Max New York Life Partner Plus is basically an endowment scheme that also ensures a regular income to the policyholder post retirement. The scheme provides for an annual payout of 7.5% of the sum assured to the policyholder from 61 years of age to 75 years or the death of the policyholder, whichever is earlier. The policyholder can choose a premium-paying term of 3, 7, 10 or 20 years.

Key Features

Max New York Life Partner Plus not only ensures annual payouts for 15 years but also pays a lump sum amount, equal to the sum assured, to the policyholder on maturity, ie, attaining 75 years of age. The scheme may also pay a certain percentage of sum-assured as bonus from the third policy year onwards. The same, however, is not guaranteed and is subject to the company's discretion.

Policy Benefits

Assuming the age of the policyholder to be 30 years, the premium payable under Max New York Life Partner Plus under different premium paying terms and the resultant maturity benefits are illustrated herewith…

The unique selling point of Max New York Life Partner Plus is the tax-free guaranteed annual payouts in the retirement years that make this product akin to a regular pension product. Unlike other pension products in the market, the policyholder need not convert his/her investment into annuity on maturity. However, with premiums being fairly high, the policyholder will turn out to be an absolute beneficiary provided he/she survives until the age 75, which will ensure receipt of not only all annual payments but also a lump sum receipt on maturity. The nominee here is entitled to only the sum assured on the death of the policyholder. Max New York Life Partner Plus thus suits those seeking a regular pension in the sunset years. Those seeking a healthy life cover may do well to buy a term plan.