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Insurance policy is a contract of protection/compensation by the insurer to the insured. It is designed to reimburse or compensate the insured party for the financial loss caused in event of death or damage to merchandise as mentioned in the insurance contract.

Broadly insurance can be classified in two categories:
First - Life Insurance which matures in event of death of the insured/policyholder. On occurrence of such an event the insurance company pays a sum of money assured to the nominee/beneficiary (person nominated by the policyholder). Life Insurances are of two types:
Traditional Plans - which contain Endowment Plan , Cash Back Plan, Term Plan , (Term Life Insurance) and Whole life policy. And Unit-linked Insurance Plans - are of 4 types - Endowment cum Ulips, Children Plan , Retirement Plan or Pension plan and investment/saving plans.
Second - General insurance. All insurance policies other than life insurance policies come under general insurance segmentation. (Also known as non-life insurance policies). These policies include Home Insurance, Auto Insurance, Travel Insurance, Marine Insurance, Theft Insurance, Office insurance and Health insurance
Health insurance is most acquired policy in general insurance segment. Health insurances are of 3 types - Comprehensive Plan - which include Mediclaim and Fixed benefits plan, Accidental Insurance and Critical Care plan .
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Home > Life Insurance > Life Insurance Companies > Max New York Life Insurance > Smart Steps Plan

MAX New York Life- Smart Steps Plan

Smart Steps Plan is a regular unit linked plan for your children's future. The plan helps you build funds for your child in a smarter way. This plan gives financial and insurance protection for your child in case you are not around. It offers investment options like allocating your money in investment funds. You also have an option of withdrawing part amount during the tenure in case of emergency needs.

Benefites :
1. Smart Steps Plan gives you a choice of investing your amount in the equity market, and your funds are taken care by a well trained.
2. The plan gives your child full insurance covers incase of your untimely death.
3. Your child also gets financially covered to meet his future needs in case of your death.
4. You can withdraw part of your amount for any unexpected need.
5. You have the choice of investing in any 5 different investment funds.
6. The policy also allows you to switch or redirect your funds to other investment funds.
7. You get a maturity benefit and death benefit added to the policy.

Eligibility
Parameters Minimum Age Maximum Age
Life insured under the policy Parent
Age of Life Insured 21 years 50 years
Age of Child 91 days 15 years
Maximum Maturity age (Life Insured) 60 years
Policy Term 10 years 25 years
Disclaimer: Please note that the information provided is collected from sources publicly available & we believe to be reliable. The website doesn’t warrant the accuracy, reliability & absolute information available on the website. Participation by site visitors or registered customers is on a voluntary basis. The policies are offered by various life Insurance & non-life insurance offering companies and Bimadeals does not seek to, either directly or indirectly, advise, offer, solicit or recommend that any person who is or proposes to become its member should purchase the Policy.
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