Max Mangal Endowment Plan
Max Mangal Endowment Plan is a strategic Endowment Plan from Max New York Life Insurance Company. This is a Traditional Plan with Bonus Facility.
How the plan works – In this plan, Premium can be paid only for a period of 6 or 12 years, depending on the Policy Tenure. If the Policy Tenure is 12 years, then premium needs to be paid for 6 years only and the Life Cover continues for the rest of the policy years. If the Policy Tenure is 15 years, then premium can be paid for 6 or 12 years while the Life Cover continues for the rest of the policy tenure.
Now, in this plan, if the Life Insured survives, 110% of the initial Sum Assured + Bonus are paid at the end of the policy tenure as Maturity Benefit.
In this plan, the Sum Assured increases by 6.5% per annum. Thus, if the Life Insured dies within the Policy Tenure, the basic Sum Assured + increased Sum Assured + Bonus, if any would be paid as Death Benefit and the policy would be terminated.
Key Features of Max Mangal Endowment Policy
Benefits you get from Max Mangal Endowment Plan
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the basic Sum Assured + increased Sum Assured + Bonus, if any, would be paid as Death Benefit.
Maturity Benefit – On maturity, the Life Insured would receive 110% of 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 and other restrictions in Max Mangal Endowment Policy
|
Minimum |
Maximum |
Sum Assured (in Rs.) |
50,000 |
2,50,000 |
Policy Term (in years) |
12 |
15 |
Premium Payment Term (in years) |
6 for PT= 12 6/12 for PT=15 |
|
Entry Age of Life Insured (in years) |
18 |
50 |
Age at Maturity of Life Insured (in years) |
- |
62 for PT=12 65 for PT=15 |
Payment modes |
Only Annual |
Sample illustration of Premium of Max Mangal Endowment Plan
Policy Term = 15 Years
Premium Paying Term = 12 years
Sum Assured = Rs. 50,000
Additional Features and Benefits of Max Mangal Endowment Plan
Riders – There are No additional riders available in this policy
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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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 – Not Specified
You want a loan against your policy – Not Specified