Max Life Shiksha Plus Super Plan is a non-participating unit linked insurance plan offered by Max Life Insurance. It is a single life policy that policyholders can buy to secure the future of their children. The plan provides comprehensive life coverage along with Funding of Future Premiums and Family Income Benefit in case of death of the Life Insured. Policyholders have the option to select their Premium Payment Term and Policy Term. Apart from this, the plan provides Guaranteed Loyalty Additions from the 11th policy year to help people increase their funds. It also offers the following two investment strategies to help people in keeping their funds safe from market volatilities:
Premium for 5 Pay Variant starts from Rs.50,000* and premium for Regular Pay variant starts from Rs.25,000* for annual payment mode and Rs.Rs.48,000* for non- annual payment mode. Owners of Max Life Shiksha Plus Super Plan can avail tax benefits on the premium amount and policy benefits.
*Premiums vary based on age, location, plan term and other factors.
Max Life Shiksha Plus Super Plan can be availed only by people who fulfil the eligibility requirements. One of the requirements is that the policyholders must have a child between the age of 0 and 18 years. The eligibility criteria for this policy is mentioned below:
|Type||Individual, non-participating unit linked insurance plan|
|Minimum Age at Entry (age as on last birthday)||21 years|
|Maximum Age at Entry (age as on last birthday)||50 years|
|Maximum Age at Maturity (age as on last birthday)||For 5 Pay – 60 years. For Regular Pay – 65 years.|
Sum Assured is the guaranteed amount that you receive from the policy. The Sum Assured for Max Life Shiksha Plus Super Plan is 10 times of the Annualised Premium. The minimum and maximum Sum Assured offered by this policy is mentioned in the table below:
|Minimum Sum Assured||Rs.5,00,000 for 5 Pay variant. Rs.2,50,000 for Annual Mode of Regular Pay variant. Rs.4,80,000 for Non-annual Mode of Regular Pay variant.|
|Maximum Sum Assured||No Limit|
Premium is the amount of money that you pay to avail benefits from the plan. The Premium Payment Term is the same as Policy Term. The term is 10 years for 5 Pay variant and 15-20 years for Regular Pay variant. Policyholders can pay premium using any one of the following payment modes:
The minimum and maximum Annualised Premium for Max Life Shiksha Plus Super Plan is mentioned in the table below:
|Minimum Annualised Premium||Rs.50,000 for 5 Pay variant. Rs.25,000 for Annual mode of Regular Pay variant. Rs.48,000 for Non-annual mode of Regular Pay variant.|
|Maximum Annualised Premium||No Limit|
*Premiums vary based on age, location, plan term and other factors.
Max Life Shiksha Plus Super Plan helps people in planning the education of their children. It is a type of savings plan that gives the required funds to achieve important education related milestones. The children can avail the benefits even if the policyholder is not around.
This Max Life child insurance policy offers the following benefits:
|Maturity Benefit||On the date of maturity, policyholders will get an amount which is equal to the Fund Value, provided the settlement option has not been used. Here, the Fund Value will be calculated in the following way: Fund Value = Sum of Units Accumulated in Fund(s) X NAV of respective Fund(s) on the date of maturity. If the maturity date is not a working day of the company, then NAV of the working day following it will be applicable.|
|Death Benefit||The following is paid in case of the Life Insured dies during the Policy Term:
|Guaranteed Loyalty Additions||0.2% of the Fund Value will be added to the Fund at the end of every policy year from the 11th policy year by creation of additional Units. The loyalty additions will increase by 0.02% every year. The additional Units will be created in the various Funds in the same proportion as Fund Value at time of credit. The loyalty additions are paid in case of Regular Pay variants. The additions will be paid only on premium paying policies. It will be given in case of death where the company is funding the premium. In case of policy revival, loyalty additions of previous year will be given based on the Fund Value as on the date of revival.|
Policyholders can choose to invest in the following 5 Funds.
|Fund Name||Objective||Government Securities||Corporate Bonds||Cash Instruments and Money Market||Equity and Equity related securities||Risk Rating|
|Growth Super Fund (SFIN: ULIF01108/02/ 07LIFEGRWSUP104)||70% of corpus invested in equities. 30% in debt instruments.||0% to 20%||0% to 20%||0% to 30%||70% to 100%||High|
|Growth Fund (SFIN: ULIF00125/06/ 04LIFEGROWTH104)||Investments across equities, corporate bonds, government securities and money market instruments.||0% to 30%||0% to 30%||0% to 40%||20% to 70%||High|
|Balanced Fund (SFIN: ULIF00225/06/ 04LIFEBALANC104)||Investments are primarily debt instruments like corporate bonds, government securities and money market instruments.||20% to 50%||20% to 40%||0% to 40%||10% to 40%||Medium|
|Conservative Fund (SFIN: ULIF00325/06/ 04LIFECONSER104)||Primarily invests in debt instruments.||50 to 80%||0% to 50%||0% to 40%||0% to 15%||Low|
|Secure Fund (SFIN: ULIF00425/06/ 04LIFESECURE104)||Investments in debt instruments. No equity investments.||50 to 100%||0% to 50%||0% to 40%||Nil||Low|
The plan has two investment strategies and policyholders can choose any one of them to keep their funds safe from market volatilities. The strategies are:
Max Life Shiksha Plus Super Plan does have any Add-on plans or additional coverage.
Suicide Exclusion – If the Life Insured commits suicide within 12 months from the start or revival date of the policy, then the policy will terminate immediately. In this case, the company will pay only the Fund Value on the date of death.
