Overview of Smart Term Plan Plus
Axis Max Life Smart Term Plan Plus is a flexible, comprehensive term insurance policy with six plan variants including Regular Cover, Smart Cover, Return of Premium, Whole Life Cover, and Income Protection Cover. The plan also includes inbuilt terminal illness cover and a range of riders, offering broad protection and customization options to meet evolving needs. It caters to varied financial goals and life stages, offering coverage up to age 100 with a minimum sum assured of ₹50 lakhs.
Experts' Review of Smart Term Plan Plus
Written by Monish Vora
Chief Editor
Axis Max Life Smart Term Plan Plus excels with its six variants tailored to diverse needs, from pure protection under Regular Cover to savings-oriented options like Return of Premium and Whole Life Cover, which extends coverage till age 100. The Smart Cover variant stands out, providing an enhanced death benefit (150% of sum assured for the first 15 years), making it suitable for individuals with significant early financial responsibilities.
The Income Protection Cover variant offers monthly income payouts to beneficiaries , ensuring steady financial support instead of a lump sum. Meanwhile, the Smart Cover variant, a recommended secondary option, provides enhanced death benefit: 1.5 times the sum assured for the first 15 years, then 1x thereafter, ideal for those with high early financial liabilities like home or education loans.
While the choice of variant is fixed at policy inception, this is common across term plans and not a unique downside. Some riders are variant-specific, which may limit certain customizations. Premiums for savings-based options tend to be higher, so budget-conscious buyers should choose carefully.
The plan also offers attractive discounts, flexible premium payment modes, and valuable riders such as waiver of premium and critical illness cover, making it a versatile, reliable option for varied protection needs.
Pros
It is a feature-rich plan with a critical illness rider and waiver of premium rider.
The plan is a great pick if you are looking for something affordable.
Axis Max Life Insurance has a solid track record with a good Claim settlement ratio, high amount settlement ratio and high business volumes.
Offers an exit option with full premium refund and provides coverage under the terminal illness benefit.
Cons
Multiple plan options maybe confusing for new buyers.
Axis Max Life
Key Insights
Founded
2000
Axis Max Life was established 26 years ago and has built strong credibility over time, backed by its long-standing presence in the market.
Claims Experience
99.62% CSR, calculated as a 3-year average
Axis Max Life settles 99.62% of all claims it receives demonstrating strong credibility.
Complaints
5.67 complaints per 10,000 claims registered
Axis Max Life maintains a low volume of complaints, reflecting strong customer satisfaction and effective service.
Amount Settled
96.37% of total claim amount settled
Axis Max Life demonstrates excellent claim payout efficiency, settling over 96.37% of the total claim amount filed, reflecting strong financial reliability.
The aforementioned ratios have been averaged over three years (FY23-FY25)
Features of Smart Term Plan Plus
Sum Assured Booster
Standout
Gives the option to forego the First Year Discount to gain a higher Sum Assured for the full policy term.
Zero Cost Option
Some insurers will return all your premiums if you forego your policy before maturity, during a period specified by the insurer. Meaning you get all your premiums back, while also being protected under the term plan during this time. And Smart Term Plan Plus extends this option.
Critical Illness
If you're ever diagnosed with a critical illness, you would want your insurance policy to pay a fixed sum that can help you deal with any monetary obligations and financially support your needs during treatment. Smart Term Plan Plus extends critical illness benefit without too many restrictions and pays up to 50 Lakhs so long as you are diagnosed with one of the 64 illnesses listed in the policy brochure.
Customisable
Includes the critical illness and total permanent disability rider.
Special Exit Value
Some insurance companies will return all your premiums if you surrender your policy before maturity, but this can only be possible if you have a policy tenure above a certain number of years and maintain consistent renewals for a minimum period specified by the insurer. This means you get all your premiums back, while being protected under the term plan during this time. Smart Term Plan Plus extends this option.
