A life insurance cover helps you secure the financial future of everyone dependent on your income in the event of your death. Nobody can help overcome the loss of a dear one, but imagine that along with this loss the surviving members of the family are hard-pressed to maintain their lifestyles because they were partially or fully dependent on the income of the deceased. Getting an adequate life cover is absolutely essential if the sum of the total value of your assets (other than the home you stay in) less your total liabilities (including any home loan, car loan or personal loan you might have outstanding) is less than 150 times your current monthly expenses. The shortfall would be the recommended amount of life cover you should seek. At ApnaPaisa, we help you reach out to a maximum of 5 service providers who will propose alternative plans that you can compare based on:
- Life Cover (also known as Sum Assured)
- Annual Premium
- Additional Riders Offered
Often customers get lured into combining their life cover requirements with an investment objective. We do not recommend this approach because it is always a lot more affordable to opt for a term insurance policy and invest the savings on the annual premium into any savings instrument of your choice - be it PPF, Fixed Deposits, Mutual Funds or even shares.
Smart Steps, Max New York Life's ULIP for children
Max New York introduces unit-lined insurance plans called 'Smart Steps'. to help in planning for children's needs and provide financial protection.Apnainsurance.com Research Bureau
01 Sep 2008
'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.