• Max Life Child Insurance Plans

    Life Insurance
    • Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
    • Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
    • Do more with plans that offer pure protection, retirement planning and investment options

    Along with the countless joys of having children, great responsibility also follows for a parent. To ensure every need of your child is taken care of from infancy to settling down on their own, you need to start planning way in advance taking into consideration rising costs of living. With a child insurance plan, you can start saving a fraction of your income regularly so that there are sufficient funds when your child needs it.

    Benefits of Max Life Child Plans:

    Child insurance plans provide the following benefits:

    • Create a fund for your child’s education
    • Create a fund to take care of marriage expenses
    • Benefits for your child in case of your unfortunate demise
    • Secure your child’s future financially

    List of Child insurance Plans from Max Life:

    Max Life Insurance offers two child insurance plans that are designed to provide the best education for your children.

    Max Life Future Genius Plan:

    (UIN: 104N094V02)

    The Max Life Future Genius Plan is a non-linked participating life insurance plan which provides a lump sum death benefit or regular income for 135 months to the beneficiary. Apart from this, the policy also has a continuance benefit with a waiver of future premiums upon your demise to guarantee that your child gets the most out of the plan. Flexible policy terms, tax benefits, option of riders, lump sum death benefit and maturity benefit, money back and the waiver of premium benefit make this plan very attractive to parents who want to provide the best for their child.

    If the life insured dies during the policy term, the following is payable:

    Death Benefit:

    • 105% of all premiums paid as on the date of death of life insured
    • 11 times the annualised premium
    • Any absolute amount assured to be paid on death
    • Guaranteed sum assured on maturity

    Policy Continuance Benefit:

    All future premiums coinciding with the date of death of the life insured and following after will be waived. The policy will continue to be in effect till maturity. Upon maturity, the money back and maturity benefit will be paid. The policy will continue to participate in future bonuses.

    Maturity Benefit:

    • Accrued paid-up additions or cash bonuses, if any, are payable
    • Terminal bonus, if any, is payable.

    Settlement Options:

    The benefits can be paid out in two settlement options:

    • Lump sum
    • Monthly income for 135 months

    Money Back Benefit:

    Four money back payouts are provided in the last 4 policy years which will be equal to 25% of the sum assured.

    Plan Name Entry Age Maturity Age Premium
    Max Life Future Genius Plan 21 years to 45 years 66 years 8-pay option - Rs.40,000 p.a. Limited pay option (less than 3-year policy term) - Rs.20,000 p.a. (exclusive of all extra premium, modal extras, taxes, and cesses)

    Max Life Shiksha Plus Super Plan:

    UIN: 104L084V03)

    Max Life also offers the Shiksha Plus Super Plan which is a non-participating unit-linked plan. This plan offers comprehensive life insurance protection with a family income benefit and funding of future premiums. You can choose your policy term according to your need. This plan gives you the opportunity to take advantage of the market while being protected by systematic transfers and dynamic fund allocation. The plan also provides guaranteed loyalty additions from the end of the 11th policy year.

    If the life insured dies during the policy term, the following is payable:

    Death Benefit:

    • Lump sum Benefit
      • Sum assured or 105% of all premiums paid
      • (0.5 X policy term X annualised premium)
    • Family Income Benefit
      • On each policy anniversary, an amount equal to 10% of the sum assured will be paid (following or coinciding with the date of death of the life insured). The income will be paid for 10 instalments or till the end of the policy term, subject to a minimum of three instalments.
      • Funding of Premium (FOP) - Under this Benefit, the Company will fund all outstanding premiums payable under the Policy and the Fund Value will be paid on maturity

    Policy Continuance Benefit:

    • All the benefits under the policy will be payable to the nominee till the end of the policy term, even if the life insured dies during the term.

    Maturity Benefit:

    • The fund value as on the maturity date will be payable.

    Guaranteed Loyalty Additions:

    • From the 11th policy year, at the end of every policy year, 0.20% of the fund value will be added to the fund. This is done by adding extra units. Each year from then on, the loyalty additions will be increased by 0.02%.
    Plan Name Entry Age Maturity Age Premium
    Max Life Shiksha Plus Super Plan 21 years to 50 years 5-pay options - 60 years Regular-pay options - 65 years 5-pay option - Rs.50,000 p.a. Regular pay - annual mode - Rs.25,000 Regular pay - annual mode - Rs.48,000

    Why you need a Max Life Child Plan?

    Max Life is one of the largest private non-banking life insurers of the country. Established in India in 2000, Max Life caters to over 3 million customers through multi-channel distribution system. Children are a great responsibility to have and planning ahead to cater to their future is wise. In your absence, an insurance plan from Max Life will help your child secure their future and be financially taken care of. 

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