All of us want to be secured in every way. No one wants to live a life, which is unsafe or insecure. Insurance plays a vital role in providing financial or physical security. Insurance offers various advantages and all the policies of Max New York Life have been designed while keeping in mind the benefits of its customers.
Max New York Life offers an excellent rural plan in the form of Easy Term Policy. Easy Term Policy is designed to provide the insured with an insurance cover during the tenor of the policy till age 60. This policy also offers a special claim concession where if the life insured dies within 6 months of the last unpaid premium, the claim will still be honoured. The benefit will be paid to his family after deducting the outstanding premium. The premiums are eligible for deduction u/s 80C every year.
- It provides the insured with an insurance cover during the tenor of the policy till age 60
- On death of life insured: Sum Assured
- A special claim concession where if the life insured dies within 6 months of the last unpaid premium, the claim will still be honored. The benefit will be paid to his family after deducting the outstanding premium.
- Tax benefit -
1. Your premiums are eligible for deduction u/s 80C every year.
2. Your claim amount (from death) is eligible for tax exemption u/s 10(10D).
Eligibility Criteria
| Criteria |
Eligibility |
| Entry Age |
20 to 50 years |
| Term |
Up to Age 60 |
| Maximum maturity age |
50 years |
| Minimum Sum assured |
Rs. 5,000 |
| Maximum Sum assured |
Rs. 50,000 |
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You have the flexibility to direct your investments in any one or more of the following five unit linked investment funds of the Company: SECURE, CONSERVATIVE, BALANCED, GROWTH and GROWTH SUPER. These funds invest in Fixed Income and equity assets as follows
| Fund |
Secure fund |
Conservative fund |
Balanced fund |
Growth fund |
Growth super
Fund |
| Investment type |
| Government Securities |
50-100% |
50 - 80% |
20 - 50% |
0 - 30% |
0-20% |
| Corporate Bonds (investment grade) |
0-50% |
0 - 50% |
20 - 40% |
0 - 30% |
0-20% |
| Money Market Instruments / Cash |
0-20% |
0 - 20% |
0 - 20% |
0 - 20% |
0 - 20% |
| Equities |
NIL |
0 – 10% |
10 - 40% |
10 - 70% |
70-100% |
| |
Flexibilities |
Switching: This plan allows you to switch between funds and allows you to change your risk return profile of your existing investments, safeguarding/increasing your investments for your child. 6 Free switches are available to you in a Policy Year.
Premium Re-direction: This plan allows you to re-direct your future premiums. You can invest your future premiums in a fund different from your earlier fund, or to multiple funds in a ratio different from your earlier ratio. 3 free re-directions are available to you in a policy year.
Partial Withdrawal: You can make lump-sum partial withdrawals from your funds at any time after the completion of five policy years and within the policy term chosen, provided the minimum amount of partial withdrawal is Rs.10,000.
Surrenders: You may by giving us a prior written request, surrender this policy, at any time after the completion of first policy anniversary, provided an amount equal to one ATP has been paid by you. However, the surrender value if any shall be paid only after the completion of third policy anniversary. |
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