Max New York Life Platinum Protect

The nominee of the policyholder would receive the Sum Assured in case of the death of the policyholder.

There are no maturity benefits under this plan as this is a pure-term insurance product.

Premiums paid towards life insurance policies up to Rs.1,00,000 are allowed as a deduction from the taxable income each year under section 80C.

Some additional benefits can be taken in the form of riders by paying extra premium

This is applicable only for policies with 20, 25 or 30 year term plans. If a person stops paying the premium after 15 years, the insurance cover would  continue though with a reduced amount. See how this works with the help of this example.

Suppose the person has taken a cover of Rs. 50 lakhs with a term of 20 years. And the customer stops paying the premium after 15 years, the policy would continue for the remaining 5 years but with a lower cover which is as follows:{ [No. of premiums paid/Policy Term]% - 25%} of the Sum Assured. So it would be {(15/20)%-25%] of Sum Assured = 50% of Sum Assured. So a cover of 25 lakhs would continue till the end of the policy term even if the remainder 5 years of premiums are not paid.