Premium Return Term Plan

Benefits:

• Comprehensive protection along with inbuilt accidental death benefit : This plan offers base sum assuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured. as death benefit and 50% of base sum assuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured. as an inbuilt accidental death benefit.
• Return of premiums : On survival on maturity date, you get 100% of your premiums back.
• Short term payment for long term coverage : This plan offers you the flexibility to choose the period of protection. You can choose the period for which you need cover (20/25/30 years), but you have to pay premiums only for 11 years.

Key Features

Death Benefit :

In case of death other than accident : The Sum AssuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured. of the policy will be paid to the nomineeA person or firm into whose name the policy is transferred in order to facilitate transactions, while leaving the customer as the actual owner..

In case of death by accident : The Sum AssuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured. plus 50% of the base Sum AssuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured. will be paid to the nomineeA person or firm into whose name the policy is transferred in order to facilitate transactions, while leaving the customer as the actual owner..

Maturity Benefits : All the premiums that you have paid will be returned, including extra premiums, if any, but excluding service tax

Special Rates for special customers and High Sum AssuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured. Discounts :

PremiumA regular payment made to the insurance company to keep the policy in force. Rates are determined for two sum assuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured. bands as explained below :

• First set is applicable for sums assured less than Rs. 30 lacs.
• Second set is applicable for sums assured of Rs. 30 lacs and above. The discount offered for higher sum assuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured. band over the previous band is Rs. 130 per lac sum assured.

Free-Look Option :

Under the Free-look option, you will have the opportunity to review the terms and conditions of the Policy. If you disagree with any of such terms, you have the option to return the Policy during the 'Free-look period' of 15 days from the date of receipt of the policy stating the reasons for your objections, upon which you will be entitled to return of premiumA regular payment made to the insurance company to keep the policy in force. received by the company, subject to deduction of a proportionate risk premiumA regular payment made to the insurance company to keep the policy in force. for the period of cover and expenses incurred towards the medical examination and on account of stamp duty.

Tax Benefits:

You may be entitled to certain tax benefits on your premiums and benefits. Please note that all the tax benefits are subject prevailing tax laws and shall be borne by the policyholders. Tax benefits are subject to changes in tax laws.

Non-Forfeiture Options

The policy will acquire a guaranteed value after payment of 3 annual premiums. In case you do not pay any further premiums, the policy will by default will become Reduced Paid-Up. The plan will continue with reduced benefits as follows:

• Return of PremiumA regular payment made to the insurance company to keep the policy in force. at Maturity : This will be sum total of all premiums received by the company.
• Death Benefit : This will be reduced in proportion to the number of premiums paid in relation to the total number of premiums payable.

Please note that Accidental Death Benefit will be reduced in the same proportion as the death benefit.

Example

Mr. Kumar is a 30-year-old salaried professional, is married and was recently blessed with a baby boy. He is a responsible person who always takes care of his family. He wants to ensure that his family continues to maintain a healthy lifestyle even if he is not around. As he is contemplating his first life insurance plan, he wants to purchase a protection plan at an affordable cost and also wants the premiums paid to be refunded after the term of the policy.

Step 1: Mr. Kumar decides that he needs a life cover of Rs. 12 lacs.

Step 2: Mr. Kumar reviews three policy termIt is the number of years the policy will be active. options and decides that for his purpose, the 11-pay 30-year cover is the best option.

Step 3: The annual premiumA regular payment made to the insurance company to keep the policy in force. (exclusive of service tax) for his policy at sum assuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured. of Rs. 12 lacs comes out to be Rs. 14,640.

Here are the following scenarios that can happen during the course of Mr. Kumar’s policy.

Scenario 1 - Pays All Premiums for 11 years

Scenario 2 - Pays Premiums for 6 years

Minimum PremiumA regular payment made to the insurance company to keep the policy in force.: Rs. 8,500 p.a. (Annual premiumA regular payment made to the insurance company to keep the policy in force. paying mode). For non-annual modes, the modal factorsThe modal factor is usually a percentage of the annual premium. It is applicable if you decide to pay premium on a non-annual basis. will be applicable.

Maximum PremiumA regular payment made to the insurance company to keep the policy in force.: Rs. 453,400 p.a. (Annual PremiumA regular payment made to the insurance company to keep the policy in force. paying mode) for a male of age 55, having policy termIt is the number of years the policy will be active. of 20 years and maximum sum assuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured. of Rs.1 Crores. (Kindly note this will increase for non-annual modes and non standard lives).

PremiumA regular payment made to the insurance company to keep the policy in force. Modes

Max New York Life’s PremiumA regular payment made to the insurance company to keep the policy in force. Return Term Plan offers you various modes of premiumA regular payment made to the insurance company to keep the policy in force. payment to choose from as per your convenience. Here’s an overview of the different premiumA regular payment made to the insurance company to keep the policy in force. payment modes and the modal factorsThe modal factor is usually a percentage of the annual premium. It is applicable if you decide to pay premium on a non-annual basis..

Policy Terms - 20/25/30 Years

PremiumA regular payment made to the insurance company to keep the policy in force. Payment Term (PPT) - 11 years

Sum AssuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured.

Minimum : Rs. 5 lacs, subject to minimum annual premiumA regular payment made to the insurance company to keep the policy in force. of Rs. 8,500 (without service tax or modal factorsThe modal factor is usually a percentage of the annual premium. It is applicable if you decide to pay premium on a non-annual basis.)

Maximum: Rs. 1 Crores

Note:

• The sum assuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured. can only be chosen in intervals of Rs. 50,000.

How to Pay PremiumA regular payment made to the insurance company to keep the policy in force.

Choose the most convenient premiumA regular payment made to the insurance company to keep the policy in force. payment option - from paying online to paying at a drop box. Check ways to pay your premiumA regular payment made to the insurance company to keep the policy in force..