Insurer: Max New York Life Insurance Company Limited
Category: Traditional Plan
Objective: Financial protection of family and returns on investment
Major USP of Max New York Life Whole Life Insurance
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Whole Life Cover
Many riders available
Loans available
Eligibility of Max New York Life Whole Life Insurance
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Minimum Entry Age: 91 Days
Maximum Entry Age: 70 Years
Maturity Age: 100 Years
Minimum Sum Assured: Rs 100,000 per annum
Premium Payment Mode: Yearly, Half Yearly, Quarterly or Monthly
What benefits does Max New York Life Whole Life Insurance offer?
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Death benefit:
Being a whole life plan, you get life cover till the age of 100. In case of unfortunate death of the life insured, Sum Assured will be paid.
Maturity Benefit:
At the end of policy term, Sum Assured will be paid along with bonuses will be paid.
Terminal Illness:
If the life insured is diagnosed with terminal illness with life expectancy of 6 months or less, life insured can access up to 50% of the Sum Assured subject to maximum of INR 500,000. The rest of the amount is provided on the occurrence of the unfortunate event.
Riders:
You can opt for personal accident rider, term rider, term renewable and convertible rider, waiver of premium rider, dread disease rider and payor rider with the plan.
Loans:
You can apply for loans against the policy after the policy acquires surrender value.
Are there any tax benefits?
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Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.
Under Section 10(10D) death claim is completely tax free.
What else should I know about?
--------------------------------------------------------------------------------Surrender Value: You can surrender the policy after 1st policy year. The guaranteed surrender value will be equivalent to 30% of all premiums paid less the first years’ premium.
Free Look Period: Whole Life Insurance plan can be cancelled within 10 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.
How can I buy Max New York Life Whole Life Insurance?
--------------------------------------------------------------------------------Policybazaar representatives will assist you in buying Whole Life Insurance.