Max New York Life Insurance launched “Max New York Life College Plan’, a guaranteed money back child plan. ‘College Plan’ is a Guaranteed Money Back Life Insurance Plan designed to Meet the Rising Cost of College Education of your Child. The plan provides peace of mind as it ensures a guaranteed pay out when the child
reaches 18 years of age. The plan also provides an assured amount every year till the child attains 21 years of age. Max New York Life College Plan ensures that the parents do not have to compromise on their child’s career due to lack of funds.
College Plan – Features & Benefits
The Max New York Life College Plan provides a guaranteed returns pegged at 120% of sum assured. It is an ideal product for those who do not want to take any risk while saving for their child’s higher education, as it is a traditional money back plan.
Timely Money Back
The plan offers guaranteed money back aligned towards your child’s college education. The plan ensures that the premium payment term is completed during the school days and money backs start at the age of 18, 19, 20 and 21 when it is needed the most for higher education. Not only are the payouts made in the college going years , the payouts are made in a manner which is reflective of the real experience of the customer. As the expenses are the highest during the first and the last year of college hence 40% of the Sum Assured in year 18 and 21 while in the middle years of 19 and 20 20% of the Sum Assured is given.
Reversionary & Terminal Bonus
The product is bundled with dual bonuses – Reversionary Bonus and Terminal Bonus. Guaranteed additional terminal bonus is paid if the policy has been in force for 10 years. The option of revisionary bonus ensures that the corpus is not used for other purposes during the tenure of the policy.
Funding of premium through Pay or rider coverage
In case of unfortunate event of death of the payor, Max New York Life will continue to operate the policy 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.