Whole Life Participating Plan | Max New York Life

Plan Overview:
With an insurance cover till age 100, Whole Life Participating Plan is planned to provide you a lifetime of security. The good times that you and your family lead should last a lifetime. However one cannot avoid unpleasant surprises and misfortunes in life. The Whole Life Plan provides you with the comfort that your near and dear ones will continue to live their lives in comfort without financial fears even when you are not around.

The Whole Life Plan provides an insurance cover that is guaranteed for life. The policy also builds cash value, which you can use to fund any unexpected needs. In addition, the policy is also eligible for bonuses. Max New York Life savings plans are planned to provide the customer the double benefits of protection along with the potentially higher returns. This plan also allows you to purchase additional benefits in the form of bonuses that will be paid on maturity of the Base policy or in the ill-timed event of the death of the Life Insured. Additionally, you can also continue to invest more funds without having to provide any further confirmation of insurability.

Features:

Criteria	Eligibility
Entry age	91 days to 70 years
Maximum Maturity Age	100 years
Premium Payment Term	Regular
Minimum Sum Assured	Rs. 100,000
Maximum Sum Assured	Rs. 5 Crore

Benefits
Maturity Benefit
We will pay an amount equal to Sum Assured along with accrued bonus (if any)

Death Benefit
• We will pay an amount equal to Sum Assured along with accrued bonus (if any)
• If death occurs before life insured reaches age 10 , the company will refund all the premiums paid along with interest
Option to Participate in Progressive Bonuses
It allows you to top up your premiums to purchase additional Sum Assured towards your existing policy. It also generates further bonuses.
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 lapse 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 is 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:
• Insurance cover up to age 100
• Option to Participate in Progressive Bonuses
• Tax benefits on premiums and maturity proceeds
• Additional protection through riders
• Bonus declared every year from 3rd policy year onwards

Riders:

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 theappropriate factor:

Annual	1.000
Semi Annual	0.520
Quarterly	0.265
Monthly	0.090

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Tags: Insurance, Max New York Life Insurance