Max New York Life's Premium Return Term Plan has an inbuilt additional accident death benefit of 50% of the sum assured.
It is a term plan or pure life insurance plan. In this plan, sum assured/life cover in case of untimely death of policyholder is high compared with the premium paid.
You will be entitled to 100% premium paid on the maturity of policy, but will not get any return on the premium paid.
Minimum sum assured : Rs. 5 lakh,
Maximum sum assured : Rs. 1 crore.
Premium payment term : 11 years,
Minimum annual premium: Rs, 8,500.
For example, if you are 30 years old male and you opt for premium of Rs. 12 lakh with a tenure of 30 years, you will have to pay a premium of Rs. 14,640.
Premium for woman policy for the same sum assured and tenure is Rs. 12,900.
Additional accident death benefit..!
This plan has an inbuilt additional accident death benefit of 50% of the sum assured in case of accidental death of policy holder.
You need to be minimum 20 years old and maximum 55 up years. Life cover can be to 30 years depending on your present age.
If you chose life cover above Rs. 30 lakh, you will get marginal premium discount of Rs. 130 per lakh sum assured.
Max New York Life will offer additional discounts on premiums for women.
In the first 3 years if you stop paying your premium, your policy will lapse, and no benefit will be payable. Policy can be revived within 3 years of policy lapse. However, after 3 years of premium payment, you will be entitled for guaranteed surrender benefit of only 30% of total premium paid by you.
Upon receiving the policy document, you have 15 days to go through it. If you are not happy with terms & conditions mentioned in the policy, you can return the policy document and get refund of premium paid. Charges like stamp duty will be recovered from you though.
Ideally, term plan should be the first insurance product one should buy to protect his/her families against any unforeseen incident in the future. However, sale of term plan in India is low, as Indians don't need to invest in a product where they do not get back anything after the policy matures. Return of premium is an answer to such concerns.
It is a term plan or pure life insurance plan. In this plan, sum assured/life cover in case of untimely death of policyholder is high compared with the premium paid.
You will be entitled to 100% premium paid on the maturity of policy, but will not get any return on the premium paid.
Minimum sum assured : Rs. 5 lakh,
Maximum sum assured : Rs. 1 crore.
Premium payment term : 11 years,
Minimum annual premium: Rs, 8,500.
For example, if you are 30 years old male and you opt for premium of Rs. 12 lakh with a tenure of 30 years, you will have to pay a premium of Rs. 14,640.
Premium for woman policy for the same sum assured and tenure is Rs. 12,900.
Additional accident death benefit..!
This plan has an inbuilt additional accident death benefit of 50% of the sum assured in case of accidental death of policy holder.
You need to be minimum 20 years old and maximum 55 up years. Life cover can be to 30 years depending on your present age.
If you chose life cover above Rs. 30 lakh, you will get marginal premium discount of Rs. 130 per lakh sum assured.
Max New York Life will offer additional discounts on premiums for women.
In the first 3 years if you stop paying your premium, your policy will lapse, and no benefit will be payable. Policy can be revived within 3 years of policy lapse. However, after 3 years of premium payment, you will be entitled for guaranteed surrender benefit of only 30% of total premium paid by you.
Upon receiving the policy document, you have 15 days to go through it. If you are not happy with terms & conditions mentioned in the policy, you can return the policy document and get refund of premium paid. Charges like stamp duty will be recovered from you though.
Ideally, term plan should be the first insurance product one should buy to protect his/her families against any unforeseen incident in the future. However, sale of term plan in India is low, as Indians don't need to invest in a product where they do not get back anything after the policy matures. Return of premium is an answer to such concerns.
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