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Max Life Smart Secure Plus Plan – Review (2023) – Should you buy?

by Holistic Leave a Comment | Filed Under: Investments

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A life cover insurance plan will act as a strong financial support system for your loved ones.

A pure-term insurance policy will keep your family secure & financially stable during challenging times.

It is important to always take into account all your financial requirements for the future in order to choose a life cover option accordingly.

Max life insurance has a new product called Secure plus plan. Will this term plan come to the rescue and act as a protective financial shield for you and your family?

Table of Contents:

1.) What is Max Life Smart Secure Plus Plan?

2.) Features of Max Life Smart Secure Plus Plan

3.) Eligibility Criteria of Max Life Smart Secure Plus Plan

4.) Advantages of Max Life Smart Secure Plus Plan

5.) Dis-advantages of Max Life Smart Secure Plus Plan

6.) Analysis of Max Life Smart Secure Plus Plan Benefits

7.) Final Verdict

What is Max Life Smart Secure Plus Plan?

Max Life Smart Secure Plus Plan is a Term Insurance Policy. It claims to financially secure the dreams of your loved ones. 

In general, a pure term policy will pay the nominee the sum assured in case of death of the policyholder & no other benefit such as Maturity benefit or survival benefit is payable.

But the Max life secure plus plan offers an array of optional benefits such as; 

  • Joint life cover 
  • Premium breaks 
  • Additional pay-out on accidental death 

There are also many more options to choose from to customise your term plan.

Features of Max Life Smart Secure Plus Plan:

  • Death benefit: Life Cover or Increasing life cover
  • Claim pay-out mode: Lump sum or Monthly income or Part lump sum & part monthly income.
  • Terminal Illness cover: Free coverage against the diagnosis of terminal illnesses which will accelerate your pay-out.
  • Return of premium: Return of 100% premium paid at the end of policy term upon survival.
  • Special exit value: Option to receive all the premiums paid at a specified point within the policy term. This option is available only when the policyholder does not choose the Return of the premium variant.
  • Premium break: In case of a financial crunch, there is an option to skip a premium payment for one year & still stay covered. 2-premium break is available for the whole policy term.
  • Joint life: Cover your spouse at inception, at a nominal premium.
  • Voluntary top-up sum assured Option to double your Insurance Cover. Increase your Sum Assured up to an additional 100% of base Sum Assured, which can be chosen at inception.
  • Critical Illness: Additional health cover will accelerate the lumpsum pay-out in case the policyholder got diagnosed with any of their listed 40 critical illness from their policy brochure.
  • Accident cover: Additional cover against the risk of accidental death.
  • Riders: Waiver of premium plus rider: Waiver of future premiums in case of disability or critical illness. Critical illness & Disability Rider: Comprehensive coverage against the risk of critical illness & Disability.

Eligibility Criteria of Max Life Smart Secure Plus Plan:

Let us look at the Plan’s eligibility criteria, its benefits and premium payment type at a glance: 

Minimum & Maximum age at entry (years) Minimum age: 18
Maximum age: Regular pay – 60, Pay till 60 – 44
Maximum age at Maturity (years) Base Death Benefit: 85 years 
Accelerated Critical Illness (ACI) Benefit: 75 years 
Accident Cover: 85 years
Minimum annualised premium Subject to Minimum Sum assured & Applicable premium rate
Maximum annualised premium No limit
Benefit Type Minimum policy term Maximum policy term Minimum Sum Assured Maximum Sum Assured
Base Cover   10 years  67 years  Rs. 20 lakhs (For secondary life in Joint life – Rs. 10 Lakhs) No limit (For secondary life in Joint life – Rs. 50 lakhs)
Accelerated Critical Illness (ACI)  10 years 50 years  Rs. 5 lakhs 50% of Base cover (Cap – Rs. 50 lakhs)
Accident Cover 5 years 67 years Rs. 50,000 Rs. 1 crore
Premium paying term Base cover policy term Accelerated Critical Illness (ACI) policy term policy term Accident Cover
Single pay 10 years to 67 years  NA NA
Regular Pay  10 years to 67 years  10 years to 50 years  5 years to 67 years 
5 Pay  10 years to 67 years  NA  10 years to 67 years 
10 Pay  15 years to 67 years  10 years  10 years to 67 years 
12 Pay  17 years to 67 years  10 years to 12 years  10 years to 67 years 
15 Pay  20 years to 67 years  10 years to 15 years  10 years to 67 years
Pay till 60 (PPT = 60 – Age at entry) Should be greater than PPT (Cap – 67 years) 10 years to [60 less Entry Age] 6 years to 67 years

Advantages of Max Life Smart Secure Plus Plan:

  • It is a fully customisable Term Insurance Plan
  • Some of the add-ons are no-cost features & some even accelerate the pay-out and some of its features are available at an extra premium.
  • It is a non-linked & non-participating insurance plan. So, all the benefits and in-built benefits are guaranteed to the policyholder.
  • You have the flexibility in your premium paying frequency & also an option to take one year break in your premium payment.
  • Return of premium at the end of the policy term or special exit value (return of premium at a specified point) option can be chosen by the policyholder.

