Max Life Smart Total Elite Protection Term Plan

On the death of the life insured during the term of the policy, provided the policy is in-force, the insurer will pay the Guaranteed Death Benefit to the beneficiary under the Plan, which is the higher of:

• a. For Single Pay - 1.25 times the Single Premium plus underwriting extra premium if any; For Other Premium Payment Term - 10 times the Annualised Premium^* plus underwriting extra premium, if any,
• b. 105% of Total Premiums paid^{^} plus underwriting extra premium plus loadings for modal premiums as on the date of death
• c. Base Sum Assured^#

 ^* 'Annualised Premium' shall be the premium amount payable in a year excluding taxes, rider premiums, underwriting extra premiums and loadings for modal premiums. The Annualised premium remains same irrespective of the premium payment mode.

 ^{^} 'Total Premiums Paid' means total of all the premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly.

'Sum Assured on Death' means an absolute amount of benefit which is guaranteed to become payable on death of the life assured in accordance with the terms and conditions of the policy.

^# 'Sum Assured on Death' is the base sum assured.

The details of benefits under this product are given below:

• Guaranteed Death Benefit is payable on death of the Life Insured, provided the policy is in-force.
• Accelerated Benefit capped at Rs 1 crore is payable on diagnosis of Terminal Illness, provided the policy is in-force.

In case the Life Assured is diagnosed to be suffering from a disease, in the opinion of a Registered Medical Practitioner along with the insurer’s appointed doctor, which is likely to lead to their death within six months from the date of such certification, an amount capped at Rs 1 Crore is payable to the beneficiary.

Terminal Illness benefit will accelerate the death benefit i.e. once a Terminal Illness claim is paid (payable only once during the Policy Term), the death benefit will be reduced by the terminal illness claim amount.

Note: Only one valid Terminal Illness Benefit claim will be admissible and payable under this Policy. Post diagnosis of a terminal illness of the life insured, the policyholder shall be allowed to surrender the policy.

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

On death of the Life Insured due to an accident, 100% of Accident Cover Sum Assured will be payable as lump sum, upon approval of claim, irrespective of the claim payout mode chosen by the nominee. This benefit shall be payable in addition to the death benefit Sum Assured.

The Accident Cover can be added to the premium paying policy at any time during the policy term. An additional premium, pro-rata basis, will be charged, in case the benefit is added during the middle of the policy term, and full premium will be charged starting next policy anniversary.

Once the Accident Cover is terminated, it cannot be added again.

A Special Exit Benefit, the total premiums paid and underwriting extra premiums paid plus loadings for modal premiums (if any), is paid if the policyholder surrenders the policy. This option can be availed in any policy year, starting 30th policy year, but not during the last 4 policy years.

The following are the conditions for Special Exit Value:

• The policy has to be in-force at the time of availing this value
• This value shall not be available for policy terms less than 40 years
• This value shall be applicable on the base cover premium only and not to additional optional benefits like Accident cover
• The policy shall be terminated after availing this value
• This is an inbuilt product feature and no additional premium is required to be paid

As per this benefit, the policyholder is given the choice to defer the due premium for a period of up to 12 months from the due date, during which the full risk cover under the base plan and attached riders, if any, remains active. In the event of a claim during this period, the insurer will pay the claim as applicable after deducting the unpaid premiums, if any, as on the date of death or any other insured event covered by the base product and attached riders.

However, this benefit can only be availed after completion of 3 policy years, provided all due premiums have been paid, and the policy is in-force.

 Note: The duration of Cover Continuance Benefit (CCB) shall be 12 consecutive policy months from the date of the first unpaid premium. The CCB shall be available multiple times with a gap of 5 policy years from the expiry date of Cover Continuance Benefit availed previously.

Once the Cover Continuance Benefit period ends, the policyholder needs to pay the due premiums, including the premium applicable for the period of CCB, i.e. the base cover premium and additional premium (if any) e.g. rider premium and accident cover premium inclusive of underwriting extra, loading for modal premiums, and any applicable taxes.

