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Insurance Company
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Max Life Insurance Company Ltd
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Plan Name
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Max Life Amsure - Bonus Builder
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Plan Nature
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TRADITIONAL
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Plan Category
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Special Plan
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UIN No.
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104N019V01
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About Plan
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Max Amsure Bonus Builder Policy provides an insurance cover that is guaranteed for your entire life. This policy will always help you in fulfilling unforeseen, urgent needs through its various riders. Your premiums are eligible for deduction u/s 80C every year and your claim amount (from death) is eligible for tax exemption u/s 10(10D). In addition this policy is also eligible for bonuses.
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Minimum Entry Age
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18 Yrs
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Maximum Entry Age
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50 Yrs
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Maximum Maturity Age
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100 Yrs
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Minimum Sun Assured
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Rs. 50000
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Benefits
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| Particulars | Description |
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Maturity Benefits
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On Life Insured attaining age 100 (one hundred) years, the Policy will mature and we shall pay you Sum Insured together with the sum insured of paid up additions, bonuses, if any.Living benefits already paid to Life Insured during ages 61 to 80 shall not be deducted from the benefit payable on maturity.
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Death Benefits
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On death of the Life Insured before maturity we shall pay the Sum Insured together with sum insured of paid up additions, bonuses, if any. Living Benefits already paid during thelifetime of the Life Insured shall not be deducted from the benefit payable on death of the Life Insured.
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Loan against policy
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No loan facility Available
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Tax Benefits
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| Section | Description |
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SEC 80 C
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Under Section 80 C premiums up to Rs. 100,000 are allowed as deduction from taxable income.
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SEC 10 (10)D
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Maturity and Death Benefits are tax free under section 10 (10) D of the Income Tax Act, 1961.
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Personal Accident Benefit Rider [104C007V02]
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Payor Rider [104B013V02]
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Waiver of premium Rider [104B018V01]
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Term Rier [104B019V01]
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Max Amsure Bonus Builder Policy provides an insurance cover that is guaranteed for your entire life. This policy will always help you in fulfilling unforeseen, urgent needs through its various riders. Your premiums are eligible for deduction u/s 80C every year and your claim amount (from death) is eligible for tax exemption u/s 10(10D). In addition this policy is also eligible for bonuses.
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While the policy is in force and during the lifetime of the life insured, we will pay you an annual cash payment equal to 5% of sum insured on each policy anniversary starting with the policy anniversary immediately following the 61st birthday of the life insured and each policy anniversary thereafter until the policy anniversary which immediately follows 80th birth day of the life insured.
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On Life Insured attaining age 100 (one hundred) years, the Policy will mature and we shall pay you Sum Insured together with the sum insured of paid up additions, bonuses, if any. Living benefits already paid to Life Insured during ages 61 to 80 shall not be deducted from the benefit payable on maturity.
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On death of the Life Insured before maturity we shall pay the Sum Insured together with sum insured of paid up additions, bonuses, if any. Living Benefits already paid during the lifetime of the Life Insured shall not be deducted from the benefit payable on death of the Life Insured.
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Dread Disease Rider Personal Accident Benefit Rider Term RiderWaiver of Premium (WOP) Term R&C Rider Payor Rider
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You may exercise Option to Participate in Progressive Bonuses (OPPB) in the form of paid up additions (PUA) by paying the premium either at the stage of proposal, or at any time thereafter by providing satisfactory evidence of insurability. The Sum Insured together with the sum insured of PUAs in-force, will be payable on the happening of the Insured Event. You may purchase Guaranteed Insurability Option (GIO), which entitles you to purchase additional whole life insurance on option dates and special option dates without providing further evidence of insurability.
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While this Policy is in force, should the Life Insured be diagnosed to be suffering from a disease which, in the opinion of a Registered Medical Practitioner and the concurrence of the Company's appointed doctor, is likely to lead to the death of the Life Insured within six months from the date of such diagnosis (Terminal Illness), the Company shall at the Policy HolderÆs request, pay the Benefit to the Life Insured under this Policy as follows: a) Upto 50% of the Sum Insured, subject to a maximum cumulative of Rs 5 lakhs (Rupees Five Lakhs only) under all policies which provide for this Terminal Illness Benefit, then in force with the Company, on the approval of Terminal Illness claim filed; andUpon the payment of Terminal Illness Benefit, the benefit under all policies then in force with the Company with respect to the Life Insured, which provide for this Terminal Illness Benefit, will be reduced and will be payable in accordance with the terms of the respective policies. If a claim has already been made under the Dread Disease Rider (if any), the Policy Holder shall not be entitled to the Terminal Illness Benefit under this Policy. Additionally, all Riders (if any), except the Term Rider, pertaining to Life Insured under this Policy will end upon such payment. During the period of survival of the Life Insured all premiums due shall be paid to keep this policy in force.b) The remainder of the Sum Insured, upon the occurrence of the Insured Event.
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A reduced paid up insurance is the amount of paid up insurance, which can be purchased by utilizing the Surrender Value. This reduced paid up insurance will acquire cash value. Such paid up policy is not entitled to any bonus.