Disadvantages of Max Life Smart Secure Plus Plan:

  • Some of the add-in features are available at an extra premium.
  • Policy loan facility is not available to the policyholder.
  • Some of the add-on features are only available for a high sum assured & for a longer period of the term policy.

You can read the further details of the Max Life Smart Secure Plus Plan in its brochure.

Analysis of Max Life Smart Secure Plus Plan Benefits:

Let us look at the figures for various options under the Max Life Smart Secure Plus plan. 

Some of the add-ons are free & some may increase the premium amount. 

Let us analyse each option by using the premium calculator available in the Max life portal. 

The illustration figures given below are for a 30-year-old non-smoking male.

  Option 1 Option 2 Option 3 Option 4 Option 5 Option 6
Male 30 years 30 years 30 years 30 years 30 years 30 years
Base Cover  1 crore 1 crore 1 crore 1 crore 1 crore 1 crore
Policy term 35 years (65 years of age) 50 years (80 years of age) 35 years (65 years of age) 35 years (65 years of age) 35 years (65 years of age) 35 years (65 years of age)
Premium paying term 35 years     50 years     35 years     35 years     35 years     35 years    
Add-ons NA Special exit vale (at the age of 65 years) – Rs. 6.66 lakhs Critical illness cover – 10 lakhs Accident cover – 25 lakhs Return of premium at the end of policy term – 10.77 lakhs Waiver of premium
Annual premium 19,555 29,932 30,175 21,325 45,032 20,737

Option 1: It is a simple plain Vanilla Insurance product without any add-ons.
If the cover were increased then the premium would be slightly higher.

Option 2: Special exit value of Rs. 6.66 lakhs will be paid back to you at the age of 65 years. But the policy will continue till the policyholder is of the age of 80 years. 

You would still have to pay the premium until the age of 80 years. This option is available only at for cover age equal to or more than 80 years. 

Option 3: Critical illness coverage of Rs. 10 lakhs. 

Option 4: Accident cover of Rs. 25 lakhs. 

Option 6: Waiver of premium 

Both options 3, 4 & 6 are riders that are available under any pure term policy with the payment of an extra premium.

Option 5: The premium is returned at the end of the policy term, which is similar to any maturity benefit in any endowment policy. 

But for this add-on feature, the premium outgo is very high which is also similar to any other endowment policy.

Final Verdict: 

Max Life Smart Secure Plus Term Insurance Plan can be customisable. 

But these customisation feature makes this policy a duplication of just any other traditional life insurance policy out there. 

The extra premium paid for the return of premium at the end of the policy term or special exit value at a specified point is too high. This lump sum payment at a later stage of the policy will be very low. Working out the IRR for these two options will result in a negative.

Pure term insurance with no fancy frills is the best choice for life cover. 

Any superficial addition to the pure term policy is purely a marketing ploy to lure consumers in. 

There is no real value addition in any of the add-on options. 

To know and understand better options, you can consult with your financial advisor to see which investment choice will be the right fit for you.

To get started, you can book a complimentary financial consultation with one of our certified financial planners using the link below.

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Jey S
Jey S
24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
aksaswadkar
aksaswadkar
24. September, 2021.
I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.
Lionel Faber
Lionel Faber
16. September, 2021.
I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.
Sridhar
Sridhar
8. September, 2021.
Financial planning brings peace in life. Holistic Investment have supported in arriving financial plan based on future goals. My investments are regular since then. They are professionals in their business, will recommend others.
Nitesh Agrawal
Nitesh Agrawal
6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
Swetha Vasanth
Swetha Vasanth
6. September, 2021.
This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
Joseph Mathias
Joseph Mathias
6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
Srinvas Kannan
Srinvas Kannan
30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
Shivaram Andiappan Selvaraj
Shivaram Andiappan Selvaraj
3. July, 2021.
I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.
Nellai B
Nellai B
26. June, 2021.
I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.
Google rating score: 4.4 of 5,
based on 61 reviews

Google Reviews

Jey S
Jey S
24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
aksaswadkar
aksaswadkar
24. September, 2021.
I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.
Lionel Faber
Lionel Faber
16. September, 2021.
I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.
Sridhar
Sridhar
8. September, 2021.
Financial planning brings peace in life. Holistic Investment have supported in arriving financial plan based on future goals. My investments are regular since then. They are professionals in their business, will recommend others.
Nitesh Agrawal
Nitesh Agrawal
6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
Swetha Vasanth
Swetha Vasanth
6. September, 2021.
This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
Joseph Mathias
Joseph Mathias
6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
Srinvas Kannan
Srinvas Kannan
30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
Shivaram Andiappan Selvaraj
Shivaram Andiappan Selvaraj
3. July, 2021.
I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.
Nellai B
Nellai B
26. June, 2021.
I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.
Google rating score: 4.4 of 5,
based on 61 reviews

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