20-YEAR ENDOWMENT POLICY     5-YEAR TERM RENEWABLE & CONVERTIBLE INSURANCE
 

5 YEAR TERM RENEWABLE AND CONVERTIBLE INSURANCE

One of the most effective forms of insurance, the Term Insurance Policy is also one of the least expensive life insurance plans. It offers a Guaranteed Death Benefit to the beneficiaries of the insured, while the policy is in force.

It is particularly useful for anybody who has an outstanding debt in the form of a mortgage, home loan, etc. The term insurance policy allows the insured’s family to take care of any large financial burden, in the unfortunate event of his/her death.

The Max New York Life 5 year Term Renewable and Convertible Policy offers you two advantages, over and above all the usual benefits of a term insurance plan.

Renewable Benefit:

Ensures that the Policy renews automatically every 5 years, for an additional 5 year term or to age 65, whichever is earlier. This means that you will not be required to submit any further evidence of insurability nor have to go through tedious paperwork, during your renewals.

Convertible Benefit:

This allows you to convert your 5 year Term Policy to a permanent (either Whole Life or Endowment) insurance plan. So, if your insurance needs change with time, you have the flexibility to change your Policy without having to buy a new policy or provide any further evidence of insurability.

5 YEAR TERM RENEWABLE AND CONVERTIBLE POLICY BENEFITS

• You get protection with a guaranteed Death Benefit, for the specified period.
• It is one of the least expensive insurance plans.
• It renews automatically without you having to provide any further evidence of insurability or other documents.
• You have the option to convert your Policy into a permanent (either Whole Life or Endowment) insurance plan to take care of your changing needs.

  MY OPTIONS – THE WAY TO THE PERFECT 5 YEAR TERM RENEWABLE AND CONVERTIBLE POLICY
  
  Under My Options, Max New York Life offers you Riders, which allow you the flexibility to customize and enhance the value of your 5 year Term Renewable and Convertible Insurance Policy. You also have the choice of attaching these

  Riders at the time of buying your Policy or anytime later, subject to meeting certain conditions. You may attach one or more of the following Riders to your 5 year Term Renewable and Convertible Insurance Policy:

  • Personal Accident Benefit (PAB) Rider: This offers you additional benefit in case of death in an accident or even in the case of Total and Permanent Disability, caused by an accident.
  • Dread Disease (DD) Rider: This provides additional benefits in the event of the Life Insured getting afflicted by any of the specified dread diseases (please refer to the list with your Agent).

    OTHER SPECIAL FEATURES OF THE 5 YEAR TERM RENEWABLE AND CONVERTIBLE POLICY

    • free look^TM: This feature, in keeping with Max New York Life’s tenet of total transparency, gives you the option to cancel the Policy within 10 days of receipt, should you so wish.
    • Personal Insurance Plan^TM: Depending on your individual financial need, our Agent will be able to prepare a Personal Insurance Plan and tailor a policy that best fits your requirements. What’s more, this plan also gives you a year-on-year summary of the premiums that you pay, as well as the likely benefits that may accrue to you.
    • Terminal Illness Benefit: In case the Life Insured is diagnosed to be suffering from a terminal illness that can lead to death in 6 months, the Company will immediately advance up to 50% of the benefits payable, subject to a maximum cumulative of Rs 5 lacs, and the balance on the occurrence of the Insured Event.
    • The minimum issue age required for the 5 year Renewable and Convertible policy is 20 years, while the maximum issue age is 60 years.
    • Choice of yearly, half-yearly, quarterly or even monthly premium payment options.