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Mr. Rajesh Sud |
The Guaranteed Monthly Income Plan not only ensures a regular income flow to achieve life stage goals, but also provides an extra cushioning against any unexpected increase in monetary needs. Additionally the plan also ensures your family’s lifestyle is protected against any exigencies by providing a comprehensive protection component.
Max New York Life Guaranteed Monthly Income Plan has been developed after a detailed understanding of consumer needs. Researches were conducted among consumers to get a better understanding of how they chose and purchased life insurance policies. These researches revealed an important aspect of consumer behavioural pattern where consumers were averse to taking risk and prefer guaranteed returns while planning for the long term.
Max New York Life Guaranteed Monthly Income Plan provides an edge to its customers by helping them plan for their child’s education, their retirement or any other financial goal that they may have set in a safe, secure and guaranteed manner.
Mr. Rajesh Sud, CEO & Managing Director, Max New York Life Insurance said, “We design products keeping in the mind the future needs of our customers. The rising cost of living and securing ones future is clearly a concern. Guaranteed Monthly Income Plan has been designed with an objective of filling in this gap of extra income and securing ones future in the years when household needs are at its peak.”
Features & Benefits
* Flexible Policy Terms - The plan offers flexibility to choose policy terms. Consumers can choose either 6 years or 11 year policy term depending on their financial goals.
* Guaranteed Monthly Income - The plan lets consumers choose the guaranteed monthly income they desire. This income is guaranteed to be paid for a period of 10 years (120 months) from the end of policy term.
* Monthly Income Boosters (“MIB”) - The plan also offers MIB to provide additional boost to the guaranteed monthly income, with quantum of payout indexed to a benchmark G Sec rate, starting year 12. This feature provides a cushion to the chosen monthly income against future inflation.
* Guaranteed Terminal Benefit – Over and above the last guaranteed monthly income and monthly income booster, a lump sum Guaranteed Terminal Benefit is paid with the last installment of Guaranteed Monthly Income . For the 6 pay variant this is 150% of annual premium, while for the 11 pay this is 200% of annual premium.
* Safety and transparency of returns - Investments are made only in highly secure investments ensuring minimal risk and low volatility. The MIB crediting rate is linked to the 5 year Government Security Benchmark Rate published in the public domain by FIMMDA. An interesting feature of this plan is that every policyholder will be communicated the MIB credited to his/her policy within 10 days of receipt of premiums. All MIBs will be accrued and guaranteed to be paid by the time the customer completes premium payment term.
* Comprehensive Insurance cover- While the plan is savings focused, it also offers comprehensive death benefit to ensure that the policy objectives are fulfilled even in case of such an exigency. The death benefit consists of (a) return of all premiums paid immediately, (b) the guaranteed monthly income is accelerated to begin from the following policy anniversary till the policy term in addition to the 10 years of guaranteed monthly income and guaranteed terminal benefit, and (c) the remaining premiums are funded by Max New York Life to ensure that all monthly income booster benefits are also paid to the nominee as intended.
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