Axis Max Life Unveils Smart Term Plan Plus, Offering upto 2x Return of Premium

• 
  
  
  Women-Centric
  Features:
  Tailored
  benefits
  such
  as
  a
  Lifeline
  Plus,
  Special
  Premium
  discount
  and
  Maternity
  cover

• 
  
  
  Double
  Your
  Premium
  Back:
  Get
  2x
  of
  your
  total
  premiums
  paid
  as
  Special
  Exit
  Value

Axis
Max
Life
Insurance
(“Axis
Max
Life”/
“Company”)
has
announced
the
launch
of
the
Axis
Max
Life
Smart
Term
Plan
Plus
(UIN:
104N127V01),
a
non-linked,
non-participating,
individual
pure-risk
life
insurance
plan
designed
to
address
diverse
needs
and
life
stages,
with
coverage
tailored
for
customers’
needs.
It
offers
a
benefit
to
receive
up
to
200%
of
the
total
premium,
paid-back
as
a
special
exit
value
with
no
additional
premium
to
be
paid
to
avail
this
benefit.

The
plan
also
offers
women-centric
features
tailored
to
the
unique
requirements
of
this
customer
segment.
It
includes
a
maternity
cover
benefit
that
safeguards
against
pregnancy
complications
and
also
covers
the
new-born
for
congenital
anomalies
for
upto
3
years
of
birth.
It
offers
Lifeline
Plus
benefit
that
allows
the
female
Life
Insured
to
increase
the
coverage
in
case
of
her
spouse’s
death
for
upto
50%
of
Base
Sum
Assured,
or
Rs.
50
lakhs
(whichever
is
lower).
Most
significantly,
the
plan
offers
a
15%
discount
on
premiums
for
female
policyholders
compared
to
male
policyholders.
Moreover,
salaried
females
are
eligible
for
an
additional
15%
discount
on
the
first
year
premium
which
can
be
up
to
total
discount
of
27.75%
on
first
year
premium.

Prashant
Tripathy,
Managing
Director
and
CEO,
Axis
Max
Life,
comments,
“While
awareness
of
term
insurance
is
increasing,
its
penetration
in
India
remains
significantly
low,
leaving
a
substantial
protection
gap
for
many
families.
The
Axis
Max
Life
Smart
Term
Plan
Plus
is
designed
to
address
this
critical
need
by
offering
affordable
and
accessible
protection
to
a
wider
segment
of
the
population.
With
its
flexible
options
and
competitive
pricing,
the
plan
is
an
attractive
and
budget-friendly
choice,
particularly
for
young
customers.
I
am
confident
that
by
making
term
insurance
more
accessible
and
affordable
with
this
plan,
we
can
play
a
crucial
role
in
bridging
the
protection
gap
and
building
a
more
financially
secure
India.”

Key
Features
of
the
Axis
Max
Life
Smart
Term
Plan
Plus
(subject
to
policy
terms
and
conditions):

• 
  
  
  Rebalancing
  cover:
  One
  of
  the
  variant
  (rebalancing
  cover)
  of
  the
  plan
  offers
  auto
  rebalance
  of
  Life
  cover
  Sum
  Assured
  and
  Accidental
  Death
  Benefit
  (ADB)
  cover
  Sum
  Assured.

• 
  
  
  Multiple
  Plan
  Options:
  The
  policy
  includes
  unique
  variants,
  such
  as
  “Return
  of
  Premium,”
  “Early
  ROP
  Plus,”
  “Smart
  Cover,”
  and
  “Whole
  Life
  Cover,”
  each
  designed
  to
  address
  specific
  customer
  needs.

• 
  
  
  Special
  Exit
  Value:
  Policyholders
  can
  receive
  up
  to
  200%
  of
  the
  Total
  Premiums
  Paid
  back
  (excluding
  GST)
  from
  the
  30th
  policy
  year
  onwards,
  ensuring
  higher
  value
  at
  the
  point
  of
  exit.

• 
  
  
  Smart
  Cover:
  Designed
  for
  families
  with
  young
  children,
  this
  feature
  provides
  1.5X
  coverage
  for
  the
  first
  15
  years,
  helping
  ensure
  more
  robust
  protection
  during
  the
  early
  years
  of
  financial
  responsibility.

• 
  
  
  Whole
  Life
  Cover:
  Offers
  coverage
  until
  the
  age
  of
  100
  years,
  providing
  policyholders
  with
  long-term
  financial
  security,
  regardless
  of
  when
  the
  claim
  occurs.

• 
  
  
  Income
  Protection
  Cover:
  Option
  to
  receive
  monthly
  income
  payouts
  in
  the
  event
  of
  death,
  available
  as
  either
  level
  income
  payout
  or
  inflation-proof
  payout. 

• 
  
  
  15%
  Discount
  for
  Salaried
  Individuals:
  The
  plan
  offers
  a
  15%
  discount
  on
  the
  first-year
  premium
  for
  all
  salaried
  professionals,
  making
  it
  more
  accessible
  for
  a
  wider
  range
  of
  customers.

• 
  
  
  Inbuilt
  Cover
  Continuance
  Benefit:
  Flexibility
  to
  defer
  the
  due
  premium
  for
  a
  period
  of
  up
  to
  12
  months
  from
  the
  due
  date
  of
  first
  unpaid
  premium,
  while
  maintaining
  the
  full
  risk
  cover
  under
  the
  base
  plan
  and
  attached
  riders
  (if
  any).

The
Axis
Max
Life
Smart
Term
Plan
Plus,
which
has
7
variants,
meets
the
rising
demand
for
adaptable
financial
security
in
India.
Despite
growing
awareness,
only
31%
of
urban
Indians
have
term
insurance
(Axis
Max
Life
IPQ
6.0
Survey)
revealing
a
protection
gap.
This
plan,
with
its
flexible
options,
empowers
individuals
to
create
a
safety
net
for
their
families,
aligning
with
Axis
Max
Life’s
commitment
to
financial
empowerment.

About
Axis
Max
Life
Insurance
Limited

Axis
Max
Life
Insurance
Limited,
formerly
known
as
Max
Life
Insurance
Company
Ltd.,
is
a
Joint
Venture
between
Max
Financial
Services
Limited
(“MFSL”)
and
Axis
Bank
Limited.
Axis
Max
Life
Insurance
offers
comprehensive
protection
and
long-term
savings
life
insurance
solutions
through
its
multi-channel
distribution,
including
agency
and
third-party
distribution
partners.
It
has
built
its
operations
over
two
decades
through
a
need-based
sales
process,
a
customer-centric
approach
to
engagement
and
service
delivery
and
trained
human
capital.
As
per
the
annual
audited
financials
for
FY2023-24,
Axis
Max
Life
Insurance
has
achieved
a
gross
written
premium
of
INR
29,529
Cr. 

About
India
Protection
Quotient 
The
India
Protection
Quotient
(IPQ)
is
a
financial
study
conducted
by
Axis
Max
Life
Insurance
Ltd
in
association
with
KANTAR.
It
measures
the
financial
preparedness
in
urban
India
against
an
unforeseen
future.
Since
the
last
6
years,
Axis
Max
Life
has
chartered
India’s
protection
journey
and
captured
the
financial
sentiments
of
the
nation.
An
increase
in
IPQ
scores
signal
our
country’s
increasing
preparedness.

For
more
information,
please
visit
the
company
website
at

www.maxlifeinsurance.com