Max NewYork Life Platinum Protect Term Plan – Details and Review

If you are looking for a detailed cover for your loved ones in the family after your death, then you should check out Max NewYork Life Term Insurance plan as this term plan provides the entire sum assured to the nominee on the death of the policy holder. Moreover, the premium rate for Max NewYork Platinum Protect Term Plan is affordable. The Max NewYork Platinum Protect Term Plan is also laced with tax benefits, special rewards, discounts and riders.

 A Schematic View of Platinum Protect Term Plan

Features Available in Max NewYork Life Platinum Protect Term Plan

The MNYL Platinum Protect term plan has useful features to attract non-smokers, women, and healthy youngsters. Some key features of this plan are as follows:

• There is a complete death benefit to the nominee. In other words, the nominee gets an amount that is equal to Sum Assured on the death of the life assured.
• There is reduced life coverage in case the policy holder does not pay the premium after 15 years of payment. This cover would continue till the end of the term period.
• There are useful riders available in Max NewYork Life Platinum Protect Term Plan where there is accident coverage and benefit to 10 most dreaded diseases.
• There is a flexibility of the term where the policyholder is given an option to choose any of the 5 policy terms as per his convenience. These terms are 10, 15, 20, 25, or 30 years
• There is a “free look period” which allows the policy holder to cancel the policy within 15 days of receipt of policy document in case the policyholder is not satisfied.

Benefits of Max NewYork Life Insurance Platinum Protect

Like all Max NewYork Life Insurance plans, the Platinum Protect plan has discounts, tax benefits and many more advantages for the policyholder as well as for the nominee in case of an untoward incident. For instance:

• The premium for this plan does not pinch one’s pocket and has various modes of payment for the convenience of the policyholder.  Some key features of paying premium for the Platinum Protect term plan are:
  • minimum premium is : Rs 5000
  • Variable modes of payment:
    • Annual
    • Semi Annual
    • Quarterly
    • Monthly

• The premiums as well as death benefits have tax concessions. This depends on the specific tax laws followed during the premium payment or payment of the benefit.
• Lucrative discounts are offered to women, healthy youngsters, and non-smokers – provided the sum assured is above Rs 50 Lakh.
• There is a cover against accidents and diseases – provided the policy holder pays extra for it. If the policy holder acquires a dreaded disease, he or she would get the benefit as per following options:
  • Minimum age should be between 20 to 50 years
  • Maximum age should be not more than 60 years
  • Minimum sum assured should be 1 lakh
  • Maximum sum assured should be 10 lakh

All in all, Max NewYork Life Platinum Protect Term Plan offers death benefit to the nominee after the death of the holder. And, as this is a term insurance plan it does not provide any maturity benefit.