MaxNew York Life insurance Clarification required

POSTED BY Prasad Kurdi Matta ON September 6, 2011 11:54 am ONE COMMENT

  I took Max New York life insurance policy  – Whole life Plan 4 years back. I have paid premium of Rs.20000  per year for 3 years and 4th year I paid Rs.16000 for the 4th year.


Sum assuered is : Rs. 980658

Insurance term:  100 years

14 more years I have to pay the premium after that the bonus is more than my premium so that I don’t need to pay the  premium.

After 19 years I will start getting the income for this plan as bonus is more than premium.

Current surrender value is 18000/-


Please suggest me whether I should continues the policy or should surrender/close?

One reply on this article “MaxNew York Life insurance Clarification required”

  1. Prasad

    this is classic example of how numbers are used to attract people .. just because you will start getting things later does not mean this is good .. you can keep investing 20k in FD per year and that would accumulate 10 lacs in 20 yrs . After 20 yrs ,you can start drawing 60-70k per year …

    See how we have created a simple pension system. You should do some IRR analyiss of this policy and see what kind of returns are you getting in long run : use the video tutorial in this article :

    Let us know how much is IRR or what you dont understand in that .


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