Smart Steps, Max New York Life's ULIP for children

'Smart Steps' is the range of Unit-linked Child Plans (ULIP) introduced by Max New York Life aimed at aiding planning for children's needs and provides financial protection.

The minimum annual premium for 'Smart Steps' ranges between Rs. 20,000 to Rs. 50,000. The intended beneficiary will receive 100 per cent sum assured immediately on death of the assured. The company will continue to operate the unit account until maturity of the policy.

The future premiums for the policy will be funded by Max Life on behalf of the life insured until policy maturity. This will ensure that the purpose for which the policy was originally purchased was achieved.

The Smart Steps 'Plus' plan has a feature of family income benefit which ensures that the child's recurring needs are taken care of through extra yearly payouts (five per cent of the sum assured) on the death of the insured parents for rest of the policy term. A lump sum payout will be given in the event of the life insured diagnosed with illnesses covered under the policy.