MAX NEWYORK L I C LTD. "PRODUCTS" compiled by deepak soni

Life Gain Plus - A Limited Payment Endowment Plan
Endowment to age 60 policy
Children's Policy
Children's Endowment Policy

Life Gain Plus - A Limited Payment Endowment Plan
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Plan Details :

The Life Gain Plus plan is a Limited Pay Endowment Plan. This plan helps the individual enjoy the full benefits of an endowment plan with life insurance. It requires payment of premiums over a limited period, while the insured gets cover for the entire tenure.

Eligibility:

Entry Age: 0-55 years
Maximum Maturity Age: 75 years

Policy Term : 20, 25 years

Premium Payment Modes:

Yearly, Half Yearly, Quarterly, Monthly

Premium payment term:

For 20 year policy - 6,10 years
For 25 year policy - 6,10,15 years

Sum Assured :

Minimum Sum Assured Rs.50,000
Maximum Sum Assured No limit (subject to underwriting guidelines)

Maturity Benefits:

110% of Sum Assured + Bonus (as declared by the company from time to time)

Death Benefit

• In case of death of life insured before age 10 - return of premiums with interest.
• In case of death of life insured before completion of 5 policy years - Sum assured plus bonus, if any.
• In case of death of life insured after 5 policy years - Double Sum assured.

Cash Value

premium Available 3rd year onwards, minimum 30% of the premiums paid excluding First Year.

Loan

Available up to 90% of the cash value, once the policy acquires cash value.

Riders/ Add-ons:

ADB, CI, Term, Term R&C, Payor, WOP

Bonus

4 bonus options to choose from:

• Paid in Cash
• Premium offset
• Used to Purchase paid up additions (PUA)
• Used to purchase term insurance

Through bonus the insured has the option to increase his insurance cover by either buying additional cover of the base policy (PUA) or by buying term insurance.

Tax Benefits:

Premiums eligible for tax rebate (if applicable) under section 88(2)(i) of the Income Tax Act 1961. The accumulation by way of bonus on the same is exempt under section 10(10D) of the Income Tax Act 1961. Maturity proceeds are totally tax-free in the hands of the insured under section 10(10D) of the Income Tax Act 1961.

Endowment to age 60 policy:
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Plan details:

This policy is ideal for saving money for covering expenses after retirement, such as child's marriage, medical expenses or financing a house for the family.

Eligibility:

Minimum Issue: Age 91 days
Maximum Issue: Age 50 Years
Expiry Age : 60 Years
Maximum Face Amount : Rs 5 Crore
Minimum Face Amount: Rs 100,000/-

Survival Benefits

Choice of 5 bonus payment options- annual bonus payment, bonus accumulated and paid on maturity, bonus used to offset premium, bonus used to buy one-year term insurance, bonus used to buy paid-up additions.

Personal Insurance Plan

A tailor made policy can be made to fit individual requirements. This plan also gives a year-on-year summary of the premiums paid, as also the likely benefits that may accrue.

Free look

This feature gives the option to cancel the Policy within 10 days of receipt if the customer is not satisfied.

Generates bonus on the policy as per the actuarial valuation declared by the company.

Death benefits

Has a guaranteed death benefit during its term.

Surrender value:

Acquires Cash Surrender Value after 3 years' Premiums have been paid.

Loan:

Option of taking a loan to fund unforeseen expenses, after your Policy has acquired a Cash Surrender Value.

Riders/Options Allowed

Personal Accident Benefit (PAB) Rider

This offers additional benefit against death in an accident or even in the case of Total and Permanent Disability, caused by an accident.

Dread Disease (DD) Rider

This provides additional benefits in the event of the Life Insured getting afflicted by any of the specified dread diseases.

Term Rider(s)

Addditional insurance can be bought for a limited term of 5 years or 10 years, or till the age of 60 years.

Payor Benefit

This offers additional benefit against death/disability of the Proposer of the Policy and ensures that the Policy continues even on Payor's death/disability, as the Company will waive the Premiums on the Policy.

Waiver of Premium (WOP) Rider

This ensures that in case of Total Disability, the Company waives Specified Premiums Due for the entire period of the Total Disability.

Exclusions

Suicide Exclusion

Notwithstanding anything to the contrary, if the Life Insured commits suicide, whether sane or not at the time, within one year from the later of: the Effective Date of Coverage; or the Date of Policy; or the Date of any Reinstatement, then the Policy coverage shall come to an end simultaneously with the occurrence of such event, and the liability of the Company shall be limited to refund of the Premium(s) received, without interest, less any expenses incurred by the Company.

Life Insured Under 18 Years of Age

In case of the death of the child before he/she turns 18 years, Premiums paid to the Company till that age will be refunded with interest as may be decided by the Company from year to year.

20-year Endowment Participating Policy

This plan is for a fixed term, ideal for anyone who is planning to save for a specific purpose.

Eligibility:

Minimum Issue Age: 20 Years
Maximum Issue Age: 50 Years
Expiry Age: 70 Years

Minimum Face Amount: Rs 100,000/-
Maximum Face Amount : Rs 5 Crores

Premium Paying Modes:
Yearly, Half-yearly, Quarterly, Monthly.

Survival Benefits:

Free Look:

This feature gives the option to cancel the policy within 10 days of receipt, should the individual so wish.

On its maturity at the end of 20 years, this Policy not only gives a guaranteed sum but also any bonus it accumulates.

Can also provide regular income at fixed intervals of time.

Personal Insurance Plan:

Depending on the individual's financial needs, the agent advisor will be able to prepare a Personal Insurance Plan and tailor a policy that best fits his requirements. This plan also gives a year-on-year summary of the premiums paid, as well as the likely benefits that may accrue.

