Max New York Life launches triple benefit life insurance plan

Mumbai: Max New York Life has launched a limited pay endowment plan up to age 75 called 'Life Partner Plus Plan', a triple benefit life insurance plan which has the benefits of life cover, in-built guarantees and flexibility of bonus options.

This takes the company's portfolio to 23 products and eight riders .

Life Partner Plus offers the following triple benefits of life cover till the age of 75, guaranteed money backs post retirement and the flexibility of multiple bonus options to allow policy holders to adapt the plan to their changing needs. It also offers limited premium paying terms of 3 years, 7 years, 10 years, and 20 years, which can be chosen to match the premium paying ability of policy holders.

According to the company, the product proposition appeals to fulfil multiple customer segments of security, retirement money as well as corpus growth. Together with the added flexibility of cash bonuses and ability to customize with riders, the plan becomes even more powerful, says the company.

"We believe in delivering need-based solutions and shall continue to design products to cater to customer requirements," says Gary Bennett, managing director and CEO, Max New York Life Insurance Company. "Our new product, Life Partner Plus, is designed to take care of multiple needs of customers like asset creation, investing for retirement, children's education and marriage. We believe that the product, as the name suggests, is a true partner for our customer."

Customers further have an option to enhance the value of Life Partner Plus by using any of the following riders/options — the personal accident benefit rider, the term rider, the dread disease rider, the waiver of premium rider, the renewable convertible term rider and the payor rider.

Highlights of the plan:

  • On survival to maturity: initial sum assured plus sum assured of paid up additions purchased through bonuses
  • Guaranteed Money back: 7.5 per cent of the initial sum assured paid on each policy anniversary from age 61 to 75
  • On death during policy term: initial sum assured with sum assured of paid up additions purchased through bonuses
  • Bonus: bonuses from the third policy year, which can be used to add value to the policy to :
    • Buy paid up additions (PUA) that increase the death benefit of base policy
    • Premium offset - use it to offset future premiums
    • Terminal Illness benefit and non forfeiture optionsare also applicable

Max New York Life, a joint venture between Max India and New York Life, (a Fortune 100 company) says it has sold over one million policies with more than Rs28,000 crore in sum assured.