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Five Yr Renewable and Convertible™ Plan (Non - Par)
UIN 104N001V01
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Life with its fascinating moments also has its share of uncertainties and planning
ahead is extremely important to face all these uncertainties that may arise from
time to time. That's the reason you need a protection plan, which would serve your
protection needs and safeguard your family from any financial insecurity at times
of crisis or at the unfortunate event of your demise.
Max New York Life's Five Year Renewable and Convertible Term Insurance (Non-Participating)
plan not only provide you with a low cost insurance cover during its tenure of five
years, it also helps you plan in advance for various future needs and your family's
financial security, should anything unfortunate happen to you. Offering a guaranteed
Death Benefit, this plan is particularly useful as a short-term protection plan.
An important feature of this policy is that it allows the insured to convert the
policy to a regular policy during the tenure of the policy.
For more information on Five Year Renewable and Convertible TM,please
click here and provide your contact details. Our Financial Advisor will
contact you soon to provide more information on this product.
"For more details on risk factors, terms and conditions please read sales brochure
carefully before concluding a sale".
- Five Year Renewable and Convertible Term Insurance (Non-Participating) provides
you with a low cost insurance cover during its tenure of five years. It is
also convertible any time into any permanent life insurance policy from MNYL, so
that you are able to take advantage of increasing your savings when your responsibilities
increase viz. on marriage, or on child birth
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Eligibility |
Criteria |
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Age at Entry |
20 to 60 years |
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Maximum Age at Maturity |
65 years |
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Term |
5, 10, 15, 20 or 25 years or to Age 60 years |
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Sum Assured |
Rs. 2,50,000 to Rs. 5 Crore |
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Premium Payment Options |
Annual, Semi-annual, Quarterly, Monthly |
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Benefits |
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On death of life insured: In case of the unfortunate death of the life insured
during the term of the plan, an amount equal to the Sum assured is paid to the beneficiary. |
Tax benefits: |
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You are entitled to the following tax benefits under Income Tax Act 1961:
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- Your premiums are eligible for deduction u/s 80C up to Rs.1,50,000/- every year.
- Your DD rider premiums are eligible for an additional deduction u/s 80D up to Rs.15,000/-
every year.
- Your claim amounts (from death) are eligible for tax exemption u/s 10(10D).
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Unique Features in This Policy:
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This plan can be renewed every five years and is convertible to any permanent plan
at any time during the tenure of the plan. |
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Dread Disease Rider |
Personal Accident Benefit Rider |
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Age |
20 – 50 Years (depending upon Term) |
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Benefits |
Incase Insured is diagnosed with any of the below mentioned diseases, an additional
benefit will be paid to the insured. |
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Tenors Available: |
Pick-a-Term:
Minimum 10 Years
Maximum 40 Years |
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Expiry Age |
60 Years |
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Minimum Face Amount |
Rs 1 lac |
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Maximum Face Amount |
The lower of base face amount or Rs. 10 lacs
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Benefit Features |
Gives an additional benefit upon diagnosis of any of the 10 diseases – Heart Attack,
Cancer, Stroke, CABG, Multiple Sclerosis, Kidney Failure, Major Organ Transplant,
Paralysis, Coma, Heart Valve Replacement/Repair
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Calculation of Modal Premiums for Annual,Semi Annual, Quarterly, Monthly Modes |
For each frequency, multiply by the appropriate factor:
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Annual |
1.000 |
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Semi Annual |
0.520 |
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Quarterly |
0.265 |
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Monthly |
0.090 |
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Age |
20 – 55 Years |
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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.
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Expiry Age |
60 Years |
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Minimum Face Amount |
Rs 1 lac
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Maximum Face Amount |
The lower of base face amount or Rs. 40 Lacs
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Benefit Features |
Includes benefit incase of accidental death or permanent and total disability
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Calculation of Modal Premiums for Annual, Semi Annual, Quarterly, Monthly Modes |
For traditional policies, multiply by the appropriate factor:
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Annual |
1.000 |
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Semi Annual |
0.520 |
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Quarterly |
0.265 |
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Monthly |
0.090 |
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Age |
20 – 45 Years (Whole Life Par)
20 – 55 Years (All other plans) |
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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 |
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Expiry Age |
55 Years (Whole Life Par)
60 Years (All other plans) |
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Minimum Face Amount |
Linked to Base and relevant rider Premiums |
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Maximum Face Amount |
Subject to underwriting
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Calculation of Modal Premiums, Semi Annual, Quarterly ,Monthly Modes
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For the following frequencies multiply by the factor given below:
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Annual |
1.000 |
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Semi Annual |
0.520 |
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Quarterly |
0.265 |
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Monthly |
0.090 |
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MEMBER LOGIN... |
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Please wait. Updating...
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Net Asset Value on Date |
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 Balance Fund - |
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Conservative Fund - |
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Growth Fund - |
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Secure Fund - |
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Growth Super Fund - |
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High Growth Fund - |
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Growth Super Fund Pension - |
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Guaranteed Dynamic Fund - |
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Guaranteed Income Fund - |
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Dynamic Opportunities Fund - |
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Money Market Fund - |
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Secure Plus Fund - |
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