Max New York Life Gain Endowment Insurance Plan
Max New York Life Gain Endowment Plan is a simple Endowment Plan. 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, as selected. There are 5 options for tenure selection.
On maturity, the Sum Assured + Guaranteed Additions of 10% of the Sum Assured + Bonus are paid to the Life Insured. However, if the Life Insured dies within the policy tenure, the Sum Assured along with Bonus would be paid as Death Benefit.
There are 6 additional riders available in this plan.
Key Features of Max New York Life Gain Endowment Insurance Plan
- This is a Traditional Endowment Plan
- This plan offers a one-time Guaranteed Additions of 10% of the Sum Assured at maturity
- This is a Participating Plan with Bonus Facility
- Risk on the life of the insured starts after attainment of 10 years
- There are 6 additional riders available in this plan.
- If the Life Insured is diagnosed of a terminal illness with a life expectancy of six months or less, he will get upto 50 % of Sum Assured (subject to a maximum of Rs. 5,00,000) and the remaining Sum Assured when he dies.
- There are 3 Bonus Options available after completion of 3 Policy Years- Cash Bonus, Premium Offset and Paid Up Additions.
Benefits you get from Max New York Life Gain Endowment Insurance Policy
Death Benefit – In case of death of the Life Insured within the Policy Tenure, (the Sum Assured + Bonus) would be paid as Death Benefit and the policy would be terminated.
Maturity Benefit – On maturity, the Life Insured would receive the Sum Assured + Guaranteed Addition of 10% of 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 and other restrictions in MNYL Life Gain Endowment Plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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50,000
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No Limit
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Policy Term (in years)
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10 / 15 / 20 / 25 years or to age 60
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Premium Payment Term (in years)
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Equal to Policy Term
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Entry Age of Life Insured (in years)
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91 days
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65 years – for 10 year Plan
60 years – for 15 year Plan
55 years – for 20 year Plan
50 years – for 25 year Plan
50 years – for to age 60 plan
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Age at Maturity of Life Insured (in years)
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-
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75 years
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Payment modes
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Yearly, Half-Yearly, Quarterly & Monthly
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Sample illustration of Maturity Benefit of MNYL Life Gain Endowment Plan
Age = 30 years
Policy Term= 20 years
Sum Assured= Rs.4,00,000
Additional Features & Benefits of Max New York Life Gain Endowment Insurance Policy
Riders – There are 6 additional riders available in this policy
- Personal Accident Benefit Rider
- Term Rider
- Dread Disease Rider
- Waiver of Premium Rider
- Term Renewable and Convertible Rider
- 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.
You stop paying the premium – The policy will lapse if the premium is not paid within the grace period. However, it can be revived within 3 years from the date of first unpaid premium.
You want to surrender the policy – This policy acquires a Cash Value only after completion of 3 policy years.
Minimum Guaranteed Cash Value= 30% of all premiums paid till date – 1st years’ premium
The Surrender Value payable will be equal to Cash Value - Loan Amount, including interest accrued to date of surrender.
You want a loan against your policy - The maximum amount of loan shall not be more than 90% of the Cash Value. The minimum Loan Amount is Rs 10,000.
Alternate Endowment Plans from different insurance companies
Aegon Religare Endowment Plan
Met Saral Plan from MetLife
Tata AIG Life Maha Guarantee Flexi
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 Endowment to Age 60 Plan
