Max New York Life Gain Endowment Plan
Max New York Life Gain Endowment Plan is a simple Endowment Plan. 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, as selected. There are 5 options for tenure selection.
On maturity, the Sum Assured + Guaranteed Additions of 10% of the Sum Assured + 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.
There are 6 additional riders available in this plan.
Key Features
Benefits
In case of death of the Life Insured within the Policy Tenure, (the Sum Assured + Bonus) would be paid as Death Benefit and the policy would be terminated.
On maturity, 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. Maturity Benefit is tax free under section 10(10)D.
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
Bonus Rates
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) | 10 / 15 / 20 / 25 years or to age 60 | |
Premium Payment Term (in years) | Equal to Policy Term | |
Entry Age of Life Insured (in years) | 91 days | 65 years – for 10 year Plan
60 years – for 15 year Plan 55 years – for 20 year Plan 50 years – for 25 year Plan 50 years – for to age 60 plan |
Age at Maturity of Life Insured (in years) | - | 75 years |
Payment modes | Yearly, Half-Yearly, Quarterly & Monthly |
Sample illustration of Maturity Benefit of MNYL Life Gain Endowment Plan
Age = 30 years
Policy Term= 20 years
Sum Assured= Rs.4,00,000
FAQs
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.
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.
The maximum amount of loan shall not be more than 90% of the Cash Value. The minimum Loan Amount is Rs 10,000.