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Max Life

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).

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Good Claim Settlement Ratio

Max Life settles 99.5% of claims of the total number of claims it receives as compared to the industry average of 97%. A pretty good number overall.

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Good Complaints Ratio

Max Life receives 7.3 complaints (per 10,000 claims registered) as opposed to the industry median of 17 complaints. Pretty good figure overall.

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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?

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Add-on

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.

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Add-on

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.

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Add-on

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.

What's okay here?

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Add-on

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?

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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.

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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.

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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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No 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. Unfortunately Smart Total Elite Protection doesn’t extend this option.

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