Nashik, Oct 3 (UNI) Max New York Life launched Smart Steps range of unit linked plans -- Smart Steps, Smart Steps Plus and Smart Steps Single Permium -- here today that are aimed at facilitating the planning for children's needs and provide financial protection.
In case of the death of the parent (the life insured), the nominee/beneficiary is entitled to receive 100 per cent sum assured immediately, Max New York Life head agency (west and south east) senior vice president Rajender Sud told a press conference here today.
In addition, Max New York Life will continue to operate unit account until maturity.
The Smart Steps ''Plus'' plan ensures that the child's recurring needs are taken care of by way of extra yearly payouts (five per cent of sum assured) on the death of the parent for rest of the policy term, Mr Sud said. A lumpsum payout would also be given in the event of life insured being diagnosed with any of the ten dread diseases covered under the policy.
The range of plans offers customers the choice of investing their premium in five investment funds offered by New York Max Life -- Secure, Conservative, Balanced, Growth, and Growth Super, Mr Sud said. The plan empowers customers to manage their investments by free switching upto six times a year. It also offesr premium redirection flexibility free of cost upto three times a year. 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. The plans also provide liquidity through partial withdrawals from the fund value to meet any unplanned expenses, Mr Sud said.
The minimum annual premium allowed in Smart Steps and Smart Steps Plus is Rs 20,000 and for Smart Steps Single Premium it is Rs 50,000.