Max New York Life Insurance has recently come up with new health plan for private insurers. Apart from having child plans in the unit-linked insurance plan (ULIP) category, which consists of both debt and equity component. This new plan basically offers bonus and lies under the money back plan category at pre defined years of the child. Max New York Life College plan guarantees money back stage after 21 years of age. There is 40 percent money back when the child reaches 18 years and 21 years. The rest of the years will assure 20 percent in the middle years of 19 and 20. The plan offers dual bonuses paid once during the policy lifetime decided by the insurer. But the plan is an expensive affair to invest in. Since a father buys a plan for his child , the base premium is paid Rs 9,067 but needs to opt for a rider which gives him insurance cover. The premium now charges Rs. 10,302.if the child is five years old, the total payment for 13 years comes to Rs 1, 33,937 lakh. Overall the plan has a great advantage since there is guaranteed pay back of 120 percent but the parents cost as an insurance cover is paid extra.