Max New York Life has launched a new unit linked child plan Shiksha Plus, which it claims to provide resources for the development of the child under all uncertain circumstances and also addresses the cost of education.

According Max New York Life, the plans offers complete surety for a secure future of the child by providing university education pool. On maturity of this policy, the fund value is paid out to the policyholder to take care of expenses on higher education for their child; university education pool booster; and school fee support wherein in an unfortunate event of death of the parent the nominee/beneficiary is entitled to receive 10% of initial sum assured every year.

In addition, the plans also offer university education support, under which the company will continue to operate the unit account until maturity of the policy; talent enhancement withdrawal scheme that offers the advantage of withdrawing specified amount as partial withdrawal from the fund value for aiding skill enhancement of any special talents that the child may possess and require further nurturing.

The company also offers an upgrade premium for sibling where, on the birth or adoption of second child, the policyholder can upgrade the premiums by 50%, which will also increase the sum assured by the same percentage; and increasing premium option to help policyholder to beat inflation.

Viswanand, director at Max New York Life, said: “This offering is targeted at parents who aspire to develop their children as all-rounders while also be absolutely sure about a secure future of their children whether they are there or not there. It provides control over uncertainties of life and inflation.

“For the first time with Shiksha Plus an effort has also been made in the life insurance industry to brand the features of the product, to help consumers better understand its utility.”

Max New York Life Insurance Company is a joint venture between Max India and New York Life International, the international arm of New York Life.