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There comes an age in life, when all one needs is peace of mind and security after retirement, then your sources of income reduce but your expenses don't. From medical costs to children's marriage expenses, all seems to touch the sky. So it makes great sense to plan well in advance for a secured life after retirement.
Max New York Life's Endowment to age 60 Participating Insurance is a policy that helps you to save primarily for your retired life. It will mature on thepolicy anniversary after your 60th birthday, and enables you to use the maturity proceeds in many ways such as, purchase a pension from any life insurance company, purchase that house in your hometown where you want to lead your retired life or pay for your child's higher education or marriage. This plan also provides you with an insurance cover to protect your family from financial uncertainties in case of your untimely death before reaching age 60. Till age 60, this policy also builds cash value, and is eligible for bonuses. You may use the cash value and/or the bonuses to fund any unforeseen needs either by surrendering accumulated PUAs or taking a loan.
- Guaranteed Financial Protection
- 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 50 years |
| Maturity age |
60 years |
| Minimum Sum Assured |
Rs. 100,000 |
| Maximum Sum Assured |
Rs. 5 crore |
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| Living Benefit |
- Sum Assured plus accrued bonuses
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| Death Benefit |
- Sum Assured plus Sum Assured of Paid Up Additions, if any (without deducting any money back installments, if already paid).
- However on death before age 10 we will refund the premiums with interest
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| Bonus Options |
- Paid in Cash
- Premium Offset
- Paid up Additions
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| 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 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 (DD) Rider: Pays a lump sum amount in case you contract any of the ten diseases covered e.g. Heart Attack, Cancer, etc.
- Personal Accident Benefit (PAB) Rider: Pays additional insurance coverage in case of death or disability caused by an accident.
- Term / Term R&C Riders: Offers additional Sum Assured to match your changing needs. The R&C also allows you the freedom to buy a fresh insurance plan later in your life.
- Waiver of Premium (WOP) / Payor Riders: Waives your future premiums in case you suffer total disability. The payor rider waives future premiums on your child’s policy in case you suffer total disability.
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