Max New York Life 20 Year Endowment Plan
Max New York Life 20 Year Endowment (Participating) Plan
MNYL 20 Year Endowment (Par) Plan is a 20 years Endowment Plan. This is a Traditional Plan with Bonus Facility.
In this plan, Premium needs to be paid for the entire Policy Tenure, i.e. for the entire period of 20 years.
If the Life Insured survives till the policy matures, then the Sum Assured + Bonus would be payable to the Life Insured as Maturity Benefit. However, if the Life Insured dies within the policy tenure, the Sum Assured + Bonus would be paid as Death Benefit and the policy would be terminated.
There are 4 additional riders available in this plan.
Key Features
- This is a Traditional Endowment Plan
- This is a Participating Plan with Bonus Facility
- There are 4 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.
- 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.
Benefits
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.
On maturity, the Life Insured would receive the Sum Assured + Bonus (if any) as Maturity 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.
There are 4 additional riders available in this policy
- Personal Accident Benefit Rider
- Term Rider
- Dread Disease Rider
- Term Renewable and Convertible Rider
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.
FAQs
What happens if 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.
What happens if 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.
What happens if 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.
