MyInsuranceClub
menu

Max New York Life Premium Return Term Plan

Max New York Life Premium Return Term Insurance Plan

Max New York Life Premium Return Plan is a term insurance policy with both Death Benefit and Maturity Benefit. This is a Traditional Plan without Bonus Facility.

How it works – In this plan, premium needs to be paid for a fixed period of 11 years for all Policy Tenures opted for. The plan, however, continues for the rest of policy term of 20, 25 or 30 years as well.


This Plan being a protection plan provides for Sum Assured as Death Benefit if the Life Insured dies within the Policy Tenure. This plan also has an inbuilt Accidental Death Benefit rider of 50% of the base Sum Assured.

Now, if the Life Insured survives the entire policy tenure, then the premiums paid during the entire policy tenure is paid back as Maturity Benefit.

no-claim-bonus-overview icon
Death Benefit
tax-benefit-overview icon
Maturity Benefit
earn-and-burn-overview icon
Discount for female policyholders
Compare this plan with other Term Plans
By clicking “Show Premiums”, I authorize MyInsuranceClub to Call/Message & agree to Terms of Use

Key Features

key-feature-header-icon
Death Benefit and Maturity Benefit
  • It is a Term Insurance Policy with Death Benefit and Maturity Benefit
Limited period of 11 years only
  • Premium needs to be paid for a limited period of 11 years only
Inbuilt Accidental Death Benefit rider
  • This plan has an inbuilt Accidental Death Benefit rider of 50% of the base Sum Assured.
Sum Assured is paid
  • Sum Assured is paid as Death Benefit if the Life Insured dies within the Policy Tenure
Maturity Benefit.
  • The premiums paid during the entire policy tenure are paid back as Maturity Benefit.
Discount for female policyholders
  • This plan provides a discount for female policyholders and also for Large Sum Assured.

Benefits

policy-benefits-header-icon
Death Benefit

In case of death of the policy holder, the nominee gets the Sum Assured under the plan. In case of Accidental Death, an additional amount of 50% of the Sum Assured would be paid as Accidental Death Benefit.

Maturity Benefit

The total premiums paid are returned on policy maturity as Maturity Benefit under this plan.

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.

Riders

This plan has an in built rider

  • Accidental Benefit

Eligibility

tab-eligibility-header-icon

 

 

Minimum

Maximum

Sum Assured (in Rs.)

5,00,000

1 crore

Policy Term (in years)

20

30

Premium Payment Term (in years)

11 years

Entry Age of Policyholder

21

55 for PT= 20

50 for PT=25

45 for PT=30

Age at Maturity

-

75

Premium

8500

4.53.400

Payment modes

Yearly, Half-Yearly, Quarterly and Monthly

 

FAQs

tab-faqs-header-icon
angle down iconWhat happens if You stop paying the premium ?

If the policy holder stops paying the premium, then the policy would lapse and all benefits would stop. The policy can be re-instated within 3 years of lapsation from the unpaid premium due date by paying up all due premiums with interest.

After 3 policy years, the policy acquires a Paid Up Value.

 

angle down iconWhat happens if You want to surrender the policy ?

There are Surrender Benefits under this plan

Guaranteed Surrender Value= 30% of all premiums paid – 1st years’ premium

This plan also has a Special Surrender Value in this plan.

angle down iconWhat happens if You want a loan against your policy?

Loan facility is not available under this policy.