Max Mangal Endowment Plan
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
- This is a Traditional Endowment Plan with Bonus Facility.
- This policy has Limited Premium Paying Term facility
- 110% of the Sum Assured + Bonus is payable as Maturity Benefit at the end of 15 years
- The basic Sum Assured increases by 6.5% every year
- Life Cover increases even after premium payment term is over.
- The basic Sum Assured + increased Sum Assured + Bonus would be paid as Death Benefit if the Life Insured dies within the Policy Tenure.
- There are 3 Bonus Options available after completion of 3 Policy Years- Cash Bonus, Premium Offset and Paid Up Additions.
- There are no medical requirements under this plan.
Benefits
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.
On maturity, the Life Insured would receive 110% of the Sum Assured + Bonus (if any) as Maturity 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.
There are No additional riders available in this policy
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 | 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 | |
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 ?Not Specified
What happens if You want a loan against your policy?Not Specified
