Axis Max Life Smart Fixed-return Digital Plan

These guaranteed additions are the amount accrued once the policy is fully paid up by the policyholder. Guaranteed additions are only available in the titanium variant of the plan.

Yes, the returns in Axis Max Life Smart Fixed-return Digital Plan are tax-free except for Gold variant wherein a life insurance coverage of 1.25 times and the single premium option is opted for on an individual life.

In order to encourage the purchase of insurance cum savings products, the Axis Max Life Smart Fixed-return Digital Plan offers additional benefits to women. This benefit includes additional maturity benefits for women. Women policyholders can get 0.25% more maturity benefit for a 5-year policy term, and 0.5% of additional maturity benefit for policy term of greater than equal to 10 years.

Yes, it is possible to surrender your policy any time during the policy term, however, you will be eligible for a surrender value only after it has acquired a surrender value.

The policy acquires a Surrender Value on the payment of two full years’ premium for a 5 pay or 10 pay variant. As for the gold variant which requires a single payment, the surrender value is achieved post expiry of the free look cancellation period.

The surrender value shall be equal to the higher Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).

“Free Look” means a period of thirty (30) days beginning from the date of receipt of the policy document, whether received electronically or otherwise, to review the terms and conditions of the policy. If the policyholder disagrees to any of the policy terms or conditions, or otherwise and has not made any claim, the policyholder shall have the option to return the policy for cancellation, stating the reasons for the same.

Irrespective of the reasons mentioned, the Policyholder shall be entitled to a refund of the premium paid subject only to a deduction of proportionate risk premium for the period of cover and the expenses, if any, incurred by the Company on medical examination and stamp duty charges.

Grace period refers to the time from the due date of each premium payment, during which the policyholder is allowed to make the payment without any late fees. In the case of Axis Max Life Smart Fixed-return Digital Plan, the grace period is of 15-30 days depending on the premium payment mode. The life insurance benefit continues to be available during this period. If the Life Insured dies during this period, we will pay the Death Benefit after deducting the unpaid Premium, if any.

There is a waiting period of 90 days from the Date of Commencement of Risk applicable only for POS policies. In case of death (for other than accidental death only) during the waiting period, 100% of the total premiums paid till the date of death will be payable excluding applicable taxes, cesses, levies, if any. On this payment, all policy benefits will cease. The Death Benefit will not be payable. In case of death of Life Insured due to accident, the Waiting Period is not applicable, and Death Benefit shall be payable.