LIFE INSURANCE Karo Zyaada Ka Iraada

Transcription

1 TM A Unit Linked Child Plan Helping your Children Win at Every Step of Life LIFE INSURANCE Karo Zyaada Ka Iraada IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. UIN 104N037V01

2 As a responsible parent your primary responsibility is to ensure at your child has a safe and a bright future. Higher education, marriage, financial security are just some of e most important ings at you would want to save your money for. However, wi 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 new unit liked children's plan SMART Steps Single Premium at helps you plan for your children in a smart way, which takes your worries away for almost any uncertainty. SMART Steps Single Premium This specially designed plan for your child's future needs, offers you: An unmatched investment opportunity by way of well managed Investment Funds A no compromise 360 degree's protection to your children if you are not alive Financial protection for your loved ones if you are not alive Facility of partial widrawals for ose unplanned expenses EASY 3 Steps TOWARDS YOUR CHILD S SECURE FUTURE 1. Choose e premium you want to invest 2. Choose e date when you need e maturity proceeds for your child 3. Choose an investment fund(s) out of e five available funds Please note at is plan is available to only ose parents who have a child (which may include a legally adopted child) between ages 0 to 15 years. Proposer having no children are not eligible to propose for is plan. Step 1 CHOOSE YOUR PREMIUM This is e Single Premium you will pay at e start of e policy starting from a minimum of Rs. 50,000. In addition to is you may even want to invest a lump sum as and when you have it in e form of Top-ups. Top-ups are allowed for a minimum of Rs. 5,000. The maximum cumulative top-up allowed is up-to 25% of e Single Premium Paid. The top-up payments do not increase e insurance coverage on e policy. Step 2 Step 3 CHOOSE THE POLICY TERM The policy term can be chosen between 10 to 25 years based on e maturity date you plan for meeting expenses for your child. The maximum policy term should be such at e life insured's age does not exceed 60 years at e time of Maturity and at e minimum age of child at policy maturity is greater an or equal to 16 years and less an or equal to 25 years. CHOOSE AN INVESTMENT FUND(S) OUT OF THE 5 AVAILABLE FUNDS In is plan e investment risk in your chosen investment portfolio is borne by you. It means at e premiums you pay in is plan are subject to investment risks associated wi e capital markets. The unit fund value may go up or down, reflecting changes in e capital market. So to balance your level of risk and return, making e right investment choice is very important You have e flexibility to direct your investments in any one or more of e following five unit linked investment funds of e Company: SECURE, CONSERVATIVE, BALANCED, GROWTH and GROWTH SUPER. The fund details are as follow:

3 Secure Fund: provides stable return by investing relatively low risk assets. The fund will invest exclusively in fixed interest securities such as Government Securities, Corporate Bonds etc. Conservative Fund: provides stable return by investing in assets of relatively low to moderate level of risk. The fund will invest primarily in fixed interest securities such as Government Securities, Corporate Bonds etc. Balanced Fund: provides balanced returns from investing in bo fixed income securities (to target stability of returns) as well as in equities (to target grow in capital value of assets). Grow Fund: provides potentially higher returns to unit holders by investing primarily in Equities (to target grow in capital value of assets); however, e fund will also invest in Government securities, corporate bonds and money market instruments. Grow Super Fund: provides potentially higher returns to unit holders by investing predominantly in Equities (to target grow in capital value of assets); however, e fund may also invest in Government securities, corporate bonds and money market instruments. ASSET TYPES SECURE (%) CONSERVATIVE (%) BALANCED (%) GROWTH (%) GROWTH SUPER (%) Government Securities Corporate Bonds (Investment Grade) Money Market Investments / Cash Equities NIL FLEXIBLE OPTIONS FOR YOUR CHANGING NEEDS As you know at insurance is a long-term relationship and life's dynamic nature makes changes necessary and important. Keeping at in mind, is plan offers you e below flexibilities to improve your investment returns. Flexible Options Top-ups Benefits You have e option to invest over and above your Single premium at any time, subject to e following conditions: Your cumulative top-up premiums at any time is not more an 25% of your single premium paid at inception. Each Top-up premium amount is at least Rs Note: The Top-up premiums will not buy any insurance cover. Changing your investment decisions You can change your investment fund choices in two ways: SWITCHING: You can switch units from one fund to anoer. PREMIUM REDIRECTION: You can pay your top-up premiums into a different selection of funds, as per your need.

