Max New York Life Insurance Childrens Endowment to 24 (Par) Plan

Parenthood is wonderful. However, this is a phase in life when you are expected to fulfill various responsibilities, which grows as your child gets older. It’s important that you plan in advance to meet your child’s future needs and be financially prepared. It’s important that you plan in advance to meet your child’s future needs and be financially prepared.

Max New York Life’s Children’s Endowment Participating Insurance to age 24 provides an option to buy a permanent life insurance policy without medical underwriting (irrespective of his/her health at that time). This policy enables you to provide for various events in your child’s life such as a grand wedding of your child. This excellent plan is a participating plan, which is also eligible for bonuses and Max New York Life may declare these bonuses from time to time and from the third policy year. An important feature of this plan is that the entire sum assured is paid out on maturity and the plan automatically vests when the child turns 18.

Eligibility Criteria
CriteriaEligibility
Age at Entry91 days to 13 years
Maturity Age24
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. 2,49,999
Band 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 24, 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.
  • 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
  • Tax Benefit

Download its brochure here.

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