npavan78
26-09-2008, 10:03 AM
With an insurance cover till age 100, Whole Life Participating Plan is designed to provide you a lifetime of security. The good times that you and your family lead should last a lifetime. However one cannot avoid unpleasant surprises and misfortunes in life. The Whole Life Plan provides you with the comfort that your near and dear ones will continue to live their lives in comfort without financial worries even when you are not around.
The Whole Life Plan provides an insurance cover that is guaranteed for life. The policy also builds cash value, which you can use to fund any unforeseen needs. In addition, the policy is also eligible for bonuses. Max New York Life’s savings plans are designed to provide the customer the dual benefits of protection along with the potentially higher returns. This plan also allows you to purchase additional benefits in the form of bonuses that will be paid on maturity of the Base policy or in the unfortunate event of the death of the Life Insured. Additionally, you can also continue to invest more funds without having to provide any further evidence of insurability.
Insurance cover up to age 100
Option to Participate in Progressive Bonuses
Tax benefits on premiums and maturity proceeds
Additional protection through riders
Bonus declared every year from 3rd policy year onwards
Eligibility Criteria
Criteria Eligibility
Entry age 91 days to 70 years
Maximum Maturity Age 100 years
Premium Payment Term Regular
Minimum Sum Assured Rs. 100,000
Maximum Sum Assured Rs. 5 Crore
Benefits
Maturity Benefit
We will pay an amount equal to Sum Assured along with accrued bonus (if any)
Death Benefit
We will pay an amount equal to Sum Assured along with accrued bonus (if any)
If death occurs before life insured reaches age 10 , the company will refund all the premiums paid along with interest
Option to Participate in Progressive Bonuses
It allows you to top up your premiums to purchase additional Sum Assured towards your existing policy. It also generates further bonuses.
Bonus Options
Paid in Cash
Premium Offsett
Paid up Additions
Non-Forfeiture Options
In case you are unable to pay your premiums, your policy will lapse and we will utilize your cash value to buy you insurance coverage in one of the following ways:
Reduced Paid Up: A lower Sum Assured for the remaining term of your policy
Extended Term Insurance: The same Sum Assured is for part of the remaining term of your policy
In case , you do not want either of the above, you can choose to take the cash value by cheque
Dread Disease Rider Personal Accident Benefit Rider Term / Term R&C Riders
Waiver of Premium (WOP) / Payor Riders Guaranteed Insurability Option (GIO) Rider
Age 20 – 50 Years (depending upon Term)
Benefits Incase Insured is diagnosed with any of the below mentioned diseases, an additional benefit will be paid to the insured.
Tenors Available: Pick-a-Term: Minimum 10 Years
Maximum 40 Years
Expiry Age 60 Years
Minimum Face Amount Rs 1 lac
Maximum Face Amount The lower of base face amount or Rs. 10 Lacs
Benefit Features Gives an additional benefit upon diagnosis of any of the ten diseases viz – Heart Attack, Cancer, Stroke, CABG, Multiple Sclerosis, Kidney Failure, Major Organ Transplant, Paralysis, COMA, Heart Valve Replacement/Repair
Calculation of Modal Premiums for Annual, Semi Annual, Quarterly , Monthly Modes For each frequency, multiply by theappropriate factor:
Annual 1.000
Semi Annual 0.520
Quarterly 0.265
Monthly 0.090
Age 20 – 55 Years
Benefits The Personal Accident Benefit is a low cost additional benefit that is paid in case the insured’s death or total and permanent disability is caused by an accident.
Total and Permanent Disability means accidental injuries which, within 180 days from the happening of such accident and independently of all other causes, results in:
irrecoverable loss of entire sight in both eyes; or
amputation or loss of use, of both hands at or above the wrist; or
amputation or loss of use, of both feet at or above the ankles; or
amputation or loss of use, of one hand at or above the wrist and one foot at or above the ankle,
such that the life insured becomes incapable of engaging in any gainful activity or carrying out any work, occupation, or profession to earn or obtain any wages, compensation, remuneration or profit.
Expiry Age 60 Years
Minimum Face Amount Rs 1 lac
Maximum Face Amount The lower of base face amount or Rs. 40 Lacs
Benefit Features Includes benefit incase of accidental death or permanent and total disability
Calculation of Modal Premiums for Annual, Semi Annual, Quarterly , Monthly Modes For traditional policies, multiply by the appropriate factor:
Annual 1.000
Semi Annual 0.520
Quarterly 0.265
Monthly 0.090
Age 20 – 55 Years
Benefits The term rider is a pick-a-term plan starting from 5 years term to a plan to age 60. The rider allows the insured to purchase additional coverage at low cost> the only benefit is paid on the untimely death of the insured.