Cover Continuance Benefit is an inbuilt product feature, and no additional premium is required to be paid. This benefit is available to all premium paying terms (Regular, Limited & Pay Till 60) except Single pay.

During the Cover Continuance Benefit, the policy will remain in-force with the risk cover as per terms and condition applicable under Grace Period of the policy. This is an inbuilt product feature and no additional premium is required to be paid. 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.

As per this benefit, on receipt of intimation of death (along with required documents) after a waiting period of 1 year from the date of policy issuance or revival, an accelerated benefit as mentioned in below table out of the base sum assured shall be payable within 1 working day from claim registration date provided all mandatory documents are submitted. The subsequent pay out shall be made after the claim is approved.

Note: This benefit is payable post a minimum waiting period of 1 year from the inception of the policy or revival, provided the policy is in-force. In case of repudiation / rejection of claim, the amount will be recovered from the nominee.

Provided the policyholder has paid all due premiums, an early exit value will be applicable under the policy in case the policyholder surrenders the policy.

The policy shall acquire an Early Exit Value subject to the criteria given below:

• Single Pay: After payment of single premium.
• Limited Pay: After payment of all due premiums.
• Regular Pay: No Early Exit Value is applicable.

Early Exit Value = 70% of [(Total Premiums Paid plus underwriting extra premiums paid plus loading for modal premiums, if any) x (Unexpired Term/Policy Term)]

'Early Exit Value' shall be applicable to the base cover premium and on Accident Cover option”

As per the benefit, the Policyholder is allowed to defer the due premium for up to 12 months from the due date while maintaining the full risk cover under the base plan and attached riders (if any). This option is allowed to be chosen after completion of 3 policy years, provided all due premiums have been paid, and the policy is in-force.

An accelerated benefit as mentioned in below table shall be payable, provided mandatory documents are submitted, and the subsequent pay out shall be made after the claim is approved.

Option to receive all premiums paid back, in any policy year starting 30th policy year, but not during the last 4 policy years. No additional premium to be paid to avail this benefit.

This rider provides waiver of all future premiums payable for the policy, and all other attaching riders on earlier happening of either of the following events, provided the base policy and attaching riders are in force:

• Critical Illness
• Dismemberment
• Death (only when Life Insured and Policyholder are different individuals, rider benefit will be paid on death of the Policyholder)

The waiver of premium (WOP) applies to base benefit premium as well as for additional optional benefits applicable. Please note the following:

• The rider policy term and premium payment term would be same as base policy premium payment term.
• The rider premium cannot exceed 100% of the Annualised Premium plus underwriting extra premium plus loading for modal premiums, if any, in a policy.
• The rider sum assured shall not exceed the base sum assured chosen at inception of the policy.
• The rider is not available under the Single Pay PPT of the product.
• The rider can be attached any time during the premium paying term of the base plan, subject to minimum applicable term of the rider.
• Refer to Waiver of Premium Plus Rider Prospectus document for more details.

Any rider will not be offered if the term of the rider exceeds outstanding term under the base policy.

There is no overlap in benefit offered under available riders & base product.

This rider provides benefit upon diagnosis of any of the critical illnesses covered. Please note the following:

• The Rider policy term can be less than the Base Plan's Policy Term but cannot exceed the Base Plan's Policy Term.
• The rider premium cannot exceed 100% of the Annualised Premium plus underwriting extra premium plus loading for modal premiums, if any, in a policy.
• The rider sum assured shall not exceed the base sum assured chosen at inception of the policy.
• The rider is not available under the Single Pay premium payment variant of the product.
• The rider can be attached any time during the premium paying term of the base plan, subject to minimum applicable term of the rider.
• Refer to Max Life Critical Illness and Disability Rider Prospectus document for more details.
• Max Life Critical Illness and Disability Rider or any of its subsequent version may be attached with this product or any future versions of this product.