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FAQs
Tax Benefits
 
Question: 1 Is there any Tax Benefit on the premium I pay for my life insurance policy?
Answer: 1 Rebate is available under Section 80C of Income Tax Act, 1961. For the financial year 2008-09, the basic income tax exemption limit has been raised from Rs1,10,000 to Rs1,50,000. The exemption for women asseesees has been raised from Rs1,45,000 to Rs1,80,000, and for senior citizens it's raised from Rs1,95,000 to Rs2,25,000.
   
Question: 2 What are the Tax Benefits in case I opt for a Pension Plan?
Answer: 2 Under Section 80CCC, where you have paid premiums for any pension plan, you will receive pension from a fund referred to in Section 10(23AAB). You will be able to avail a deduction of up to Rs 100,000 from the total income.
   
Question: 3 After the maturity of my policies, will the maturity proceeds be taxable?
Answer: 3 Please note that the maturity proceeds of life insurance policies are not taxable. Under pension plans, you can even withdraw up to one-third of the total maturity amount in cash and the same would be tax-free.
   
Question: 4 If I pay the premium on policy for my wife/husband, can I claim Tax benefits?
Answer: 4 Life insurance premium paid by you for your wife/husband's policy qualifies for a deduction under Section 80C of the Income Tax Act, 1961. For financial year 2008-09, an assessee, being an individual or Hindu Undivided family (HUF) are entitled to additional relief under Section 80D.
   
Question: 5 If I stop paying premiums on my life insurance or pension policies, can I claim Tax Benefits?
Answer: 5 If you stop premium payments of your policy, it amounts to discontinuation of the policy and qualifies for Income Tax. In this case you cannot claim any tax benefits. In case you discontinue your premiums after paying for 2 years from commencement of your policy, no tax deduction is allowed on premium paid in the year when policy terminates. The amount of tax deduction allowed on the premium paid in the preceding year, is also taxable in the year when policy terminates.
   
Question: 6 If I purchase a Unit Linked Insurance Plan (ULIP) and I choose to discontinue my policy, can I claim any tax benefits?
Answer: 6 If you chose to discontinue a Unit Linked Insurance Plan before paying for 5 years from commencement of policy, you are not entitled to any tax benefits.
   
Question: 7 What are the Tax benefits available on medical insurance premiums?
Answer: 7 In computing the total income of an individual or HUF, any sum paid by any mode other than cash out of his income chargeable to tax (i) to effect or to keep in force an insurance on the health of the individual, his or her spouse or dependant children or member of HUF, and (ii) to effect or to keep in force an insurance on the health of the parent or parents of the individual upto Rs.15,000 each of (i) and (ii) in the previous year and in case the person is a senior citizen upto Rs.20,000 each of (i) and (ii) in the previous year shall be allowed on a deduction.
   
Question: 8 Can I claim tax benefit on interest on loan taken against insurance policy for purchase/construction of house?.
Answer: 8 Interest on loans taken against an insurance policy is allowed as a deduction from income chargeable under the head “Income from house property” provided the amount of loan is used by the policyholder to acquire/construct /reconstruct/repair or renew any property
   
   
Career
 
Question: 1 I am interested in pursuing a career with MNYL? What kind of work environment does MNYL offer?
Answer: 1 At Max New York Life you will be a part of a vibrant environment and with people full of energy. Max New York Life gives you the opportunity to taste it and experience life "The Max Way".
We create "fun at work" and constantly endeavor to outdo ourselves at it.
   
Question: 2 How do I apply for a career at Max New York Life insurance?
Answer: 2 Applying for a job at MNYL is quite easy. If you are interested in an opportunity to grow and challenge your limits, you can mail your resume to careers@maxnewyorklife.com and hook yourself to become a part of this wonderful organization. If your profile fits the job openings, we could be your "Partner for Life".
   