Expiry Age 60 Years
Minimum Face Amount Rs 1lac
Maximum Face Amount The lower of base face amount or Rs. 5 Lacs
Premium per Rs ‘000 for a for a male of age for 5 years Rs. 2.70
Calculation of Modal Premiums for Annual, Semi Annual, Quarterly , Monthly Modes For each frequency, multiply by the appropriate factor:
Annual 1.000
Semi Annual 0.520
Quarterly 0.265
Monthly 0.090
Age 20 – 45 Years (Whole Life Participating)
20 – 55 Years (All other plans)
Benefits The waiver of premium protects the life insured from the burden of paying the premiums on his insurance in case he/she gets totally disabled. “Total Disability” or “Totally Disabled” refers to the life insured becoming permanently and totally disabled as a result of injury or sickness and is thereby totally incapable of engaging in any gainful activity or carry out any work, occupation, or profession to earn or obtain any wages, compensation, remuneration or profit.
Expiry Age 55 Years (Whole Life Participating)
60 Years (All other plans)
Minimum Face Amount Linked to Base and relevant rider Premiums
Maximum Face Amount Subject to underwriting
Calculation of Modal Premiums for Annual, Semi Annual, Quarterly , Monthly Modes For each frequency, multiply by the appropriate factor:
Annual 1.000
Semi Annual 0.520
Quarterly 0.265
Monthly 0.090
Age 20 – 38 Years
Benefits The GIO allows the life insured to purchase additional insurance, similar to the base insurance, over aged linked dates. In addition, an insured can buy additional insurance at two life events – childbirth (including adoption) and marriage. The age-linked dates are every 3 years from the date of purchasing the policy. Subject to limits, the insured need not give evidence of insurability while taking additional life insurance. A maximum of 7 options will be allowed. The limit includes all life event linked options also.
Expiry Age 41 Years
Minimum Face Amount 25% of the Base Face Amount
Maximum Face Amount Maximum face amount that can be purchased at each option age is the lower of the base face amount at issue or Rs. 2.5 lacs. Option available at every third policy anniversary from date of issue along with extra options at childbirth and marriage are subject to an overall cap of Rs. 17.5 lacs for all 7 occasions.
Calculation of Modal Premiums for Annual, Semi Annual, Quarterly , Monthly Modes For each frequency, multiply by the appropriate factor:
Annual 1.000
Semi Annual 0.520
Quarterly 0.265
Monthly 0.090
The Whole Life Plan provides an insurance cover that is guaranteed for life. The policy also builds cash value, which you can use to fund any unforeseen needs. In addition, the policy is also eligible for bonuses. Max New York Life’s savings plans are designed to provide the customer the dual benefits of protection along with the potentially higher returns. This plan also allows you to purchase additional benefits in the form of bonuses that will be paid on maturity of the Base policy or in the unfortunate event of the death of the Life Insured. Additionally, you can also continue to invest more funds without having to provide any further evidence of insurability.
Insurance cover up to age 100
Option to Participate in Progressive Bonuses
Tax benefits on premiums and maturity proceeds
Additional protection through riders
Bonus declared every year from 3rd policy year onwards
Eligibility Criteria
Criteria Eligibility
Entry age 91 days to 70 years
Maximum Maturity Age 100 years
Premium Payment Term Regular
Minimum Sum Assured Rs. 100,000
Maximum Sum Assured Rs. 5 Crore
Benefits
Maturity Benefit
We will pay an amount equal to Sum Assured along with accrued bonus (if any)
Death Benefit
We will pay an amount equal to Sum Assured along with accrued bonus (if any)
If death occurs before life insured reaches age 10 , the company will refund all the premiums paid along with interest
Option to Participate in Progressive Bonuses
It allows you to top up your premiums to purchase additional Sum Assured towards your existing policy. It also generates further bonuses.
Bonus Options
Paid in Cash
Premium Offsett
Paid up Additions
Non-Forfeiture Options
In case you are unable to pay your premiums, your policy will lapse and we will utilize your cash value to buy you insurance coverage in one of the following ways:
Reduced Paid Up: A lower Sum Assured for the remaining term of your policy
Extended Term Insurance: The same Sum Assured is for part of the remaining term of your policy
In case , you do not want either of the above, you can choose to take the cash value by cheque
Dread Disease Rider Personal Accident Benefit Rider Term / Term R&C Riders
Waiver of Premium (WOP) / Payor Riders Guaranteed Insurability Option (GIO) Rider
Age 20 – 50 Years (depending upon Term)
Benefits Incase Insured is diagnosed with any of the below mentioned diseases, an additional benefit will be paid to the insured.
