Entry Age (years)
Minimum
18
Maximum
60
Maximum Maturity Age (years)
75
Policy Term (years)
Minimum
10
Maximum
30
Sum Assured (Rs)
Minimum
2500000 and in multiples of Rs 5 lakh thereafter
Maximum
No limit
Minimum Premium (Rs)
Yearly
5000
Half-Yearly
2600
Quarterly
1325
Monthly
450
Premium Payment Frequency
Yearly, Half-Yearly, Quarterly, Monthly(via ECS)
Premium Payment Term
Equal to policy term
Premium Factor (multiply with annual premium)
0.52 for Half-Yearly, 0.265 for Quarterly and 0.09 for monthly
Policy Cover
Cover remains fixed for the tenure of the policy
Other Features
Free Look Cancellation
In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Grace Period
You are allowed to pay premiums within 30 days of premium due date. If a due premium is not received within the grace period, your policy will lapse and the life insurance cover will be terminated.
Lapsed Policy Reinstatement
You may reinstate your lapsed policy within 6 months from date of first unpaid premium by paying due premiums and undergoing underwriting requirements, if any.
Tax Benefits
Section 80C, 10(10D) of the Income Tax Act, 1961 would apply. Premiums paid for Dread Disease Rider may qualify for deduction under Section 80D of the Income Tax Act, 1961.
Exclusions
In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, no death benefit becomes payable in case insured event takes place while being engaged in any hazardous occupation such as sea diving, mountaineering, hunting etc.
Customer Service
Address
Max New York Life Insurance Company Limited, Registered Address: Max House 3rd floor, 1 Dr.Jha Marg, Okhla, New Delhi-110020 Corporate Address: 11 the floor, DLF Square Building, Jacaranda Marg, Phase II, Gurgaon- 122002
Call On
1800-180-5577; 011-6933610; 0124-2561717
Available Rider(s)
Personal Accidental Benefit Rider: covers death due to an accident.
Dread Disease Rider: It covers 10 critical illnesses namely: Cancer, Coma, Kidney Failure, Multiple Sclerosis, Heart Attack, Paralysis or Paraplegia, Stroke, Major Organ Transplant, Coronary Artery Bypass Surgery and Heart Valve Surgery.
Rider Conditions
Entry Age (years)
Minimum
20
Maximum
50
Maximum Maturity Age (years)
60
Rider Term (years)
Minimum
5
Maximum
Equal to base policy term
Sum Assured (Rs)
Minimum
100000
Maximum
Dread Disease Rider: Rs 10 lakh
Personal Accidental Benefit Rider: lower of (Rs 40 lakh or Base Sum Assured)
Rider Premium (Rs)
Rider premiums vary for each policyholder. For instance, for a 25-year old healthy non smoking male, Rs 5 lakh sum assured Dreaded Disease Rider for a term of 10 years costs Rs 1,355 annually. Likewise, he pays Rs 675 premium for a Personal Accident Benefit Rider for the same cover and tenure.
