Monday, March 19, 2012
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Indian Real Estate News
Tax Saving Mutual Funds Online
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Max New York Life's Life Gain Plus is an endowment plan with a limited premium paying term. The policyholder can choose a policy term of 20 or 25 years and a premium paying term of 6 or 10 years for a 20-year plan and 6, 10 or 15 years for a 25-year plan
Key Features
The plan pays double the amount of sum assured to the nominee in the event of the death of the policyholder after five years of taking the policy. In case the death occurs within five years of taking the policy, only the basic sum assured is paid to the nominee. The survival benefit or amount payable on maturity to the policyholder is, however, assured at 110% of the basic sum assured.
ADDITIONAL Feature
In case the policyholder is diagnosed with a terminal illness with life expectancy of 6 months or less, the policyholder is given 50% of the sum assured subject to a maximum of Rs 5 lakh. The balance amount of the sum assured is paid to the nominee on death of the policyholder.
PREMIUM Table
Assuming a policy term of 25 years for a sum assured of Rs 10 lakh, the annual and total premium payable by a healthy male individual at various age groups is illustrated herewith:
Being an endowment policy, the premiums payable under Max New York Life Gain Plus are much higher than what are otherwise payable in case the policyholder opts for a term plan for a similar or even higher sum assured.
However, what we like about this plan is its additional feature of providing immediate aid to the policyholder in the event of the diagnosis of a terminal illness.
And though the plan's key feature of double death benefit to the nominee is impressive, the fact that the same kicks in only after completion of five policy years is a let down.
The survival benefit / amount receivable on maturity in case of the above illustration will be 11 lakh (ie, 110% of the sum assured of 10 lakh). The company may also declare periodic bonuses, but the same are not guaranteed.
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