The Max Life Child Plan is A Non – Participating Unit Linked Insurance Plan (UIN: 104L084V01). As a parent, you want to provide the best education to your children. For those Parents, The Max Life Insurance Company has provided the Max Life Shiksha Plus Super Plan & Future Genius Education Plan. So check the details of the Max Life Insurance Child Plan to get your child Secure in Future and to give better Education for your Child. To buy a new Policy of Max Life Shiksha Plus plan go through the benefits, Features and Eligibility provided below.
Max Life Insurance Child Plan Review
The Max Life Insurance provides Child Plans for your kids to fulfill their dreams. The Max Life Shiksha Plus Super Child Plan is that to take care about your Child Education & Extra Curricular Activities with or without you. As a Parent, you want to give a better life for your Children. For those people, Max Life Child Plan provides assured benefits that are payable during the term policy. The Max Life Insurance Child Plan reduces the risk at the time of your Children’s Education and Marriage. Max Life Shiksha Plus Super Child Plan & Future Genius Education Plan is safe and secure for your Child’s Future. This Child Plans will provide Financial Support to your children in case of unfortunate/ sudden death of the Life Assured/ Policyholder. On this Page, we have given the brief description regarding the Max Life Child Insurance Policy.
Max Life Shiksha Plus Super Child Plan Benefits and Features
The Max Life Shiksha Plus Super Plan is a Non-Participating Unit Linked Insurance Plan which is designed to protect your child’s future educational needs. Check the Max Life Insurance Child Plan Benefits, Features and Eligibility Criteria Provided below.
Max Life Shiksha Plus Plan Benefits
- Maturity Benefit.
- Death Benefit.
- Funding of Premium.
On maturity of the Policy, you will receive an amount which is equal to the Fund Value as a Maturity Benefit. Whereas the Fund Value will calculate as:
Fund Value = Summation of Units accumulated in Fund(s) X NAV of respective Fund(s) as on the Maturity Date.
In Case of the unfortunate death of the Policyholder during the policy term, the Lump Sum amount & higher of Basic Sum Assured of 105% of the Total Premiums Paid then Benefit will Payable to the Nominee as a Death Benefit. And also a Family Income Benefit will Pay to the Nominee which is equal to 10% of the Sum Assured on each Policy Anniversary as a Death Benefit.
Funding of Premium (FOP):
Under this Benefit, the Company will fund all the future outstanding due premiums under the Policy and also the Fund Value will pay on Policy maturity.
Max Life Insurance Shiksha Plus Super Child Plan Features
- In Case of Life Insured death, Comprehensive Life insurance coverage including Family Income Benefit and Funding of Future Premiums will Payable to the beneficiary.
- Decide your key milestone by choosing the Policy Term and Premium Payment Term.
- With different risk appetites, you can choose 5 funds for investors.
- To protect your investments against market volatility, the Systematic Fund Transfer and Dynamic Fund Allocation mechanism are available under this Max Life Insurance Child Plan.
- To meet unplanned expenses, you can make Partial Withdrawals.
- The Grace Period of one month but not less than 30 days will be allowed for yearly, half-yearly, quarterly modes and 15 days for the monthly Mode of Premium Payment.
- The Policyholder can Surrender his Policy at any time during the Policy Term after acquiring a Surrendered Value.
- If you have not Satisfied with the Terms and Conditions of the Policy, you can Return your Policy before Completion of Free-look Period.
Max Life Child Plan Eligibility Criteria
|Entry Age of Child||Minimum: 0 years.
Maximum: 18 years.
|Entry age of Life Assured||Minimum: 21 years (Last Birthday)
Maximum: 50 (Last Birthday)
|Maturity Maximum age of Life Assured||5 years Pay variant: 60 years.
Regular Pay Variant: 65 years.
|Minimum Annualised Payout||5 years Pay variant: Rs. 50,000/-
Regular Pay Variant:
|Maximum Annualised Payout||No Limit.|
|Premium Payment term||5 years (5 Pay) / 15 to 25 years (Regular Pay).|
|Policy Term||5 Pay Variant: 10 year Policy Term.
Regular Pay Variant: 15 to 25 year Policy Term.
|Sum Assured Multiple||5 Pay: 10 times (fixed) Annualised Premium.
Regular Pay: 10 times (fixed) Annualised Premium.
|Minimum Sum Assured||5 Pay: Rs. 5,00,000/-
Annual Mode: Rs. 2,50,000/-
Non-Annual Mode: Rs. 4,80,000/-
|Maximum Sum Assured||No limit, subject to the Board approved underwriting policy of the Company|
|Modes of Premium Payment||
For More information regarding the MAX Life Insurance Shiksha Plus Super Child Plan, Download Shiksha Plus Broucher
Max Life Future Genius Education Plan Benefits & Features
Max Life Insurance Future Genius Plan Benefits
1. Death Benefit: During the immediate death of the Policyholder, the following will be paid by the Company.
- 11 times of the Annualised Premium
- 105% of all premiums paid as on the date of death of the Life Insured
- Guaranteed Sum Assured on Maturity.
- Any absolute amount assured to be paid on death.
2. Maturity Benefit: On Policy maturity, the following benefit will be paid by the company to the Policyholder.
- Accrued Paid Up Additions (if any) or Cash Bonus (if any), whichever is applicable.
- Terminal Bonus (if any).
Max Life Future Genius Education Insurance Plan Features
- Complete financial security through the immediate payouts & future money back –
- Death Benefit
- Policy Continuance Benefit.