Tenors Available: Pick-a-Term: Minimum 10 Years
Maximum 40 Years
Expiry Age 60 Years
Minimum Face Amount Rs 1 lac
Maximum Face Amount The lower of base face amount or Rs. 10 Lacs
Benefit Features Gives an additional benefit upon diagnosis of any of the ten diseases viz – Heart Attack, Cancer, Stroke, CABG, Multiple Sclerosis, Kidney Failure, Major Organ Transplant, Paralysis, COMA, Heart Valve Replacement/Repair
Calculation of Modal Premiums for Annual, Semi Annual, Quarterly , Monthly Modes For each frequency, multiply by theappropriate factor:
Annual 1.000
Semi Annual 0.520
Quarterly 0.265
Monthly 0.090
Age 20 – 55 Years
Benefits The Personal Accident Benefit is a low cost additional benefit that is paid in case the insured’s death or total and permanent disability is caused by an accident.
Total and Permanent Disability means accidental injuries which, within 180 days from the happening of such accident and independently of all other causes, results in:
irrecoverable loss of entire sight in both eyes; or
amputation or loss of use, of both hands at or above the wrist; or
amputation or loss of use, of both feet at or above the ankles; or
amputation or loss of use, of one hand at or above the wrist and one foot at or above the ankle,
such that the life insured becomes incapable of engaging in any gainful activity or carrying out any work, occupation, or profession to earn or obtain any wages, compensation, remuneration or profit.
Expiry Age 60 Years
Minimum Face Amount Rs 1 lac
Maximum Face Amount The lower of base face amount or Rs. 40 Lacs
Benefit Features Includes benefit incase of accidental death or permanent and total disability
Calculation of Modal Premiums for Annual, Semi Annual, Quarterly , Monthly Modes For traditional policies, multiply by the appropriate factor:
Annual 1.000
Semi Annual 0.520
Quarterly 0.265
Monthly 0.090
Age 20 – 55 Years
Benefits The term rider is a pick-a-term plan starting from 5 years term to a plan to age 60. The rider allows the insured to purchase additional coverage at low cost> the only benefit is paid on the untimely death of the insured.
Expiry Age 60 Years
Minimum Face Amount Rs 1lac
Maximum Face Amount The lower of base face amount or Rs. 5 Lacs
Premium per Rs ‘000 for a for a male of age for 5 years Rs. 2.70
Calculation of Modal Premiums for Annual, Semi Annual, Quarterly , Monthly Modes For each frequency, multiply by the appropriate factor:
Annual 1.000
Semi Annual 0.520
Quarterly 0.265
Monthly 0.090
Age 20 – 45 Years (Whole Life Participating)
20 – 55 Years (All other plans)
Benefits The waiver of premium protects the life insured from the burden of paying the premiums on his insurance in case he/she gets totally disabled. “Total Disability” or “Totally Disabled” refers to the life insured becoming permanently and totally disabled as a result of injury or sickness and is thereby totally incapable of engaging in any gainful activity or carry out any work, occupation, or profession to earn or obtain any wages, compensation, remuneration or profit.
Expiry Age 55 Years (Whole Life Participating)
60 Years (All other plans)
Minimum Face Amount Linked to Base and relevant rider Premiums
Maximum Face Amount Subject to underwriting
Calculation of Modal Premiums for Annual, Semi Annual, Quarterly , Monthly Modes For each frequency, multiply by the appropriate factor:
Annual 1.000
Semi Annual 0.520
Quarterly 0.265
Monthly 0.090
Age 20 – 38 Years
Benefits The GIO allows the life insured to purchase additional insurance, similar to the base insurance, over aged linked dates. In addition, an insured can buy additional insurance at two life events – childbirth (including adoption) and marriage. The age-linked dates are every 3 years from the date of purchasing the policy. Subject to limits, the insured need not give evidence of insurability while taking additional life insurance. A maximum of 7 options will be allowed. The limit includes all life event linked options also.
Expiry Age 41 Years
Minimum Face Amount 25% of the Base Face Amount
Maximum Face Amount Maximum face amount that can be purchased at each option age is the lower of the base face amount at issue or Rs. 2.5 lacs. Option available at every third policy anniversary from date of issue along with extra options at childbirth and marriage are subject to an overall cap of Rs. 17.5 lacs for all 7 occasions.
Calculation of Modal Premiums for Annual, Semi Annual, Quarterly , Monthly Modes For each frequency, multiply by the appropriate factor:
Annual 1.000
Semi Annual 0.520
Quarterly 0.265
Monthly 0.090