Plan Overview:
Life with its attractive moments also has its share of worries and planning ahead is extremely important to face all these uncertainties that may arise from time to time. That’s the reason you need a protection plan, which would serve your protection needs and protect your family from any financial insecurity at times of disaster or at the unfortunate event of your downfall.
Max New York Life Five Year Renewable and Convertible Term Insurance (Non-Participating) plan not only provide you with a low cost insurance cover during its tenure of 5 years, it also helps you plan in advance for different future needs and your family’s financial security, should anything ill-timed happen to you. Offering a guaranteed Death Benefit, this plan is mainly useful as a short-term protection plan. An important feature of this policy is that it allows the insured to exchange the policy to a regular policy during the tenure of the policy.
Features:
|
Eligibility |
Criteria |
| Age at Entry | 20 to 60 years |
| Maximum Age at Maturity | 65 years |
| Term | 5, 10, 15, 20 or 25 years or to Age 60 years |
| Sum Assured | Rs. 2,50,000 to Rs. 5 Crore |
| Premium Payment Options | Annual, Semi-annual, Quarterly, Monthly |
Benefits
On death of life insured: In case of the unfortunate death of the life insured during the term of the plan, an amount equivalent to the Sum assured is paid to the beneficiary.
Tax benefits:
You are entitled to the following tax benefits under Income Tax Act 1961:
• Your premiums are eligible for deduction u/s 80C up to Rs.1, 00,000/- every year.
• Your DD rider premiums are eligible for an additional deduction u/s 80D up to Rs.15, 000/- every year.
• Your claim amounts (from death) are eligible for tax exemption u/s 10(10D).
Unique Features in This Policy:
This plan can be renewed every five years and is convertible to any permanent plan at any time during the tenure of the plan.
Key Benefits:
Five Year Renewable and Convertible Term Insurance (Non-Participating) provide you with a low cost insurance cover during its tenure of five years. It is also exchangeable any time into any permanent life insurance policy from MNYL, so that you are able to take advantage of increasing your savings when your responsibilities increase viz. on marriage, or on child birth
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 |
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| 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 diagnosis of any of the 10 diseases – 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:
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