Max New York Life Endowment To Age 60 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.

 

 

 

• 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 3^rd Policy Year onwards.

 

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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.

 

 

 

	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

 

 

 

Policy Term = 60 years minus Age at Entry

Sum Assured = Rs.5,00,000

 

 

 

 

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.

 
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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 – 1^st years’ premium

 

You want a loan against your policy – There is loan facility in this plan.