4 ELIGIBILITY CRITERIAS Criteria Eligibility Life Insured Under e Policy Age of Life Insured Age of Child Maximum Maturity age (Life Insured) Policy Term Premium Bands (Allocation Charges are dependant upon e premium band you choose) Premium Term Sum Assured Parent 21 years to 50 years 91 days to 15 years 60 years Minimum: 10 years Maximum: 25 years Note: The policy term should be such at e minimum age of child at policy maturity is greater an or equal to 16 years and less an or equal to 25 years. Band 1: Rs. 50,000 Rs. 299,999 Band 2: Rs. 300,000 and above Single premium: Once at e time of proposal Single Premium X 5 ACCESSING YOUR MONEY On Maturity Your policy matures at e end of e policy term you have chosen and your dea and oer risk ceases. You may take your maturity proceeds, which will be e fund value. You have anoer option called e Settlement Option where, at least 3 mons prior to e maturity of e policy, you can opt for a settlement option, which will entitle you to receive periodical payments subject to our prevailing Rules. In case a settlement option is opted for, e policy will continue even after e maturity date but wiout e dea benefit for a period not exceeding 5 years from e date of maturity [settlement period]. The units will be cancelled periodically at eir Unit Price and e proceeds will be given to you in accordance wi e option selected and accepted by us. All applicable charges excluding e mortality and morbidity charge shall continue to apply and shall be recovered. During e settlement period, you will not be entitled to effect partial widrawal of e policy. The Unit Account continues during e Settlement period and all inherent risks shall be borne by you. Sample Illustration: For age 35 and 30 years, if you pay a single premium of Rs. 800,000 and Rs. 500,000 respectively, and invest e premiums entirely in our Grow Fund, e table below shows e illustrative maturity value on an assumed rate of return on investment of funds at 6% and 10% respectively: Entry Age Policy Term (Years) Single Premium Assumed Rate of return on Investment of funds p.a. Maturity Value (In Rs.) Net Yield to e customer Rs. 800,000 6% 11,99, % 10% 22,33, % Rs. 500,000 6% 9,25, % 10% 21,23, % Please note at e above-assumed rates of return of 6% and 10% respectively are only scenarios of what your policy may look like at ese rates after recovering all applicable charges. These are not guaranteed and ey are not e upper or lower limits of what you might earn, as e value of your policy is dependent on a number of factors including future investment performance.

5 On Dea a) 100% of Sum Assured shall be paid on dea of Life Insured; b) The Company shall continue to operate e Unit Account even after dea of Life Insured until maturity date; c) The Fund Value shall be paid on maturity date to *nominee/ beneficiary. *The nominee/ beneficiary shall have no right to seek payment of Fund Value, eier in part or in full, prior to e maturity date. On Partial Widrawal or Full Surrender As investment under insurance plans is viewed on a long-term horizon and e maximum benefits are also reaped if you stay invested for longer duration, erefore for e first five policy years, e plan is not eligible for a partial surrender. You may by giving us a prior written request, surrender is policy, at any time. However e surrender value (which will be equal to e Fund Value less surrender charges (if any) as per below mentioned point 3 for oer charges ) if any shall be paid only after e completion of ird policy anniversary. You can also make lump-sum partial widrawals from your funds at any time after e policy has completed five years and wiin e policy term chosen, provided e minimum amount partial widrawal is Rs. 10,000. We offer 6 free partial widrawals every year wi is plan. CHARGES UNDER THE POLICY 1. PREMIUM ALLOCATION CHARGE Premium Bands (in Rs.) 50, , ,000 and above Top-up premium: 2% Premium Allocation charge as a percentage of Single Premium 5% 4% 2. FUND MANAGEMENT CHARGE In e long run what makes your investment returns look impressive is e way your funds are managed. Thankfully, Max New York Life's expertise in managing your funds does not cost you a fortune. This is a charge levied as a percentage of e value of assets and shall be appropriated, usually daily, by adjusting e Net Asset Value of e fund. The annual rate of fund management charge is as below. This charge may increase in future after clearance from IRDA but shall not be higher an 2% p.a. Fund Name Grow Super Fund Grow Fund Balanced Fund Conservative Fund Secure Fund Fund Management Charge 1.35% per annum 1.25% per annum 1.10% per annum 0.90% per annum

