|
|
 |
|
|
 |
Children's Endowment to 18 (Par) Plan
UIN 104N008V01
|
|
|
|
|
|
|
Text Size |
  |
|
|
|
Life has innumerable surprises stored for us. Parenthood is wonderful and it is
one such stage, when you experience various emotions you never thought you had.
But parenthood also brings its own set of apprehensions and worries. What will your
child grow up to be in the future? Will his/her future be as secure as you want
it to be? Or more importantly what can you do to make sure his/her future is hassle-free
and secure? So, planning ahead for your child’s future needs such as higher
education is extremely important and ensuring that you have the ability to fulfill
those needs is even more critical.
Max New York Life presents Children's Endowment Participating Insurance to age 18
with an option to buy a permanent life insurance policy without medical underwriting
(irrespective of his/her health at that time). This policy which is especially designed
to enable you to provide for higher education of your child and take care of your
child’s future needs in case of spiraling costs.
"For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale".
Children's Endowment Participating Insurance to age 18 with whole life option
enables you to provide for higher education of your child.
- On death of life insured: Refund of premiums plus interest
- On Maturity: Sum Assured
- On Surrender of Policy: Surrender value
- Bonus: From 3rd policy year, we will declare bonuses every year
|
Eligibility |
Criteria |
|
Age at Entry |
91 days to 13 years |
|
Maturity Age |
18 years |
|
Minimum Face Amount |
Rs. 100,000/-
|
|
Maximum Face Amount |
Rs. 5,000,000/- |
|
Banding Structure |
|
|
Higher Face Amounts offer lower Premiums. These are the various Bands. There are
different Premium tables for each band. Please refer to the relevant Premium table
to find the exact premium |
Band 1: Rs. 1,00,000 - Rs. 2,49,999
Band 2: Rs. 2,50,000 - Rs. 4,99,999
Band 3: Rs. 500,000 and above |
|
Premium |
Regular |
|
|
|
Benefits |
|
Maturity Benefit: Face Amount plus Accrued bonus (if any) on life insured's
survival to maturity
Death Benefit (Life Insured): Refund of Premiums plus Interests plus Accrue
bonus (if any)
On Surrender of Policy: Cash value as built in the policy will be paid at
the time of surrender of policy. There is no cash value till 3 years premiums have
been paid in full. Bonus Options: Bonus is not declared for the first 3 years of
the policy.
At the time of Bonus declaration the following Bonus Option is available:
Paid in Cash - Bonus declared by the company will be paid out to the policy holder
Non-Forfeiture Options:
Reduced Paid Up: A lower Sum Assured for the remaining term of your policy.
In case you do not want the above, you can choose to take cash value by cheque.
|
Unique Features in This Policy:
|
|
Upon your child attaining the age of 18, he/she will have the option to buy a permanent
life insurance policy without medical underwriting (irrespective of his/her health
at that time).
On maturity of the policy, the benefits payable under the policy shall automatically
vest with your child – so that your child receives the benefits.
|
|
|
|
Payor Rider |
|
|
 |
|
Age |
20 - 45 Years (Whole Life Participating)
20 - 55 Years (All other plans)
|
|
Benefits |
A variant of the WOP rider, this rider covers the life of the proposer of the policy.
A wonderful add-on to children products, this will ensure the policy continues even
if the proposer were to be disabled or is no longer there to pay the premiums. The
rider covers all the disability benefits under the WOP along with the Death. “Total
Disability” or Totally Disabled” refers to the proposer becoming permanently
and totally disabled as a result of injury or sickness and thereby totally incapable
of engaging in any gainful activity or carry out any work, occupation, or profession
to earn or obtain any wages, compensation, remuneration or profit. This is ideally
suited for Children’s Endowment product issued by Max New York Life Insurance.
|
|
Individual/Group |
Individual |
|
Expiry Age |
55 Years (Whole Life Participating)
60 Years (All other plans) |
|
Face Amount Range |
Linked to base and relevant rider premiums subject to underwriting
|
|
Premium Payment Term |
Level |
|
Calculation of Modal Premiums Semi Annual, Quarterly and Monthly Modes |
Multiply by the appropriate factor:
|
Annual |
1.000 |
|
Semi Annual |
0.520 |
|
Quarterly |
0.265 |
|
Monthly |
0.090 |
|
|
|
|
|
|
|
|
|
Age |
20 – 55 Years |
|
Benefits |
The Personal Accident Benefit is a low cost additional benefit that is paid in case
the insured’s death or total and permanent disability is caused by an accident.
Total and Permanent Disability means accidental injuries which, within 180 days
from the happening of such accident and independently of all other causes, results
in:
- Irrecoverable loss of entire sight in both eyes; or
|
|
Tenors Available: |
Pick-a-Term: Minimum 10 Years Maximum 40 Years
|
|
Expiry Age |
60 Years |
|
Minimum Face Amount |
Rs 1,00,000/- |
|
Maximum Face Amount |
The lower of base face amount or Rs. 40 Lacs
|
|
Benefit Features |
Gives an additional benefit upon diagnosis of any of the ten diseases viz – Heart
Attack, Cancer, Stroke, CABG, Multiple Sclerosis, Kidney Failure, Major Organ Transplant,
Paralysis, COMA, Heart Valve Replacement/Repair
|
|
Calculation of Modal PremiumsSemi Annual, Quarterly, Monthly Modes |
For Selling DD on traditional policies, please for multiply by the factor below:
|
Annual |
1.000 |
|
Semi Annual |
0.520 |
|
Quarterly |
0.265 |
|
Monthly |
0.090 |
|
|
|
|
|
|
|
|
|
Age |
20 – 45 Years (Whole Life Par)
20 – 55 Years (All other plans) |
|
Benefits |
The waiver of premium protects the life insured from the burden of paying the premiums
on his insurance in case he/she gets totally disabled. “Total Disability” or “Totally
Disabled” refers to the life insured becoming permanently and totally disabled as
a result of injury or sickness and is thereby totally incapable of engaging in any
gainful activity or carry out any work, occupation, or profession to earn or obtain
any wages, compensation, remuneration or profit |
|
Expiry Age |
55 Years (Whole Life Par)
60 Years (All other plans) |
|
Minimum Face Amount |
Linked to Base and relevant rider Premiums |
|
Maximum Face Amount |
Subject to underwriting
|
|
Calculation of Modal Premiums, Semi Annual, Quarterly, Monthly Modes
|
For the following frequencies multiply by the factor given below:
|
Annual |
1.000 |
|
Semi Annual |
0.520 |
|
Quarterly |
0.265 |
|
Monthly |
0.090 |
|
|
|
|
|
|
|
|
|
 |
 |
MEMBER LOGIN... |
 |
|
 |
 |
|
Presenting on-line access to your insurance policy. Enjoy a host of benefits, generate statements, view policy details, pay on-line, log a request and much more…!
|
 |
 |
|
Login to your agent portal to generate statements, view policy details, product news, policy servicing and much more…!
|
|
|
|
|
|
 |
|
|
|
|
|
|
|
|
|
|