Max New York Life Partner Plus Plan
Max Life Partner Plus Plan is an Endowment Plan which is purely for Retirement. Since all benefits are from 61 years to 75 years of age, this plan has been categorized as a Retirement. This is a Traditional Plan with Bonus Facility
Key Features
Benefits
If the Life Insured dies within the policy tenure, Death Benefit is paid to the nominee.
- If the Life Insured dies before attaining 10 years of age, then all the premiums paid along with interest rate of 3% per annum are refunded, subject to a maximum of the sum assured.
- If the Life Insured dies after 10 years of age, then the entire Sum Assured is paid irrespective of the Survival Benefits already paid. If Bonus Option of Paid Up Additions has been selected, then it is also paid along with Death Benefit.
This plan has Survival Benefit of 7.5% of the Sum Assured for 15 years. It starts when the Life Insured is 61 years old and continues till the end of the Policy term when he is 75 years old.
100% of the Sum Assured along with Paid Up Additions (if any) are paid on the policy maturity when the Life Insured attains 75 years of age.
Premiums paid under life insurance policy are exempted from tax under Section 80 C and the Survival and Maturity Benefits are exempted from tax under Section 10 (10D).
There are 6 Additional Riders available in this policy:
- Personal Accident Benefit Rider
- Term Rider
- Term Renewable and Convertible Rider
- Waiver of Premium Rider
- Dread Disease Rider
- Payor Rider
This plan has 3 Bonus Options:
- Cash Bonus (where the Bonus is paid out as Cash),
- Premium Offset (such that the due premium is offset with the bonus) or
- Paid Up Additions (which is paid on Policy maturity or on earlier Death)
How it works
In this plan, the premium has to be paid for the entire premium paying term selected which is 3/7/10 or 20 years. The policy continues till 75 years age of the Life Insured.
Every year from 61 years to 75 years, 7.5% of the Sum Assured is paid out as Guaranteed Payment while the Life Cover continues till the end of the Policy Term at 75 years of age. At the end of the Policy Term, i.e. when the Life Insured is 75 years of age, he receives 100% of the Sum Assured + Paid Up Additions (if any).
However, if the Life Insured dies within the policy tenure, i.e. before attaining 75 years of age, then the Death benefit of entire Sum Assured is paid irrespective of the Survival Benefits already paid. However, the risk cover of the Life Insured begins only after he attains 10 years of age.
This plan has 3 Bonus Option, namely Cash Bonus (where the Bonus is paid out as Cash), Premium Offset (such that the due premium is offset with the bonus) or Paid Up Additions (which is paid on Policy maturity or on earlier Death)
This plan also has 6 additional riders in this plan.
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 50,000 | No Limit |
| Policy Term (in years) | 75 years – Age at Entry | |
| Premium Payment Term (in years) | 3/7/10/20 years | |
| Entry Age of Policyholder | 91 days | 55 years |
| Maturity Age | - | 75 years |
| Premium Payment Options | Yearly, Half-yearly, Quarterly and Monthly | |
FAQs
What happens if policyholder stop paying the premiumIf you stop paying the premiums, the policy acquires a Paid Up Value for a Reduced Sum Assured.
What happens if policyholder want to surrender the policyThere is a Guaranteed Surrender Value in this plan. This policy also offers Extended Term Insurance, where the surrender value will be used as a single premium to buy term insurance equal to the current Sum Assured of the policy, for a term, which the surrender value can purchase.
What happens if policyholder want a loan against your policyLoan facility is not available under this policy.
