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Knowledge Base Life Insurance Guaranteed Plan Max New York Life- Life Gain Plus Review
Wednesday, 12 October 2011 18:15

Max New York Life- Life Gain Plus Review

Written by  Yashish Dahiya
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Rating 3.75 (14 Votes)

Max New York Life- Life Gain Plus Review


Plan Name: Life Gain Plus

Insurer: Max New York Life Insurance Company Limited

Category: Traditional Plan

Objective: Financial protection of family and returns on investment


Major USP of Max New York Life- Life Gain Plus


Double Sum Assured Benefit

Bonuses

Riders available

Limited Pay Term


Eligibility of Max New York Life- Life Gain Plus


Minimum Entry Age: 9 days

Maximum Entry Age: 55 Years

Maximum Age at Maturity: 75 Years

Policy Term: 20, 25 Years

Premium Payment Term:  6, 10, 15 Years

Minimum Sum Assured: Rs 50,000 per annum

Premium Payment Mode: Yearly, Half Yearly, Quarterly or Monthly


What benefits does Max New York Life- Life Gain Plus offer?


Death benefit:

In the unfortunate event of death, Sum Assured will be paid. If the death occurs after 5 years from inception of policy, double the Sum Assured will be paid.


Maturity Benefit:

At the end of policy term, Sum Assured along with guaranteed addition (10% of Sum Assured) will be paid.


Bonuses:

From 3d policy year onwards, bonuses may also be added to your fund amount.


Riders:

You can opt for accident benefit rider, term rider, dread disease rider, waiver of premium rider, term renewable and convertible rider and payor rider with the plan.


Are there any tax benefits?


Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.

Under Section 10(10D) death claim is completely tax free.


How can I buy Max New York Life- Life Gain Plus?


Policybazaar representatives will assist you in buying Life Gain Plus.

 

Compare Returns in Guaranteed Plans!!

How much will you get?

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4 comments
  • Comment Link Amit kumar Tuesday, 24 January 2012 00:12 posted by Amit kumar

    Which one is better for me Max New York Life- Life Gain Plus or ICICI Pru Guaranteed Savings Insurance Plan?????????

  • Comment Link prince_sharma Wednesday, 04 April 2012 07:52 posted by prince_sharma

    max new york life gain plus is better because.
    Critical illness benifit upto six months is available,
    guaranteed 110%+ bonus,
    increasing sum assured...... and so on

  • Comment Link dr amit  gupta Monday, 01 October 2012 13:29 posted by dr amit gupta

    may i withdraw bonus part after 2 year or adjust with due premium

  • Comment Link Administrator Monday, 01 October 2012 14:39 posted by Administrator

    Dear Dr. Amit
    Bonus becomes payable after 3 policy years. The pay out option is chosen at the inception of the plan. There are broadly 3 pay out options:
    1. Paid Up Additions
    2. Premium Offset
    3. Cash

    If you have opted for cash, you will get the bonus amount in cash from 3rd policy year onward.

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