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Max New York Life Platinum Protect Plan

Invest In Tax Saving Mutual Funds Online

Call 0 94 8300 8300 (India)

Max New York Life Platinum Protect

Eligibility

Entry Age (years)

Minimum

18

Maximum

60

Maximum Maturity Age (years)

75

Policy Term (years)

Minimum

10

Maximum

30

Sum Assured (Rs)

Minimum

2500000 and in multiples of Rs 5 lakh thereafter

Maximum

No limit

Minimum Premium (Rs)

Yearly

5000

Half-Yearly

2600

Quarterly

1325

Monthly

450

Premium Payment Frequency

Yearly, Half-Yearly, Quarterly, Monthly(via ECS)

Premium Payment Term

Equal to policy term

Premium Factor (multiply with annual premium)

0.52 for Half-Yearly, 0.265 for Quarterly and 0.09 for monthly

Policy Cover

Cover remains fixed for the tenure of the policy

Other Features

Free Look Cancellation

In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.

Grace Period

You are allowed to pay premiums within 30 days of premium due date. If a due premium is not received within the grace period, your policy will lapse and the life insurance cover will be terminated.

Lapsed Policy Reinstatement

You may reinstate your lapsed policy within 6 months from date of first unpaid premium by paying due premiums and undergoing underwriting requirements, if any.

Tax Benefits

Section 80C, 10(10D) of the Income Tax Act, 1961 would apply. Premiums paid for Dread Disease Rider may qualify for deduction under Section 80D of the Income Tax Act, 1961.

Exclusions

In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, no death benefit becomes payable in case insured event takes place while being engaged in any hazardous occupation such as sea diving, mountaineering, hunting etc.

Customer Service

Address

Max New York Life Insurance Company Limited, Registered Address: Max House 3rd floor, 1 Dr.Jha Marg, Okhla, New Delhi-110020 Corporate Address: 11 the floor, DLF Square Building, Jacaranda Marg, Phase II, Gurgaon- 122002

Call On

1800-180-5577; 011-6933610; 0124-2561717

Additions to the Plan

Available Rider(s)

Personal Accidental Benefit Rider: covers death due to an accident.
Dread Disease Rider: It covers 10 critical illnesses namely: Cancer, Coma, Kidney Failure, Multiple Sclerosis, Heart Attack, Paralysis or Paraplegia, Stroke, Major Organ Transplant, Coronary Artery Bypass Surgery and Heart Valve Surgery.

Rider Conditions

Entry Age (years)

Minimum

20

Maximum

50

Maximum Maturity Age (years)

60

Rider Term (years)

Minimum

5

Maximum

Equal to base policy term

Sum Assured (Rs)

Minimum

100000

Maximum

Dread Disease Rider: Rs 10 lakh
Personal Accidental Benefit Rider: lower of (Rs 40 lakh or Base Sum Assured)

Rider Premium (Rs)

Rider premiums vary for each policyholder. For instance, for a 25-year old healthy non smoking male, Rs 5 lakh sum assured Dreaded Disease Rider for a term of 10 years costs Rs 1,355 annually. Likewise, he pays Rs 675 premium for a Personal Accident Benefit Rider for the same cover and tenure.

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

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