Terminal Illness Benefit:

If the life insured is diagnosed to be suffering from a terminal illness that can lead to death in 6 months, the company will immediately advance up to 50 percent of the benefits payable, subject to a maximum cumulative of Rs 5 lacs, and the balance on the occurrence of the Insured Event.

Bonus:

The bonus is payable once the policy has been in effect for at least two years, with an option of how the policyholder wants it paid.

Choice of 5 bonus payment options, including an annual option.

For example, one can even get cash every year rather than waiting for the maturity of the policy. However, bonuses are not guaranteed and will be as declared by the company from time to time.

Surrender Value:
Acquires Cash Surrender Value after 3 years' Premiums have been paid.

Death Benefits:

This Policy also offers a death benefit (guaranteed for the term of the Policy) and most conveniently, in case of any unforeseen expenses during the Policy term, the policyholder can access any Cash Surrender

Loan:
Provides facility Value that accumulates in the Policy.

to take a loan after the Policy has acquired a Cash Surrender Value.

Riders:

Personal Accident Benefit Rider (PAB):

This offers you additional benefit against death in an accident or even in the case of Total and Permanent Disability caused by an accident.

Term Rider:

To match your changing needs, you can buy additional insurance for a term of 5 years or 10 years, or till you are 60 years of age.

D read Disease Rider (DD):

This provides additional benefit in the event of the Life Insured getting afflicted by any of the specified dread diseases (refer to list with your Agent

Children's Policy:
Stepping Stones - Child Money Back Plan
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Plan details:

The Child Money Back Plan is a life insurance plan with regular paybacks ensuring money when it is required securing the child's future.

Eligibility:

Entry Age: 21 - 60 years
Age of Life Insured : Last Birthday
Policy Term: 11 - 26 years
Minimum Sum Assured: Rs.50,000
Maximum Sum Assured (per life): No limit

Policy Term : 11-26 years

Survival benefits :

• 5 years before maturity - 30% of Sum Assured
• 2 years before maturity - 35% of Sum Assured
• At maturity - 35% of Sum Assured + 30% guaranteed addition + non- guaranteed bonus, if any

Premium Payment Mode:

Yearly, Half Yearly, Quarterly, Monthly

Riders/Add-ons:

ADB, CI, Term, Term R&C, WOP

Bonus:

Choice of Bonus options available

• Paid in Cash
• Premium offset
• PUA

Other Details:

Non Forfeiture Options

2 options available:

• Reduced Paid Up
• Extended Term Insurance

Death Benefits:

In case of death of the life insured, an amount equal to sum assured and bonus, is paid immediately, all future premiums are waived off and all pending survival benefits remain unaffected.

Cash Value:

Available 3rd year onwards, minimum 30% of the premiums paid excluding First Year premium.

Loans:

Once the policy acquires cash value, available up to 90% of the cash value.

Children's Endowment Policy
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Plan details:

The Children's Endowment Policy is best suited for planning the financial future of your children, their education and marriage.

It has two variants:
Endowment to 18
Endowment to 24

Eligibility:

The policy can be bought for your child till he/she is 13 or 15 years of age. This ensures that your child gets a fixed amount when he/she turns 18 or 24 respectively.

Age limit:

The minimum issue age is 91 days in case of Endowment to age 18 policy as also endowment to age 24 policy.

The maximum issue age is 13 years in case of Endowment to age 18 policy while it is 15 years in case of Endowment to age 24 policy.

Expiry Age:

Endowment to 18 - 18 yrs
Endowment to 24 - 24 yrs

Premium payment:

Yearly, Half-yearly, Quarterly or Monthly premium payment options (only if Premium is over Rs.2500 per month).

Face Amount:

Term:

This policy is for a fixed term (upto 18 or 24 years) and assures a guaranteed sum on the 18th or 24th birthday of the insured.

Survival Benefits:

• The insured is eligible to receive the face amount at the age of 18 or 24 plus any Bonuses that may accrue.
• The Policy will automatically vest in your child he/she turns 18 years of age.
• Option to buy further insurance on maturity:
  Within 6 months of this Policy maturing, the child can buy a permanent life insurance policy, without medical examinations, for an amount not exceeding the face amount of this Policy.

Death Benefits:

In the unfortunate event of death of the person insured, the nominee will get back all the premiums paid + interest + accrued bonuses, if any.

Surrender value:

The policy acquires Cash Surrender Value after 3 years' Premiums have been paid.

Loan availability:

Loan on this policy can be taken after the policy has acquired a Cash Surrender Value.

Bonus:

Bonuses available on this policy, with a choice of 3 options. - Annual Bonus payment, Bonus accumulated and paid on maturity, and Bonus used to offset Premiums.

Other Benefits:

Personal Insurance Plan:

A Personal Insurance Plan will be prepared by the Agent Advisor which will tailor made to best fit the customer's requirements. Also under this plan the policyholder will receive a year-on-year summary of the premiums paid as also the likely benefits that may accrue.

Free look:

This feature gives the policyholder the option to cancel the policy within 10 days of receipt of it if not satisfied. Death In case of the death of the child before he/she turns 18/24, premiums paid to the company till that age will be repaid with interest and accrued bonuses, if any.

Riders/Options:

Riders can be attached at the time of purchase of the policy or anytime later, subject to meeting certain conditions.

Payor Benefit Rider:

This rider offers additional benefit against death/disability of the Proposer of the Policy and ensures that the Policy continues even on Payor's death/disability, as the Company will waive the Premiums on the Policy.
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