Endowment to Age 60 (Par) Plan | Plan Overview|Features|Key Benefits|Riders

Plan Overview:
There comes an age in life, when all one needs is peace of mind and protection after retirement, then your sources of income decrease but your expenses don’t. From medical costs to children’s marriage expenses, all seems to touch the sky. So it makes great sense to plan well in advance for a protected life after retirement.

Max New York Life Endowment to age 60 Participating Insurance is a policy that helps you to save primarily for your retired life. It will mature on the policy anniversary after your 60th birthday, and enables you to use the maturity proceeds in many ways such as, purchase a pension from any life insurance company, purchase that house in your place of birth where you want to lead your retired life or pay for your child’s higher education or marriage. This plan also provides you with an insurance cover to protect your family from financial doubts in case of your untimely death before reaching age 60. Till age 60, this policy also builds cash value, and is eligible for bonuses. You may use the cash value and/or the bonuses to fund any unexpected needs either by surrendering accumulated PUAs or taking a loan.
Features:
Eligibility Criteria

Features:
Eligibility Criteria

Criteria Eligibility
Entry age 91 days to 50 years
Maturity age 60 years
Minimum Sum Assured Rs. 100,000
Maximum Sum Assured Rs. 5 crore

Living Benefit
• Sum Assured plus accrued bonuses
Death Benefit
• Sum Assured plus Sum Assured of Paid up Additions, if any (without deducting any money back installments, if already paid).
• However on death before age 10 we will refund the premiums with interest
Bonus Options
• Paid in Cash
• Premium Offset
• Paid up Additions
Non-Forfeiture Options
In case you are unable to pay your premiums, your policy will drop and we will utilize your cash value to buy you insurance coverage in one of the following ways:

Reduced Paid Up: A lower Sum Assured for the remaining term of your policy

Extended Term Insurance: The same Sum Assured for part of the remaining term of your Policy.
In case you do not want either of the above, you can choose to take the cash value by cheque.

Key Benefits:
Guaranteed Financial security
Tax benefits on premiums and maturity proceeds
Additional safety through riders
Bonus declared every year from 3rd policy year onwards
Rider:
Age – 20 – 50 Years (depending upon Term)
Benefits – Incase Insured is diagnosed with any of the below mentioned diseases, an additional benefit will be paid to the insured.
Tenors Available: Pick-a-Term: Minimum 10 Years
Maximum 40 Years
Expiry Age 60 Years
Minimum Face Amount Rs 1 lac
Maximum Face Amount: The lower of base face amount or Rs. 10 Lacs
Benefit Features :Gives an additional benefit upon judgment of any of the ten diseases viz – Heart Attack, Cancer, Stroke, CABG, Multiple Sclerosis, Kidney Failure, Major Organ Transplant, Paralysis, COMA, Heart Valve Replacement/Repair

Calculation of Modal Premiums for Annual, Semi Annual, Quarterly, Monthly modes For each frequency, multiply by the appropriate factor:
Annual 1.000
Semi Annual 0.520
Quarterly 0.265
Monthly 0.090

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Tags: insurance policy, Life Insurance Company, Max New York Life