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Axis Max Life Group Smart Health Insurance Plan
Axis Max Life Smart Group Term Life (Non-linked, Non-participating, Group Pure Risk Health Plan | UIN: 104N129V01) is a comprehensive Group Health Plan, designed to meet the diverse needs of your emplo
Disclaimer: In Unit Linked Policies, the investment Risk in the investment portfolio is borne by the policyholder.
Written by
Kriti Arora
: Kriti Arora
Insurance Writer
Kriti is a content marketing and branding expert with more than 13 years of rich experience across BFSI and Telecom industries. She is currently leading Digital Creative Strategy for Axis Max Life insurance.
Reviewed by
Bhaskar Sinha
Bhaskar Sinha
Insurance Expert
8+ years of experience in Life Insurance with expertise in Developing Life and Health Products, Digital Sales, Conducting effective trainings and Key Account Management.
Benefits of Axis Max Life Group Smart Health Insurance Plan
1. Benefits for the Master Policyholder
Retain your loyal customers by allowing them to stay covered
Covers member/employees through multiple benefit options riders
Premium paid by the master policyholder is deductible as business expense, subject to prevailing tax laws
2. Benefits for the Employee/Member
Covers out-of-pocket medical expenses, minimizing disruptions caused by health-related financial burdens
Tax benefits applicable under section 80D of the Income Tax Act, 1961
Sum Insured Cover Options by Axis Max Life Group Smart Health Insurance Plan
The master policyholder or insured member must choose either Decreasing Cover or Level Cover as the Sum Insured cover option, only at policy inception. These two cover options are explained below:
A. Decreasing Cover
Under this option, the Sum Insured chosen at inception reduces at a fixed rate over the policy term, subject to the frequency (i.e. Annually or Monthly) selected. The master policyholder or member must choose either of the following two options at policy inception:
The ‘Fixed Reduction Rate’ is calculated as:
B. Level Cover:
Under this cover option, the Sum Insured payable in case of occurrence of a covered contingency shall be equal to the initial cover amount selected by the Master Policyholder or the insured member. The Sum Insured remains constant throughout the policy term. This cover option is available for all benefit options.
Eligibility Criteria for Axis Max Life Group Smart Health Insurance Plan
The following are the eligibility criteria for Axis Max Life Group Smart Health Insurance Plan:
| Item | Particular | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Minimum Group Size |
Employer-employee: 5 Members Non-employer-employee: 50 Members In case of employer-employee groups, the minimum membership criteria will be applicable at Group Company level. | ||||||||||||
| Maximum Group Size | No limit on the maximum membership criteria applicable | ||||||||||||
| Maximum Maturity Age (age last birthday) |
70 years Maximum Renewal Age under One-Year Renewable Group Health Insurance: 66 years | ||||||||||||
| Premium Payment Mode/Variant |
This product offers a Single Pay premium payment option. Under One-Year Renewable Group Health Insurance, the following premium payment modes and modal factors shall be applicable:
| ||||||||||||
| Sum Insured | Benefit Option | Minimum | Maximum | ||||||||||
| Fixed Daily Hospitalization Cash Benefit | 10,000 | Subject to limits determined in accordance with the Board approved underwriting policy of the Company. | |||||||||||
| Fixed Surgical Care Benefit | 30,000 | ||||||||||||
| Accidental Total Permanent Disability | 10,000 | ||||||||||||
| Critical Illness Benefit | |||||||||||||
| Cardiac Cover | |||||||||||||
| Cancer Cover | |||||||||||||
| Optional – Accidental Death Benefit | |||||||||||||
| Wherever the coverage is provided against any loan obligations, Sum Insured for each benefit option (as well as Optional add-on benefit) shall also be consistent with the original loan amount sanctioned for level cover or with the loan schedule at inception. Note that the Sum Insured at inception for each benefit option (as well as Optional add-on benefit) shall not exceed the loan amount where the coverage is provided against the loan. | |||||||||||||
| Target Group | Employer-Employee – Yes | ||||||||||||
| Non-Employer-Employee – Yes | |||||||||||||
| Social Sector – Yes | |||||||||||||
|
Others (Please specify): a) Members of co-operative societies b) Members of Government agencies c) Customers of an online service provider d) Customers of any other service provider e) Customers of a Bank or any other Financial Institution or Society f) Vendors & Distributors of a company g) Parents/Guardians of school students h) Associations representing a particular profession/trade/domestic workers/Anganwadi workers i) Any other homogenous group | |||||||||||||
| Name of Benefit Option | Age at Entry (age last birthday) | Policy Term** | ||
|---|---|---|---|---|
| Minimum | Maximum | Minimum | Maximum* | |
| Fixed Daily Hospitalization Cash Benefit | 18 years | 65 years | 1 year | 5 years |
| Fixed Surgical Care Benefit | 18 years | 65 years | 1 year | 5 years |
| Accidental Total Permanent Disability | 18 years | 65 years | 1 month | 20 years |
| Critical Illness Benefit | 18 years | 65 years | 1 year | 15 years |
| Cardiac Cover | 18 years | 65 years | 1 year | 5 years |
| Cancer Cover | 18 years | 65 years | 1 year | 5 years |
| Optional Accidental Death Benefit | 18 years | 65 years | 1 month | 20 years |
Note: For additional details regarding Benefit Options, please refer to the product Prospectus available under the Downloads section.
**Under One-Year Renewable Group Health Insurance, Policy Term applicable is 1 year only.
*If the product is offered in conjunction with a loan, the policy term shall be subject to a maximum of 5 years, irrespective of the benefit option chosen. Additionally, if the product is offered in conjunction with a loan, the coverage term shall be less than or equal to the loan tenure.
Benefit Options Plan Variants of Axis Max Life Group Smart Health Insurance Plan
Axis Max Life Group Smart Health Insurance Plan offers 6 benefit options or plan variants, along with one optional Accidental Death Benefit (ADB) Cover, to choose from (listed below) at policy inception, which cannot be changed later.
The Group policyholder or the individual member needs to choose benefit option, Policy Term (PT), premium frequency, sum insured, and sum insured cover option at policy inception. In case of selecting multiple benefit options, the customer must select the PT, premium frequency, and sum insured for each variant.
These choices can be exercised by both the master policyholder and the member, to be governed by the provisions of scheme rules.
| S. No. | Benefit options |
|---|---|
| 1 | Fixed Daily Hospitalization Cash Benefit |
| 2 | Fixed Surgical Care Benefit |
| 3 | Accidental Total Permanent Disability |
| 4 | Critical Illness Benefit |
| 5 | Cardiac Cover |
| 6 | Cancer Cover |
Note: For additional details regarding Benefit Options, please refer to the product Prospectus available under the Downloads section.
Note: In case multiple benefit options are selected, the benefits payable under each benefit option or plan variant shall be independent of those under other benefit options, with premium varying based on the benefit option(s) selected.
Download Policy-related Documents
| Prospectus | Leaflet | Policy Contract | Customer Information Sheet |
Why Choose Axis Max Life?
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