Max New York Life has introduced the SMART Step children’s plan which secures the brilliant future of the child. It helps the parents to plan for the future of their child without any tension and doubts. With this plan the parents can ensure the higher education, financial protection of the child.
The key features of SMART Step plan are:
• The life insured is under the policy of the parents.
• The required age of the life insured is 21 years to 50 years.
• The required age of the child is 91 days to 15 years.
• The maximum maturity age for the life insured is 60 years.
• The time for the insurance policy term is minimum 10 years and maximum 25 years. The policy term must be made in such a way that at the time of maturity the age of the child will be in 16 to 25 years.
• The premium bands of the policy are:
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
• The premium term is equivalent to the policy term.
The benefits of SMART Step are:
• On maturity of the policy the company will pay the child the total fund value. If the customer does not want the proceeds of the maturity the customer can decide to defer the payment.
• If the death of the life insured happens unexpectedly the child will be paid 100% of the sum assured.
• The company will carry on the unit account even after the death of the life insured till the date of maturity.
• The company itself will pay the future ATPs preferred by the policyholder till the maturity death for the benefit of the child in case of the death of the life insured.
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