Question: 3 Who is eligible for a job at Max New York Life? What is the selection process?
Answer: 3 You need to be a graduate in any discipline with 50% marks to be eligible for a job at MNYL.
Max New York Life Insurance Company selects candidates across the country through a rigorous selection process, which includes Written Test, Group Discussion and Interview. The selected candidates then have to undergo a 1-year training course.
   
Question: 4 What kind of job opportunities does MNYL offer?
Answer: 4 Initially, the selected candidates have to undergo a 1-year course. The organization would offer employment in the Sales function as Executive Trainees subject to completion of the course and shall be absorbed as Associate Sales Manager after completing the training period of one year with Max New York Life.
   
Question: 5 Is there any special training school to train people for Max New York Life?
Answer: 5 To develop a talent pool on a proactive basis, Max New York Life has joined hands with one of the leading business schools of India, IMT Centre for Distance Learning. IMT-CDL will launch a specialized course in Life Insurance Management for Max New York Life keeping in mind the need of the job, company culture, and also expectation of the candidate.
Claims procedure and queries
 
Question: 1 How can I contact claims department of Max New York Life Insurance?
Answer: 1 For any clarification/queries,
you can mark us an email @ claims_ho@maxnewyorklife.com or
alternatively you can also call us @ 0124-4239000.
   
Question: 2 What are the mandatory requirements to log in a death claim?
Answer: 2 1. Death claim intimation form signed by the respective claimant
2. Original death certificate/attested copy thereof issued by Municipal Authorities
3. All claim formats are available on our website
   
Question: 3 What are the steps to expedite settlement of a death claim?
Answer: 3 The only way to expedite settlement of a death claim is to submit requisite set of claim documents along with intimation.
Following is a comprehensive list of documents to be submitted along with intimation.

Cause of Death -Medical
  • Original Policy Document
  • Original death certificate/attested copy thereof issued by Municipal Authorities
  • Claim forms - Claimant statement – ‘Form A’, Form C, Form D, Form E
  • Claimant’s Photo ID proof bearing photograph and signature e.g. PAN Card, Driving License, Passport, etc.
  • Patient admission sheet and discharge / death summary, investigations & treatment records from Hospital(s) admitted

Cause of Death- Unnatural -Accident / Suicide / Murder

  • Original Policy Document
  • Original death certificate/attested copy thereof issued by Municipal Authorities
  • Claimant statement – ‘Form A’
  • Claimant’s Photo ID proof bearing photograph and signature e.g. PAN Card, Driving License etc.
  •  Police Records - FIR / Final Police Investigation Report, Panchanama
  • Driving License of the life assured (in case road accident death only and only if claim is preferred under PAB rider also)
  • Post mortem report / Autopsy report, Viscera / Histopathological report
   
Question: 4 As per IRDA, what is the turn around time for the settlement of death claims?
Answer: 4
  • Claim has to be settled within 30 days from the date of receipt of last document/clarification from the claimant.
  • All claim requirements to be raised within 15 days from the date of receipt of death claim intimation.
   
Question: 5 What are the steps to expedite settlement of a living rider claim?
Answer: 5 You can help us expedite the claim settlement process of living rider claims by providing the requisite documents including all medical records at the time of intimation.

Following are the requirements for Living Rider Claims-

Dread Disease Benefit Claims-

  • Claim Application Form (Form AA)
  • Attending Physicians Statement (Form DD)
  • All medical records including Discharge Summary and Test reports
Disability Benefit Claims (PAB, WOP & Payor Rider Disability Claims)-
  • Claim Application Form (Form DA)
  • Attending Physicians Statement (Form TD)
  • All medical records including Discharge Summary and Test reports

Terminal Illness Benefit Claims-

  • Claim Application Form (Form TA)
  • Attending Physicians Statement (Form TC)
  • All medical records including Discharge Summary and Test reports

* All claim formats are available on our website
   
Question: 6 How to claim Maturity benefit?
Answer: 6 Submit the below listed documents to your nearest branch a month prior to the scheduled date.
  • Original policy document
  • Discharge Voucher
   
Question: 7 What is cashless access?
Answer: 7 Policy Holder will not have to pay the network hospitals after undergoing treatment to the extent that the provisions of policy provides for. Instead Policy Holder will have to sign the bills, pay the differential amount, and TPA will pay the hospital for the expenses incurred by the insured (subject to Policy terms, exclusions and conditions).
   