6 3. OTHER CHARGES Charges Explanation Policy Administration Charge Rs. 600/- per annum charged Rs. 50 per mon on each Moniversary. This charge would be increased by 5% per annum compounded yearly. Mortality charge for providing risk cover to e life insured shall be recovered. On each Moniversary, an appropriate number of Units, including a part ereof, in e Unit Account will be cancelled at eir Unit Price to meet mortality for e life insurance. Mortality Charge* Please refer to e below mortality rates for some sample ages Age Annual Mortality charge (in Rs.) per 1000 Sum at Risk Switching Charge First six switches in a policy year will be free of charge. The processing charge for subsequent switches shall be Rs. 500/- per switch. This charge would be subject to increase wi approval from IRDA but will not exceed Rs. 1,000/- per switch. Note: The minimum switch amount will be Rs. 5,000/-, which can be altered by e Company from time to time. Redirection Charge First ree redirections in a policy year will be free of charge. Subsequently redirections in a policy year will attract a redirection charge of Rs. 1,000/- per redirection-. This charge would be subject to increase wi approval from IRDA but will not exceed Rs. 2,000/- per redirection. First 6 partial widrawals are free of charge in each policy year. Any subsequent partial widrawal in e same policy year will attract a charge of Rs. 1,000/- per transaction involving partial widrawal. This charge may increase wi approval of IRDA but will not exceed Rs. 2,000/- per transaction involving partial widrawal. Partial Widrawal Charge Minimum surrender value required after partial widrawal of units should be equal to e Single Premium. Minimum amount for which request for partial widrawal of units will be entertained is Rs. 10,000/- Note: No partial widrawals are allowed till e policy completes 5 policy years Surrender Charge st in 1 Policy Year nd in 2 Policy Year rd in 3 Policy Year in 4 Policy Year in 5 Policy Year in 6 Policy Year in 7 Policy Year If Policy is surrendered in 8 Policy Year and onwards Surrender Charge as a percentage of Single Premium 7% 6% 5% 4% 3% 2% 1% Nil *Service Tax and Education Cess is payable at e applicable rates on e mortality.

