Higher education, marriage, and financial security for your child are some of the most important things that you would want to save your money for. It is your responsibility to ensure that your child has a safe and a bright future. However, with ever-rising cost of living in today’s world, simple savings would not be enough for all your child’s future needs. Your support and financial security for your child is of utmost importance and that’s the reason you need a plan, which would provide you the helping hand and the desired financial support at times of unavoidable crisis. 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.
Max New York Life’s SMART Steps™ Single Premium policy will help you plan for your child's future in a SMART and organized manner. Apart from offering 360 degree protection to your child if you are not alive, this plan also 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
| Eligibility Criteria |
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| 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 |
| Sum Assured |
Single Premium X 5 |
| Premium Term |
Single premium: Once at the time of proposal |
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| Benefits |
Maturity Benefit:
On maturity, we 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
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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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