The SMART Steps Single Premium policy of Max New York Life Insurance renders the same functions as the SMART Step and SMART Step Plus. It not only ensures the future of the child but also provides money if there any crucial financial time appears.
The key features of the SMART Steps Single Premium plan are:
• This policy is available under the life insured policy of the parents.
• The age of the life insured should be within 21 years to 50 years.
• The age of the child necessary should be within 91 days to 15 years.
• The maximum maturity age of the life insured is 60 years.
• The policy term is to be minimum 10 years and maximum 25 years. The policy term should be in such way that the child’s age remain within 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 term of the premium of SAMRT Step Single Premium is single premium which is received at the time of proposal.
• The sum assured is 5 times of the single premium.
• As for the maturity benefit the company will give the fund value for the child’s benefit. If the customer does not want the proceeding on the maturity he/she can choose to defer the payment of the proceedings.
• If the life insured person dies suddenly 100% of the sum assured of SMART Step Single Premium will be paid to the child. The company will continue to operate the unit account after the death of life insured till the date of the maturity.
• The company will bear to pay all the ATPs according to the fund allocation chosen by the policy holder.