- Living Benefit to ensure your child’s dreams turn to reality –
- Guaranteed Money backs during your child’s graduation years.
- Lump sum Maturity Benefit to support your child’s future endeavors.
- Flexibility to customize the plan as per your needs.
- This Plan Provides Enhanced protection through the Riders.
- The Max Life Future Genius Education Plan also Provides Tax Benefit.
Max Life Insurance Future Genius Education Plan Eligibility
|Entry age of the Policyholder||Minimum: 21 years.
Maximum: 45 years.
|Maximum Maturity Age||66 years.|
|Policy Term||Pick any term from 13 years to 21 years|
|Premium Payment Term||Two premium payment term options available
1. 8 Pay variant – 8 years or
|Premium Payment Mode||The product allows annual, semi-annual, quarterly and monthly premium paying modes.|
|Minimum Annual Premium||For 8 Pay variant – Rs. 40,000/-
For Limited Pay variant (Policy Term less 3 years) – Rs. 20,000/-
The minimum premium is exclusive of service tax and any other cess, modal extra and extra premium (if any).
|Maximum Annual Premium||No limit|
|Sum Assured (SA)||Minimum:
8 Pay variant : Rs. 3,27,000/-
Maximum: No Limit.
For More information regarding the MAX Life Insurance Child Plan, Download Future Genius Education Plan Broucher
Max Life Insurance Plan Premium Calculator
With the help of Max Life Insurance Premium Calculator, you can quickly calculate the Premium amount, Death Benefit, Maturity Benefit, Survival Benefit, Rider and also other factors of Max Life Child Plan. To calculate the premium amount, you need to enter some values such as Policy period, Age and Sum assured, etc.
Maxlife Child Insurance Policy Buying Procedure
To buy this Max Life Insurance Child Plan, you need to visit the nearest Max Life Branch or the official website. Buying or paying premium through online is as easier than doing it in offline. The documents required to buy a new Max Life Insurance Shiksha Plus Super Plan are
- Application form/ Proposal form along with the photo.
- Address proof.
- Date of Birth certificate.
- Medical reports (if required).
Max Life Insurance Child Policy Claim Procedure
For claiming the Max Life Child Plan, you may visit the nearest Max Life Branch. And can also visit the Maxlife Insurance official website. Claiming for a benefit through online is as easier than doing it in offline. The documents required for the Claim Process given below.
- NEFT Form.
- Discharge Form.
- Cancel check or Bank Passbook xerox.
- Policy bond.
- Death certificate.
Additional Information on Max Life Shiksha Plus Super Plan
During the Policy Term, you can surrender your Policy by advising the Company in writing.
- Surrender the Policy within Five years: In case you have surrendered the Policy within the Lock-in-Period (5 years), the Company will credit the Fund Value by the creation of units into the Discontinued Policy Fund after deducting applicable Surrender / Discontinuance Charges.
- Surrender the Policy after Five years: After completion of the Look in-period, as on date of receipt of a surrender request the company will close the unit account and Pay the Fund Value of the Units in the Segregated Fund.
A maximum of twelve (12) switches are allowed in any policy year and are also free of charge.
Premium Redirection Charge
A maximum of six Premium Redirections are allowed in each policy year and are also free of charge.
Partial Withdrawal Charge
- After the first five policy years, a maximum of two Partial Withdrawals are allowed in a policy year and are free of any charge.
- In Max Life Insurance Child Plan, The minimum amount of Rs. 5,000/- is the Partial Withdrawal allowed per transaction. In a policy year, 50% of the Fund Value is the maximum partially withdrawal amount that can be done as on the Date of Partial Withdrawal.
Riders: No Riders are available under this Plan.
Policy Loan: No Policy Loan is available under this Plan.
If you have not paid any premiums within the grace period, then the policy will lapse. That lapsed policy may revive during the lifetime of the policyholder, but within a period of 2 consecutive years from the date of first unpaid premium and before the maturity date.
Get more information about Max Life Insurance Shiksha Plus Super Plan
Termination of Policy
This Policy will terminate immediately upon the of the following events:
- You have not opted for Settlement Option the Maturity Date Provided.
- The date on which the Company receives the Complete Withdrawal (Surrender) request of Policy Post 5 years from you.
- Post five (5) year Lock-in Period, if the Policy is not revived by you and the Revival Period expires.
- During the Policy Term, the Fund Value becomes equal to or less than Zero.
In case you have missed paying your premium by the due date, the Grace Period will allow in one month but not less than 30 days for yearly, half-yearly, quarterly modes and 15 days for the Monthly Mode of Premium Payment.
In the case of Policyholder death during the Policy grace period, your policy will be in force and will pay the Death Benefit as defined in the benefits section.
Cooling-Off Period (Free Look Period)
You may return the policy to the corporation within 15 days from the date of the receipt of the policy in case of dissatisfaction with policy conditions and terms.
Suicide Clause: If the life insured commits suicide at any time within 12 months from the commencement of risk, then the max life company will not allow any claim under this Max Life Insurance Child Plan. Instead, he/ she will return to 80% of premiums he paid excluding all taxes and extra premium if any.
Taxes: Taxes including Service Tax (if any) shall be applicable as per the Tax Laws.
Assignments/ Nominations: As per section 39 of Insurance Act, 1938, at the proposal stage a nomination can make in the policy. As per section 38 of Insurance Act, 1938, on a subsequent assignment, the notice of assignment or change of nomination should submit to the corporation for registration.