Max NewYork Life Insurance
 
 
Protection Plans
 
Five Yr Renewable and Convertible™ Plan (Non - Par)
 
:: Plan Overview
Life with its fascinating moments also has its share of uncertainties and planning ahead is extremely important to face all these uncertainties that may arise from time to time. That's the reason you need a protection plan, which would serve your protection needs and safeguard your family from any financial insecurity at times of crisis or at the unfortunate event of your demise.
 
:: Feature
Eligibility Criteria
Eligibility Criteria
Age at Entry 20 to 60 years
Maximum Age at Maturity 65 years
Term 5, 10, 15, 20 or 25 years or to Age 60 years
Sum Assured Rs. 2,50,000 to Rs. 5 Crore
Premium Payment Options Annual, Semi-annual, Quarterly, Monthly
 
:: Benefits
On death of life insured: In case of the unfortunate death of the life insured during the term of the plan, an amount equal to the Sum assured is paid to the beneficiary.

Tax benefits:
You are entitled to the following tax benefits under Income Tax Act 1961:
  • Your premiums are eligible for deduction u/s 80C up to Rs.1,50,000/- every year.
  • Your DD rider premiums are eligible for an additional deduction u/s 80D up to Rs.15,000/- every year.
  • Your claim amounts (from death) are eligible for tax exemption u/s 10(10D).

Unique Features in This Policy:

This plan can be renewed every five years and is convertible to any permanent plan at any time during the tenure of the plan.
 
:: Key Benefits
 
Five Year Renewable and Convertible Term Insurance (Non-Participating) provides you with a low cost insurance cover during its tenure of five years. It is also convertible any time into any permanent life insurance policy from MNYL, so that you are able to take advantage of increasing your savings when your responsibilities increase viz. on marriage, or on child birth
 
Investment Plans
 
Life Maker™ Premium Investment Plan
 
:: Plan Overview
All of us desire a lavish and comfortable life. Max New York Life wants you to think beyond basic necessities of life i.e. Food, Clothes and Shelter. The latest Life Maker™ Premium Investment Plan gives you a lot of choices - especially when you are looking for Great life style, Big Home, your own well established Business and top of all - Protection for your family. Our Unit linked Life Insurance plan can be the financial cornerstone for your objectives. Max New York Life Insurance provides you a powerful investment-cum-insurance plan where you can direct your investments in the customized unit linked funds such as equities, money market instruments, investment grade corporate bonds, and government securities. These funds offer a wide range of returns basis market returns. You can choose to invest your premiums in one or more of these funds, basis your risk taking ability.
 
:: Feature
Eligibility Criteria
Criteria Eligibility
Entry Age (age as at last birthday) Any age between 91 days to 65 years (maximum issue age is 50 years with DD rider and 55 years with PAB rider)
Premium Payment Term Regular Pay - Equal to Policy Term
Limited Pay - 5/10/15 years
Policy Term (in whole years) Regular Pay - Pick-a-tenor (10 years to 30 years)
Limited Pay – 5 pay – 10 years policy term
10 pay – 20 years policy term
15 pay – 30 years policy
term(Subject to maximum age at maturity of 75 years)
Maximum Maturity Age 75 years on last birthday
Minimum Sum Assured Rs. 100,000
Minimum Annual Target Premium Rs. 20,000
 
Maturity Benefit
  • At maturity value , we will pay you the fund value.
In addition to this :
  • This plan also offers you the Settlement Option on maturity where your policy will continue for a time period not exceeding five years but the insurance cover will terminate on maturity
  • Persistency Units - On paying regular premiums, we will allocate Persistency Units to your unit account on the 9th policy anniversary and on every 3rd policy anniversary thereafter provided your policy is in-force at that anniversary.
Death Benefit
  • Higher of the Sum Assured or the fund value of the policy on death
  • However, if the Life Insured dies before attaining age 10 years, we will only pay the fund value of the policy.
 
:: Key Benefits
 
  • Five attractive investment funds to choose from
  • Flexibility to choose premium payment term
  • Additional protection against disease and disability through riders
  • Flexibility to invest a lump sum amount through top ups
  • Free Loyalty Units
  • Tax benefit on premiums and maturity value
 
Retirement Plans
 
SMART Invest™ Pension Plan
 
:: Plan Overview
Retirement can be the best phase in your life with all the time in the world to live all your dreams and do the things, which you always wanted to do but couldn't due to lack of time and your busy schedule prior to your retirement. Today, individuals have realized the need to provide for themselves during their retirement years. It's very important to invest early so that you can have the required financial backup and get the advantage of investments that grow and multiply every year, which would give you the added advantage in the future. You need a retirement plan through which you would continue to earn a satisfying income and enjoy a comfortable lifestyle post retirement.
 
