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Life Pay™ Money Back Plan
UIN 104N022V01
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Life Moves .. Needs Arrive.
Life Pay™ Money Back (Participating Plan) will keep paying you a part
of the Sum Assured at regular intervals, to take care of your periodic foreseen
needs, and the balance keeps growing to take care of your long term saving needs,
as well as provides insurance coverage till maturity. And in case of any unforeseen
event also, this plan helps you provide for your family's protection needs by paying
an amount equal to the sum assured plus bonuses, if any.
In addition this policy is also eligible for bonuses. The Company may declare bonuses,
from time to time, and these will be paid out to you, based on your choice of bonus
options. This plan also provides various benefits on death of the life insured,
where sum assured plus sum assured of paid up additions, bought out of your bonuses,
will paid out immediately to the beneficiary. Further, with the customized options,
you can enhance the value of your plan or customize it to suit your individual needs
by adding various rider options available under this plan.
For more information on Life Pay™ Money Back, 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".
- Guaranteed Financial Protection
- Money Backs at Regular Intervals
- Tax benefits on premiums and maturity proceeds
- Additional protection through riders
- Bonus declared every year after the 3rd policy year
Eligibility Criteria
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Criteria |
Eligibility |
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Entry age |
91 days to 50 years |
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Maturity age |
60 years |
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Minimum Sum Assured |
Rs. 100,000
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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 |
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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.
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Dread Disease Rider |
Personal Accident Benefit Rider |
Term Rider |
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Waiver of Premium (WOP) |
Term R&C Rider
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Payor 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 ten diseases viz –
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 theappropriate 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 – 55 Years
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Benefits |
The term rider is a pick-a-term plan starting from 5 years term to a plan to age
60. The rider allows the insured to purchase additional coverage at low cost> the
only benefit is paid on the untimely death of the insured. |
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Expiry Age |
60 Years |
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Minimum Face Amount |
Rs 1lac |
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Maximum Face Amount |
The lower of base face amount or Rs. 5 Lacs |
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Premium per Rs ‘000 for a for a male of age for 5 years |
Rs. 2.70
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Calculation of Modal Premiums for Annual, Semi Annual, Quarterly , Monthly Modes
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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 – 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 for Annual, Semi Annual, Quarterly , Monthly Modes
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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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Entry Age |
20 – 50 Years
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Tenor of the rider |
5 Years |
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Expiry Age |
60 Years |
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Benefits |
The benefit is paid only on the death of the Insured during the period of the cover |
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Minimum Face Amount |
Rs 250,000 |
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Maximum Face Amount |
The lower of base Face Amount or Rs. 20 lakhs |
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Renewability |
Once, automatically at the end of the first term |
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Convertibility |
Anytime in the first 10 years of the rider, to an existing insurance policy
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Calculating Modal Premiums for Annual, Semi Annual, Quarterly and Monthly Premiums
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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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Age |
20 - 55 Years
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Expiry Age |
60 Years
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Benefits |
A variant of the WOP rider, this rider covers the life of the proposer of the policy.
A wonderful add-on to children products, this will ensure the policy continues even
if the proposer were to be disabled or is no longer there to pay the premiums. The
rider covers all the disability benefits under the WOP along with the Death. “Total
Disability” or Totally Disabled” refers to the proposer becoming permanently
and totally disabled as a result of injury or sickness and 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. This is ideally
suited for Children’s Endowment product issued by Max New York Life Insurance
Co. Ltd.
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Individual/Group |
Individual |
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Face Amount Range |
Linked to base and relevant rider premiums
(Subject to Underwriting).
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Premium Paying Term |
Level |
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Calculation of Modal Premiums Semi Annual, Quarterly and Monthly Modes |
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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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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