Max New York Life SMART Bond – The smartest way to ensure maximum protection for your family with minimum investment. Also, guaranteed returns at maturity to help you control life with extra savings.
Eligibility –
|
Eligibility |
Criteria |
|
Minimum/Maximum Entry Age of Life Assured (Last Birthday) |
91 Days to 55 Years |
|
Minimum/Maximum Policy Term |
Fixed 10 Years |
|
Maximum Maturity Age of Life Assured |
65 years |
|
Premium Payment Term |
Single Premium |
|
Minimum Sum Assured |
Year 1: 5 Times Single Premium |
|
Minimum/Maximum Premium |
Minimum: Rs. 50,000/- |
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)
|
Age of life insured as on Effective Date |
Maturity Benefit (% of Single Premium where SP < 100K) |
Maturity Benefit (% of Single Premium where SP >= 100K) |
|
0-40 yrs |
152% |
169% |
|
41-45 yrs |
149% |
166% |
|
46-50 yrs |
144% |
162% |
|
51-55 yrs |
136% |
155% |
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Tags: insurance plan, Max New York Life, Max New York Life Smart Bond