College Plan

Benefits

• Guaranteed payouts during college years (from age 18 to age 21) - 120% of Sum AssuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured.
• Guarantees your child's college fund even in case of an eventuality
• Save extra during the school days to fund higher education with limited premiumA regular payment made to the insurance company to keep the policy in force. payment term

Boost your child's college education fund through compounding effect of bonuses

Key Features:

Living and maturity benefit:

The total payout is 120% of Sum AssuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured.. There are guaranteed cash backs every year from child's age 18 to 21.

Therefore, total guaranteed money back/payout is 120% of Sum AssuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured..

BonusDividends paid to shareholders from funds created out of additional profits realised by the company.:

• Reversionary BonusDividends paid to shareholders from funds created out of additional profits realised by the company.: BonusDividends paid to shareholders from funds created out of additional profits realised by the company. option in this plan is compound reversionary bonusDividends paid to shareholders from funds created out of additional profits realised by the company.*. Reversionary bonusDividends paid to shareholders from funds created out of additional profits realised by the company. is declared from 2^nd policy year onwards and once declared is guaranteed for the life of the contract. The bonusDividends paid to shareholders from funds created out of additional profits realised by the company. is a percentage of the base Sum AssuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured..
• Terminal BonusDividends paid to shareholders from funds created out of additional profits realised by the company.: Terminal bonusDividends paid to shareholders from funds created out of additional profits realised by the company. may be declared after the 10^th policy anniversaryThe anniversary of the date of issue of policy as shown in the policy. as a percentage of Reversionary BonusDividends paid to shareholders from funds created out of additional profits realised by the company. and is payable only once during the policy lifetime.
  *Compound Reversionary BonusDividends paid to shareholders from funds created out of additional profits realised by the company. means that the previously declared bonusDividends paid to shareholders from funds created out of additional profits realised by the company.es will also participate in successive bonusDividends paid to shareholders from funds created out of additional profits realised by the company. declarations.

Payor RiderAn attachment to a policy that modifies its conditions by expanding or restricting benefits or excluding certain conditions from coverage. Benefit:

This benefit ensures that the policy continues in an event of Payor's death or permanent and total disability, with future premiums funded by us. Max Life College Plan comes with an inbuilt Payor RiderAn attachment to a policy that modifies its conditions by expanding or restricting benefits or excluding certain conditions from coverage.. Payor is the individual / policyholder who has purchased the policy on the life of a juvenile below 18 years of age.

Payor RiderAn attachment to a policy that modifies its conditions by expanding or restricting benefits or excluding certain conditions from coverage. UIN – 104B013V02

Limited PremiumA regular payment made to the insurance company to keep the policy in force. Payment Term:

The plan comes with limited premiumA regular payment made to the insurance company to keep the policy in force. payment term upto child's age 18. Thereafter, there are guaranteed payouts for child's college education from age 18 to 21 years.

Death Benefit:

Upon death of Life AssuredThe person covered by a life insurance policy. The insurance company pays out on the death of the policyholder. before attaining 7 years of age, total premiums paid (with interest @ 3.5% p.a. compoundedThe value of an investment increases exponentially over time due to compound interest on being compounded. annually) and accrued reversionary bonusDividends paid to shareholders from funds created out of additional profits realised by the company., if any, is paid.

Upon death of Life AssuredThe person covered by a life insurance policy. The insurance company pays out on the death of the policyholder. after attaining 7 years of age, Sum AssuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured. + Accrued Reversionary BonusDividends paid to shareholders from funds created out of additional profits realised by the company.es + Terminal BonusDividends paid to shareholders from funds created out of additional profits realised by the company., (if any), is paid.

Surrender Value:

The policy acquires a surrender value from end of 3^rd policy year subject to payment of 3 full year's premiums.

Reduced Paid-Up Value:

Once the policy acquires a surrender value, in case of premiumA regular payment made to the insurance company to keep the policy in force. discontinuance the policy will offer reduced paid-up Sum AssuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured. and will not lapse. Reduced Paid Up Sum AssuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured. = Sum AssuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured. * (Total Premiums Paid / Total Premiums Payable). Please note that reduced paid-up policies are also participating; however, will be entitled to only Terminal BonusDividends paid to shareholders from funds created out of additional profits realised by the company. and not Reversionary BonusDividends paid to shareholders from funds created out of additional profits realised by the company..

VestingProcess by which authority, benefit, privilege, or rights to or interest in an insurance policy, passes unconditionally to a particular entity. on Attaining Maturity:

The policy will be issued on the life of a minor and hence the policy will be automatically transferred in his/ her name on attaining majority (age 18). Thereafter, the Life Insured will be the policyholder.

Example:

Mr. Mehta is 33 years old and has a 3-year old daughter. He takes Max Life College Plan with a Sum AssuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured. of Rs. 3,00,000. The annual premiumA regular payment made to the insurance company to keep the policy in force. that he has to pay is Rs. 25,438 till his daughter turns 18.

The following guaranteed benefits will be available for Mr. Mehta's daughter, when she turns 18.

At age 21, Mr. Mehta's daughter will also be paid (non-guaranteed) Reversionary and Terminal bonusDividends paid to shareholders from funds created out of additional profits realised by the company. to fund her post college endeavors.

• Total bonusDividends paid to shareholders from funds created out of additional profits realised by the company. payable @ 6% assumed rate of returnThe gain or loss on an investment over a specified period, expressed as a percentage increase over the initial investment. - Rs. 1,85,615
• Total bonusDividends paid to shareholders from funds created out of additional profits realised by the company. payable @ 10% assumed rate of returnThe gain or loss on an investment over a specified period, expressed as a percentage increase over the initial investment. - Rs. 4,61,836

Note – Please note that the bonuses are non-guaranteed and are declared at the sole discretion of the Company

PremiumA regular payment made to the insurance company to keep the policy in force. Modes -

Sample premiumA regular payment made to the insurance company to keep the policy in force. rates for Rs. 5 Lacs Sum AssuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured. (exclusive of taxes)

A riderAn attachment to a policy that modifies its conditions by expanding or restricting benefits or excluding certain conditions from coverage. is an attachment to a policy that modifies its conditions by expanding or restricting benefits or excluding certain conditions from coverage. The following riderAn attachment to a policy that modifies its conditions by expanding or restricting benefits or excluding certain conditions from coverage. is available to you with Max Life College Plan:

Max Life Payor RiderAn attachment to a policy that modifies its conditions by expanding or restricting benefits or excluding certain conditions from coverage. (UIN: 104B013V02)

Max Life College Plan comes with a Payor RiderAn attachment to a policy that modifies its conditions by expanding or restricting benefits or excluding certain conditions from coverage., which ensures that the policy continues even in case of Payor meeting with:

• Death or,
• Total and Permanent Disability

"Total and Permanent Disability" refers to the proposer becoming permanently and totally disabled as a result of injury or sickness and is thereby totally incapable of engaging in any gainful activity or carry out any work, occupation, or profession to earn or obtain any wages, compensation, remuneration, or profit.

Suicide Exclusion for Payor RiderAn attachment to a policy that modifies its conditions by expanding or restricting benefits or excluding certain conditions from coverage. policy: The suicide exclusionsSpecific conditions or circumstances listed in an insurance policy for which the policy will not provide benefit payments. for the Payor would be applicable as stated in the Payor RiderAn attachment to a policy that modifies its conditions by expanding or restricting benefits or excluding certain conditions from coverage. (UIN: 104B013V02) contract.

Max Life Payor Rider Rates