Plan Overview:
In the stimulating journey of life, there will be uncertainties, and there will be various occasions when you have to play or assume added tasks being the head of the family. The much-expected arrival of a new member in the family, the purchase of your dream house, the wonderful event of your marriage, your children’s higher education or their marriage may all be described as planned life events, but they bring their own share of doubts. It is important to be financially secured and ready to meet these uncertainties and make your family feel fully protected, should something ill-timed happen to you.
Max New York Life Level Term (Non Participating) Policy is a insurance plan that covers your life at a very low cost and reduces the resulting hardship your family may have to stand in the ill-timed event of your death. Incase of the unfortunate death of the policy holder during the term of the plan, an amount equivalent to the sum assured is paid to the nominee.
Features:
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Eligibility |
Criteria |
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Age at Entry |
18 years to 55 years |
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Maximum Age at Maturity |
60 Years |
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Term |
5,10,15,20 or 25 years or to Age 60 Years |
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Sum Assured |
Rs. 2,50,000 to Rs. 5 Crore |
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Premium Payment Options |
Annual, Semi-annual, Quarterly, Monthly, Single |
Benefits
On death of life insured: In case of the ill-timed death of the life insured during the term of the plan, an amount equal 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).
Key Benefits:
In the exciting journey of your life, there will be uncertainties. Additionally there may be times and occasions when you have to assume additional responsibilities as the head of the family. Max New York Life’s Level Term (Non Participating) Policy insures your life at a very low cost and reduces any hardship your family may have to stand in the unlucky event of your death.
Riders:
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Age |
20 – 50 Years (depending upon Term) |
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Benefits |
Incase insured is diagnosed with any of the below mentioned diseases, an additional benefit will be paid to the insured. |
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Tenors Available: |
Pick-a-Term: Minimum 10 Years |
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Expiry Age |
60 Years |
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Minimum Face Amount |
Rs 1 lac |
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Maximum Face Amount |
The lower of base face amount or Rs. 10 Lacs |
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Benefit Features |
Gives an additional benefit upon diagnosis 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 |
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Calculation of Modal Premiums for Annual, Semi Annual, Quarterly, Monthly Modes |
For each frequency, multiply by the appropriate factor:
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