Children’s Endowment to 18 (Par) Plan | Max New York Life Insurance

Plan Overview:
Life has infinite surprises stored for us. Fatherhood is wonderful and it is one such stage, when you experience different 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, scheduling ahead for your child’s future needs such as higher education is really 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.

Features:

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.

Key Benefits:
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

Riders:

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

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Tags: Child Plan, insurance policy, Max New York Life

Children’s Endowment to 18 (Par) Plan | Max New York Life Insurance

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