Axis Max Life Smart Term Plan Plus

Name: Smart Term Plan Plus – Buy STPP Online in India 2025 | Axis Max Life
Brand: Axis Max Life Insurance
Rating: 4.2 (52 reviews)

You strive hard to provide comfort and financial security to your family, ensuring their future is safeguarded at all times. To protect them against life's uncertainties, you need a life insurance plan th

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Reviewed by

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What is Axis Max Life Smart Term Plan Plus?

People have different expectations from term life insurance - be it protecting their child's future or ensuring that they can pay off their home loan. Considering today’s rapidly evolving financial needs, improving living standards, inflation, and increasing health threats, there is a need for insurance products that can fulfil them all. This is where a smart term plan becomes useful.

Axis Max Life Smart Term Plan Plus (A Non-Linked, Non-Participating Individual Pure Risk Life Insurance Plan | UIN: 104N127V02) offers a wide range of flexible options, allowing you to build a safety net to safeguard your family’s financial future, even in the event of unforeseen circumstances.

Features of Axis Max Life Smart Term Plan Plus

Given the fact that every individual's needs are different, Axis Max Life Smart Term Plan Plus offers a plethora of features to make your own term plan. The following are the options to choose from to design your own term plan:

Flexibility to choose from 7 plan variants based on your needs

Cover Continuance Benefit

Insta Payment on Claim Intimation

Auto rebalance of Life cover Sum Assured and ADB cover Sum Assured under Rebalancing Cover plan variant.

Get back 200% of your total premiums paid as Special Exit Value^&&

Protect your monthly income in your absence with Income Protection cover plan variant

Option to avail life insurance coverage till age 100 years with Whole life cover variant

Inbuilt Terminal Illness

Exclusive Key Features for Female Life Insured:

a. Maternity Cover*: Female Life Insured can safeguard themselves against certain Pregnancy related complications
and their new born against Congenital Anomalies.

b. Lifeline Plus: Flexibility to avail Top-up in the event of the death of the spouse of female Life insured with premium
rates based on inception rates, attained age, and revised total Sum Assured band.

c. Female Life Discount: A flat 15% discount on the premium (compared to the premium for Male life insured) will be
applicable throughout the Premium Payment Term for Female Life Insured.

^{Disclaimer: *On payment of additional premium.}

^{^&&The policyholder will get back 200% of total premiums paid plus underwriting extra premiums paid plus loadings for modal premiums (if any), if the policyholder exercises this option during (Policy Term minus 10th) policy year only. This option will not be applicable for Regular Pay and Pay Till 60 premium payment term. The minimum policy term will be 40 years for special exit value. The special exit value is applicable for plan variants other than'Return of Premium’, ‘Early ROP Plus’ and ‘Whole Life Cover.}

Sr. No

Benefits

Additional/Accelerated Sum Assured**

Brief Description

Cover Continuance Benefit

The Policyholder is allowed to defer the due premium 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 option is allowed to be exercised after completion of 3 policy years, provided all due premiums have been paid and the policy is in force.

Special Exit Value

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 (free of cost).

In addition to the SEV benefit mentioned above, for PPT variants (excluding Regular Pay and Pay Till 60), the policyholder will be entitled to an additional Special Exit Value (SEV) benefit. This benefit will also be calculated as a proportion of the total premiums paid, underwriting extra premiums paid, and loadings for modal premiums (if any), based on the table provided below.

The policyholder can exercise this option between “Policy Term minus 13 years” and “Policy Term minus 7 years”. The table outlines the additional proportion as well as the total proportion of the premiums paid (including underwriting extra premiums and loadings for modal premiums, if applicable) upon exercising the SEV option during the specified policy years.

Policy Year	Additional SEV %	Total SEV %
Policy Term minus 13th	25%	125%
Policy Term minus 12th	50%	150%
Policy Term minus 11th	75%	175%
Policy Term minus 10th	100%	200%
Policy Term minus 9th	75%	175%
Policy Term minus 8th	50%	150%
Policy Term minus 7th	25%	125%

Lifeline Plus

Additional

Exclusively for Female Life Insured. Flexibility to avail Top-up in the event of the death of the spouse of the female Life insured with premium rates based on inception rates, attained age, and revised total Sum Assured band.

