Max New York Life Platinum Protect Plan

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Max New York Life Platinum Protect

Eligibility
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
Additions to the Plan
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.

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