Max New York Life Endowment To Age 60 Plan

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Max New York Life Endowment to Age 60 Insurance Plan

 

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.

 

 

Key Features of Max New York Life Endowment to Age 60 Insurance Policy

 

  • This is a Traditional Endowment Plan
  • This is a Participating Plan with Bonus Facility
  • There are 6 additional riders available in this plan.
  • There are 3 Bonus Options available after completion of 3 Policy Years- Cash Bonus, Premium Offset and Paid Up Additions.
  • Bonus is declared each year from the 3rd Policy Year onwards.

 

 

Benefits you get from Max New York Life Endowment to Age 60 Insurance 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.

 

 

Eligibility conditions & other restrictions in MNYL Endowment to Age 60 Plan

 

 

Minimum

Maximum

Sum Assured (in Rs.)

1,00,000

5 Crores

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)

91 days

50

Age at Maturity of Life Insured (in years)

-

60

Payment modes

Yearly, Half-Yearly, Quarterly & Monthly

 

 

Sample illustration of Premium of MNYL Endowment to Age 60 Insurance Policy

 

Policy Term = 60 years minus Age at Entry

Sum Assured = Rs.5,00,000

 

Max New York Life Endowment to Age 60 Sample Premiums

 

 

Additional Features & Benefits of Max New York Life Endowment to Age 60 Plan

 

Riders – There are 6 additional riders available in this policy

  1. Personal Accident Benefit Rider
  2. Term Rider
  3. Dread Disease Rider
  4. Waiver of Premium Rider
  5. Term Renewable and Convertible Rider
  6. Payor Rider

 

Bonus Options— After completion of 3 Policy Years, There are 3 options available for Bonus:

  • Cash Bonus, where you can take the bonus in cash
  • Premium Offset, where you can use the bonus to pay a part of your premium
  • Paid Up Additions, where you can use the bonus to permanently increase the Sum Assured.

 

                                             

What happens if?

 

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.

 

 

Alternate Endowment Plans from different insurance companies

 

ICICI Prudential Guaranteed Savings insurance Plan

IDBI Federal Bondsurance

LIC Jeevan Mitra Plan

 

 

Other Endowment Plans from Max New York Life Insurance

 

Max New York Life Gain Plus 20 (Par)

Max New York Life Gain Plus 25 (Par)

Max New York Life Mangal Endowment Plan

Max New York Life 20 Year Endowment (Par)

Max New York Life Gain Endowment Plan

 

~ By Deepak Yohannan
Note: This is a statement of facts based on the information collected from the Max New York Life Endowment To Age 60 Plan brochure and insurance company's website. It should not be construed as a Critical or Favourable Max New York Life Endowment To Age 60 Plan Review, Analysis or Recommendation.
Insurance is a subject matter of the solicitation.


Leave a Comment

If you have corporate mcadeil insurance through your employer, it will not cost more due to your age. But individual insurance is age based and much more expensive as you age.Even young and healthy people can have accidents. My young niece is suffering terribly because she had an accident and had to have knee surgery. She had health insurance, but it didn't cover everything.Get insurance ASAP.

By Catalina on Apr 26, 2012 Reply

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