Max Life Smart Secure Plus is a term insurance plan offered by the Max Life Insurance Company.

Max Life Smart Secure Plus comes with a unique combination of affordable pricing and multiple benefits, making it one of the best term plans in the market today. As you set out to buy term insurance, you would like to find an insurer who will provide you and your family with a smooth purchase and claims experience.

Max Life Insurance holds an excellent track record with respect to both purchase and claims services. This indicates that you and your family will experience a smooth and seamless policy purchase and claim settlement process. On the flip side, the plan doesn't give you many options to customize how quickly you can finish paying your premiums or how your family will receive the claim amount. And, the insurer's response rate on Twitter is comparatively low than other insurers.

Here’s the Max Life Smart Term Plan review.

What are the features and benefits of the Max Life Smart Secure Plus Plan?

Max Life Smart Term plan benefits and features are as follows -

Life Cover Benefit: With the Max Life Smart Term plan life cover, your family will receive an assured sum of money if you pass away during the policy duration. With this term insurance policy, you can claim tax benefits under Sec. 80C of the Income Tax Act. However, there is no maturity benefit in this policy - meaning, you won’t get anything back in case you survive the policy term.
Entry Age for the Policy: The Max Life Smart Term Plan plan allows you to apply for the policy, when your age is at least 18 years and until you’re 65 years old.
Cover Duration: This plan offers you a term cover, up to the age of 85 years. This means you can enjoy the plan benefits even after your retirement age.
Increasing Cover: Once you choose an appropriate sum assured that fits your family’s current financial needs, you can buy the increasing cover feature to ensure that the cover is inflation-proof and sufficient for your family, always. The Increasing Cover option starts increasing from the 2nd year by 5% annually, up to 2x the base cover.
Limited Pay Option: Using this option, you can finish paying off all your premiums in larger and quicker instalments within 5, 10, or 15 years till the age of 60 years. This feature is suitable if you want to get the burden of premiums off your chest while you still have a dependable income.
Claim Payout Options: The Max Life Smart Term Plan only allows a one-time claim payout. Meaning, your family will receive the entire claim as a lump-sum amount. This might get risky if your nominee is someone who might not be able to manage a large sum of money.

Max Smart Term Plan Review: What are the riders available with this plan?

Max Life Smart Term Insurance offers a range of optional add-ons or riders that can boost the quality of your term insurance coverage. They include -

Comprehensive Critical Illness Rider: If you’re diagnosed with any of the serious diseases listed in the Max Life Smart Term plan critical illness list, this add-on will pay an additional amount of money as a lump sum. You can use this money to replace the loss of income and to pay for any additional expenses your family might incur. The Critical Illness Rider, as an additional cover, covers 64 illnesses, with a maximum cover of Rs 50 lakhs, available until the age of 85.
Accidental Death Benefit Rider: With this rider, your family will receive an additional amount of money, if your death happens due to an accident. In case you are eligible for a cover amount lower than what is required for your family, you can use this rider to improve your overall cover. The Accidental Death Benefit Rider provides coverage up to Rs 1 crore or the base cover amount, whichever is lower, available until the age of 85.
Waiver of Premium Rider: This is one of the most helpful riders that everyone should always consider buying. If you are diagnosed with a serious disease or a disability, you will not have to pay any future premiums if you buy this rider along with your term plan. However, you can retain your cover until the end of the term. The Waiver of Premium Rider covers accidental disability and critical illness up to the age of 70, with 11 illnesses covered.

Why should you consider buying a policy from Max Life Insurance?

Here are a few reasons why you can consider purchasing from Max Life Insurance -

Speed of Claim Settlement: Max Life Insurance holds an exceptional track record in its claims process. They have settled around 99.80% of their claims in less than 30 days. This indicates your nominee might not have to wait too long to receive the claim amount.
Claims Complaint: According to our research, we found that Max Life Insurance has received 0.04% of complaints in comparison to other insurers. This indicates a smooth claim settlement process and that your family is likely to have a seamless experience.
Online Tracking of Claims: Max Life Insurance provides your nominee the option to track their claim online as well, instead of reaching out to the company, again and again, to learn about the claim status.
Claim Settlement Ratio: The claim settlement ratio of Max Life Insurance is 99.65%.

Max Life Insurance Smart Term Plan Review: What are the drawbacks of buying a term insurance plan from Max Life Insurance?

Here are some disadvantages of buying a policy from Max Life Insurance -

Home Pick-up for Claims unavailable: While the insurer provides various convenient services for your nominee or family, they do not offer a facility for picking up claims-related documents from your home. Therefore, your nominee or family will have to visit the branch to provide the required documents.
Personal relationship manager: Max Life Insurance does not provide a personal relationship manager - someone to help your nominee throughout the claim settlement process.
Length of the Claim Form: This insurer has a moderately long claim form, indicating that your family can face hassles during the claim application process.

How is the customer service of Max Life Insurance?

Max Life Insurance company provides claimants the option to reach out to them via toll-free services as well as social media platforms like Twitter in case of any query related to the claim settlement process.

Toll-Free Service: Based on the research conducted by our in-house research team, we found that the insurer’s response to toll-free is slow compared to other insurers. Your nominee or family might even have to wait for a couple of hours to get an initial response from the company.
Response over Twitter: As per our research, we found that the insurer's response rate over Twitter is quick.
Policy purchase-related complaints: Based on our research, Max Life Insurance Company has received 0.44% of complaints related to its after-sales service, which is higher than other insurance companies.

About the Insurer- Max Life Insurance

Max Life Insurance Company Limited formerly known as Max New York Life Insurance Company Limited is a Life Insurance Company in India. It is the largest non-bank private-sector life insurer in India. It offers Term Life Insurance Plans, Traditional Savings Plans, and Unit Linked Insurance Plans. Founded in the Year 2000, it is a joint venture between Max Financial Services and Max India Limited. The company is headquartered in New Delhi and has 269 offices across 36 States / Union Territories in India. The CEO / CMD of the company is Mr. Prashant Tripathy.

Final review of Max Life Smart Secure Plus

Based on more than 100+ metrics analyzed for the Max Life Smart Secure Plus, the Beshak⭐Rating for this product is an amazing 4.1/5 - putting it as one of the top products in our charts!

Axis Max Life Smart Secure Plus