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MAX NEWYORK LIFE INSURANCE |
Whole Life Policies: In this whole life
policyholder pays the premia through out his life. The insured amount is paid by
the company to the nominee on the insured's death.
There are two types of whole life
policies-Participating
& Non Participating
A
policyholder is entitled for bonuses declared periodically by the company.
Under participating policies.
Whereas
he will not be getting any bonuses under non-participating policies cash
surrender value of the bonus under participating whole life policies can be
accessed by the policyholder. This type policy becomes eligible for cash
surrender value of bonus after two years of payment of the premia. The company
gives choice of choosing bonus option for its policyholders.
Important features of whole life policies:
a)
Risk coverage through out the life.
b) Eligibility to surrender the policy after paying premia for at least 3
years.
C) Facility to take a loan against the policy after paying premia for 3
years.
Other Additional Benefits (Various Additional Options Or Riders At Extra
Cost)
A)
Personal Accident Benefit- PAB- Under this additional option, additional
benefits is given in case of death due to accident, including total permanent, disability due to the accident.
B)
Guaranteed Insurable Option (GIO)- A policy holder can buy additional insurance
at various stages of his life without any further insurability proof
C) Option
to purchase paid up additions (OPP)- similar to GIO.
D) Term
Rider- A policy holder has an option to buy additional insurance for a limited
term of 5/10 years till he becomes 60 years of age.
E)
Dreaded Disease Rider (DD)- Certain specified dreaded diseases are covered under
this option.
Additional Key Benefits:
A) Free
Look TM: A policyholder has an option to cancel the policy within 10 days of its
receipt.
B)
Terminal Illness Benefit In case a policyholder is diagnosed to have a
terminal illness, which will lead to his death, the co. will advance 50% of the
benefits (max amount Rs 5 lakhs) and balance is paid on his death.
Age groups covered: 0-70 years.
Endowment Policy- 20 Years.
Under this policy risk is covered for 20 years. This
policy comes with bonus addition (the bonus amount is declared every year).
Other Benefits:
A) Loan
on the policy is available after 3 years.
B) Cash
surrender value is available after 3 years.
A)
Personal Accident Benefit (ADB)- Additional benefit in case of death due to
accident& incase of total disability due to accident.
B) Term
Rider (TR)-- Additional insurance can be bought for 5/10 years upto 60 years of
age.
C)
Dreaded Disease Rider (DD) - A policyholder is provided with additional benefit
in case of specified dreaded diseases.
A) Free
look TM - A policyholder has an option to cancel his policy within 10 days of
its receipt.
A summary of premiums paid & likely benefits are
given every year.
C)
Terminal illness benefit -- the co. will advance upto 50% of the benefits
(Max.Rs.5 lakhs) to a policy holder if he is diagnosed, as having a terminal
illness, which will cause his death within 6 months balance is paid after his
death.
Age
groups covered-- 20-50 years.
5
YEARS TERM RENEWABLE AND CONVERTIBLE POLICY
This policy is combination of
term& renewable types. This is well suited not only for death benefit &
is recommended for people with mortgage, debt etc.
Renewable benefit - Under this benefit the policy
gets renewed automatically after every 5 years till the age of 60 years, with
out any further proof.
Convertible benefit - Here a choice is given to the
policyholder to convert his policy permanently to either whole life or
endowment, without any further proof.
A)
Economical
B)
Automatic Renewal
C) Option
To Convert.
A)
Personal accident benefit (PAB) - additional benefit is given in case death or
total disability due to accident.
B)
Dreaded disease (DD) Rider-additional benefits are provided in case the
policyholder suffers from specified dreaded diseases.
A)
Freelook TM - A policyholder can cancel his policy within 10 days of its
receipt.
B)
Personal Insurance Plan TM - the agent will prepare a personalized insurance
plan and a yearly summary of premia paid & likely benefits is given.
C)
Terminal Illness Benefit -- In case a policyholder is diagnosed as having a
terminal illness, which will lead to his death in 6 months, the co. will advance
50% of the benefits (max Rs 5 lakhs) & the balance is paid after his death.