Max Life
Smart Total Elite Protection
Smart Total Elite Protection is a slightly modified version of the popular Smart Secure Plus plan. It is affordable, extends all the meaningful add ons and comes with a new improved Smart Exit Option (for people looking to recoup their premiums at some future date). The only caveat is that like the name suggests, the plan is only available for people earning more than 10 lakh per annum and those looking to buy a cover of 2 crore or more.
Good Claim Settlement Ratio
Max Life settles 99.4% of claims of the total number of claims it receives as compared to the industry average of 97%. A pretty good number overall.
Good Complaints Ratio
Max Life receives 7 complaints (per 10,000 claims registered) as opposed to the industry median of 17 complaints. Pretty good figure overall.
Good Amount Settlement Ratio
Some insurers pay out the smaller claims while declining to pay out the few higher-value claims in a bid to improve the claim settlement ratio. So you will need to look at the total amount settled as a percentage of the total amount claimed. Max Life meanwhile has an amount settlement ratio of 95.5% as opposed to the industry average of 87%. Pretty good figure overall.
The aforementioned ratios have been averaged over three years for every insurer and the industry as a whole.
What's good here?
Good Critical Illness Benefit
If you’re ever diagnosed with a debilitating illness, you would want your insurance policy to pay a fixed sum so that you can deal with any monetary obligations you may have. Smart Total Elite Protection extends top notch critical illness protection and pays up to undefined so long as you are diagnosed with 64 illnesses listed in the policy brochure.
Prompt Payouts:
Payouts for critical illnesses may not be made immediately. Instead, insurers expect you to survive for a certain duration before they make the payment. And Smart Total Elite Protection will pay out the benefit 14 days after the diagnosis is confirmed.
Payout from total cover or on top:
Some policies will pay out the critical illness (CI) benefit from the total term cover available, i.e. Accelerated payout, while also offering you the option to avail it on top of the total term cover available. Smart Total Elite Protection however offers both options and you can avail the payout on top or from the total cover.
Short waiting period:
Most policies impose a waiting period before they make the Critical Illness Benefit available. And Smart Total Elite Protection imposes a 90 to 180 days waiting period before they can process any claim related to critical illnesses. This is longer than the industry average.
Accidental Death Benefit Available
Some policies offer you the option of adding extra protection for accidental deaths. And while we recommend customers choose a comprehensive cover without worrying about the specifics of death precisely, Smart Total Elite Protection offers accidental death benefit nonetheless.
Premiums waived after permanent disability (due to accident) or critical illnesses
Some policies waive all future premium payments if you are ever disabled (due to accident) or diagnosed with a critical illness. And Smart Total Elite Protection extends the waiver-of-premium option in both cases.
Zero Cost Option Available
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 Total Elite Protection extends this option.
Payouts in the event of total permanent disability
Some policies offer you a monthly income or a large lumpsum in the event you are disabled totally for life. And Smart Total Elite Protection extends this option.
What's okay here?
Decent Terminal Illness Benefit
Certain policies will disburse the entire cover amount the moment you are diagnosed with a terminal illness. So even in the absence of death, you can still get the money and use it any way you wish. And while Smart Total Elite Protection does not disburse the entire sum assured, you do have the option to receive a portion of your cover if you are diagnosed with a terminal illness.
What's lacking here?
No Top-Up Option
Some policies extend the option of increasing your total term cover even after you buy the policy. And Smart Total Elite Protection doesn’t extend this option.
No option to increase your cover with inflation
Some policies automatically increase your cover by a certain amount (usually inflation) to always provide you with the necessary protection. Unfortunately Smart Total Elite Protection doesn’t extend this option.
You can’t recover your premiums after policy matures
Some policies return your premium after the policy matures if you don’t make a claim. And even though Smart Total Elite Protection doesn’t extend this option, it shouldn’t worry you too much since we don’t recommend this option actively considering it can be expensive.
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