7 TAX BENEFITS This plan may entitle you to certain tax benefits on your premiums as well as on your maturity value. U/s 80C of e Income Tax Act 1961 on your premiums. U/s 10(10D) of e Income Tax Act 1961 on your maturity proceeds of e policy. Please note at if e premium paid in a financial year exceeds 20% of e Sum Assured, 10 (10D) benefit will not be available and 80C benefit will not be available for e premium exceeding 20%. of e Sum Assured under e current tax laws. A word on e risks of investment in e units of is policy SMART Steps Single Premium is a unit linked life insurance plan. Unit linked life insurance products are different from e traditional insurance products and are subject to investment risk. SMART Steps Single Premium is only e name of e policy and does not in any way indicate e quality of e policy, its future prospects or returns. The names of e Funds as shown in e Schedule do not in any manner indicate e quality of e Funds, eir future prospects of returns. We do not guarantee e Fund Value or Unit price. Depending on market risk and e performance of e Funds to which e units are referenced, e Fund Value may fall, rise or remain unchanged and e policyholder is responsible for his/her decisions. There can be no assurance at e objectives of any of e Funds will be achieved and none is given by Us. The past performance of any Fund of e Company is not necessarily indicative of e future performance of any of e Funds. The Funds do not offer a guarantee of assured return. All premiums/benefits payable under e policy are subject to applicable laws and taxes including service tax, as ey exist from time to time. By definition is is a non-participating policy. TERMS AND CONDITIONS We urge you to please read is brochure and benefit illustration and understand e plan details, how it works and e inherent risks involved before your decide to purchase. Unit Prices: Unit price of a fund will be determined by dividing e net asset value of e fund by e outstanding number of units on e fund valuation date. The value of a Fund will be determined and based on e market value/ fair value at which assets referenced to such Fund can be respectively purchased or sold, plus e respective cost of purchasing or minus e cost of selling e assets, plus e value of current assets, plus any accrued income net of fund management charges, less e value of current liabilities, less provisions, if any. The value of Funds may increase, decrease or remain unchanged accordingly. The unit pricing shall be computed based on wheer e Company is purchasing (appropriation price) or selling (expropriation price) e assets in order to meet e day to day transactions of unit allocations and unit redemptions i.e. e Company shall be required to sell/purchase e assets if unit redemptions/allocations exceed unit allocations/redemptions at e valuation date. The Appropriation price shall apply in a situation when e Company is required to purchase e assets to allocate e units at e valuation date. This shall be e amount of money at e Company would put into e fund in respect of each unit it allocates in order to preserve e interests of e existing policyholders. The Expropriation price shall apply in a situation when e Company is required to sell assets to redeem e units at e valuation date. This shall be e amount of money at e Company will take out of e fund in respect of each unit it cancels in order to preserve e interests of e continuing policyholders. In respect of premiums received upto 3:00 p.m. under a local cheque or a demand draft payable at par or by way of cash, e closing NAV of e day on which e premium is received shall be applicable. In respect of premiums received after 3:00 p.m, e closing NAV of e next business day shall be applicable. In respect of premiums received under outstation cheques / demand drafts, e closing NAV of e day on which e cheques / demand draft is realized shall be applicable. All requests for switch, redirection or partial widrawal received upto 3:00 p.m. will be processed at e closing NAV of e day on which e request is received. All such requests received after 3:00 p.m. will be processed at e closing NAV of e next business day. Exclusions: If e life insured dies by suicide, wheer sane or insane, wiin one year from e date of acceptance of risk or e date of any revival of is policy effected in e first 3 years, all risks under e policy shall come to an end simultaneously. In such an event, we will only refund e fund value, if any, of e policy. Free Look period: You may opt to return e original policy document to e Company wi a written request for cancellation of e policy wiin fifteen days from e date of receipt of e policy. In such an event you shall be entitled to refund of an amount which shall be equal to e non-allocated premium plus charges levied by cancellation of units plus fund value as at e date of cancellation of policy less expenses incurred on medical examination and on account of stamp duty. Prohibition of Rebates: Section 41 of e Insurance Act, 1938 states: no person shall allow or offer to allow, eier directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives, or property, in India, any rebate of whole or part of e commission payable or any rebate of e premium shown on e policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance wi e published prospectuses or tables of insurer. Non-Disclosure: Section 45 of e Insurance Act, 1938 states at under e provisions of Section 45 of e Insurance Act, 1938, e Company is entitled to repudiate a policy on e ground at a statement made in e proposal or in any report of a medical officer or reference or friend of e insured or any oer document leading to issue of e policy was inaccurate or false, before expiry of 2 years from e effective date of e policy, and ereafter at if such false or inaccurate statement was on a material matter or suppressed facts were material to disclose and it was fraudulently made and e policy holder knew at e statement was false or was material to disclose. A professional pedigree at's second to none: Insurance solutions from Max New York Life bring proven expertise to e Indian life insurance arena. As your partner for life, we bring you innovative life insurance solutions based on New York Life's global experience of over 160 years and Max India's deep understanding of e Indian market. Expert Advice at Your Doorstep: Our Agent Advisors have been professionally trained to understand and evaluate your unique financial requirements, and recommend a policy which best meets your needs. Wi experienced agents, we are fully resourced to help you achieve your life's financial objectives. Please call us today. We would be delighted to meet you.

