There are two Term Plans offered by Max New York Life

1. Level Term Policy
2. Five Year Renewable and Convertible Term Insurance

Level Term Policy

Maturity Benefit: There is no Maturity Benefit
Survival Benefit: There are no Survival Benefits
Death Benefit: the sum assured is paid to the life insured in the event of death.
Tax Benefits: The premiums paid by the individual under are deducted from your income under Section 80C of the Income Tax Act, while the payback is exempt from tax under Section 10(10D) of Income Tax Act.

Riders: There are 3 riders attached to the plan
• Personal Accident Benefit Rider - Additional life cover in case of death / permanent disability by accident
• Dread Disease Rider - Additional benefit against dread/Critical diseases
• Waiver of Premium Rider - Waiver of future premiums in case of disability

Eligibility:
Age at Entry: The maximum & minimum age at entry is 18 yrs & 55 yrs respectively
Age at maturity: Your maximum age at maturity should be 60 yrs
Coverage Amount: The minimum & maximum Sum Assured is 2, 50,000 & 5, 00, 00,000 respectively
Mode of Premium payment: You can opt for Yearly, Half- Yearly, Quarterly and Single premium.

2.Five Year Renewable and Convertible Term Insurance
This plan can be renewed every five years and is convertible to any permanent plan at any time during the tenure of the plan. It provides you with a low cost insurance cover during its tenure of five years and can be converted any time into any permanent life insurance policy

Death Benefit: 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: The premiums paid by the individual under are deducted from your income under Section 80C of the Income Tax Act, while the payback is exempt from tax under Section 10(10D) of Income Tax Act.

Riders: There are 2 riders attached to the plan

• Personal Accident Benefit Rider - Additional life cover in case of death / permanent disability by accident
• Dread Disease Rider - Additional benefit against dread/Critical diseases

Eligibility
Age at Entry: The maximum & minimum age at entry is 18 yrs & 60 yrs respectively
Age at maturity: Your maximum age at maturity should be 65 yrs
Term: You can take the Term of 5, 10, 15, 20 or 25 years or to Age 60 years
Coverage Amount: The minimum & maximum Sum Assured is 2, 50,000 & 5, 00, 00,000 respectively
Mode of Premium payment: You can opt for Yearly, Half- Yearly, Quarterly and Single premium