Therefore it is essential that you start planning for your child’s professional education at the earliest, as the earlier you start, the better it will be towards meeting the needs of your child’s higher education. The best time to start planning is during the age group of 0-8 years as it gives you the maximum time period to be able to build a large corpus till your child reaches college-going age i.e. 18 years.

Features –

Benefits

Death Benefits: On death during the term of the policy the following benefits will be paid immediately:

• If attained age of the life assured < 7 years
  Total premiums paid (accumulated with interest @ 3.5% p.a. compounded annually) plus accrued reversionary bonuses (if any) will be paid and the policy will be terminated.
• If attained age of the life assured >= 7 years
  Sum assured plus accrued reversionary bonuses and terminal Bonus (if any) would be paid and the policy will be terminated.
  • The death benefit will not be reduced by the amount of already paid survival benefits. The policy will terminate immediately after paying the death benefit and the rest of the survival benefits payments will not paid.
  • During the grace period, the insurance coverage continues but if the Life Insured dies during the grace period, the Company will deduct the unpaid Premium from the Death Benefits (as mentioned above) payable under the Policy.

Living and Maturity Benefit: Guaranteed cash backs every year from child’s age 18 to 21:

Total guaranteed money back / payout = (40%+20%+20%+40%) = 120% of Sum Assured

Payor Rider is mandatory.

Surrender Value: The policy acquires a surrender value from end of 3rd policy year subject to the payment of three full years’ premiums.
The surrender value will be equal to higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).
The Guaranteed Surrender Value will be equal to 30% of all premiums paid excluding first year’s premium and rider premiums.
The Special Surrender Value* will be non-guaranteed but higher than guaranteed surrender value and is approved by the Regulator.

*For additional details, please refer to the policy document.

Reduced Paid up Value: Once the policy acquires a surrender value, in case of premium discontinuance the policy will offer Reduced Paid up Sum Assured and will not lapse.
Reduced Paid Up Sum Assured = Sum Assured * (Total premiums paid / Total premiums payable)
The Reduced Paid Up policies are also participating but will be entitled to only Terminal Bonus and not Reversionary Bonus.

*In case Policy is in Reduced Paid-up Insurance mode the Money back from age 18 to 21 will be paid on such reduced sum assured.

Key Benefits –

• Fund your child’s college education
  To help fund your child’s college education, there will be guaranteed payouts from age 18-age 21 of your child. A total of 120% of sum assured
• Protect your child’s college fund against any eventuality
  In Max New York Life College Plan, a Money Back Life Insurance Plan, the policy continuance is assured in case of Payor* meeting with death or Total and Permanent disability through the Payor rider. This guarantees your child’s college fund and helps protect it against all emergencies.

*Payor means a person/ policyholder who has purchased a policy on the life of juvenile below the age of 18 years

• Save extra during your child’s schooling days to fund higher education
  The plan comes with a limited premium payment term up to child’s age 18, so you pay premiums only till he/she turns 18 and get guaranteed payouts for their college education from age 18-21.
• Boost your child’s college education fund through compounding effect of bonuses
  From the 2nd year of policy, your child’s college education fund will get a further boost with bonus amounts added each year into the policy corpus which in turn gets compounded every year.

In addition to this, there is also a possibility that the company declares a further bonus (called ‘Terminal Bonus’ applicable for policies in force for at least 10 years or more) on this amount to increase your child’s college fund even more.

This will accrue to a significant amount on policy maturity to fund your child’s education.

Riders –

Guaranteed Policy continuance in case of Payor’s death or disability MNYL College Plan comes with a Payor Rider (“Payor Rider” means a rider which entitles the Policyholder to waiver of premium benefit on policies effected on the life of juvenile below the age of 18 years, if the policyholder suffers total disability; or dies during the term of the policy, subject to terms and conditions of the Rider)

Which ensures that the policy continues even in case of Payor meeting with:

• Death or,
• Total and Permanent Disability.

“Total and Permanent Disability” refers to the proposer becoming permanently and totally disabled as a result of injury or sickness and is thereby totally incapable of engaging in any gainful activity or carry out any work, occupation, or profession to earn or obtain any wages, compensation, remuneration or profit.

Suicide Exclusion for Payor Rider policy: The suicide exclusions for the Payor would be applicable as stated in the Payor Rider (UIN: 104B013V02) contract.

Know more about Max New York Life

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Features –

Maturity Benefit: On maturity, you will be eligible for an amount equal to prevailing Fund Value where the Fund Value will be calculated as:

Fund Value = (Accumulated Units * prevailing NAV)

Death Benefit:

In case of Death of the Life Insured before maturity of Policy, your nominees will be eligible for an amount equal to Sum Assured + Fund Value

Progressive Auto Cover Enhancement:

The unique feature of PACE will automatically increase your sum assured every year by 10% of base initial sum assured starting year 2 till end of policy term. This benefit is inbuilt and will be provided to you without any further increase in premium or additional underwriting.