Insta Payment on Claim Intimation

Accelerated

An accelerated benefit as applicable out of base sum assured shall be payable within 1 working day from claim registration date, provided mandatory documents are submitted. The subsequent payout shall be made after the claim is approved.

Health Management Services

Policyholder will have the option to take Health Management Services such as medical second opinion, medical consultation, discounts on medicines from the service providers registered with the company.

Terminal Illness

Accelerated

Get free coverage against the diagnosis of Terminal Illness and accelerate** payout of ₹1 crore. No additional premium to be paid.

Claim Payout

Base

Empower the nominee to choose the payout mode at claims stage:

Lumpsum
Monthly Income^{^^}
Part Lumpsum and Part Monthly Income^{^^}

^{Disclaimer: **Accelerated Sum Assured is the sum assured paid and reduced from the base sum assured.}

^{^^Claim payout in the form of monthly income will be available with all plan variants except Income Protection cover variant.}

Variants of Axis Max Life Smart Term Plan Plus

The following are 7 variants offered by Axis Max Life Smart Term Plan Plus:

Plan Variants	Death Benefit	Terminal Illness	Return of Premium	Maternity Cover^&
Regular Cover	Yes	Yes	No	Yes
Rebalancing Cover	Yes	Yes	No	Yes
Early ROP Plus	Yes	Yes	Yes	Yes
Smart Cover	Yes	Yes	No	Yes
Return of Premium	Yes	Yes	Yes	Yes
Whole Life Cover	Yes	Yes	Yes	Yes
Income Protection Cover	Yes	Yes	No	Yes

^{Disclaimer: ^&On payment of additional premium for Female life insured only.}

1. Regular Cover

The Base Sum Assured chosen at inception remains level throughout the policy term. In case life assured dies during the policy term, the Guaranteed Death benefit shall be payable, and the policy will terminate. This plan variant is also available for policies sourced as POS product.

2. Rebalancing Cover

The Base Sum Assured chosen is split between the Life Cover Sum Assured (SA) that is payable upon accidental or non-accidental death and the ADB Cover Sum Assured (SA) that is payable upon accidental death only. At inception of the policy, the Life Cover SA and the ADB cover SA are set at 10% and 90% of Base Sum Assured, respectively. For an in-force policy, at every policy anniversary, starting from the first policy anniversary, the Life Cover SA will increase every year by 10% (simple interest) of the Base Sum Assured, while the ADB Cover SA will decrease by the same amount each year.

The total Base Sum Assured will not change throughout the tenure of the policy. Once the Life Cover SA is equal to Base Sum Assured, the rebalancing will cease with no ADB Cover and the Life Cover will continue till the end of the policy term.

3. Early ROP Plus

On survival of the life insured, the policyholder will get back 50% of the total premiums paid (plus underwriting extra premiums paid plus loading for modal premiums, if any) on higher of (on attainment of age 60 or Age at entry + Premium Payment Term + 10) and yet, continue the life cover with 50% of Base Sum Assured till the end of Policy term. The remaining 50% of the total premiums paid (plus underwriting extra premiums paid plus loading for modal premiums, if any) shall be paid back at the end of policy term, in case of survival of Life insured till the end of policy term.

In case of death of life assured during the policy term, provided all due premiums have been paid, the applicable Guaranteed Death benefit shall be payable.

4. Smart Cover

150% of the Base Sum Assured is payable in case of death of life insured within first fifteen policy years, and 100% of the Base Sum Assured is payable in case of death of life insured after first fifteen policy years.

5. Whole Life Cover

On survival of life insured, the policyholder will get back 50% of the total premiums paid (plus underwriting extra premiums paid plus loading for modal premiums, if any) back on higher of (on attainment of age 60 or Age at entry + Premium Payment Term + 10) and yet, continue the life cover with 50% of the Base Sum Assured till the end of Policy term. The remaining 50% of the total premiums paid (plus underwriting extra premiums paid plus loading for modal premiums, if any) shall be paid back on attainment of age 100 years and policy terminates thereafter. In case of death of life assured during the policy term till age 100 years, provided all due premiums have been paid, the applicable Guaranteed Death benefit shall be payable.

