New Delhi: Max New York Life has launched a life insurance plan that combines benefits of life cover, in-built guarantees and flexibility of bonus options.
The 'Life Partner Plus Plan' is designed to take care of multiple needs of customers like asset creation, investing for retirement, children's education and marriage, Max New York Life CEO Gaty Bennett said in a statement.
Life Partner Plus gives life cover till age 75, guaranteed money back post retirement and premium paying terms of 3,7,10,20 years depending upon the paying ability of the customers.
On survival to maturity, the customer gets initial sum assured plus sum assured of paid up additions purchased though bonuses, guaranteed money back with 7.5 interest rate of the initial sum assured paid on each policy anniversary from age 61 to 75.
The plan starts giving bonus from third year of policy and options are - buy paid up additions, use to pay future premiums or take in cash.
The premiums are eligible for deduction under Section 80C of Income Tax Act while the payback and maturity benefits are eligible for exemption from tax under section 10 (10D).
Customers can also enhance the value of Life Partner Plus by opting for any of the following riders: the personal accident benefit rider, the term rider, the dread disease rider, the waiver of premium rider and the renewable convertible term rider.
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