MAX NEW YORK LIFE

LIFE PAY
MONEY BACK PLAN
Money back plans help you in providing for future expenses by making available lump sum funds at specific intervals. Additionally, in case of any unfortunate event, this plan also helps you protect your family from financial hardships.
MAX NEW YORK LIFE’s life pay:
Money back plan keeps paying you a part of the sum assured at regular intervals, to take care of your periodic needs, and a balance keeps growing to take care of your long term saving needs.
BENEFITS:
•Money back at regular intervals.
•Additional guaranteed maturity benefit equal to 10% of sum assured paid as part of the last installment.
•On maturity, along with the last installment of living benefit, we shall pay sum assured of paid up additions, bought by bonuses declared, if any.
•In case of the unfortunate death of the life insured, after attaining 10 years of age, but before maturity, a death benefit equal to the basic sum assured plus additional sum assured of paid up additions purchased through bonuses if any, would be paid immediately to beneficiary.
•Living benefits if already paid will be addition to the death benefit.
•In case of the death of the life insured before attaining 10 years of age, a death benefit equal to all premiums paid will be refunded with interest.
•Bonuses-This is a participating plan, eligible for bonuses. The company may declare bonuses, from time to time, and these will be paid out to you, based on your choice of bonus options. There is no bonus for the first two policy year.
•The premiums paid by the individual under this plan, qualify for income tax rebate under section 80C of the Income Tax act, while the paybacks and maturity benefits are exempt from tax under section 10(10D) of the income tax act.

Policy Term
End of the policy year----16 years------20 years---------24 years
4th-----------------------10%-------------10%----------------10%
8th-----------------------20%-------------15%----------------10%
12th---------------------30%--------------20%----------------15%
16th---------------------50%--------------25%----------------15%
20th---------------------N.A.---------------40%----------------20%
24th---------------------N.A.---------------N.A.-----------------40%

Plan Details

Entry age-----Minimum-----------------Maximum
---------------(91 days)--------------55 years(16/20 year plan)
---------------------------------------51 years (24 year plan)
Sum Assured-Rs.50,000--------------No limit (subject to underwriting)

Premium Payment Options--Annual, Semi-annual, Quarterly, Monthly.