Terminal Illness
Certain policies will disburse the entire cover amount the moment you are diagnosed with a terminal illness. So you can still get the money when alive and use it any way you wish. Smart Term Plan Plus gives you the option to receive the entire or a percentage of sum assured upon diagnosis of a terminal illness.
Add-ons of Smart Term Plan Plus
Accidental Death and Dismemberment rider
This rider provides a lump-sum payout in case of death or permanent impairments resulting from an accident within 180 days of the incident.
Critical Illness and Disability Rider
Includes the critical illness and total permanent disability rider.
Waiver of Premium Plus Rider
Ensures continuous protection by waiving future premiums in case of permanent disability or mentioned critical illnesses.
Waiver of Premium
Some policies waive all future premium payments if you are ever disabled (due to accident) or diagnosed with a critical illness. Smart Term Plan Plus extends the waiver-of-premium option in both cases.
Exclusions in Smart Term Plan Plus
Conditions or treatments that the policy clearly says it will not cover.
Suicides are not covered in the first year.
Death due to intoxication.
If the nominee is involved in the death of the policyholder, that would not be covered.
The policyholder dies with respect to his involvement in criminal activity.
Death by suicide within the first policy year is not covered.
Disclaimer: For illustration purposes only - exact terms are in the policy wording.
Variants of Smart Term Plan Plus
Regular Cover
Recommended
Under this variant, the life assured is provided with a death benefit coverage throughout the policy term.
Return of Premium(ROP)
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 will be payable.
Early ROP
Under this variant, on survival of life insured, the policyholder will get back 50% of the total premiums paid on higher of (on attainment of age 60 or Age at entry + PPT + 10) and yet, continue the life cover with 50% of Base Sum Assured till the end of Policy term. The remaining 50% of total premiums paid 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.
Smart Cover
Under this plan variant 150% of base sum assured is payable in case of death of life insured within first 15 policy years and 100% of base sum assured is payable in case of death of life insured after first 15 policy years.
Whole Life Cover
Under this plan variant, on survival of life insured, the policyholder will get back 50% of the total premiums paid back on higher of (on attainment of age 60 or Age at entry + PPT + 10, whichever is later) and yet, continue the life cover with 50% of base sum assured till the end of Policy term. The remaining 50% of total premiums paid 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.
Income Protection Cover
Death benefit is paid as monthly income to the nominee instead of a lump sum. Income payable for 120 months (10 Years) or remaining policy term, whichever is higher.Nominees also get an option to commute the future incomes and get a lump sum payout based on AMLI’s internal calculation guidelines. Two payout options: Level Income: Monthly income applicable at the time of death’ is equal to the monthly income chosen at inception Inflation-Proof Income: Monthly income increases by 10% every 3 years (capped at 200% of the chosen initial income).
What's missing in Smart Term Plan Plus
No Top-Up Option
No option to increase your cover with inflation
No option to decrease your cover over time
No option to increase cover at life milestones
Reviews for Smart Term Plan Plus
L
Lakshmi Yadav
Opted for this plan rider options are solid for CI and disability and whole life cover makes long term planning easy Satisfied so far ok overall
S
Simran Mahajan
Opted for Smart whole life cover makes long term planning easy and terminal illness cover adds real peace of mind Feels reliable No stress for
D
Devansh A. Dutta
Signed up for Smart terminal illness cover se family ko peace mila and riders ka combo acha hai CI disability bhi Overall happy For me value
A
Arpita Kulkarni
Signed up for this plan riders ka combo acha hai CI disability bhi but premium thoda higher laga but ok overall Would recommend with care felt
S
Saurabh F. Mahajan
Chose Smart terminal illness cover adds real peace of mind and rider options are solid for CI and disability Worth it No stress No stress overall
Frequently Asked Questions
What is the Axis Max Life Smart Term Plan Plus?
What are the benefits of Axis Max Life Smart Term Plan Plus?
What are the various riders customers can opt for with Axis Max Life Smart Term Plan Plus?
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