Key Benefits –

• Comprehensive protection through high sum assured multiples.
• Systematic Transfer Plan to protect against market volatilities and to get the benefit of rupee cost averaging.
• Progressively increasing sum assured for increasing liabilities without additional underwriting
• Choice of premium payment options to suit cash flow patterns.
• Choice of seven well managed funds for investors of different risk profiles.
• Flexibility to make partial withdrawals to meet unplanned expenses.
• Flexibility to opt for Personal Accidental Benefit and Dread Disease rider.

Riders –

Dread Disease Rider Personal Accident Benefit Rider

Investment option –

You have the choice of any of the 6 expertly managed funds to direct your investments in any one or more of the following funds of the company or choose Systematic Transfer Plan which enables you to make the most of the market volatility.

*Secure Plus Fund is only available with Systematic Transfer Plan

Flexibilities

Switching:

• Existing investment can be moved in totality or in a certain proportion to one or more funds from the current one
• 12 switches/policy year and all are free of charge

Premium Redirection:

• Modify the flow of future investments, different from the existing pattern.
• 12 redirections/policy year and all are free of charge

Partial Withdrawals:
Can be made anytime subject to a lock in period of 5 years.
Minimum: Rs. 5,000
Maximum: Lower of 20% of Fund Value /Fund Value cannot be less than 1.5 times of initial ATP

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Features –

• Group size of at least 50 employees. No upper limit on membership.
• Policy is valid for one year and can be renewed yearly.
• Uniform or a graded cover can be provided on any basis chosen by you subject to a maximum of three years of salary per employee.

Key Benefits –

• Easy and convenient administration – one single master policy for all employees.
• In case of death of an employee, due to natural or accidental reasons, the entire sum assured amount is paid to the employer.
• New members can join and outgoing members can leave the scheme at any time with premium adjustment.

Riders –

Additional Protection is available through riders for Critical Illness, Accidental Death Benefits, Disability and Dismemberment.

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Features –

Under Section 17 (2-A) of the Provident Fund Act, the Central Provident Fund Commissioner may, if requested to do so by the employer, by notification in the Official Gazette, exempt, whether prospectively or retrospectively, any establishment from the provisions of the EDLI scheme, if he is satisfied that the employees of such establishment, without making any separate contribution or payment of premium, enjoy life insurance benefits more favorable than the benefits under the EDLI scheme.

Max New York Life Insurance Co. Ltd offers Group Term Insurance Scheme, a unique, simple and flexible scheme, which is a far better option to the Employee Deposit Linked Insurance Scheme (EDLI) because of the benefits it offers to both the employer and the employee. The Employees Provident Fund organization has approved this scheme as an alternative to EDLI scheme.

Key Benefits –

The organization will enjoy the following advantages by subscribing to the Max New York Life Group Term Insurance as compared to the EDLI scheme:

• The premium payable by the employer under the Max New York Life Group Term Insurance Scheme will be frequently less than the total contribution being paid by the employer to Regional Provident Fund Commissioner, particularly when average age of the group is low and the employer is in a low-risk industry.
• Flexibility to opt for either a consistent flat cover for all employees or a graded cover as per notional PF balance.
• Well defined and simplified claim process will ensure quicker and hassle-free claim settlement.
• Administrative convenience for additions and deletions of members with no elaborate paperwork.

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Features –

Eligibility:

• All employees (members) above the age of 18 are eligible for this plan. Existing fund approved by the Income Tax Commissioner should be administered through Trustees under a Trust.

Contribution:

• The Trust will make the role to the fund. Contribution can be made quarterly, half-yearly or yearly.

Surrender Fee:

• In case a Policyholder wants to surrender the policy, a surrender fee is applicable. This fee is based on the achievable market value of the assets and dependents on the duration of the association with Max New York Life.

Term Insurance Cover

• Term insurance cover equal to future service gratuity
• Premium for term insurance cover will be computed separately.
• The insurance cover will also form part of Group Gratuity policy.
• Insurance cover will be paid only on the death of the member.

Key Benefits –

Benefits of the Group Gratuity Plan:

• Investment management in a traditional manner to ensure steady appreciation in fund income.
• Employees can be insured for the future service gratuity for full-anticipated service.
• Scientific funding of gratuity on actuarial valuation and hence superior planning for gratuity payments.
• Past gratuity liability contribution can be made in installments.
• Contributions are exempted under income tax act.

Benefits to the Members:

• Max New York Life will provide statement of account every quarter.
• Free Actuarial Valuation for future gratuity liability.
• For a new fund Max New York Life can assist in configuration of the Trust and its documentation.
• An existing Gratuity Fund can be taken over by MNYL and we will offer assistance in documentation like Deed of variation to the original Trust Deed etc.
• Basic Guidelines for Max New York Life Group Gratuity Scheme.

