Does Your Life Insurance Plan Give You The Option To Exit When You Like?

Let us get straight to the point and ask you this - Do you have an insurance that you don't need anymore? Have you had bought insurance a long time back, and now believe that it does not suit your requirements? Or maybe you are looking for insurance that may allow easy exit later on?

If you answered yes, to one or more of these questions, then you must continue reading.

Every individual has unique needs that keep changing over time, and it could be due to multiple reasons. With the different stages of life, family requirements, financial needs as well as responsibilities keep evolving. So, it is important to find a life insurance plan that can keep up with your changing requirements.

Come to think of it, when you buy life insurance, you don't really consider the fact that you may not need it later on. Especially if you have thoroughly planned your finances tofulfil all your obligations such as loans or children's education, and have curated a sound financial portfolio over the years.

Whatever the case might be, rather than paying a premium for insurance that you don't need anymore, it's a better idea to exit it and spend the money elsewhere. You can use the premium amount for other purposes like planning your long-awaited vacation, remodelling your house, participating in hobbies and so on.

The Existing Landscape: Exiting Term Plans

While most types of life insurance allow an exit option that comes with a cost, standard term insurance plans generally don't have any such option. Most term insurance plans are a low-cost alternative that usually does not provide any surrender value.

So, if someone wants to exit the term insurance plan, they'd have to think twice as one may lose the premiums paid. Mostly all term insurance comes with a free look period of 15 days, where the policyholder can choose to return and cancel the policy - and this has been the only exit option – until now!

Considering the challenges and emerging preferences that consumers have, trusted and reliable insurers such as Max Life Insurance have stayed true to their customer-centric approach and designed a new term insurance plan that caters to the diversified need of its customers.

Under this new term insurance – Max Life Smart Secure Plus Plan, you can explore a host of unique new features that offers an all-inclusive solution tailored to fulfil you're and your loved ones' unique requirements, besides allowing policyholders to exit the policy without any hassles.

Comprehensively Customer-Centric Term Insurance Plan For All Your Needs

Recently, Max Life Insurance has announced an all-new variant of the term insurance that is flexible and tailored to fulfil new-age customers' requirements, with a slew of new and improved features,including 'Special Exit Value'.

You may ask, what does the 'Special Exit Value' option necessitate? Let's discuss this in detail below.

What is Special Exit Value?

The new term insurance plan provides you with a unique feature called the 'Special Exit Value,' which allows the insured to opt-out of the plan at a certain point and receive a refund of all premiums paid for the base protection benefit.

Allowing you to collect the cumulative premiums paid against the base death benefit during the policy's duration, this option is available when the insured has not opted for the return of the premium variant. So, when you plan to discontinue your policy after a specific period, you don't need to pay any extra charges or fee and enjoy the benefit of getting your premiums paid back to you, as per the eligibilityand terms & conditions.

Conditions will be applicable for Special Exit Value Benefit

• The new term insurance policy must be active at the time of using this special exit value

• This advantage is not available with the Return of Premium option.

• For policies with terms of less than 40 years, this value will not be eligible.

• This discount would only apply to the base cover premium and not on alternative benefits such as Accident Cover, Joint Life Cover, or Voluntary Amount Assured Top-Up.

• Once you opt for the special exit value and your premiums are paid back to you, the plan gets terminated.

Now that you know there are life insurance plans that allow you to exit the policy and provide you with the cumulative premiums paid, you must carefully analyse your unique requirements to make a decision.

While you don't necessarily need to opt for exit your insurance, and you believe there could be a possibility that you may not need your insurance later on, then it is advised that you opt for a plan that has already taken into consideration such aspects.

Being a reliable and trusted insurance provider, Max Life Insurance has always brought innovation and thoughtful developments in its products, ensuring they keep up with the evolving needs of its consumers. So, explore their website, or contact them to know more about the new term insurance plan in detail!