:: Feature
Eligibility Criteria
 
Criteria Eligibility
Entry Age 18 - 60 years
Premium Payment Period Regular / Single
Deferment Period 10 - 52 years
Vesting Age 50 - 70 years
Minimum ATP Regular Pay - Rs. 10,000
Single Pay - Rs. 150,000
 
:: Key Benefits
 
  • RETURNS-SMART Invest pension plan provides you competitive returns to secure the golden years of your life
  • PROTECTION- SMART Invest pension plan ensures that your hard earned funds are invested prudently, effectively combating Inflation, preserving your objective of a secure retirement
  • LIQUIDITY- SMART Invest pension plan provides you easy liquidity for unforeseen expenses
  • FLEXIBILITY- SMART Invest pension plan provides you flexible options for your changing needs
    1. Invest more through Top-ups to match your cash flow
    2. Flexibility to choose Premium Payment Option
    3. Flexibility to choose Deferment Period
    4. Flexible Investment funds
    5. Dynamic Fund Allocation
  • Tax Benefit –
    1. Your premiums are eligible for deduction u/s 80CCC up to Rs.150,000/- every year.
    2. One-third of the corpus can be commuted at vesting age the amount commuted are eligible for tax exemption u/s 10A
 
Child Plans
 
SMART Steps ™ Plus
 
:: Plan Overview
It is your responsibility to ensure that your child has a safe and a bright future. Higher education, marriage, and financial security for your child are just some of the most important things that you would want to save your money for. However, with ever-rising cost of living in today’s world, simple savings would not be enough. As you work hard to ensure that your child receives quality education and has a secured future, you need a plan, which would provide you the helping hand and the desired financial support at times of unavoidable crisis in the future. Children plans ensure that money is made available at the crucial junctures in a child's education and to fund crucial commitments for the child's future.
 
:: Feature
Eligibility Criteria
Criteria Eligibility
Life Insured under the policy Parent
Age of Life Insured 21 years to 50 years
Age of Child 91 days to 15 years
Maximum Maturity age (Life Insured) 60 years
Policy Term

Minimum: 10 years
Maximum: 25 years
Note: The policy term should be such that the age of child, at policy maturity is greater than or equal to 16 years and less than or equal to 25 years.

Premium Bands
(Allocation Charges are dependant upon the premium band you choose)

Band 1: Rs. 20,000 – Rs. 49,999
Band 2: Rs. 50,000 – Rs. 149,999
Band 3: Rs. 150,000 – Rs. 299,999
Band 4: Rs. 300,000 – Rs. 499,999
Band 5: Rs. 500,000 and above
Premium Term Equal to the policy term
 
:: Benefits

Maturity Benefit:
On maturity, Max New York Life Insurance will pay you the Fund Value, for your Child's benefit. However, if you do not want the proceeds on maturity (i.e. incase you want to stay invested in market for longer to take advantage of bull/bear run), you may choose to defer payment of proceeds to up to 5 years by opting for the Settlement option.

Death Benefit: On Death of Parent (Life Insured)
  • 100% of Sum Assured shall be paid on death of Life Insured. The Company shall continue to operate the Unit Account even after death of Life Insured until maturity date. The Company will itself bear and pay all future ATP’s as per fund allocation chosen by policyholder until maturity date and provide proceeds for the benefit of the Child. A “Family Income Benefit” @ 5% of Sum Assured will be paid to nominee/beneficiary on each policy anniversary following the death of the Life Insured until maturity date. However, cumulative payout under the “Family Income Benefit” will not exceed 100% of the Sum Assured.

The following Benefits are payable in case of Critical Illness affecting Parent:

  • Lower of 50% of Sum Assured or Rs.10 lacs shall be paid immediately. The Company shall continue to operate the Unit Account even after the death of the Life Insured. In case of death of Life Insured after suffering from critical diseases as mentioned, 100% of Sum Assured will be paid without adjusting or recovering the Dread Disease benefit already paid.
 
:: Key Benefits
 
  • An unmatched investment opportunity by way of well managed Investment Funds
  • A no compromise 360 degrees protection to your children if you are not alive
  • Financial protection for your loved ones if you are not alive
  • Facility of partial withdrawals for those unplanned expenses
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For more information, please contact us.