Ahmedabad, Sep 26 (UNI) Max New York Life launched the Smart Steps range of unit linked child plans here today.
Max New York Life senior vice president - agency (west&south) Rajender Sud told reporters that the Smart Steps range of Unit Linked Child Plans are targeted at parents who want to be absolutely sure about the secure future of their children whether they are there or not there.
The plan offers customers the choice of investing in five investment funds -- secure, conservative, balanced, growth and growth super.
The minimum annual premium allowed in the plans Smart Steps and Smart Steps Plus is Rs 20,000 and in Smart Steps single premium is Rs 50,000. In case of the death of the parent, the nominee/beneficiary is entitled to receive guaranteed 100 per cent sum assured immediately. In addition, Max New York Life will continue to operate the Unit Account until maturity of the policy and all future premiums are funded to the policy by Max New York Life on behalf of the life insured until policy maturity thereby ensuring that the purpose for which the policy was originally purchased is accomplished.
The Smart Steps Plus plan has an additional inbuilt feature of Family Income Benefit, which ensures that the child's recurring needs are taken care of by way of extra yearly payouts (5 per cent of the sum assured) on the death of the parent (life insured) for rest of the policy term.
Smart Steps range of plans offer customers the choice to manage their investments by free switching upto six times a year. It also offers premium redirection flexibility free of cost upto three times a year that enables the customer to proactively manage their investments and redirect their future premiums into new funds of their choice. The plans offer a top-up facility wherein a customer can invest lump-sum money into the policy as and when the funds are available.