| Smart Steps TM & Smart Steps TM Plus |
Unit linked Life insurance plans that provides cover to your life while managing your investments and providing financial protection to your loved ones today, while safeguarding their dreams for tomorrow.
As a responsible parent your primary responsibility is to ensure that your child has a safe and a bright future. Higher education, marriage, financial security are just some of the most important things that you would want to save your money for. However, with ever-rising cost of living in today’s world, simple savings would just not be enough. As a good planner, you need to look ahead and plan accordingly. Introducing Max New York Life’s, regular premium, unit linked life insurance children’s plans – SMART Steps™ & SMART Steps™ Plus, that will help you plan for your Child's future in a SMART way and takes your worries away for almost any uncertainty. |
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 ELIGIBILITY CRITERIAS |
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The under mentioned criteria’s need to be fulfilled by you to avail the benefits of SMART Steps™ & SMART Steps™ Plus, unit linked life insurance plans: -
Criteria |
Eligibility |
Life Insured under the policy |
Parent |
Age of Life Insured |
21 years to 50 years |
Age of Child |
91 days to 15 years |
Maximum Maturity age (Life Insured) |
60 years |
Policy Term |
Minimum: 10 years
Maximum: 25 years
Note: The policy term should be such that the age of child, at policy maturity is greater than or equal to 16 years and less than or equal to 25 years. |
Premium Bands
(Allocation Charges are dependant upon the premium band you choose) |
Band 1: Rs. 20,000 – Rs. 49,999
Band 2: Rs. 50,000 – Rs. 149,999
Band 3: Rs. 150,000 – Rs. 299,999
Band 4: Rs. 300,000 – Rs. 499,999
Band 5: Rs. 500,000 and above |
Premium Term |
Equal to the policy term |
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| KEY BENEFITS |
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 Attractive Returns |
| Protection |
| Liquidity |
| Tax Benefits |
| Flexible Investments |
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RETURNS-This ULIP policy provides you cover for your life and competitive returns to secure the future of your child in the form of - |
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Maturity Benefit: On maturity, we will pay you the Fund Value, for your Child’s benefit. However, if you do not want the proceeds on maturity (i.e. incase you want to stay invested in market for longer to take advantage of bull/bear run), you may choose to defer payment of proceeds to up to 5 year by opting for the Settlement option. |
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| PROTECTION-This ULIP policy provides your child a 360 degree comprehensive protection for almost all adversities |
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| Life Events |
SMART Steps™ |
SMART Steps™ Plus |
Death of Parent
(Life Insured) |
- 100% of Sum Assured shall be paid on death of Life Insured;
- The Company shall continue to operate the Unit Account even after death of Life Insured until maturity date;
- The Company will itself bear and pay all future ATP’s as per fund allocation chosen by policyholder until maturity date and provide proceeds for the benefit of the Child;
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- 100% of Sum Assured shall be paid on death of Life Insured;
- The Company shall continue to operate the Unit Account even after death of Life Insured until maturity date;
- The Company will itself bear and pay all future ATP’s as per fund allocation chosen by policyholder until maturity date and provide proceeds for the benefit of the Child;
- A “Family Income Benefit” @ 5% of Sum Assured will be paid to nominee/beneficiary on each policy anniversary following the death of the Life Insured until maturity date. However, cumulative payout under the “Family Income Benefit” will not exceed 100% of the Sum Assured;
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| Critical Illness affecting Parent
(Life Insured) |
Not Applicable |
On the happening of any of the following
events: -
Heart Attack, Cancer, Stroke, CABG, Multiple Sclerosis, Kidney Failure, Major Organ Transplant, Paralysis, COMA, Heart Valve replacement/repair;
The following benefits are payable: -
- Lower of 50% of Sum Assured or Rs.10 lacs shall be paid immediately;
- The Company shall continue to operate the Unit Account even after the happening of the event;
- In case of death, of Life Insured following the happening of the mentioned diseases, 100% of Sum Assured will be paid on death without adjusting or recovering the Dread Disease benefit already paid.
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| LIQUIDITY- This ULIP policy provides you easy liquidity for unforeseen expenses via- |
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Partial Withdrawal: As investment under insurance plans is viewed on a long-term horizon and the maximum benefits are also reaped if you stay invested for longer duration, therefore for the first five policy years, the plan is not eligible for a partial withdrawal. You can make lump-sum partial withdrawals from your funds at any time after the policy has completed five years and within the policy term chosen, provided the minimum amount of partial withdrawal is Rs. 10,000 |
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Surrenders: Incase of unforeseen needs this plan ensures easy liquidity to you by accessing your fund through surrender benefit. You may by giving us a prior written request, surrender this policy, at any time after the completion of first policy anniversary, provided an amount equal to one ATP has been paid by you. However, the surrender value if any shall be paid only after the completion of third policy anniversary. |
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| TAX BENEFITS- This ULIP plan entitles you to tax benefits as under- |
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U/s 10(10D) of the Income Tax Act 1961 on the Maturity proceeds of the Policy |
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U/s 80C of the Income Tax Act 1961 on the Annual Premium on the Policy |
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FLEXIBILITY- This ULIP policy provides you flexible options for your changing needs via- |
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Flexibility to Chose the Insurance Cover: You have the option to choose your sum assured from a wide range of available limits. This feature gives you an opportunity to direct your money towards investments for your child or towards coverage, depending on your need. High or low Sum Assured will not change the premium. |
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Flexibility to Choose Policy Term: You have the flexibility to choose the policy term between 10 to 25 years depending on when your child requires the Maturity proceeds. Regular premium is payable for the full policy duration. |
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Flexible Investment: Depending on your risk appetite you have the flexibility to direct your investments in any one or more of the following five unit linked investment funds of the Company: SECURE, CONSERVATIVE, BALANCED, GROWTH and GROWTH SUPER. These funds invest in Fixed Income and equity assets as follows: |
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| Fund |
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| Investment Type |
Secure Fund |
Conservative Fund |
Balanced Fund |
Growth Fund |
Growth Super Fund |
Government Securities |
50-100% |
50 - 80% |
20 - 50% |
0 - 30% |
0-20% |
Corporate Bonds (investment grade) |
0-50% |
0 - 50% |
20 - 40% |
0 - 30% |
0-20% |
Money Market Instruments / Cash |
0-20% |
0 - 20% |
0 - 20% |
0 - 20% |
0-20% |
Equities |
NIL |
0 – 10% |
10 - 40% |
10 - 70% |
70-100% |
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Invest more through fund Top-ups to match your cash flows: You can invest extra money in your policy for your child’s future through occasional top-ups at anytime post the policy commencement dates. However, cumulative top ups will be allowed only up to 25% of the cumulative Annual Target Premium till date. Top-ups will not affect the Sum Assured. |
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Switch across funds: This plan allows you to switch between funds and allows you to change your risk return profile of your existing investments, safeguarding/increasing your investments for your child. The switch options we offer provide great flexibility such that money from one fund can be switched to multiple funds in a single switch. 6 Free switches are available to you in a Policy Year. |
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Re-direction: This plan allows you to re-direct your future premiums. You can invest your future premiums in a fund different from your earlier fund, or to multiple funds in a ratio different from your earlier ratio. 3 free re-directions are available to you in a policy year.
For more details on risk factors, terms & conditions please refer to sales literature and policy document and read carefully before concluding a sale. |
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