Product Name: Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V04)
Date of Modification: 19
th
April 2024
Page 8 of 34
plus loadings for modal premiums, if any if the policyholder surrenders his/her policy. This option can be exercised in any policy
year starting 30th policy year, but not during the last 4 policy years.
Please note the following conditions for Special Exit Value:
The policy has to be in-force at the time of availing this value.
This value shall not be available for policy terms less than 40 years.
This value shall be applicable on the base cover premium only and not to additional optional benefits like ACI and
Accident cover.
The policy shall be terminated after availing this value.
This is an inbuilt product feature and no additional premium is required to be paid.
Cover Continuance Benefit
In this option, 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. In the event of a claim during this period, the
Company will pay the claim as applicable after deducting the unpaid premiums, if any, as on date of death or other insured event
covered under base product and attached riders. This option is allowed to be exercised after completion of 3 policy year prov ided
all due premiums have been paid and the policy is in-force. The duration of Cover Continuance Benefit shall be consecutive 12
policy months from the date of first unpaid premium. The Cover Continuance Benefit shall be available for multiple times with
a gap of 5 policy years from the expiry date of previous Cover Continuance Benefit.
During the Cover Continuance Benefit, the policy will remain in-force with the risk cover as per terms and conditions, along
with riders opted (if any).
At the end of Cover Continuance Benefit period, the policyholder is required to pay the due premiums, including the premiu m
applicable for the period of Cover Continuance Benefit period, i.e. the base cover premium and additional premium (if any) e.g.
ACI benefit premium, rider premium and accident cover premium inclusive of underwriting extra, loading for modal premiums
and any applicable taxes.
During the Cover Continuance Benefit, the policy will remain in-force with the risk cover as per terms and condition applicable
under Grace Period of the policy. This is an inbuilt product feature and no additional premium is required to be paid.
Eligibility Criteria:
The option is available to all premium paying terms (Regular, Limited & Pay Till 60) except Single pay
Please note the following conditions specific to Cover Continuance Benefit:
The option can be exercised only after paying 3 full years premium.
The Cover Continuance Benefit shall be available for multiple times with a gap of 5 policy years from the expiry date
of previous Cover Continuance Benefit.
Once the Cover Continuance Benefit is exercised, it shall continue for maximum of 12 consecutive policy months i.e.
one Cover Continuance Benefit shall mean 1 annual premium, 2 half-yearly premiums, 4 quarterly premium or 12
monthly premiums.
There should be a gap of at least 5 policy years between the two Cover Continuance Benefit i.e. policyholder can opt
for next Cover Continuance Benefit after completion of 5 years from the expiry of last exercised Cover Continuance
Benefit. For example, if the policyholder opts for Cover Continuance Benefit in the 5th policy year for the first time.
The second Cover Continuance Benefit will be available to be exercised after 5 years, i.e. from the 11th policy year.
In case the above due amounts are not paid within 30 days (15 days in case of monthly mode) of the commencement of
the next Policy Year after expiry of the Cover Continuance Benefit Period, the Policy (including Rider(s), if any) shall
lapse and no benefits shall be payable in the Policy or the Rider(s), if any) and company shall be entitled to recover the
same from any amounts or benefits payable under the Policy or Rider(s).
This option can be exercised from the next premium anniversary, independent of the policy anniversary. For example,
for a monthly mode policy, a policyholder having paid 12 monthly premiums may choose not to pay the next 12 monthly
premiums.