6. Return of Premium

The Base Sum Assured chosen at inception will remain level throughout the term of the policy. In case life assured dies during the policy term, the Guaranteed Death benefit shall be payable, and policy terminates thereafter. In case of survival of life insured till the end of policy term, 100% of the total premiums paid (plus underwriting extra premiums paid plus loading for modal premiums, if any) will be payable. This plan variant is also available for policies sourced as POS product.

7. Income Protection Cover

Under this plan variant, in case of death of life assured during the policy term, provided the policy is in force, the Guaranteed Death benefit will be payable in the form of ‘monthly income applicable at the time of death’ commencing from the end of the policy month on or after the date of intimation of death and continue for each policy month till higher of 120 months or the outstanding term in months. Where outstanding term in months is equal to number of whole months from the date of death to the end of the Policy Term. The policyholder will have the choice to opt for either ‘Level Income’ or ‘Inflation proof Income’ options. The ‘monthly income applicable at the time of death’ will depend on the option chosen by the policyholder and the same has been defined below:

Level Income:'monthly income applicable at the time of death'; is equal to the monthly income chosen at inception.

Inflation proof Income: 'monthly income applicable at the time of death'; is equal to the monthly income chosen at inception increased by 10% every 3 years (simple interest) from inception capped at 200% of the monthly income chosen at inception. After the death of the Life Insured, there shall be no increase in the income under this variant.

Benefits of Axis Max Life Smart Term Plan Plus

The following are the key benefits offered by Axis Max Life Smart Term Plan Plus:

Death Benefit

On the death of the Life Insured anytime during the term of the policy, provided the policy is in-force, the Company will pay the Guaranteed Death Benefit under the Plan.

Guaranteed Death Benefit is defined as higher of:

For Single Pay - 1.25 times the Single Premium plus underwriting extra premium, if any;

For Other PPTs - 10 times the Annualised Premium plus underwriting extra premium, if any,

105% of Total Premiums Paid plus underwriting extra premium paid plus loadings for modal premiums paid as on the date of death,

Absolute Amount Assured to be paid on Death

‘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’ is equal to Absolute Amount Assured to be Paid on Death in accordance with the plan variant chosen.

^{Note: For more information, please refer to Axis Max Life Smart Term Plan Plus Prospectus available under the Downloads section.}

Maturity Benefit

Under All variants except ‘Return of Premium’, ‘Early ROP Plus’ and ‘Whole Life cover’ variant: No maturity benefit shall be payable upon survival of the life insured till the end of the policy term.

Under ‘Return of Premium’ plan variant: Return of 100% of Total Premiums Paid (plus underwriting extra premiums paid plus loading for modal premiums, if any), at end of policy term upon survival.

Under ‘Early ROP Plus’ and ‘Whole Life cover’ variant: Under this variant, the policyholder will get back the remaining 50% of total premiums paid (plus underwriting extra premiums paid plus loading for modal premiums, if any), at the end of policy term upon survival.

Any additional premium charged for the following optional benefits will not be returned at maturity under all the above mentioned 3 variants.

Maternity Cover,

Riders opted for, if any

If there is a discount applicable under the policy, only the 100% of the discounted premiums received would be returned on/till maturity of the policy.

Survival Benefit

For ‘Early ROP Plus’ Plan Variant and ‘Whole Life Cover’ Plan Variant - In case Life Insured survives the higher of: (i) Age 60 or (ii) the Age on the Date of Commencement of Risk plus the Premium Payment Term plus 10 years, 50% of Total Premium Paid (plus underwriting extra premiums paid plus loading for modal premiums, if any), shall be payable

Optional Benefits and Riders Available with Axis Max Life Smart Term Plan Plus

The following are the optional benefits and rider options available with Axis Max Life Smart Term Plan Plus:

1. Maternity Cover

Female Life Insured can safeguard themselves against certain Pregnancy related complications and their new born against Congenital Anomalies. For more details, kindly refer to the product prospectus.

