Max New York Life – Life Pay Money Back Plan

Max New York Life 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.

Eligibility Criteria
Entry age91 days – 55 years (16/20 year plan)
91 days – 51 years (24 year plan)
Minimum Sum AssuredRs. 50,000
Maximum Sum AssuredNo limit (subject to underwriting)
Living Benefit
  • Sum Assured less money backs already paid plus 10% of SA as guaranteed addition plus accrued bonuses
  • Money Backs at regular intervals
Death Benefit
  • Sum Assured plus Sum Assured of Paid Up Additions, if any (without deducting any money back installments, if already paid).
  • However , in the case of death before the age of 10 we will refund the premiums with interest .
Bonus Options
  • Paid in Cash
  • Premium Offsett
  • Paid up Additions
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 an insurance coverage in one of the following ways:

  • Reduced Paid Up: A smaller Sum Assured for the remaining term of your policy
  • Extended Term Insurance: The same Sum Assured is for part of the remaining term of your policy

In case , you do not want either of the above then you can opt to take the cash value by cheque.

  • 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

Download its brochure here.

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