Question: 8 Can a request for Authorization for cashless be declined in case of Medicash & Medicash Plans?
Answer: 8 Yes, a request for authorization for cashless access may be declined if,
  1. Inadequate/vague/wrong information is provided and the TPA is unable to get access to further information.
  2. The ailment/ disease for which hospitalization is required is not covered by insurance.
  3. The person does not have adequate insured amount left to cover the hospitalization costs.
  4. The policy is not active as on the date of hospitalization.
  5. The condition falls under the exclusions specified in Section 3 of Policy Document.

This only means that cashless access is declined, and is in no way to be construed as denial of treatment. The Policyholder must obtain the treatment as per his/her treating doctor’s advice.

   
Question: 9 What is the difference between general mediclaim policies and the Medicash Policy?
Answer: 9 Medicash policy is a fixed benefit policy in which claim amount would be fixed irrespective of the total expenses incurred on Hospitalization. Unlike general mediclaim policies, this policy does not cover all the expenses related to hospitalization.
   
Question: 10 What are the documents required for claims under Wellness and Wellness Plus policies?
Answer: 10
  1. Claim Application Form (Form WA)
  2. Attending Physicians Statement (form WD)

All medical and treatment records including Discharge Summary.

   
Question: 11 Do I need to send all original records/bills for reimbursement under Medicash & Medicash Plus plans?
Answer: 11 No. Original Bills and records are not mandatory. However your duplicate bills should be verified and attested against originals by the admitting hospital or our MNYL Branch Manager (in case the documents are submitted in Branch office).
   
Question: 12 What happens if I am eligible for more amount than what I am incurring/have incurred on hospitalization?
Answer: 12 In such cases, we would pay the balance amount to you directly.
General Queries
 
Question: 1 What are the options for paying my premiums?
Answer: 1 We offer you several convenient options to make your premium payments:
  • Through ECS which is available across all modes i.e. monthly, quarterly, half yearly or annually.
  • Through drop boxes at various locations in your city. Call toll free 1800-180-5577 (BSNL / MTNL) or 1800-200-5577 (GSM / CDMA / Others) for the location of a drop box near you.
  • Through the internet. 
  • At all our branch locations in your city.
   
Question: 2 What is ECS and how do you avail of this service?
Answer: 2
  • ECS (Electronic Clearing Service) is an easy way to pay your premiums, electronically. It will relieve you from remembering premium payment dues dates through the term of the policy and from periodically writing / depositing cheques. It will also prevent a possible lapse of your policy due to non-payment of premiums.
  • To avail of this service just send us the completed ECS mandate form along with a blank cheque duly cancelled. We will arrange to get the verification stamp & authorization from your bank on the mandate form.
  • For details on this service, call us on our Customer Helpline: 1800-180-5577 (BSNL / MTNL) or 1800-200-5577 (GSM / CDMA / Others) (toll free) or email us at: service.helpdesk@maxnewyorklife.com
   
Question: 3 Is change in the mode of premium payment allowed?
Answer: 3 Change in premium payment mode is allowed. You can avail of this by sending us a written request for the change or simply call our Customer Helpline: 1800-180-5577 (BSNL / MTNL) or 1800-200-5577 (GSM / CDMA / Others) (toll free) or email us at: service.helpdesk@maxnewyorklife.com
   
Question: 4 What steps do I take in case of an address/ beneficiary change?
Answer: 4 Nomination changes can be effected as and when required through a written request/ notification. As a nomination enables easier settlement of claims, please do effect a nomination, in case you have not done so at the time of policy application. Nomination can be made or changed at any time during the benefit period of the policy.
For an address change you can give us a written request or simply call us on our Customer Helpline: 1800-180-5577 (MTNL / BSNL) or 1800-200-5577 (GSM / CDMA/ Others) (toll free) or email us at: service.helpdesk@maxnewyorklife.com
   
