Max New York Life launches SHIKSHA plus

New Delhi, Jan 11 (ANI/Business Wire India): To facilitate your child's aspirations and goals Max New York Life, one of India's leading life insurance companies, today launched SHIKSHA Plus a Unit Linked Child Plans.

Max New York Life Shiksha Plus is a 360-degree child plan that provides resources for over all development of your child under all uncertain circumstances. Along with addressing the increasing cost of education, the plan also provides an option to secure the future of your second child also once he/she is born.

Speaking at the launch, V Viswanand, Director, Max New York Life said, "While in the yesteryears, it was all about focusing only on children's education to ensure their good career, in today's day and age of ever evolving needs, development of an all round personality of children and supporting them in areas beyond education is of utmost importance. Max New York Life conducted an extensive ethnographic consumer study to understand these deep-rooted behavioral aspects of parents which have helped us formulate this solution. This offering is targeted at parents who aspire to develop their children as all-rounders while also be absolutely sure about a secure future of their children whether they are there or not there. It provides control over uncertainties of life and inflation."

"For the first time with SHIKSHA Plus an effort has also been made in the life insurance industry to brand the features of the product, to help consumers better understand its utility. This offering further strengthens our comprehensive Unit Linked portfolio for customers with different financial risk profile and life stages," he further added.

Complete surety for a secure future for your child

University Education Pool: On maturity of the policy, the Fund Value is paid out to the policyholder to take care of expenses on higher education for their child.

University Education Pool Booster: In the last 6 Policy Years, the policyholder is benefited with Guaranteed Loyalty Additions to the fund value to further boost the higher education pool when it matters the most.

School Fee Support: In case of unfortunate event of death of the parent (the life insured) the nominee/beneficiary is entitled to receive 10% of initial Sum Assured every year, subject to a maximum of 100% of initial Sum Assured, to provide for the yearly education expenses of the child.

University Education Support: In case of unfortunate event of death, in addition to the School Fee Support, Max New York Life will continue to operate the Unit Account until maturity of the policy. Max New York Life will fund all future premiums, on behalf of the life insured until policy maturity to boost the education fund thereby ensuring that the purpose for which the policy was originally purchased is accomplished.

Talent Enhancement Withdrawal: The product offers the advantage of withdrawing specified amount as partial withdrawal from the fund value for aiding skill enhancement of any special talents that the child may possess and require further nurturing.

Upgrade Premium for Sibling: This is a unique feature which is being introduced for the first time in the industry where, on the birth or adoption of second child, the policyholder can upgrade the premiums by 50%, which will also increase the sum assured by the same percentage. This will support additional expenses and offer adequate protection to enhanced responsibilities the family will have to undertake to support education of second child. This will also ensure that through a single investment vehicle parents are able to provide similar benefits to both the children. (ANI)