|
|
 |
|
|
 |
Children's Endowment to 24 (Par) Plan
UIN 104N008V01
|
|
|
|
|
|
|
Text Size |
  |
|
|
|
Parenthood is wonderful. However, this is a phase in life when you are expected
to fulfill various responsibilities, which grows as your child gets older. It’s
important that you plan in advance to meet your child’s future needs and be
financially prepared. It’s important that you plan in advance to meet your
child’s future needs and be financially prepared.
Max New York Life’s Children's Endowment Participating Insurance to age 24
provides an option to buy a permanent life insurance policy without medical underwriting
(irrespective of his/her health at that time). This policy enables you to provide
for various events in your child’s life such as a grand wedding of your child. This
excellent plan is a participating plan, which is also eligible for bonuses and Max
New York Life may declare these bonuses from time to time and from the third policy
year. An important feature of this plan is that the entire sum assured is paid out
on maturity and the plan automatically vests when the child turns 18.
For more information on Children's endowment to 24(Par), please
click here and provide your contact details. Our Financial Advisor will
contact you soon to provide more information on this product.
"For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale".
- 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
- Tax Benefit
|
Criteria |
Eligibility |
|
Age at Entry |
91 days to 13 years |
|
Maturity Age
|
24 |
|
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 24, 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 andMonthly 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 Participating)
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 Participating)
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 andMonthly 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…!
|
|
|
|
|
|
 |
|
|
|
|
|
|
|
|
|
|
|
|
Please wait. Updating...
|
|
|
|
|
Net Asset Value on Date |
|
 Balance Fund - |
|
|
Conservative Fund - |
|
|
Growth Fund - |
|
|
Secure Fund - |
|
|
Growth Super Fund - |
|
|
High Growth Fund - |
|
|
Growth Super Fund Pension - |
|
|
Guaranteed Dynamic Fund - |
|
|
Guaranteed Income Fund - |
|
|
Dynamic Opportunities Fund - |
|
|
Money Market Fund - |
|
|
Secure Plus Fund - |
|
|
|
|
|
|
 |
|