Question: 5 When does a policy lapse?
Answer: 5 In the Life Maker - Unit Link Plan, the lapse rules are as follows:
In the first three policy years:
Discontinuation of premiums after paying at least three consecutive years premium: If all due ATP's have been paid for at least three consecutive years and subsequent ATP's are unpaid, an opportunity will be given to You to revive the Policy within the revival period as mentioned in clause 15 below.

During the revival period, the insurance cover under the Policy will continue and all applicable charges would be levied.

At the end of the revival period, if the Policy is not revived, the Policy will terminate and the Fund Value will be paid. However, we may instead of terminating the Policy, offer to continue the Policy with the insurance cover, if so opted by you, levying appropriate charges until the fund value does not fall below an amount equal to one ATP After first three policy years:

Discontinuance of premiums within three years of inception of the policy:
If all the ATP's have not been paid for at least 3 consecutive years from the effective date of coverage, the insurance cover under the Policy and applicable Riders, if any shall cease immediately on expiry of the grace period.

We will give you an opportunity to revive the Policy within the revival period as mentioned in clause 15 below. In case the Policy is not revived during this revival period, the Policy will terminate and the guaranteed surrender value, if any, shall be paid at the end of third policy anniversary or at the end of the revival period whichever is later.

During the grace period for payment of any unpaid ATP, We will accept the lapsed notice amount without interest. The insurance coverage continues during this grace period, but in case of death of Life Insured during the grace period, we will pay the Death Benefit as applicable.

   
Question: 6 What are the terms of reinstatement / revival of a policy?
Answer: 6 The Policy can be revived within 36 months of its date of lapse, if: You give Us a written request to revive the Policy and You have produced evidence of insurability acceptable to Us as per Our underwriting practices, and You pay Us all overdue ATPs and unpaid charges.
   
Question: 7 How often can I change my investment fund option?
Answer: 7
  • You may switch your investments from one fund to other fund anytime after the first policy year in our Life Maker Unit Link Plan.
  • The minimum % that can be switched is 20% subject to a minimum of Rs.10,000.00.
  • Units are switched on Bid price to Bid Price basis.
First two switches in each policy year are free of charge. A fee will be charged for each additional switch, which will be higher of 0.5% of the amount of switch or Rs.500.00.
   
Question:8 How do I track the performance of my policy fund?
Answer: 8 The performance of the various funds (Unit Price) is available on our website. To keep you abreast of the performance of your policy fund, in case of our unit-linked plans, we will send you a policy anniversary statement. This will reflect the policy fund value as on the anniversary date.
   
Question: 9 Can I withdraw amounts from my policy fund?
Answer: 9 Withdrawal can only happen after the completion of three policy years. If you withdraw before 5 years, please check the availability of your tax exemption under section 80C. You can withdraw upto a maximum of 50% of your fund value on your previous policy anniversary in case of Increasing Death Benefit (20% in Level Death Benefit). If the request is received before the cut-off time at the branch office, same day unit value will be applicable.

Two withdrawals in the policy year are free and processing fees of Rs.500.00 will be charged for any additional withdrawal.

   
Question: 10 Can I take a policy loan?
Answer: 10 If your policy has a surrender value, you can avail pf a policy loan up to 90% of the surrender value subject to a minimum availability of Rs.10,000. The policy loan can be taken for Regular as well as Single Premium policies, any time after completion of three policy years.

However, please note that no policy loan is available in case of our Term Plans and Life Maker Unit Link Plan.

   
Question: 11 Can I change the face amount?
Answer: 11 In our Life Maker Unit Link Plan with Life Insurance coverage, we offer you an option to increase your face amount on any policy anniversary. Any increase will be subject to the then prevailing underwriting rules, and will increase your ATP, with all attendant charges for the increased portion of the premium.
   
