Children’s Endowment to 24 (Par) Plan | Max New York Life Insurance

Plan Overview:
Parenthood is wonderful. However, this is a stage in life when you are expected to fulfill various responsibilities, which grows as your child gets older. It’s important that you plan in proceed 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 Children’s Endowment Participating Insurance to age 24 provides an alternative 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 different events in your child’s life such as a grand wedding of your child. This brilliant plan is a participating plan, which is also eligible for bonuses and Max New York Life Insurance may announce 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.

Features:

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 confirmed 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 outstanding 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.

Key Benefits:
• 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

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

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Tags: insurance policy, Life Insurance, Max New York Life