Max New York Life Insurance has introduced the SMART Step children’s plan which secures the bright future of the child. It helps the parents to plan for the future of their child without any tension and worries. 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 policy term is minimum 10 years and maximum 25 years. The policy term should be made in such a way that at the time of maturity the age of the child will be 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 premium term is equal 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 choose to defer the payment.
• If the death of the life insured happens suddenly the child will be paid 100% of the sum assured.
• The company will continue the unit account even after the death of the life insured till the date of maturity.
• The company itself will pay the future ATPs chosen by the policyholder till the maturity death for the benefit of the child in case of the death of the life insured.