Question: 12 Can I add/ delete riders?
Answer: 12 Yes, you can add riders by giving a written request, and submitting the required documents, subject to prevailing underwriting rules. Deletion of rider is allowed in all our Plans. For details, please contact your Insurance Advisor, or email us at: service.helpdesk@maxnewyorklife.com
   
Question: 13 What is OPPB and when can I exercise this option?
Answer: 13 OPPB is the Option to Participate in Progressive Bonuses. Through OPPB, the insurance coverage can be enhanced from time to time by paying one-time premiums. This option can be added anytime in a Whole Life Par Plan, subject to underwriting guidelines. The OPPB option lapses in case the same is not exercised once in two years.
   
Question: 14 Can the premium payment get collected from my house by an MNYL
executive?
Answer: 14 Yes, we can get your premium payment collected from your house within 7
days from the date when you place a request with us.
A request for Payment collection can be raised by calling us on our
Customer Helpline: 1800-180-5577 (MTNL / BSNL) or 1800-200-5577 (GSM / CDMA/ Others) (toll free) or sending us an email at: service.helpdesk@maxnewyorklife.com
   
Question: 15 How can I get my Premium Receipt / Consolidated Statement / ULIP
Statement?
Answer: 15 All you need to do is to call us on our Customer Helpline: 1800-180-5577 (MTNL / BSNL) or 1800-200-5577 (GSM / CDMA/ Others) (toll free) or send us an email at: service.helpdesk@maxnewyorklife.com and
we will send across the required document to you within 2 working days
(Receipt or statement).
   
Question: 16 Do you offer any services over the telephone?
Answer: 16 Yes, we do. You may access the following services over our help-line 1 800 180 5577:

Change of address
Change of bonus options
Change of personal information
Change of premium payment mode
Reinstatements within 90 days
Exercise of OPPB and illustrations

We sincerely hope that you will never have any cause for complaint about our services. However if you do feel that we have not met your expectations, please do not hesitate to contact us at: service.helpdesk@maxnewyorklife.com or call our Customer Helpline: 1800-180-5577 (MTNL / BSNL) or 1800-200-5577 (GSM / CDMA/ Others) (toll free) or register your grievance/ complaint by entering it on www.maxnewyorklife.com or write to us at Max New York Life Insurance Company Ltd., 11 th floor, DLF Square, Jacaranda Marg, DLF City Phase II, Gurgaon - 122002.
Insurance
 
Question: 1 What is life insurance?
Answer: 1 Life Insurance can be defined as an agreement that assures or guarantees payment of a stated amount of monetary benefits at the end of a specified term or on the death of the life insured.
   
Question: 2 What is the importance of Life Insurance?
Answer: 2 Life Insurance is important in many ways. They are:
  • It allows systematic long term savings which are low in nature but grow compoundingly
  • It can be used for transferring wealth though estate planning
  • It provides adequate cover to key executives of the business, for its continuity
  • It provides short-term death benefit
  • It substitutes loss of income source in case of death
  • It offers supplement retirement income in case there is no other retirement coverage
   
Question: 3 How to choose a life insurance plan?
Answer: 3 There are various types of insurance plans, which one can take depending on the life cycle at which a person is. The various forms for life insurance plans are Term Insurance, Whole life plan, Universal life plans, and Variable Life Plans.
   
Question: 4 What are the options for paying my premiums?
Answer: 4

MNYL offers several convenient options to make your premium payments:

  • You can make your payments through ECS which is available in all the modes, such as monthly, quarterly, half yearly or annually.
  • You can make payments through drop boxes at various locations in your city. Call toll free 1800-180-5577 (MTNL / BSNL) or 1800-200-5577 (GSM / CDMA/ Others) for the location of a drop box near you.
  • You can make payments online through the internet.
  • Premium payments can also be made at all our branches in your city.
   