2. Riders Offered with the Plan

Axis Max Life Waiver of Premium Plus (UIN:104B029V05)

This rider provides waiver of all future premiums under a 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; or

Dismemberment; or

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

Please Refer to Axis Max Life Waiver of Premium Plus Rider Prospectus document for more details.

Axis Max Life Critical Illness and Disability Rider (UIN: 104B033V02)

This rider provides benefit upon diagnosis of any of the critical illnesses covered. Please refer to Axis Max Life Critical Illness and Disability Rider Prospectus for more details.

Axis Max Life Accidental Death and Dismemberment Rider (UIN: 104B027V05)

This rider provides lump sum benefit to be paid if the Life Insured dies due to an accident or being impairments due to Injury within 180 days from happening of such accident (and before the expiry of rider term). Please refer to Axis Max Life Accidental Death and Dismemberment Rider Prospectus for more details.

Download Policy-related Documents

Policy Prospectus Policy Leaflet Policy Contract Customer Information Sheet

FAQs about Axis Max Life Smart Term Plan Plus

Can I change the plan variant during the policy term?

Is there a discount applicable for female life insured?

What is the 1st year discount applicable for Salaried individuals?

In case of Smart Cover, what is the death benefit payable in case of death within first 15 policy years?

What are the Premium Payment Term and Policy Term options for Maternity cover?

Can pregnant women opt for Maternity cover?

Is there a waiting period for Maternity cover?

In the Rebalancing cover variant, what is the split of Life cover Sum Assured and Accidental Death Benefit cover SA at policy inception?

Which plan variants offer Survival benefit?

Which plan variants offer Maturity Benefit?

ARN: PDP/STPP/140425

Why Choose Axis Max Life Insurance?

Solvency Ratio 172%

(Source: Max Life Public Disclosure, FY 2023-24)

99.65% Death Claim Paid Ratio

(Source: Individual Death Claim Paid Ratio as per Audited Financials for FY 2023-2024)

IRDAI Registered

Registration No. 104

Check out the different Online Insurance Plans from Axis Max Life!

Axis Max Life Smart Secure Plus Plan
Comprehensive death benefit for your family member(s) in case of your unfortunate demise during the policy term
Guaranteed Maturity Benefits/Income Benefits and accrued guaranteed additions to help meet your life goals
Multiple variants - lump sum; short-term income, long-term income, and whole-life income with unique benefits
Know more
Axis Max Life Online Savings Plan
Comprehensive death benefit throughout the duration of the insurance, together with money saving for different life goals
For policyholders, monthly payments, earned bonuses, and customisable fund choices are available with no additional fees
The freedom to select an insurance term of up to 85 years, a term for paying the premiums, and payouts that meet your demands
Know more
Axis Max Life Smart Wealth Plan
Comprehensive death benefit for your family member(s) in case of your unfortunate demise during policy term
Guaranteed maturity benefits/Income benefit and accrued guaranteed additions to help meet your life goals
Multiple variants - lump sum, short term income, long term income, and whole life income with unique benefits
Know more
Long-Term Income
Guaranteed income benefit for 25 or 30 years after the policy period ends, as per the sub variant selected
Terminal benefit that equals total premiums paid, post completion of the payout period payable to nominee
Two premium payment options - 6 and 10 years to be chosen as per suitability of the plan for your needs
Know more
Term Plan with Return of Premium
Option to receive the premiums paid back on successful survival of the insured till end of policy term
Death benefits for your family members in case of any eventuality leading to the loss of your life
Limited pay options to pay for term plans with return of premium - 5 Pay, 10 Pay, 12 Pay, 15 Pay, or 60 Pay
Know more
Axis Max Life Critical Illness and Disability Rider
Additional protection against up to 64 critical illnesses depending on the rider variant you select
Total and Permanent Disability Cover on the occurrence of disability arising from sickness or injury
Wellness benefit to avail a discount on annualised renewal premiums as per healthy weeks you accumulate
Know more
Axis Max Life Waiver of Premium Plus Rider
Waiver of all future premiums in case of the covered dismemberment so that you can live worry-free
Future premiums waiver in case you suffer from critical illnesses as specified in the rider terms
Continued benefits of the base policy to give you peace of mind about maintaining various life expenses
Know more

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