Max New York Life Insurance – Children’s Endowment to 18 (Par) Plan

Life has innumerable surprises stored for us. Parenthood is wonderful and it is one such stage, when you experience various emotions you never thought you had. But parenthood also brings its own set of apprehensions and worries. What will your child grow up to be in the future? Will his/her future be as secure as you want it to be? Or more importantly what can you do to make sure his/her future is hassle-free and secure? So, planning ahead for your child’s future needs such as higher education is extremely important and ensuring that you have the ability to fulfill those needs is even more critical.

Max New York Life presents Children’s Endowment Participating Insurance to age 18 with an option to buy a permanent life insurance policy without medical underwriting (irrespective of his/her health at that time). This policy which is especially designed to enable you to provide for higher education of your child and take care of your child’s future needs in case of spiraling costs.

Eligibility Criteria
EligibilityCriteria
Age at Entry91 days to 13 years
Maturity Age18 years
Minimum Face AmountRs. 100,000/-
Maximum Face AmountRs. 5,000,000/-
Banding Structure
Higher Face Amounts offer lower Premiums. These are the various Bands. There are different Premium tables for each band. Please refer to the relevant Premium table to find the exact premiumBand 1: Rs. 1,00,000 – Rs. 2,49,999Band 2: Rs. 2,50,000 – Rs. 4,99,999

Band 3: Rs. 500,000 and above

PremiumRegular
Benefits
Maturity Benefit: Face Amount plus Accrued bonus (if any) on life insured’s survival to maturityDeath Benefit (Life Insured): Refund of Premiums plus Interests plus Accrue bonus (if any)

On Surrender of Policy: Cash value as built in the policy will be paid at the time of surrender of policy. There is no cash value till 3 years premiums have been paid in full. Bonus Options: Bonus is not declared for the first 3 years of the policy.

At the time of Bonus declaration the following Bonus Option is available:



Paid in Cash – Bonus declared by the company will be paid out to the policy holder

Non-Forfeiture Options:

Reduced Paid Up: A lower Sum Assured for the remaining term of your policy. In case you do not want the above, you can choose to take cash value by cheque.

Unique Features in This Policy:
Upon your child attaining the age of 18, he/she will have the option to buy a permanent life insurance policy without medical underwriting (irrespective of his/her health at that time).On maturity of the policy, the benefits payable under the policy shall automatically vest with your child – so that your child receives the benefits.

Children’s Endowment Participating Insurance to age 18 with whole life option 

enables you to provide for higher education of your child.

  • On death of life insured:  Refund of premiums plus interest
  • On Maturity:  Sum Assured
  • On Surrender of Policy:  Surrender value
  • Bonus: From 3rd policy year, we will declare bonuses every year

Download its brochure here.

Max New York Life Insurance – Children’s Endowment to 18 (Par) Plan
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