Question: 5 What is ECS and how do you avail of this service?
Answer: 5 ECS (Electronic Clearing Service) is an easy way to pay your premiums, electronically. It will relieve you from remembering premium payment due dates through the entire term of the policy and from periodically depositing cheques. It will also prevent a possible lapse of your policy due to non-payment of premiums.

To avail of this service you just have to send us the completed ECS mandate form along with a blank cheque duly cancelled. We will arrange to get the verification stamp & authorization from your bank on the mandate form.

For more details on ECS, call us on our Customer Helpline: 1800-180-5577 (MTNL / BSNL) or 1800-200-5577 (GSM / CDMA/ Others) (toll free) or email us at: service.helpdesk@maxnewyorklife.com.

   
Question: 6 Is change in the mode of premium payment allowed?
Answer: 6 Change in premium payment mode is allowed. You can send us a written request for the change or simply call our Customer Helpline: 1800-180-5577 (MTNL / BSNL) or 1800-200-5577 (GSM / CDMA/ Others) (toll free) or email us at: service.helpdesk@maxnewyorklife.com. You can also request for a mode change with the help of the policy service request form. Switching however, to Single Premium is not permitted.
   
Question: 7 What are Top-ups?
Answer: 7 Top-ups can be described as one-time payments. Through a top-up you have the flexibility to make an additional investment, which is over and above your normal premium payments. Top-ups are possible at any time while your policy is in force.
   
Question: 8 What steps do I take in case of an address/ beneficiary change?
Answer: 8 Nomination changes can be made as and when required through a written request/ notification. As a nomination enables easier settlement of claims, please nominate a person, in case you have not done so at the time of policy application. Nomination can be made or changed at any time during the benefit period of the policy.

For an address change you can send a written request or simply call us on our Customer Helpline: 1800-180-5577 (MTNL / BSNL) or 1800-200-5577 (GSM / CDMA/ Others) (toll free) or email us at: service.helpdesk@maxnewyorklife.com
   
Question: 9 When does a policy lapse?
Answer: 9 In the Life Maker - Unit Link Plan, the lapse rules are as follows:

In the first three policy years:
Discontinuation of premiums within three years of inception of the policy:

  • If all the ATP’s have not been paid for at least three consecutive years from the effective date of coverage, the insurance cover under the Policy and applicable Riders, if any shall cease immediately on expiry of the grace period.
  • We will give you an opportunity to revive the Policy within the revival period as mentioned in clause 15 below. In case the Policy is not revived during this revival period, the Policy will terminate and the guaranteed surrender value, if any, shall be paid at the end of third policy anniversary or at the end of the revival period whichever is later.
  • During the grace period for payment of any unpaid ATP, We will accept the lapsed notice amount without interest. The insurance coverage continues during this grace period, but in case of death of Life Insured during the grace period, we will pay the Death Benefit as applicable.

After first three policy years:
Discontinuation of premium payments after paying at least three consecutive years premium:

  • If all due ATP’s have been paid for at least three consecutive years and subsequent ATP’s are unpaid, an opportunity will be given to You to revive the Policy within the revival period as mentioned in clause 15 below.
  • During the revival period, the insurance cover under the Policy will continue  and all applicable charges would be levied.
  • At the end of the revival period, if the Policy is not revived, the Policy will terminate and the Fund Value will be paid. However, we may instead of terminating the Policy, offer to continue the Policy with the insurance cover, if so opted by you, levying appropriate charges until the fund value does not fall below an amount equal to one ATP.
   
Question: 10 What are the terms of reinstatement / revival of a policy?
Answer: 10 The Policy can be revived within 36 months of its date of lapse, if:
  • You give Us a written request to revive the Policy
  • You have produced evidence of insurability acceptable to Us as per Our underwriting practices
  • You pay Us all overdue ATPs and unpaid charges
   
Question: 11 How often can I change my investment fund option?
Answer: 11 You may switch your investments from one fund to other funds anytime after the first policy year in our Life Maker Unit Link Plan. The minimum % that can be switched is 20%, which is subject to a minimum of Rs.10,000.00. Units are switched on Bid price to Bid Price basis. First two switches in each policy year are free of charge. A fee will be charged for each additional switch, which will be higher of 0.5% of the amount of switch or Rs.500.00.
   