Max Life Shiksha Plus Super Plan policy has many other important features. Some of them are:
|Switch||Policyholders can Switch Units between the Funds available during the policy term. Minimum Switch amount is Rs.5,000 and policyholders can make a maximum of 12 switches in a policy year.|
|Premium Redirection||Policyholders can redirect their future premiums between the funds available by submitting a written notice.|
|Partial Withdrawal||No Partial Withdrawals are allowed in the 1st 5 years, but after that a maximum of 2 such withdrawals are allowed in 1 policy year. Minimum amount of Partial Withdrawal permitted is Rs.5,000 per transaction. Policyholders can partially withdraw a maximum of 50% of the Fund Value (value on the withdrawal date) in a policy year, provided the Fund Value after withdrawal is at least equal to 1 Annualized Premium.|
|Settlement Option||15 days before the maturity date, policyholders can select the Settlement Option, after which the company will manage funds for them for a maximum of 5 years (from maturity date) and also make periodic payments. Policyholders have to inform the company about the payout period and payout payment mode. Under this option, the balance Units present in the Fund at the start of the settlement period will be divided in equal parts. During this period, the company will only take the Fund Management Charge and will not provide risk cover.|
|Grace Period||15 days for monthly payment mode. 30 days for all other payment modes. Grace Period will start from the due date of Regular premium payment.|
|Freelook Period||15 days or 30 days (if the policy has been bought using direct marketing), starting from the date of receipt of the policy document.|
|Nomination||Policyholders are allowed to pick a nominee.|
|Policy Revival||Policy can be revived within 2 years from date of discontinuance.|
Owners of Max Life Shiksha Plus Super Plan can enjoy tax benefits under the Income Tax Act of 1961 in the form of Deductions and Exemptions. Deductions can be claimed under Sections 80C, 80CCC, or 80DD and exemptions can be claimed under Section 10 (10D) of the IT Act.
Section 80C or 80CCC says that:
If your policy is terminated within 2 years from inception, then the benefits under this Section will be reversed.
*Tax Benefits are dependent on the tax laws and may change at any time. It is advisable to consult someone who is an expert in tax matters.
Max Life Shiksha Plus Super Plan has many other benefits to offer other than the ones mentioned above. Some of these benefits are:
|SMS Updates||The company provides all the updates related to Max Life Shiksha Plus Super Plan policy via SMS to make it easy for the policyholders to keep a track. Policyholders can easily activate this service by sending an SMS to the company.|
|Online Payment Facility||Max Life Insurance allows people to pay their premium payments online on its website.|
|Download Premium Receipt Facility||Max Life Insurance helps people save time and paper by allowing them to download receipts of their premium from its website.|
|Customer Care||Max Life Insurance provides customer care service through its customer care department, which can be contacted to make any queries.|
You should buy the Max Life Shiksha Plus Super Plan from Max Life Insurance because apart from offering a comprehensive life insurance coverage to you, it allows you to save money for your your child’s education. Max Life Shiksha Plus Super Plan is one of the most popular policies among the 15 life insurance products offered by Max Life Insurance. Another reason why you should choose Max Life Insurance products is that the company has a presence all over the country. The customer care service offered by Max Life Insurance can be contacted for any claim or policy related queries. The company is known for using the latest technology, which helps it in speeding up the claim settlement process and in providing various other benefits such as online premium payment facility, SMS Updates, etc.
A. Premium Allocation Charge is a percentage of the premium that the company’s receives and is displayed below:
|Premium Allocation Charge|
|Policy Year||5 Pay||Regular Pay|
|11 and above||NA||0%|
A. Policy Administration Charge is a percentage of Annualised Premium and is charged at every monthly anniversary.
|Premium Payment Term||Policy Administration Charge|
|Regular/Limited Pay – Annual payment mode||0.32% per month compounding at 5% p.a. from the 6th policy year. (Maximum – Rs.500 per month)|
|Regular/Limited Pay – Non-Annual payment mode||0.22% per month compounding at 5% p.a. from the 6th policy year. (Maximum – Rs.500 per month)|
A. Mortality Charge is taken for providing risk cover during the policy term to the Life Insured.
A. Surrender/Discontinuance Charge is imposed on the Fund Value when the policy is discontinued or surrendered (whichever happens earlier).
|Policy Year||Surrender Charge for 5 Pay and Regular Pay|
|1||It is the lower of the following: 6% of Annualised Premium. 6% of Fund Value. Rs.6,000.|
|2||It is the lower of the following: 4% of Annualised Premium. 4% of Fund Value. Rs.5,000.|
|3||It is the lower of the following: 3% of Annualised Premium. 3% of Fund Value. Rs.4,000.|
|4||It is the lower of the following: 2% of Annualised Premium. 2% of Fund Value. Rs.2,000.|
|5 and above||Nil|
A. The company does not charge any fee for using the Switch Option. It allows a maximum of 12 switches in a policy year for free.
A. The company does not charge any fee for Premium Redirection. It allows a maximum of 6 Premium Redirections in a policy year for free.
A. The company allows 2 Partial Withdrawals in a policy year for free. Partial Withdrawal is allowed from the 6th policy year.
A. No, the plan does not offer Riders or Top-up Option.
A. If the policyholder dies during settlement period, then the company will pay the Fund Value (as on the date of death).
A. No, your Sum Assured will not reduce because of partial withdrawals.
A. No, you cannot use partial withdrawal and switch option during the settlement period.
A. No, Max Life Shiksha Plus Super Plan does not provide loan facility.
A. Annualised Premium is the level premium that policyholders have to pay in a policy year in regular instalments by the due date.
A. To make a claim, the following has to be submitted to Max Life Insurance:
Policyholders can easily download the claim documents from Max Life Insurance’s website.