Max New York Life Gain Plus 25 (Par) Insurance Plan
MNYL Life Gain Plus 25 (Par) Plan is a Limited Pay Endowment Plan. This is a Traditional Plan for 25 years Policy Tenure with Bonus Facility.
In this plan, Premium needs to be paid for a Limited Period while the coverage continues till the end of 25 years.
On maturity, the Sum Assured + Guaranteed Additions + 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. This Plan offers Double Sum Assured as Death Benefit after completion of 5 Policy Years.
There are 6 additional riders available in this plan.
Key Features of Max New York Life Gain Plus 25 (Par) Insurance Plan
Benefits you get from Max New York Life Gain Plus 25 (Par) Insurance Policy
Death Benefit – In case of death of the Life Insured before completion of 5 Policy Years, the Sum Assured + Bonus would be paid as Death Benefit and the policy would be terminated.
However, if the Life Insured dies after completion of 5 Policy Years, Double the Sum Assured + Bonus would be paid as Death Benefit and the policy would be terminated.
Maturity Benefit – On maturity after 25 Policy Years, 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
Eligibility conditions & other restrictions in MNYL Life Gain Plus 25 (Par) Plan
|
Minimum |
Maximum |
Sum Assured (in Rs.) |
50,000 |
No Limit |
Policy Term (in years) |
25 years |
|
Premium Payment Term (in years) |
6, 10, 15 |
|
Entry Age of Life Insured (in years) |
90 days |
55 years |
Age at Maturity of Life Insured (in years) |
75 years |
|
Payment modes |
Yearly, Half-Yearly, Quarterly & Monthly |
Sample illustration of Premium of Max New York Life Gain Plus 25 (Par) Insurance Policy
Policy Term = 25 years
Premium Paying Term = 15 years
Sum Assured = Rs.4,00,000
Additional Features and Benefits of MNYL Life Gain Plus 25 (Par) Plan
Riders – There are 6 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.
You want to surrender the policy – No information
You want a loan against your policy - No information