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The Surrender Value will be used as a single Premium to buy Term Insurance equal to the current Sum Insured of this Policy for a term, which the Surrender Value can purchase. Such ETI is not eligible for bonus or cash value. The maximum term for this ETI cannot exceed the remaining term of this Policy. Should the Surrender Value be sufficient to buy a single premium Term Insurance for a term longer than the remaining term of this Policy then such excess amount will be paid in cash to the Policy Holder.
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After this policy is in force for two years it is entitled to bonus, if any, declared by the Company. Bonus is payable on the Policy anniversary, from the surplus, if any, arising from the actuarial valuation of the participating life insurance fund, if all premiums due before then have been paid. Bonuses are always non-guaranteed. The bonus will be applied as per one of the following option elected by the Policy Holder in the Proposal Form:-1. Paid in Cash : The Bonus declared will be paid in cash.2. Premium Offset: Use the bonus to offset the premium payable under the Policy. In the event the bonus is in excess of the premium payable under the policy, the excess will be paid out in cash. However, if the bonus is not sufficient, the shortfall should be paid in full to keep the policy in force.3. Paid Up add itions: Utilize the bonus, if any, to buy single premium endowment benefits, which will mature along with the base policy. In the event of death of the Life Insured prior to maturity, the Company shall pay Sum Insured of single premium endowment benefits, if any.4. Left on Deposit: Bonus declared by the Company can be left to accumulate with interest, at rates declared by the Company from time to time, at least once every year.
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This Policy will acquire cash value if it has been in force for at least three years and provided all the Premiums that have fallen due have been received. The guaranteed cash value of this policy will be thirty per cent (30%) of the Premium(s) (excluding the first year's Premium) received.
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After the Policy has acquired Cash Value, you may surrender this Policy. The Surrender Value payable will be equal to Cash Value. Once a request for surrender of the Policy is received by us, no other benefit under this policy is payable.
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07-Jul-09
11:56
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Raising Rs 450 cr through QIP : Max
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30-Jun-09
14:26
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Max India plans to raise Rs 400 cr
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29-Jun-09
09:51
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Max plans to raise equity funds of about Rs 500 cr
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17-Jun-09
10:41
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Max starts talks to sell 23% to New York Life
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02-Jun-09
11:59
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Max New York Life Launches Healthy Family
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26-May-09
10:26
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Max India to raise Rs 150cr
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09-May-09
12:40
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Max New York Life to launch 'Universal Life'
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08-May-09
11:49
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Max New York Life plans new products
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07-May-09
21:40
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Max New York life launched ULIP 'SMART Xpress'
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04-May-09
10:26
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Max New York Life cutting costs
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02-May-09
11:26
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Pilot project in UP to to sell 'Max Vijay'
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30-Apr-09
19:43
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Max New York Life expects 'Max Vijay' to grow by 100%
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29-Apr-09
14:45
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Max New York Life has tied up with NMIMS for PG Diploma in insurance & sales
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29-Apr-09
09:45
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Launching of universal life policy : Max New York Life
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16-Apr-09
10:59
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Max India promoters pledge 21.08 % stake
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25-Mar-09
12:55
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Superbrand status for Max New York Life
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18-Mar-09
20:36
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NMIMS launches PGDBM in Insurance & Sales, assures placement with Max New York Life
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28-Feb-09
11:21
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Max New York Life launches Electronic Fund Transfer for settling claims
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26-Feb-09
13:10
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We will evaluate our exposure in Satyam stake : Max chief
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24-Feb-09
13:10
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Max New York Life expects 45 % growth in business this year
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17-Feb-09
18:20
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Max New York Life Insurance partners CNRI for Max 'Vijay'
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24-Jan-09
15:40
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3i Infotech signed with Max New York to marketize in rural India
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29-Dec-08
10:40
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Max New York ties up with Alegion
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23-Dec-08
10:40
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We are not willing to pay the price for top slot: Max NY
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18-Dec-08
12:40
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Insurance spawns a spurt in jobs
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26-Nov-08
12:58
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New York Life chairman appointed to USIBC board
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25-Nov-08
11:35
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Max New York plans to invest Rs 3,000 cr more by 2012
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24-Oct-08
14:25
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Max India Ltd is likely to post a loss in FY09
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14-Oct-08
10:27
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Max New York to have new CEO
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09-Oct-08
14:52
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Max New York ties up with Pune co-op bank
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08-Sep-08
13:05
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Max India Forms JVC with Bupa Finance to Foray into Health Insurance
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28-Aug-08
21:25
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Narsee Monjee Institute of Management Studies and Max New York Life Launches PG Diploma in Business
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26-Aug-08
23:35
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Max New York Life Insurance earmarks Rs one billion media spend on brand repositioning
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10-Aug-08
14:10
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Buying insurance from your neighbours
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30-Jul-08
12:40
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Max India hikes its share in insurance Joint Venture
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22-Jul-08
10:30
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Max India takes control in life insurance joint venture
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