benefit the insurance policy provides. Policyholders can add this optional cover to their existing base policy during their active term. However, adding the cover mid-term would increase the premium depending on the remainder term. Typically, from the beginning of the next anniversary of the policy, individuals will pay the entire premium for their promised Accident Cover.
These features make the Smart Total Elite Protection Plan ideal for individuals and help them safeguard their financial future more effectively.
Why Should You Get a Smart Total Elite Protection Plan?
Individuals should consider this term life insurance plan because of these reasons –
Prompt Payouts: Typically, the payouts for critical illnesses are not made immediately. Insurance companies often expect the insured to survive a waiting period before they pay the amount for critical illness. However, Smart Total Elite Protection is likely to pay the insured the promised benefit in just 14 days after their diagnosis is confirmed.
The payout from actual cover or on its top:
Some insurance policies tend to pay the critical illness cover while also paying the option to avail of a top-up on total term cover. In the case of Smart Total Elite Protection, individuals can get the actual cover on top or as a part of the total cover.
Short waiting period:
Typically, most insurance policies impose a strict waiting period before they extend the critical illness cover benefit to the insured. When it comes to Smart Total Elite Protection, the insurer imposes a brief 90-180 days waiting period to process claims related to any critical illnesses.
These aspects make Smart Total Elite Protection suitable for individuals looking for comprehensive term life insurance types. Such a plan is designed to help individuals build a financial safety net for their family members and ensure financial independence during emergencies. However, it is recommended that before getting any insurance policy, individuals read the fine print and the features of the plans carefully and then decide whether the insurance plan suits their needs or not. Individuals must know their requirements and their financial obligations to make an informed decision that places them in a comfortable position.
