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Fulfilling child’s dream and creating a conducive environment to help them realise these dreams is an important responsibility of parents. An important step to be taken in this direction is to provide financial support by making the right planning. Max Life Shiksha Plus Super Plan is one way to help parents achieve this aim. This is a child plan, which is a non-participating unit linked insurance plan (ULIP) – a type of insurance plan offering protection through insurance and means of investment through market-linked returns. Max Life Shiksha Plus Super Plan helps in building a corpus for funding child’s future financial needs like higher education and wedding.
Features of Max Life Shiksha Plus Super Plan
Max Life Shiksha Plus Super Plan comes with various features to help the policyholder fulfil their aim. Let us look at some of them:
- It is a comprehensive coverage policy which protects family along with the child’s future expenses even in the absence of the insured
- This ULIP comes with Limited Pay variant and Regular Pay variant
- Through Systematic Transfer Plan, policyholders can replicate a rupee cost averaging on annualised premium.
- Option to choose from six funds for investing in government securities, corporate bonds, money market and cash, equity and equity-linked securities
- Choose policy term option between 10-year policy or term anywhere between 15 and 25 years
- Guaranteed Loyalty Addition to policyholder’s fund every year starting from the end of the 11th policy year
- Death Benefit on lump sum pay-out higher of Sum Assured or 105% of all premiums paid or 0.5 times policy term times annualised premium.
- No loan against the policy
- No top up option
- No dividends from the company as it is a non-participating plan
Eligibility Criteria
| Parameters | Minimum | Maximum |
| Entry Age | 21 years | 50 years |
| Maturity age | – | 5 Pay Variant: 60 years
Regular Pay Variant: 65 years |
| Premium Paying Term | 5 Pay: Nil
Regular Pay Variant: 15 years |
5 Pay: 5 Years
Regular Pay Variant: 25 years |
| Policy Term | 5 Pay Variant: Nil
Regular Pay Variant: 15 years |
5 Pay Variant: 5 years
Regular Pay Variant: 25 years |
| Premium Amount | 5 Pay: s. 50.000
Regular Pay: Rs. 25,000 |
No Limit |
| Minimum Sum Assured | 5 Pay: Rs. 5,00,000
Regular Pay: 2,50,000 |
No Limit |
Plan Details
- Funding of Premium: In case of any unfortunate death, the policy will continue till the end of the policy term and the company will pay the entire future premium. Also, the benefits will be payable to the beneficiary. The beneficiary will not be allowed to make switches, premium redirection, partial withdrawals, surrender and settlement option.
- Premium Redirection: Policyholders can redirect their future premium between available funds anytime by giving a written notice. Maximum of six premium redirections are allowed in a policy year and is free of charge.
- Surrender Policy: Policyholder can surrender the policy after 5 years by giving a written notice. In this case, the company will credit the fund value by creating units into discontinued policy fund after deducting all applicable surrender charges. Minimum guaranteed return on this fund is 4% p.a. If the insured surrenders after free look period, the company will close the unit account and pay the surrender value which is equal to the fund value.
- Discontinuance of Premium: Policyholder is allowed a grace period of 30 days (15 days of monthly mode) from the due date of the first unpaid premium.
- Termination of Policy: Policy shall terminate on the following circumstances:
- When maturity date provided is not opted for settlement option
- Post five years lock-in period, if the policy is not revived
- If fund value becomes equal or less than zero
- Exclusions: If in any case, the insured dies by suicide within 12 months from the effective date of the policy, the policy will terminate. Only the fund value shall be paid to the beneficiary.
Fund Options under Max Life Shiksha Plus Super Plan
There are six funds option available for the policyholder to avail market linked returns under the policy. Policyholders can opt for Systematic Transfer Plan or Dynamic Fund Allocation, but not both. Below mentioned table includes fund with objectives as follows:
| Fund Name | Fund Objective | Government Securities | Corporate Bonds | Money Market & Cash Instruments | Equity and Equity related securities | Risk Rating |
| High Growth Fund | · Investing in companies with high growth potential
· 70% of the fund investment in equities and remaining in others
|
0%-30% | 0%-30% | 0%-30% | 70%-30% | Very high |
| Growth Super Fund | · 70% of the fund corpus investment in equities
· Remaining investment in debt instruments |
0%-20% | 0%-20% | 0%-30% | 70%-100% | High |
| Growth Fund | · Investing in debt instruments
· Investment in equities minimum of 20% and not more than 70% |
0%-30% | 0%-30% | 0%-40% | 20%-70% | High |
| Balanced Fund | · Primarily investing in debts instruments
· Minimum investment in in equities from 10% to 40% |
20%-50% | 20%-40% | 0%-40% | 10%-40% | Medium |
| Conservative Fund | · Primarily investing in debts instruments
· Minimum investment in in equities up to 15% |
50%-80% | 0%-50% | 0%-40% | 0%-15% | Low |
| Secure Fund | · Investing in debt instruments
· No investment in equities |
50%-100% | 0%-50% | 0%-40% | Nil | Low |
Important Aspects
Before finalising on the plan, you should know all the related aspects so that you get the best deal. Let us look at some of them:
- There are different kinds of charges deducted from your premium amount in order to manage the funds. You should know about them and how they are levied. This will help in understanding the maths well.
- After the first five years, you are eligible for a maximum of two partial withdrawals in a policy year which does not attract any charge. For each transaction, Rs. 5,000 is the minimum amount allowed under partial withdrawals.
Suggested Read: Compare Max Life Child Insurance Plans
Customer Care Details
In case of any query , a customer can communicate with the company through the following methods:
Office Address:
Max Life Insurance Company Limited
Plot No. 90A, Sector 18,
Gurugram – 122015, Haryana, India
Tel No.: 0124-4219090
Website Address:
Customer Service Helpline Number:
1860-120-5577
Advantages of Max Life Shiksha Plus Super Plan
This plan helps create funds for the child as and when required, along with offering death benefit on the sudden death of the insured. Some of the other benefits of the plan are:
- Tax benefits on premium payments under Section 80C of the Income Tax Act, 1961
- Maximum 12 switches are allowed while opting for funds in any policy year and free of charge, helping to gain through investments
- In case of any emergency, a policyholder can surrender the policy anytime during the policy term
Flexibility in making partial withdrawals to meet various requirements
Also Check: Max Life Perfect Partner Super Plan