In this policy, the investment risk in the investment portfolio is borne by the policyholder.
While conventional careers like doctor, engineer, lawyer, and MBA remain popular; technological evolution, financial and regional developments have given birth to other interesting, unconventional career choices.
'Unconventional' careers are no longer unconventional. A wine taster, a content writer, a travel blogger, a mattress tester are all real, full-time, well-paying careers! By the time your child is ready for graduation, the academic landscape could have changed dramatically.
Some of these new age careers could warrant overseas education, require specialized skills, infrastructure and equipment. All of this means that the education plan you carefully laid out for your child will need to be flexible enough to embrace changes. Here is how you can go about planning for the unexpected…
Expect the best, plan for the worst
You may be thrown off track due to inflation, rise in medical costs, global macroeconomic issues, etc., all of which can impact the cost of education. On the other hand, unforeseen eventualities like death, critical illnesses or disability and completely derail your financials and jeopardize your plan. Insurance and medical cover can help shield your child during such times.
Get the right financial tools
The need of the hour is flexibility. Your child's education plan should include all of the following:
• A life cover
• Flexible withdrawal facility
• Regular pay-outs
• Active fund management
• Consistent tax savings
An insurance child plan can be your holistic solution to all these needs. A Unit Linked Insurance Plan will not only cover your life, but also help you grow your money systematically.
Through a combination of flexible investment options, you can grow your corpus to beat inflation. The plan of choice should also protect your money against market volatilities.
Max Shiksha Plus Super Plan can let you customise the maturity age of your policy to sync with your children's educational milestones. If your child is 3 years old, you would need a lump sum by the time he/ she is 18 years old to pursue the career of his/her choice. Hence, your policy period can be 15 years. If there is a change in plan, you can also withdraw money periodically.
With benefits that cover the entire universe of needs, you can be assured that your child's higher education plan is protected; no matter you are around or not, your love always is.
Max Life Shiksha Plus Super (UIN: 1041084V01) is a Non - participating Unit linked Insurance Plan
Life insurance coverage is available in this product. In this policy, the investment risk in the investment portfolio is borne by the policyholder.
The linked insurance products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender/withdraw the monies invested in linked insurance products completely or partially till the end of fifth year.
Unit Linked Insurance Products (ULIPs) are different from the traditional insurance products and are subject to the risk factors. The premium paid in the Unit Linked Life Insurance Policies is subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Max Life Insurance is only the name of the insurance company and <Product Name> is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges from your Insurance agent or the Intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these funds, their future prospects or returns.