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  • Max Life Shiksha Plus Super Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    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:

    • Systematic Transfer Plan.
    • Dynamic Fund Allocation.

    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.

    (UIN: 104L084V03)

    Eligibility - Who is the Max Life Shiksha Plus Super Plan for?

    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 and Premium Range – What you Get and What it Costs?

    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:

    • Annual.
    • Semi-Annual.
    • Quarterly.
    • Monthly.

    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.

    Plan Coverage – What the Max Life Shiksha Plus Super Plan Covers?

    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:

    Benefit Details
    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:
    • Lump Sum Payout – The higher of Sum Assured or 105% of all the paid premiums or 0.5 times of policy term times Annualised premium will be paid immediately on death of the Life Insured.
    • Family Income Benefit (FIB) – The policy will pay a Family Income Benefit on each policy anniversary that coincides or follows the date of death of the life insured until the end of policy term. The Family Income Benefit is equal to 10% of the Sum Assured. It will not be more than 10 instalments. If the policyholder dies with less than 3 policy anniversaries left until the end of policy term, then any excess instalment that is needed to meet the minimum requirement of 3 instalments will be paid for by the company on the maturity date.
    • Funding of Premium (FOP) – Here, the company will fund all the future pending premium as and when it is due under the Policy and on maturity date, the Fund Value will be paid.
    Max Life Shiksha Plus Super Plan will continue till the end of the policy term even after the death of Life Insured. The benefits will be paid to the beneficiary.
    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:

    • Systematic Transfer Plan – The Annualised Premium is allocated to a secure plus fund and on the monthly anniversary the Fund Value Units will be switched to Growth Super Fund automatically. It is only available for policies with annual premium payment mode.
    • Dynamic Fund Allocation – The initial term of the policy will have Equity Oriented Fund investments. This will shift to conservative fund by the end of the term. Policyholders can only select this investment strategy at the time of policy purchase. The assets under management will be held amongst Secure Fund and Growth Super Fund in a pre-decided proportion that will change depending on the maturity years.

    Add-On Plans – Additional Coverage Under the Max Life Shiksha Plus Super Plan:

    Max Life Shiksha Plus Super Plan does have any Add-on plans or additional coverage.

    Exclusions - What the Max Life Shiksha Plus Super Plan Doesn’t Cover?

    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.

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    Max Life Shiksha Plus Super Plan policy has many other important features. Some of them are:

    Particulars Details
    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.

    Tax Benefits – How you can Save with the Max Life Shiksha Plus Super Plan?

    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.

    • Deductions under Section 80C or 80CCC – Individuals and Hindu Undivided Families can avail benefits under this Section. The maximum amount that can be claimed is Rs.1,50,000.

     

    Section 80C or 80CCC says that:

      • If you pay 20% more premium than the actual capital Sum Assured in a year, then you can claim deductions only for premiums up to 20% of the sum assured.
      • If your policy was issued on or after 1st April, 2012, then you can claim deduction for only so much of the premiums payable as does not exceed 10% of the actual capital Sum Assured (15% if you have severe disability or specified ailment).

    If your policy is terminated within 2 years from inception, then the benefits under this Section will be reversed.

     

    • Deductions under Section 80DD – Under this Section, every year policyholders can claim up to Rs.75,000 worth premiums that they pay for their disabled dependent. A high deduction of Rs.1,25,000 will be permitted in case the dependent suffers from severe disability.

     

    • Exemptions under Section 10 (10D) – The amount policyholders receive from a life insurance policy (includes bonus) is exempted from tax. This rule is not applicable on the following:
      • Sum received under Section 80DD (3).
      • Sum received under a Keyman Insurance Policy.
      • Sum received other than as death benefit from a policy that was issued on or after 1st April, 2003 and if the premium payable during the term is not more than 20% of the sum assured. If the policy was issued on or after 1st April, 2012, exemption will be available only if the premium payable does not exceed 10% of the actual capital sum assured.

    *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.

    Other Benefits – How you can Save with the Max Life Shiksha Plus Super Plan?

    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 24x7 customer care service, which customers can contact to make any queries.

    Why you Should Buy the Shiksha Plus Super Plan from Max Life Insurance?

    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 is available 24x7 and customers can get in touch with the customer service team 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.

    FAQs about Max Life Shiksha Plus Super Plan:

    1. What is Premium Allocation Charge?

      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
      1 5% 5%
      2 4% 4%
      3-5 3% 3%
      6-10 NA 3%
      11 and above NA 0%
    2. What is Policy Administration Charge?

      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)
    3. What is Mortality Charge?

      A. Mortality Charge is taken for providing risk cover during the policy term to the Life Insured.

    4. What is the charge for Surrender/Discontinuance of Policy?

      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
    5. How much does the company charge for using the Switch option?

      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.

    6. How much does the company charge for Premium Redirection?

      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.

    7. How much does the company charge for Partial Withdrawal?

      A. The company allows 2 Partial Withdrawals in a policy year for free. Partial Withdrawal is allowed from the 6th policy year.

    8. Does the plan offer Riders or Top-up Option?

      A. No, the plan does not offer Riders or Top-up Option.

    9. What will be paid if the policyholder dies during settlement period?

      A. If the policyholder dies during settlement period, then the company will pay the Fund Value (as on the date of death).

    10. Will my Sum Assured reduce because of partial withdrawals?

      A. No, your Sum Assured will not reduce because of partial withdrawals.

    11. During settlement period, can I use partial withdrawal and switch option?

      A. No, you cannot use partial withdrawal and switch option during the settlement period.

    12. Does Max Life Shiksha Plus Super Plan provide loan facility?

      A. No, Max Life Shiksha Plus Super Plan does not provide loan facility.

    13. What does Annualised Premium mean?

      A. Annualised Premium is the level premium that policyholders have to pay in a policy year in regular instalments by the due date.

    14. How to make a claim?

      A. To make a claim, the following has to be submitted to Max Life Insurance:

      • Claimant’s statement in the company’s prescribed form.
      • Original policy document.
      • Death certificate that has been issued by the municipal/local authority. It has to be submitted for claiming the death benefit only.
      • Valid ID proof of the Claimant and Nominee(s). This ID proof must be self-attested.
      • Valid succession order or certificate from the court that specifies that the claimant can collect all the amount that is due under the Policy. It is required for making claims where the policyholder is not alive and either he/she has no nominees or all the nominees passed away before him/her.
      • Any other documents requested by the company.

      Policyholders can easily download the claim documents from Max Life Insurance’s website.