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 of MNYL 20 Year Endowment (Par) Insurance Plan
Benefits you get from MNYL 20 Year Endowment (Par) Insurance Policy
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) as Maturity Benefit.
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 20 Year Endowment (Par) Plan
|
Minimum |
Maximum |
Sum Assured (in Rs.) |
1,00,000 |
5 Crores |
Policy Term (in years) |
20 |
|
Premium Payment Term (in years) |
20 |
|
Entry Age of Life Insured (in years) |
20 |
50 |
Age at Maturity of Life Insured (in years) |
- |
70 |
Payment modes |
Yearly, Half-Yearly, Quarterly & Monthly |
Sample illustration of Premium of MNYL 20 Year Endowment (Par) Insurance Policy
Policy Term = 20 Years
Sum Assured= Rs.5,00,000
Additional Features and Benefits of MNYL 20 Year Endowment (Par) Plan
Riders – There are 4 additional riders available in this policy
Bonus Options— After completion of 3 Policy Years, There are 3 options available for Bonus:
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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.
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.