Max Vijay :: Rajat, Swarna, Heera

Max Vijay : Rajat, Swarna, Heera

Max New York Life Insurance Company Ltd introduces Max Vijay , a completely unique life insurance policy. It is very flexible, convenient, simple, provides life cover and builds your savings . Max Vijay takes care of both, your family’s and your, financial and security needs. It provides you with life insurance cover at an affordable price and also ensures that your hard earned money is safe and builds your savings . Max Vijay is a unique product, which combines the benefits of life insurance, savings and also gives you complete flexibility for making subsequent premium payments. It provides savings opportunity and an opportunity of increasing your life cover as and when you want to, subject to a maximum limit.

Max Vijay is available in three premium payment options – Max Vijay Rajat, Max Vijay Swarna and Max Vijay Heera

How this Policy works?

60 % of the first premium and 90 % of subsequent premiums paid by you are invested in government securities and equities by Max New York Life investment experts. The investment earnings will be added to your account once a year based on a crediting rate that will be determined based on a formula. All applicable charges will continue to be recovered from the account value.

The guarantee that the company provides is:

Investment earnings added to your account will become guaranteed once credited.
Even though asset values may fall, Max New York Life guarantees that such falls will not cause the account balance to reduce.

You have the flexibility to pay subsequent premiums as low as Rs. 10/- and pay as and when you please. After 3 years, you may surrender the policy and also start partially withdrawing from it.

After 10 years, the policy terminates and final balance in your account will be paid to you as maturity benefit. In the event of your death before 10 years but after 6 months of effective date of coverage and date of revival, the nominee will receive the prevailing account value and the sum assured. If the death occurs by an accident, an additional amount equal to sum assured will be paid. In the event of death of life insured within first six months of the effective date of coverage or date of revival of the policy, the nominee will receive an amount equal to 40% of the Sum Assured plus the policyholder’s account value prevailing as on the date of death and if death occurs by an accident, an additional amount equal to 40% of Sum Assured will be paid.

Once the plan begins, there is no liability of paying premiums regularly As you keep depositing small amounts of money in your plan, not only does your sum assured in case of death and accident increase (subject to a maximum limit allowed as per your premium payment option), your saving component also increases and earns an interest giving you an account value. You can even check your account value by calling the Max Vijay helpline no. 1800-419-4194.

In case of an unfortunate death during the term of the plan your family will get the increased sum assured as well as the account value. For Accidental death, this sum assured is doubled. In case your plan reaches maturity, you will be entitled to your entire account value.

Criteria	Eligibility
Entry age	10 years to 50 years
Expiry age	Maximum 60 years
Policy Term	10 years
First Premium Options	Max Vijay Rajat - Rs 1000 Max Vijay Swarna - Rs 1500 Max Vijay Heera - Rs 2500
Subsequent Premium	Minimum denomination for subsequent premium is Rs 10; Maximum denomination Rs 2500 per policy per day
Premium Payment Term	Equal to Policy Term
Sum Assured	5x PREMIUM subject to Max Limit: Max Vijay Rajat - Rs 50,000 Max Vijay Swarna - Rs 75,000 Max Vijay Heera - Rs 1,00,000

Criteria	Eligibility
	Max Vijay Rajat	Max Vijay Swarna	Max Vijay Heera
Death Benefit in case of Natural Death*	5 times the premium received subject to a maximum of Rs 50,000 plus the policyholder’s account value.	5 times the premium received subject to a maximum of Rs 75,000 plus the policyholder’s account value.	5 times the premium received subject to a maximum of Rs 100,000 plus the policyholder’s account value.
Death Benefit in case of Accidental Death	An additional amount (over and above death benefit payable in case of natural death) equal to 5 times the premium received subject to a maximum of Rs 50,000	An additional amount (over and above death benefit payable in case of natural death) equal to 5 times the premium received subject to a maximum of Rs 75,000.	An additional amount (over and above death benefit payable in case of natural death) equal to 5 times the premium received subject to a maximum of Rs 100,000.
First Premium Payment	Rs 1,000	Rs 1,500	Rs 2,500

* Applicable in case of death of life insured after six months of the effective date of coverage or date of revival of the policy.

Living Benefit

On the Maturity date, a survival benefit of 100% of the policyholders account value is paid .

Death Benefit: Please refer to the Schedule above.

Natural Death- Sum Assured plus Account Value
Accidental Death- Two times the Sum Assured plus Account Value

Non- Lapsation Provision

You can pay as and when you can and In case you are unable to pay your premiums for some time, your policy will not lapse as long as your Account Value has enough amounts to cover the necessary charges.

Partial Withdrawals

Allowed after 3rd Policy Year from your policyholder’s account value
Maximum withdrawal allowed is 30% of policyholder’s account value in a Policy Year
2 free withdrawals per policy year from 4th-6th policy years, 3 free withdrawals per policy year from 7th policy year.
Minimum Partial Withdrawal has to be Rs 100/-.