Question: 12 How do I track the performance of my policy fund?
Answer: 12 The performance of the various funds (Unit Price) is available on our website. The daily NAVs of our funds are also published in most of the leading newspapers. If you possess the CIP/TPIN codes, you can view you’re your policy details including the fund value on our website.

To keep you abreast of the performance of your policy fund, in case of our unit-linked plans, we will send you a policy anniversary statement. This will reflect the policy fund value as on the anniversary date.
   
Question: 13 Can I withdraw amounts from my policy fund?
Answer: 13 You can withdraw amounts from your policy fund only after the completion of three policy years. If you are planning to withdraw before 5 years, please check the availability of your tax exemption under section 80C. You can withdraw up to a maximum of 50% of your fund value on your previous policy anniversary in case of Increasing Death Benefit (20% in Level Death Benefit). If the request is received before the cut-off time at the branch office, same day unit value will be applicable. Two withdrawals in the policy year are free and processing fees of Rs.500.00 will be charged for any additional withdrawal.
   
Question: 14 What do I need to do to surrender my policy?
Answer: 14 You can withdraw amounts from your policy fund only after the completion of If you want to surrender your policy you will have to submit a ‘Surrender Request’ form. To know more, you can also visit our branches in your city or call us on our Customer Helpline: 1800-180-5577 (MTNL / BSNL) or 1800-200-5577 (GSM / CDMA/ Others) (toll free) or email us at: service.helpdesk@maxnewyorklife.com.
   
Question: 15 Can I take a policy loan?
Answer: 15 If your policy has a surrender value, you can avail a policy loan up to 90% of the surrender value subject to a minimum availability of Rs.10,000. The policy loan can be taken for Regular as well as Single Premium policies, any time after completion of three policy years. However, please note that no policy loan is available in case of our Term Plans and Life Maker Unit Link Plan.
   
Question: 16 Can I change the face amount?
Answer: 16 In our Life Maker Unit Link Plan with Life Insurance coverage, we offer you an option to increase your face amount on any policy anniversary. Any increase will be subject to the then prevailing underwriting rules, and will increase your ATP, with all attendant charges for the increased portion of the premium.
   
Question: 17 Can I add/ delete riders?
Answer: 17 Yes, you can add riders by giving a written request, and submitting the required documents, subject to prevailing underwriting rules. Deletion of rider is allowed in all our Plans. For details, please contact your Insurance Advisor, or email us at: service.helpdesk@maxnewyorklife.com
   
Question: 18 What is OPPB and when can I exercise this option?
Answer: 18 OPPB is the Option to Participate in Progressive Bonuses. Through OPPB, the insurance coverage can be enhanced from time to time by paying one-time premiums. This option can be added anytime in a Whole Life Par Plan, subject to underwriting guidelines. The OPPB option lapses in case the same is not exercised once in two years.
   
Question: 19 Do you offer any services over the telephone?
Answer: 19 Yes, we do. You may access the following services over our help-line no: 1800-180-5577 (BSNL / MTNL) or 1800-200-5577 (GSM / CDMA / Others) (toll free):
  • Change of address
  • Change of bonus options
  • Change of personal information
  • Change of premium payment mode
  • Reinstatements within 90 days
  • Exercise of OPPB and illustrations
We sincerely hope that you will never have any cause for complaint about our services. However if you do feel that we have not met your expectations, please do not hesitate to contact us at: service.helpdesk@maxnewyorklife.com or call our Customer Helpline: 1800-180-5577 (MTNL / BSNL) or 1800-200-5577 (GSM / CDMA/ Others) (toll free) or register your grievance/ complaint by entering it on www.maxnewyorklife.com or write to us at Max New York Life Insurance Company Ltd., 11 th floor, DLF Square, Jacaranda Marg, DLF City Phase II, Gurgaon - 122002.
Agent Advisor
 
Question: 1 What is the selection process for Max New York Life agent Advisors?
Answer: 1 The selection process for Agent Advisors is designed to help both the candidate and the organization to make a decision that is in the best interest. This process involves an initial interview followed by a numerical ability test. At this point, if there is a continued mutual interest, the candidate will be invited to attend a career seminar. In addition, MNYL will review the compensation and training programs in a detailed manner. If everything goes on well as expected, MNYL will asses the candidate’s natural market and meet one final time to make the final arrangements.
   
