Max New York Life Insurance today launched a 'College Plan', a money back scheme to help parents create a corpus to meet education cost of their children.

The plan aims to provide edge to its customers by helping them start planning for their children from age 0 to 8 years and provide risk free guaranteed returns from the age of 18 to 21, the college going years, said V Viswanand, Director and Head – Products, Max New York Life.

The plan provides guaranteed returns pegged at 120 per cent of sum assured and it is for those who do not want to take any risk while saving for their child’s higher education, as it is a traditional money back plan, he said.

The plan ensures that the premium payment term is completed during the school days and money backs start at the age of 18, 19, 20 and 21 when it is needed the most for higher education, Viswanand added.