Max New York Life Endowment to Age 60 Plan is an Endowment Plan till 60 years of age of the Life Insured. This is a Traditional Plan with Bonus Facility.
How the plan works – In this plan, Premium needs to be paid for the entire Policy Tenure, i.e. till the Life Insured attains the age of 60 years when the policy matures.
On maturity, the Sum Assured + Bonus would be payable to the Life Insured. However, if the Life Insured dies within the policy tenure, the Sum Assured + Bonus would be paid as Death Benefit.
There are 6 additional riders available in this plan.
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the Sum Assured + Bonus, if any, would be paid as Death Benefit and the policy would be terminated.
Maturity Benefit – On maturity, the Life Insured would receive the Sum Assured + Bonus (if any).
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. Maturity Benefit is tax free under section 10(10)D.
Sum Assured (in Rs.)
Policy Term (in years)
60 years – Age at Entry
Premium Payment Term (in years)
Equal to Policy Term
Entry Age of Life Insured (in years)
Age at Maturity of Life Insured (in years)
Yearly, Half-Yearly, Quarterly & Monthly
Policy Term = 60 years minus Age at Entry
Sum Assured = Rs.5,00,000
Riders – There are 6 additional riders available in this policy
Bonus Options— After completion of 3 Policy Years, There are 3 options available for Bonus:
You stop paying the premium – The policy will lapse if the premium is not paid within the grace period.
You want to surrender the policy – This policy acquires a Surrender Value only after completion of 3 policy years.
Minimum Guaranteed Surrender Value= 30% of all premiums paid till date – 1st years’ premium
You want a loan against your policy – There is loan facility in this plan.
IDBI Federal Bondsurance