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Features –

• Group size of at least 25 employees. No upper limit on membership.
• Policy is valid for one year and can be renewed yearly.
• Uniform or a graded cover can be provided on any basis chosen by you subject to a maximum of 3 years of salary per employee.

Key Benefits –

• Easy and suitable administration – one single master policy for all employees
• In case of death of an employee, due to natural or accidental reasons, the entire sum assured amount is paid to the employer
• New members can join and outgoing members can leave the scheme at any time with premium adjustment.

Riders –

Additional Protection is available through riders for Critical Illness, Accidental Death Benefits, Disability and Dismemberment.

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Features –

The insurance plan can be easily structured in a way such that the entire loan amount or the balance loan amount is paid up in case of the ill-timed demise of the borrower. The premiums can also be adjusted every year according to the reducing loan balance amount.

Key Benefits –

This plan provides total peace of mind because in case of an ill-timed demise of the borrower, the family is not burdened with the loan.

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Eligibility –

Benefits –

Tax Benefits: This insurance plan may entitle you to certain tax benefits on your premiums as well as on your benefits subject to Tax Laws prevailing from time to time. In the current scenario -

• Deduction U/s 80C of the Income Tax Act 1961 on your premiums, up to Rs. 100,000/-.
• Exemption U/s 10(10D) of the Income Tax Act 1961 on your Maturity and Death Benefits.

Maturity Benefit: Fixed Percentage of Single Premium as mentioned in Maturity Value Table Surrender Value: This Policy will acquire a surrender value from the second Policy Year onwards.
The Surrender Value in this Policy will be higher of
(a) Guaranteed Surrender Value which is 80% of Single Premium and is guaranteed or
(b) Special Surrender Value determined by company from time to time. The Special Surrender Value benefit as shown in product brochure is only analytic and is subject to change as per the company’s actual experience.

Death Benefit:

• Age 91 Days to up to 7 Years – Return of Premium along with interest @3.5% p.a. compounded annually.
• Age 7 Years and onwards – Prevailing Sum assured
  • During Policy Year 1 Sum Assured – 5 times Single Premium
  • During Policy Year 2 and onwards – 2 times Single Premium

Key Benefits –

• Safety: Guaranteed Maturity Value
• Smart: One time payment
• Simple: Easy to understand

Guaranteed Maturity Value Table –

Maturity Benefit as a % of Single Premium (SP)

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We understand this desire that every parent has for their child. Therefore, our child plan is planned specifically to ensure that your child not only gets the best of education but also can explore and develop his/her hidden talent.

Max New York Life Shiksha Plus II is a 360 degree child plan that provides for over all development of your child in all the circumstances.

Eligibility -

Key Benefits –

• A 360 degree coverage to ensure a bright future for your child
• Guaranteed pay out of University Education Pool
• Dynamic Fund Allocation ensures life stage based allocation of funds
• Systematic Transfer Plan to protect from market volatilities and get the benefit of rupee cost averaging.
• Option to include Dread Disease Rider and Personal Accident Benefit Rider

Rider –

Investment Option –

You have the choice of any of the 6 expertly managed funds to direct your investments in any one or more of the following funds of the company or choose Dynamic Fund Allocation option which enables you to plan your investments basis your life stage.

Flexibilities

Switching:

• Existing investment can be moved in totality or in a certain proportion to one or more funds from the current one
• 12 switches/policy year and all are free of charge

Premium Redirection:

• Modify the flow of future investments, different from the existing pattern.
• 12 redirections/policy year and all are free of charge

Partial Withdrawals:
Can be made anytime post completion of 5 years
Minimum: Rs 5,000
Maximum: Lower of 20% of Fund Value /Fund Value cannot be less than 1.5 times of initial ATP

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Max New York Life’s LifeLine-Wellness Plus health plan provides a wonderful benefit system in terms of long tenure of coverage, coverage for 38 critical illnesses and tax benefit.

Eligibility & Features

Example: If you take 5 units of Wellness Plus you have bought yourself a sum assured of 10 lacs as per the table above.

List of Covered Critical Illness Conditions under LifeLine- Wellness™ Plan

Benefits under LifeLine – Wellness Plan

You can avail benefits on the happening of any of the above events and satisfying the following 3 conditions

• Confirmed by a registered medical practitioner, including a relevant specialist acceptable to the company (the cost of which shall be borne by the policyholder).
• Provided the life insured has survived for at least 28 (Twenty eight) days after the happening of the insured event..
• The life insured filing with the company all the required claim documents within 60 days of the date of the happening of the insured event.
• A claim with respect to any particular critical illness, if paid, shall not be payable again.

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