Benefits and Features of Axis Max Life Smart Total Elite Protection (STEP) Term Plan

Below are some key benefits that Axis Max Life Smart Total Elite Protection Term Plan (A Non Linked Non Participating Individual Pure Risk Life Insurance Plan | UIN: 104N125V06) offers to policyholders:

Pay out of the base sum assured is a feature common to all term insurance plans; however, the Axis Max Life Smart Total Elite Protection Term Plan also provides the benefit of Insta-payment. Under this benefit, an immediate payout as mentioned in the below table from the base sum assured shall be payable within 1 working day from the claim registration date provided all mandatory documents are submitted. The subsequent pay out shall be made after the claim is approved. This can help your family members meet any immediate costs associated with funeral, burial, repatriation of remains etc. Some key factors to keep in mind when availing this benefit include:

• This benefit can only be availed if the policy is in-force.
• This benefit is not payable in case of death during 1st policy year.
• On receipt of intimation of death, a payment as mentioned in the above table is payable as Insta Payment on Claim Intimation. The balance Death benefit shall be payable at the time of claim settlement.
• Documents required for claim intimation are Death Certificate, Cancelled Cheque/Bank account de-tails, Claim intimation form, KYC of nominee and Policy document.
• In case the Policy is during the Cover Continuance Benefit Period, then in case of death of the Life Insured, we will deduct the due amounts from above accelerated death benefit.
• On assessment of documents submitted during claim assessment, additional documents may be sought by the company.

In case of repudiation / rejection of claim, the amount will be recovered from the nominee

Below are some key benefits that Axis Max Life Smart Total Elite Protection Term Plan (A Non Linked Non Participating Individual Pure Risk Life Insurance Plan | UIN: 104N125V06) offers to policyholders:
In-Built Cover Continuance Benefit Payment of premiums on a regular basis is a pre-requisite in order to continue receiving the benefits of your term plan. But what happens if you find yourself short of cash due to any reason such as job loss, unexpected medical bills, expensive home repairs, etc. The cover continuance benefit of Axis Max Life STEP Term Plan can help you overcome such financial constraints by allowing you to defer premium payment for a period of up to 12 months from the due date, while maintaining the full risk cover under the base plan and attached riders, if any.

This is an in-built feature so no additional premium is required to be paid and no late fees or fines are applicable if you avail this benefit. All you need to do is inform Axis Max Life Insurance about availing the cover continuance benefit at least 30 days (15 days in case of monthly mode) before exercising Cover Continuance Benefit. Some other factors to keep in mind here include:

• The option can be exercised only after paying 3 full years premium.
• The Cover Continuance Benefit shall be available for multiple times with a gap of 5 policy years from the expiry date of previous Cover Continuance Benefit.
• Once the Cover Continuance Benefit is exercised, it shall continue for maximum of 12 consecutive policy months i.e. one Cover Continuance Benefit shall mean 1 annual premium, 2 half-yearly premiums, 4 quarterly premium or 12 monthly premiums.
• There should be a gap of at least 5 policy years between the two Cover Continuance Benefit i.e. policyholder can opt for next Cover Continuance Benefit after completion of 5 years from the expiry of last exercised Cover Continuance Benefit. For example, if the policyholder opts for Cover Continuance Benefit in the 5th policy year for the first time. The second Cover Continuance Benefit will be available to be exercised after 5 years, i.e. from the 11th policy year onwards.
• In case the above due amounts are not paid within 30 days (15 days in case of monthly mode) of the commencement of the next Policy Year after expiry of the Cover Continuance Benefit Period, the Policy including Rider(s), if any, shall lapse and no benefits shall be payable in the Policy or the Rider(s), if any and company shall be entitled to recover the same from any amounts or benefits payable under the Policy or Rider(s).
• This option can be exercised from the next premium anniversary, independent of the policy anniversary. For example, for a monthly mode policy, a policyholder having paid 12 monthly premiums may choose not to pay the next 12 monthly premiums.
• If the policyholder exercises the Cover Continuance Benefit in the last 5 years of the policy, then the next Cover Continuance Benefit shall not be allowed.
• This option will only be applicable on the Base premium, Accident cover premium and rider premium, if any.
• Policyholder can surrender the policy anytime along with this option even during the Cover Continuance Benefit year.
• The policyholder needs to intimate the company 30 days (15 days in case of monthly mode) before exercising Cover Continuance Benefit. If a premium is unpaid with no prior intimation, the policy at the end of the grace period shall be treated as per the terms & conditions.
• The policyholder needs to pay the total outstanding amount at the end of Cover Continuance Benefit period. For example, if the policyholder exercises Cover Continuance Benefit in the 5th policy year then at the end of Cover Continuance Benefit period, policyholder has to pay the due premium for previous year (5th year) along with the next due premium (6th year)
• The Cover Continuance Benefit shall not be available during the last year of the premium paying term.
• No interest shall be levied on the premium due during the Cover Continuance Benefit period.

This benefit of the Axis Max Life STEP Term Plan is designed to provide greater flexibility to the policyholder. By availing the benefit of special exit value, the policyholder can surrender the policy prior to completion of policy term and get a refund for the total premiums paid plus underwriting extra premiums plus loadings for modal premiums (if any). This is an inbuilt feature so the policyholder does not have to pay any extra premium to receive this benefit. One must however keep in mind some key pointers regarding special exit value in Smart Total Elite Protection Term Plan:

• Special Exit Value (SEV) feature is available only if the policy term is 40 years or longer
• SEV benefit can be availed during any year starting from the 30th policy year
• This benefit cannot be availed in the last 4 years of the policy term

Based on the above criteria, there are some restrictions on the period during which a policy holder can apply for SEV and the below table illustrates this based on different age of entry and policy term (minimum 40 years) opted by the policyholder:

Note:The examples in the above table is only for purpose of illustration and is not an exhaustive list.

Get free coverage against the diagnosis of Terminal Illness and accelerate** payout capped at Rs 1 crore. No additional premium to be paid. On diagnosis of Terminal Illness, 100% of Guaranteed Death Benefit (subject to a maximum of Rs 1 crore) will be payable.

Terminal Illness benefit will accelerate the death benefit i.e. once a Terminal Illness claim is paid, the death benefit sum assured will be reduced by the terminal illness claim amount. The Terminal Illness Benefit is payable only once during the Policy Term and only one valid Terminal Illness Benefit claim will be admissible and payable under the Policy.

Post a Terminal Illness claim, all premiums falling due from the date of diagnosis of terminal illness (for the base policy and options chosen) would be waived off and the policy shall continue till death of the life insured or the end of the policy term, whichever is earlier.

**Accelerated Sum Assured is the sum assured paid and reduced from the base sum assured

Below are some of the key rider options that the policyholder can choose when opting for the Axis Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V06, A Non Linked Non Participating Individual Pure Risk Life Insurance Plan):

Note:*Rider options are available on payment of additional premium
**Accelerated Sum Assured is the sum assured paid and reduced from the base sum assured.
The above table of riders and benefits is for illustrative purposes only. For complete details please refer to the policy prospectus.

Note:The above is a short list of some key features and benefits of the Axis Max Life Smart Total Elite Protection Term Plan. For the complete list please list please refer to the product prospectus and related documents.