Max New York Life Insurance 5 Yr Renewable and Convertible Plan (Non – Par)

Life with its fascinating moments also has its share of uncertainties and planning ahead is extremely important to face all these uncertainties that may arise from time to time. That’s the reason you need a protection plan, which would serve your protection needs and safeguard your family from any financial insecurity at times of crisis or at the unfortunate event of your demise.

Max New York Life’s Five Year Renewable and Convertible Term Insurance (Non-Participating) plan not only provide you with a low cost insurance cover during its tenure of five years, it also helps you plan in advance for various future needs and your family’s financial security, should anything unfortunate happen to you. Offering a guaranteed Death Benefit, this plan is particularly useful as a short-term protection plan. An important feature of this policy is that it allows the insured to convert the policy to a regular policy during the tenure of the policy.

Eligibility Criteria
Age at Entry20 to 60 years
Maximum Age at Maturity65 years
Term5, 10, 15, 20 or 25 years or to Age 60 years
Sum AssuredRs. 2,50,000 to Rs. 5 Crore
Premium Payment OptionsAnnual, Semi-annual, Quarterly, Monthly
On death of life insured: In case of the unfortunate death of the life insured during the term of the plan, an amount equal to the Sum assured is paid to the beneficiary.

Tax benefits:
You are entitled to the following tax benefits under Income Tax Act 1961:
  • Your premiums are eligible for deduction u/s 80C up to Rs.1,50,000/- every year.
  • Your DD rider premiums are eligible for an additional deduction u/s 80D up to Rs.15,000/- every year.
  • Your claim amounts (from death) are eligible for tax exemption u/s 10(10D).
Unique Features in This Policy:
This plan can be renewed every five years and is convertible to any permanent plan at any time during the tenure of the plan.

Five Year Renewable and Convertible Term Insurance (Non-Participating) provides you with a low cost insurance cover during its tenure of five years. It is also convertible any time into any permanent life insurance policy from MNYL, so that you are able to take advantage of increasing your savings when your responsibilities increase viz. on marriage, or on child birth

Download its brochure here.


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