Max New York Life Vriksha Money Back Plan

Max Vriksha Money Back Plan is a strategic Money Back Plan. This is a Traditional Plan with Bonus Facility.

How the plan works – In this plan, Premium needs to be paid only for a period of 12 years while the Life Cover continues for the entire tenure of 16 years. Now, in this plan, if the Life Insured survives, 10% of the Sum Assured is paid at the end of 4 and 8 years and 15% of the Sum Assured is paid at the end of 12 years and the policy continues. 115% of the Sum Assured + Bonus is payable as Maturity Benefit at the end of the Policy Tenure of 16 years. Hence a total of 150% of the Sum Assured is paid in total as Survival Benefit.

In this plan, there is a Premium reduction of 2% of Initial Sum Assured for every year of premium payment term from 3rd policy anniversary onwards while the Sum Assured increases by 4% per annum. Hence it is a complete win-win situation.

However, 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.

• This is a Traditional Money Back Plan with Bonus Facility.
• Premium Paying Term is 12 years while Policy Term is 16 years
• 10% of the Sum Assured is paid at the end of 4 and 8 years and 15% of the Sum Assured is paid at the end of 12 years as Survival Benefit and the policy continues till the end of the Policy Term.
• 115% of the Sum Assured + Bonus is payable as Maturity Benefit at the end of 16 years
• There is a Premium reduction of 2% of Initial Sum Assured for every year of premium payment term from 3rd policy anniversary onwards
• The basic Sum Assured increases by 4% 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.

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 irrespective of the Survival Benefit already paid.

Survival Benefit— Money is paid at the end of every 4 years as Survival Benefit

Maturity Benefit – On maturity, the Life Insured would receive 115% 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.

Policy Term = 16 Years

Sum Assured = Rs.1,00,000

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:

1. Cash Bonus, where you can take the bonus in cash
2. Premium Offset, where you can use the bonus to pay a part of your premium
3. Paid Up Additions, where you can use the bonus to permanently increase the Sum Assured.

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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