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MNYL -- NEW LIFE INVEST |
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New Life Invest |
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New Life Invest is a unit linked endowment plan from Max New York Life Insurance Company. |
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Unique selling proposition |
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Persistency units equal to 1% of weighted average of fund (for preceding 36 months) are additionally allocated to investment fund account on 9th policy anniversary and thereafter every 3rd policy anniversary. |
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Option to increase sum assured is available on any policy anniversary during policy term. |
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Policy benefits |
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In case of death of life assured during policy period, under: Level death benefit – higher of the sum assured or policy fund value payable to nominee; Increasing death benefit – sum assured and policy fund value payable to nominee. |
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Policy fund value payable as maturity benefit. |
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Eligibility parameters |
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Age at entry: minimum – 91 days; maximum – 70 years (55 years in case of policy taken with rider benefits) |
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Maximum age at maturity: 75 years |
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Policy term: minimum – 5 years; maximum – 75 years |
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Minimum sum assured: Rs.5,00,000 |
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Minimum annual premium: Rs.50,000 |
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Premium payment frequency: annual, semi-annual, quarterly, monthly |
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Policy charges |
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Premium allocation charge: 9% to 14% for 1st year and 2% from 2nd year onwards; deducted from regular premium |
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Policy administration charge: levied as a one time charge @ 0.2% of sum assured. Fixed amount of Rs.50 p.m. increasing @ 5% p.a. deducted proportionately |
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Mortality charge: depends on age at entry and is levied by cancellation of units on a monthly basis |
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Switching charge: Rs.500 / switch after 6 'free-of-charge' switches every policy year |
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Partial withdrawal charge: Rs.1,000 / withdrawal request after 6 'free-of-charge' withdrawals every policy year |
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Fund management charge: ranges from 0.90% to 1.25% p.a. depending on choice of investment fund. |
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Rider premium charge: mortality and morbidity charge as applicable to riders and deducted by cancellation of units |
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Riders available |
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Personal accident benefit rider |
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Dread disease rider |
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