Life Pay™ Money Back Plan|Plan Overview|Features|Key Benefits|Riders

Plan Overview:
Max New York Life, Life Pay™ Money Back (Participating Plan) will keep paying you a division of the Sum Assured at regular intervals, to take care of your broken up foreseen needs, and the balance keeps rising to take care of your long term saving needs, as well as provides insurance coverage till maturity. And in case of any unexpected event also, this plan helps you provide for your family’s safety needs by paying an amount equivalent to the sum assured plus bonuses, if any.
In addition this policy is also eligible for bonuses. The Company may declare bonuses, from time to time, and these will be paid out to you, based on your choice of bonus options. This plan also provides different benefits on death of the life insured, where sum certain plus sum assured of paid up additions, bought out of your bonuses, will paid out instantly to the recipient. Further, with the customized options, you can enhance the value of your plan or customize it to suit your individual needs by adding different rider options available under this plan.

Features

Criteria	Eligibility
Entry age	91 days – 55 years (16/20 year plan) 91 days – 51 years (24 year plan)
Minimum Sum Assured	Rs. 50,000
Maximum Sum Assured	No limit (subject to underwriting)

Living Benefit
• Sum Assured less money backs already paid plus 10% of SA as guaranteed addition plus accrued bonuses
• Money Backs at regular intervals
Death Benefit
• Sum Assured plus Sum Assured of Paid up Additions, if any (without deducting any money back installments, if already paid).
• However, in the case of death before the age of 10 we will refund the premiums with interest.
Bonus Options
• Paid in Cash
• Premium Offsets
• Paid up Additions
Non-Forfeiture Options
In case , you are unable to pay your premiums, your policy will fall and we will use your cash value to buy you an insurance coverage in one of the following ways:
• Reduced Paid Up: A smaller Sum Assured for the remaining term of your policy
• Extended Term Insurance: The same Sum Assured is for part of the remaining term of your policy
In case, you do not want either of the above then you can opt to take the cash value by cheque.

Key Benefits:
• Guaranteed Financial Protection
• Money Backs at Regular Intervals
• Tax benefits on premiums and maturity proceeds
• Additional protection through riders
• Bonus declared every year after the 3rd policy year

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 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
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, Max New York Life