8 O F F I C E O F T H E O M B U D S M A N AHMEDABAD: Shri B.C. Bose, 2nd Floor, Ambica House, Near C.U. Shah College, 5, Navyug Colony, 2, Ashram Road, AHMEDABAD Ph: , Fax: [email protected] Areas of Jurisdiction Gujrarat, UT of Dadra & Nagar Haveli, Daman and Diu BHOPAL Shri R.P. Dubey, 1st Floor, 117, Zone-II, (Above D.M. Motors Pvt. Ltd.), Maharana Pratap Nagar, BHOPAL Ph : , , Fax : [email protected] Areas of Jurisdiction Madhya Pradesh & Chhattisgarh BHUBANESWAR Shri M.N. Patnaik, 62, Forest Park, BHUBANESWAR Ph(O): , Fax: [email protected] Areas of Jurisdiction Orissa CHANDIGARH Shri K.M. Chadha, S.C.O. No. 101,102 & 103, 2nd Floor, Batra Building, Sector 17-D, CHANDIGARH Ph(O): , EPBX : Fax : [email protected] Areas of Jurisdiction Punjab, Haryana, Himachal Pradesh, Jammu & Kashmir, UT of Chandigarh CHENNAI Shri K. Sridhar, Fatima Akhtar Court, 4 Flr., 453(old 312 ), Anna Salai, Teynampet, CHENNAI Ph : (O) , Fax : [email protected] Areas of Jurisdiction Tamil Nadu, UTPondicherry Town and Karaikal (which are part of UT of Pondicherry) DELHI Shri R. Beri, 2/2 A, 1st Floor, Universal Insurance Bldg., Asaf Ali Road, NEW DELHI Ph: , , Fax: [email protected] Areas of Jurisdiction Delhi & Rajashan GUWAHATI Shri S.K. Kar, Aquarius, Bhaskar Nagar, R.G.Baruah Rd., GUWAHATI Ph(O): EPBX : Fax : [email protected] Areas of Jurisdiction Assam, Meghalaya, Manipur, Mizoram, Arunachal Pradesh, Nagaland and Tripura HYDRABAD Shri P. A. Chowdary, , 1st Floor, Moin Court, Lane Opp.Saleem Function Palace, A. C. Guards, Lakdi-Ka-pool, HYDERABAD Ph(O): , , , Fax: , [email protected] Areas of Jurisdiction Andhra Pradesh, Karnataka and UT of Yanam a part of e UT of Pondicherry KOCHI Smt. P.N. Sanakumari, 2nd Flr., CC 27/ 2603, Pulinat Building, Opp. Cochin Shipyard, M.G. Road, ERNAKULAM Ph(O): , , , Fax: [email protected] Areas of Jurisdiction Kerala, UT of (a) Lakshadweep, (b) Mahe a part of UT of Pondicherry KOLKATA Shri K. Rangabhashyam, Nor British Bldg., 29, N. S. Road, 3rd Flr., KOLKATA Ph(O): , , , Fax: [email protected] Areas of Jurisdiction West Bengal, Bihar, Jharkhand and UT of Andeman & Nicobar Islands, Sikkim LUCKNOW Shri K.S.K. Khare, Jeevan Bhawan, Phase-2, 6 Floorshore Road, Hazaratganj, LUCKNOW , Ph(O): , , Fax: [email protected] Areas of Jurisdiction Uttarpradesh and Uttaranchal MUMBAI Shri R.K. Vashisha, 3rd Floor, Jeevan Seva Annexe, S.V. Road, Santa Cruz (W), MUMBAI Ph(O): , , EPBX: , Fax: , [email protected] Areas of Jurisdiction Maharashtra, Goa LIFE INSURANCE Karo Zyaada Ka Iraada REGISTERED OFFICE Max New York Life Insurance Company Limited, Max House, 1 Dr. Jha Marg, Okhla, New Delhi For full details of terms and conditions, please refer to e respective policy document(s). Max New York Life is a partner in serving e cause of Children in Need by our association wi SOS Children s Villages of India. We will make a contribution for every single policy we issue to e SOS Children s Villages of India, to help secure a better life for our children. For it is our belif at in our children, lies e future of our country (Toll Free) or Insurance is e subject matter of e solicitation