Max New York Life Premium Return Term Plan
Max New York Life Premium Return Term Insurance Plan
Max New York Life Premium Return Plan is a term insurance policy with both Death Benefit and Maturity Benefit. This is a Traditional Plan without Bonus Facility.
How it works – In this plan, premium needs to be paid for a fixed period of 11 years for all Policy Tenures opted for. The plan, however, continues for the rest of policy term of 20, 25 or 30 years as well.
This Plan being a protection plan provides for Sum Assured as Death Benefit if the Life Insured dies within the Policy Tenure. This plan also has an inbuilt Accidental Death Benefit rider of 50% of the base Sum Assured.
Now, if the Life Insured survives the entire policy tenure, then the premiums paid during the entire policy tenure is paid back as Maturity Benefit.
Key Features
- It is a Term Insurance Policy with Death Benefit and Maturity Benefit
- Premium needs to be paid for a limited period of 11 years only
- This plan has an inbuilt Accidental Death Benefit rider of 50% of the base Sum Assured.
- Sum Assured is paid as Death Benefit if the Life Insured dies within the Policy Tenure
- The premiums paid during the entire policy tenure are paid back as Maturity Benefit.
- This plan provides a discount for female policyholders and also for Large Sum Assured.
Benefits
In case of death of the policy holder, the nominee gets the Sum Assured under the plan. In case of Accidental Death, an additional amount of 50% of the Sum Assured would be paid as Accidental Death Benefit.
The total premiums paid are returned on policy maturity as Maturity Benefit under this plan.
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C.
This plan has an in built rider
- Accidental Benefit
Eligibility
|
|
Minimum |
Maximum |
|
Sum Assured (in Rs.) |
5,00,000 |
1 crore |
|
Policy Term (in years) |
20 |
30 |
|
Premium Payment Term (in years) |
11 years |
|
|
Entry Age of Policyholder |
21 |
55 for PT= 20 50 for PT=25 45 for PT=30 |
|
Age at Maturity |
- |
75 |
|
Premium |
8500 |
4.53.400 |
|
Payment modes |
Yearly, Half-Yearly, Quarterly and Monthly |
|
FAQs
What happens if You stop paying the premium ?If the policy holder stops paying the premium, then the policy would lapse and all benefits would stop. The policy can be re-instated within 3 years of lapsation from the unpaid premium due date by paying up all due premiums with interest.
After 3 policy years, the policy acquires a Paid Up Value.
What happens if You want to surrender the policy ?There are Surrender Benefits under this plan
Guaranteed Surrender Value= 30% of all premiums paid – 1st years’ premium
This plan also has a Special Surrender Value in this plan.
What happens if You want a loan against your policy?Loan facility is not available under this policy.
