Max New York Life Vriksha Money Back Plan
Max New York Life Vriksha Money Back Insurance 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.
Key Features
- 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.
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 irrespective of the Survival Benefit already paid
Money is paid at the end of every 4 years as Survival Benefit
| End of the Year | Survival Benefit paid |
| 4 Policy Years | 10% of the Basic Sum Assured |
| 8 Policy Years | 10% of the Basic Sum Assured |
| 12 Policy Years | 15% of the Basic Sum Assured |
On maturity, the Life Insured would receive 115% 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) | 16 | |
| Premium Payment Term (in years) | 12 | |
| Entry Age of Life Insured (in years) | 18 | 50 |
| Age at Maturity of Life Insured (in years) | - | 66 |
| 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
