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Max New York Life Secure Dreams
UIN 104N054V01
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Life is full of uncertainties. Nothing is guaranteed. How can you overcome these uncertainties and be more in control of your life and your surroundings? Max New York Life presents a unique plan to take care of all your uncertainities that has not just one guarantee but is loaded with a bouquet of powerful guaranteed benefits! Presenting Max New York Life Secure Dreams, a unique plan that guarantees your family's future, your future income and a whole lot more! What more could you want from a plan?
We have designed Secure Dreams to protect you and your family financially.
The plan aims at safeguarding your hard earned money through safe investments,
but ensuring that your money grows over time. As we understand that convenience
matters to you, we offer this plan without you undergoing any medical tests.
The unique policy continuance feature with premium funding ensures that the
dreams you have weaved for your loved ones become a reality even if you are
not there tomorrow. The flexibility to choose the period of coverage takes
care of the goal or life stage for which you want to plan. The plan gives
you an opportunity to save big for your long term objectives, even with a
little but disciplined savings.
For more information on Max New York Life Secure Dreams ,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".
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Death Benefit |
- As you have planned for this contingent event, incase the life insured dies
we will immediately pay the sum assured equal to 10 times of the annual premium.
- The policy shall continue to be in existence as it is and all the future
premiums will be funded by the company.
- The loyalty additions will also be credited while the policy is on a premium funding mode.
- On actual maturity date of the policy, the maturity value will be paid to the nominee.
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Living Benefit |
- The plan offers Loyalty additions @ 10% of the annual premium and shall be credited
to your account on each of the last 5 policy anniversaries provided the policy is in
force and all due premiums have been paid.
- The loyalty additions as and when credited enhance the account value and the interest
is credited on the enhanced account value, thereby making is a double benefit.
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Maturity Benefit |
- The plan matures as per the policy term chosen. The account value at the time of
maturity is payable to the policyholder and the contract ends. Please note that
the account value at maturity will at least be a value considering that the interest
credits have happened at the rate of 3.5% throughout the policy term. This value will
also reflect in the benefit illustration under the guaranteed benefits column.
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Tax Benefits |
This plan may entitle you to certain tax benefits on your premiums as well as on your maturity value.
- U/s 80C of the Income Tax Act 1961 on your premiums.
- U/s 10(10D) of the Income Tax Act 1961 on your maturity proceeds of the policy.
Please note that if the premium paid in a financial year exceeds 20% of the Sum Assured,
10 (10D) benefit will not be available and 80C benefit will not be available for the
premium exceeding 20% of the Sum Assured under the current tax laws.
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Eligibility Criteria
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Criteria |
Eligibility |
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Entry age of Life insured |
21 years to 55 years, age as at last birthday |
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Maximum Maturity age of Life Insured |
66 years |
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Policy term |
Pick a term between 11 years- 20 years |
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Premium paying term |
Equal to policy term
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Minimum Annual Premium |
Rs.15,000 |
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Maximum Annual Premium(depending upon the age of Life insured)
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Upto 40 years: Rs. 2,00,000
41 years to 55 years: Rs. 1,00,000
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Premium Payment Modes
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Annual, Semi-Annual, Quarterly, or Monthly
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Sum Assured
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10 times Annual Premium
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Guaranteed Returns |
- Monthly Interest Credits with a minimum guaranteed rate.
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Guaranteed Policy Continuance with Funding |
- Policy continues after death of life insured with regular Premium Funding.
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Guaranteed Policy Issuance |
- No Medicals, policy issuance basis declaration of good health in the proposal form.
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Guaranteed Living Benefits |
- Loyalty Bonus added to the policy in each of last 5 policy years.
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Guaranteed Protection |
- 10 times of Annual Premium paid on death of life insured, option to add on Personal Accidental Benefit rider.
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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 |
0.500 |
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Quarterly |
0.250 |
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Monthly |
0.083 |
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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 incase
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 |
0.500 |
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Quarterly |
0.250 |
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Monthly |
0.083 |
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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 |
0.500 |
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Quarterly |
0.250 |
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Monthly |
0.083 |
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The premiums collected in this plan will only be invested in government securities
and highly rated corporate bonds in a proportion as decided by the company from
time to time. These investments will ensure that your money is safe and secure
and at least earns a minimum guaranteed interest credit at 3.5% per annum, while
we work towards maximizing your investment returns. The returns earned on the
overall investments will decide on the rate of interest to be credited to the
policyholders. It means that even if in future the interest rates drop, Max
New York Life will honor the commitment of crediting at least as per the minimum
guaranteed rate to all the eligible policyholders.
Declared interest crediting rate @ 6.5% p.a. for Jan - Mar ' 10**
**The interest crediting rate is only applicable for Jan - Mar ' 10 and is subject to change thereafter
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