Chandigarh, Sep 26 (UNI) Max New York Life, one of India's leading life insurance companies, today launched SMART steps range of unit linked child plans to facilitate planning for children's needs and provide financial protection to them.
''The new child plan would facilitate planning for children's higher education, marriage, their other needs even as financial protection in event of death of parent.'' Max New York Life Senior Vice President kenneth Sannoo said in a press conference here.
''In case of unfortunate event of death of the parent, the life insured, the beneficiary child is entitled to receive guaranteed hundred per cent sum assured immediately. In addition, the company will continue to operate the unit account and will pay all the premiums until maturity of the policy,'' he said.
Mr Sannoo said the SMART steps 'Plus' plan had an additional inbuilt feature which ensures that the child's recurring needs were taken care of by yearly payouts i.e five per cent of the sum assured, on the death of the parent (life insured) for rest of the policy term. A lump sum payout would also be given in the event of life insured being diagnosed with any of the ten dreaded diseases covered under the policy, he added.
He said the range of plans -- SMART Steps, SMART Steps Plus and SMART Steps Single Premium -- would provide customers the flexibility in financial planning and choice of investing their premium in five investment funds such as Secure, Conservative, Balanced,Growth and Growth Super, packed with single Premium option and flexibility of free switching upto six times a year to other fund.
Mr Sannoo said the minimum annual premium allowed in SMART Steps and SMART Steps Plus were Rs 20,000 and in SMART Steps Single Premium it was Rs 50,000.
Max New York Life has sold over 17.5 million policies with more than Rs 53,656 crore in sum assured, Mr Sannoo said.
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