Question: 2 What is the role of an Agent advisor?
Answer: 2 An Agent Advisor has to identify prospects and conduct a need analysis. He/she has to provide customized solutions for long term financial protection and wealth creation, close sales, deliver the policy, provide after sales service and also build references for future sales.
   
Question: 3 What are the required competencies to be an Agent Advisor of MNYL?
Answer: 3 To be a MNYL Agent Advisor you need to possess few competencies, which include Entrepreneurship, Selling and Influencing skills, Perseverance, Relationship Building / Customer Service, Planning, Organizing, and Communication Skills.
   
Question: 4 What are the benefits of being an Agent Advisor?
Answer: 4 A career at MNYL can undoubtedly fetch you innumerable benefits. You can be your own boss with unlimited earning potential. With a low start up investment you can be part of a world-class organization and make a positive difference to people's lives. MNYL Agent Advisors sell more and make more money than any other life insurance company Agents.
   
Question: 5 What kind of products does MNYL Agent Advisors have to sell?
Answer: 5 Nobody can ever have the number one product in the insurance industry for a long period of time. However, MNYL takes great pride in the fact that its products have always been rated amongst the very best in the industry and that agents will never have any regrets for having sold someone one of the policies.
ECS
 
Question: 1 What is ECS - Electronic Clearence System?
Answer: 1 An extremely convenient time saving and hassle free service that enables automatic premium payments directly from any of your bank account.
Question: 2

What are the benefits of ECS?
Answer: 2 No more signing of cheques, preparation of demand drafts, visits to branches for payments etc. Premiums on registration will automatically be debited in time from the customers account. Reduced instances of lapsed policies.
Question: 3

How is the facility of ECS availed?
Answer: 3 The Mandate form should be sent to the nearest Max Newyork Life branch with an original cancelled cheque.
Question: 4

How does the ECS work?
Answer: 4 Whenever a premium falls due, we intimate our designated bankers, who arrange to debit the policyholders bank account of the premium payable & credit our account of the same. The entire Transaction is routed through RBI.
Question: 5

What does this service cost me?
Answer: 5 It costs nothing. This service is free of charge.
Question: 6

Do I get a premium reminder?
Answer: 6 Yes, we will be informing you in advance of the premium due date.
Question: 7

Do I get the receipt for my auto premium payments?
Answer: 7 Yes, we will send the official receipt, after realizing the premium amount from the respective Bank Account.
Question: 8

Can I Cancel this facility if once availed?
Answer: 8 Yes, you can cancel this facility at any time but we must receive the request the request for cancellation two weeks prior to the due date.
Service Tax
 
Question:1 Is Service Tax applicable on ULIP products?
Answer: 1 "Service tax is applicable, on the risk cover & fund related charges towards management of investments of Unit Linked Insurance Products included in life insurance premium in accordance with Section 65(105)(zx) of Finance Act 1994, as amended by Finance (No.2) Act 2004 and Section 65(105)(zzzzf) of Finance Act 2008 (inserted w.e.f. May 16,2008) respectively, at the applicable rates and the same would get deducted by way of cancellation of units.
The risk cover includes charges towards mortality/morbidity while the fund related charges shall include premium allocation, policy administration, fund management, switching, partial withdrawal and redirection charges which are levied for services provided by the insurer to the policyholder in relation to management of investments under unit linked insurance business."
 
 

 

 

 
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