It is your responsibility to ensure that your child has a safe and a bright future. Higher education, marriage, and financial security for your child are just some of the most important things that you would want to save your money for. However, with ever-rising cost of living in today’s world, simple savings would not be enough. As you work hard to ensure that your child receives quality education and has a secured future, you need a plan, which would provide you the helping hand and the desired financial support at times of unavoidable crisis in the future. Children plans ensure that money is made available at the crucial junctures in a child's education and to fund crucial commitments for the child's future.
A regular premium unit linked life insurance plan, Max New York Life’s SMART Steps™ Plus will help you plan for your child's higher education, marriage, and financial security. This plan offers no-compromise 360 degree protection to your children even if you are not alive and provides an unmatched investment opportunity by way of well managed investment funds. This policy also entitles you to make partial withdrawals for various unplanned expenses in the future.
- An unmatched investment opportunity by way of well managed Investment Funds
- A no compromise 360 degrees protection to your children if you are not alive
- Financial protection for your loved ones if you are not alive
- Facility of partial withdrawals for those unplanned expenses
| Criteria |
Eligibility |
| Life Insured under the policy |
Parent |
| Age of Life Insured |
21 years to 50 years |
| Age of Child |
91 days to 15 years |
| Maximum Maturity age (Life Insured) |
60 years |
| Policy Term |
Minimum: 10 years
Maximum: 25 years
Note: The policy term should be such that the age of child, at policy maturity is greater than or equal to 16 years and less than or equal to 25 years. |
Premium Bands
(Allocation Charges are dependant upon the premium band you choose) |
Band 1: Rs. 20,000 – Rs. 49,999
Band 2: Rs. 50,000 – Rs. 149,999
Band 3: Rs. 150,000 – Rs. 299,999
Band 4: Rs. 300,000 – Rs. 499,999
Band 5: Rs. 500,000 and above |
| Premium Term |
Equal to the policy term |
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| Benefits |
Maturity Benefit:
On maturity, Max New York Life Insurance will pay you the Fund Value, for your Child's benefit. However, if you do not want the proceeds on maturity (i.e. incase you want to stay invested in market for longer to take advantage of bull/bear run), you may choose to defer payment of proceeds to up to 5 years by opting for the Settlement option.
Death Benefit: On Death of Parent (Life Insured)
- 100% of Sum Assured shall be paid on death of Life Insured. The Company shall continue to operate the Unit Account even after death of Life Insured until maturity date. The Company will itself bear and pay all future ATP’s as per fund allocation chosen by policyholder until maturity date and provide proceeds for the benefit of the Child. A “Family Income Benefit” @ 5% of Sum Assured will be paid to nominee/beneficiary on each policy anniversary following the death of the Life Insured until maturity date. However, cumulative payout under the “Family Income Benefit” will not exceed 100% of the Sum Assured.
The following Benefits are payable in case of Critical Illness affecting Parent:
- Lower of 50% of Sum Assured or Rs.10 lacs shall be paid immediately. The Company shall continue to operate the Unit Account even after the death of the Life Insured. In case of death of Life Insured after suffering from critical diseases as mentioned, 100% of Sum Assured will be paid without adjusting or recovering the Dread Disease benefit already paid.
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You have the flexibility to direct your investments in any one or more of the following five unit linked investment funds of the Company: SECURE, CONSERVATIVE, BALANCED, GROWTH and GROWTH SUPER. These funds invest in Fixed Income and equity assets as follows:
Select any one or all of the mentioned funds
| Fund |
Secure Fund |
Conservative Fund |
Balanced Fund |
Growth Fund |
Growth
Super
Fund |
| Investment Type |
| Government Securities |
50-100% |
50 - 80% |
20 - 50% |
0 - 30% |
0-20% |
| Corporate Bonds (investment grade) |
0-50% |
0 - 50% |
20 - 40% |
0 - 30% |
0-20% |
| Money Market Instruments / Cash |
0-20% |
0 - 20% |
0 - 20% |
0 - 20% |
0 - 20% |
| Equities |
NIL |
0 - 10% |
10 - 40% |
10 - 70% |
70-100% |
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Flexibilities |
Switching: This plan allows you to switch between funds and allows you to change your risk return profile of your existing investments, safeguarding/increasing your investments for your child. 6 Free switches are available to you in a Policy Year.
Premium Re-Direction: This plan allows you to re-direct your future premiums. You can invest your future premiums in a fund different from your earlier fund, or to multiple funds in a ratio different from your earlier ratio. 3 free re-directions are available to you in a policy year.
Partial Withdrawal: You can make lump-sum partial withdrawals from your funds at any time after the completion of five policy years and within the policy term chosen, provided the minimum amount of partial withdrawal is Rs.10,000.
Surrenders: You may by giving us a prior written request, surrender this policy, at any time after the completion of first policy anniversary, provided an amount equal to one ATP has been paid by you. However, the surrender value if any shall be paid only after the completion of third policy anniversary. |
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