Max New York Life Insurance today announced the launch of “Premium Return Term Plan,” an extremely affordable yet the most comprehensive protection plans available in the market today. The “Premium Return Term Plan” is a limited premium payment term plan that not only provides financial security for the family but also a refund of 100% of all premiums on policyholder’s survival, but is also the first such plan to have an inbuilt accidental death benefit rider.
Speaking on the launch, Mr. Rajesh Sud, CEO and Managing Director, Max New York Life Insurance said, “Life Insurance is the foundation of a sound financial plan and at Max New York Life Insurance we keep the consumer needs at the forefront when designing our products.
India is an underinsured market with low per capita spends on life insurance. Research indicates that while people are increasingly becoming aware of the true value of life insurance and willing to secure their financial future, they are also not willing to forego the premium paid in case of survival. In addition, as per data published by State Crime Records Bureaux (SCRBx), it is also been noted that the incidence of accidental deaths has increased to 50% in the year 2010 as compared to 2000. The Max New York Life Premium Return Term Plan has been designed keeping in mind these very requirements of consumer needs”.
With this product being targeted towards the mass affluent category, we complete our gamut of protection offering. Premium Return Term Plan is a transparent and simple plan, which guarantees satisfaction and security to every policyholder.” He further added.
Key Features & Benefits
1. Comprehensive protection along with inbuilt accidental death benefit: This plan offers base sum assured as death benefit and 50% of base sum assured as an inbuilt accidental death benefit.
2. Return of premiums: On survival at the end of the policy term, 100% of the premiums paid are returned to the policyholder.
3. Short term payment for long term coverage: The plan offers flexibility to choose the period of protection. One can choose the period for which he/she needs cover (20/25/30 years) and pay only for 11 years.
|
Product Feature
|
Premium Return Term Plan
|
|
Type of plan
|
A Non Linked, Non-participating limited pay endowment plan
|
|
Policy terms
|
20/25/30 years
|
|
Premium Payment Term
|
11 years (only one term is applicable to policy)
|
|
Available tenures for different age groups (Age last birthday)
|
For 20 year policy term – 21 to 55 years
For 25 year policy term – 21 to 50 years
For 30 year policy term – 21 to 45 years
|
|
Maximum Maturity age (Age last birthday)
|
75 years
|
|
Minimum and maximum sum assured
|
Minimum: Rs. 5 Lacs, subject to a minimum annual premium of Rs. 8,500
(excluding service tax or modal factors)
Maximum: Rs. 1 Cr
Note: The sum assured can only be chosen in multiple of Rs. 50,000
|
|
Premium Modes
|
All modes available,
Note: Semi-Annual, Quarterly & Monthly mode are available only through ECS
|
|
Feature
|
Advantages
|
Benefit
|
|
Limited Premium Payment Term
|
Short premium payment term of 11 years
|
You get peace of mind for much longer than the years you pay premium for.
|
|
Option of 3 policy terms
|
Choice of policy term - 20/25/30 years
|
Flexibility to choose policy term based on your lifestyle needs.
|
|
Inbuilt Accidental death benefit
|
Additional 50% of sum assured paid to nominee in case of accidental death of policyholder.
|
Higher protection at no extra cost.
|
|
Return of Premium
|
Refund of all premiums paid on survival of policyholder at the end of policy term.
|
Free Protection.
|
