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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 - Future 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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104N020V01
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About Plan
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Max Amsure Future Builder Policy enables you to provide for specific needs of your child such as wedding of your child and also builds cash value, which you can use for any unforeseen events by taking a loan. Upon maturity of the Policy MNYL will pay you the Sum Assured together with accrued bonuses, if any. If the Life Insured dies before the maturity of this Policy, MNYL shall pay the premiums received together with interest at the rate of four (4) percent per annum, compounded annually, together with accrued bonuses, if any.
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Minimum Entry Age
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91 Days
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Maximum Entry Age
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14 Yrs
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Minimum Maturity Age
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10 Yrs
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Maximum Maturity Age
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24 Yrs
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Minimum Sum Assured
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Rs.50000
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Maximum Sum Assured
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Rs.500000
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Benefits
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| Particulars | Description |
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Maturity Benefits
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Upon maturity of the Policy we shall pay you the Sum Assured together with accrued bonuses, if any.
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Death Benefits
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If the Life Insured dies before the maturity of this Policy, we shall pay the premiums received by us together with interest at the rate of four (4) percent per annum,compounded annually, together with accrued bonuses, if any.
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Loan against policy
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After the Policy has acquired a Cash Value the policyholder may avail loan not exceeding 90% of the cash value under the base plan or such other percentage as the Company may determine from time to time.
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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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Max Amsure Future Builder Policy enables you to provide for specific needs of your child such as wedding of your child and also builds cash value, which you can use for any unforeseen events by taking a loan. Upon maturity of the Policy MAX NEW YORK LIFE will pay you the Sum Assured together with accrued bonuses, if any.
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Upon maturity of the Policy we shall pay you the Sum Assured together with accrued bonuses, if any.
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If the Life Insured dies before the maturity of this Policy, we shall pay the premiums received by us together with interest at the rate of four (4) percent per annum, compounded annually, together with accrued bonuses, if any.
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Upon maturity, the policyholder will have the option to buy a permanent life insurance policy on the life of Life Insured without fresh medical underwriting (irrespective of the state of health of the Life Insured at that time), as may then be offered by the Company for an amount up to the Sum Assured under this Policy. Such option may be exercised within six months from the date of maturity on such terms and conditions as are applicable at that time.
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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 out of 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 options elected by the Policy Holder in the Proposal Form:1. Paid in Cash: The Bonus declared will be paid to the Policy Holder in cash.2. Premium Offset: This entitles the Policy Holder to offset the premium payable under the Policy against the bonuses, if any. In the event the bonus is in excess of the premium payable under the policy, the excess will be paid to the Policy Holder in cash. However, if the bonus is not sufficient, the shortfall should be paid in full to keep the policy in force.3. 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. The interest credited will be compounded once every year. The accumulated amount will be paid on maturity or death of the Life Insured.
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The Policy shall automatically vest in Life Insured on his/her attaining majority (eighteen years) and upon such vesting the Policy shall be deemed to be a contract between the Company and the Life Insured, who shall be regarded as the Policy Holder and the Company shall deal directly with him.
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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 less any loan including interest accrued to the date of surrender. Once a request for surrender of the policy is received by us, no other benefit under this policy is payable.
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After the Policy has acquired a Cash Value the policyholder may avail loan not exceeding 90% of the cash value under the base plan or such other percentage as the Company may determine from time to time. You will be liable to pay interest at such rates, as may be determined by the Company on a quarterly basis, not exceeding five per cent points above the bank rate prevailing at the time when the loan application is sanctioned by us and also comply with all other terms and conditions as stipulated by us. Interest on loan will be compounded once every year. Any loan/s granted will be a first charge on the Policy proceeds and will be deducted from the proceeds before any payment is made on the Policy.
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In case you have elected APL option in the Proposal form and the Policy has Surrender Value that is sufficient to take a loan for paying the overdue premium, we will provide you with an automatic loan to pay the overdue premium within the grace period. In case premiums have been paid through APL for two years in a row, the next premium cannot be paid through APL. However, if at any time Surrender Value is not sufficient to take a loan for paying full overdue premium, you will be liable to pay the full premium, failing which the Policy will lapse and the Surrender Value, if any, will be paid to you. All other conditions regarding APL will be those as specified under Loans. You may either opt, if not already elected, or cancel this election for future premiums, by giving a notice in writing to us.
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At any time after the Policy has acquired Surrender Value, you may surrender the policy for cash or utilize the surrender value to purchase a reduced paid up insurance. The reduced paid up insurance will acquire cash value. The option to purchase reduced paid up insurance must be exercised by you in the Proposal Form or by a subsequent election in writing which must be received by us before the due date of payment of premium.
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Payor Benefit
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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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