New Delhi, May 5 (UNI) Max New York Life Insurance, a joint venture between Max India Ltd and New York life, today introduced its unit-linked insurance plan 'SMART Assure' plan.
''The plan offers the customer a choice of allocating up to 100 per cent of premium paid beyond specified premium bracket. As the premium amount goes up, the allocation charges keep decreasing with no allocation charges levied on premiums upward of Rs three lakhs,'' a statement said.
Also, it offers an increasing premium option under which the customer has the choice to increase the annual premium by five per cent of the initial premium on each policy anniversary and accordingly the sum assured also increases at five per cent per annum without any additional underwriting.
The plan caters to wide customer segment with the entry age ranging from as low as 91 days to as high as 75 years and the maximum age at maturity of 85 years which makes it an ideal proposition for Senior Citizens seeking insurance coverage along with investments.
''The customer has the flexibility to choose any policy term between 10 years to 30 years with regular payment terms. The minimum premium which can be paid under this plan is Rs 20,000 per month,'' the statement added.
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