Max New York Life Gain Plus 25
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
Benefits
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.
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).
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
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 - If this rider has been opted for and the payor, i.e. the parent meets with death or total and permanent disability within the policy tenure, then the future premiums are waived off and paid by the insurer.
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.
Eligibility
| 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 | |
FAQs
What happens if You stop paying the premium ?The policy will lapse if the premium is not paid within the grace period.
What happens if You want to surrender the policy ?No information
What happens if You want a loan against your policy?No information
