Max Life Shiksha Plus Super

A child dream can be to become a rocket scientist or the next ‘Indian Idol’. We can never know what fuels their imagination and what plans do they make for themselves.

As parents, all we can do is back their dreams & provide financial support whenever needed. This is why we have to start planning early for our kids. Max Life Shiksha Plus Super Plan helps you secure a fund for your child’s future education and lot more.

 

3 reasons you should get this plan

  • Insurance with flexibility to invest in equity market with multiple fund options
  • Financial security for your child during emergencies
  • Funds to meet your child's higher education costs & future expenses

What do I get with this plan?

What do I get with this plan?

Here’s all you need to know about this plan

Here’s all you need to know about this plan

Insert Image Death Benefit

In case of death of the person insured anytime during the Policy Term, the nominee will receive Death Benefit.

This Death Benefit includes the following components:

1. Lump Sum Payout on Death - of the following amounts, whichever is the highest will be paid to the nominee:

Sum Assured

105% of all premiums paid

0.5 X Policy Term X Annualised Premium

2. Family Income Benefit (FIB) – An amount equal to 10% of the Sum Assured will be paid on each Policy anniversary following or coinciding with the Date of Death of the Life Insured till the end of the Policy Term, but not exceeding 10 such installmentsa

A minimum of three such installments is guaranteed in case of Death of the Life Insured any time during the Policy Term. In the event of Death when less than three Policy anniversaries are left until the end of Policy Term, any excess installments, to meet the minimum requirement of three installments, will be paid on the Maturity Date.

3. Funding of Premium (FOP) - Under this Benefit, Max Life will fund all outstanding premiums payable under the Policy, and the Fund Value will be paid on maturity

The Policy will continue even after the Death of the Life Insured till the end of the Policy Term. All the benefits under the Policy shall be payable to the beneficiary.

Insert Image Maturity Benefit

Amount payable at the end of the policy term

Maturity benefit is the amount payable at the end of the policy term which is equal to your Fund Value* as on Date of Maturity, provided Settlement Option has not been exercised.

*Fund Value = Summation of [Accumulated Units in Fund(s) x NAV of respective Fund(s) as on the Maturity Date]

**NAV (Net Asset Value) of a ULIP is the total value of its holdings in the market on any given day (it is calculated on daily basis). The value of NAV is dependent on the value of the fund. As the value of fund changes according to market conditions, the NAV value changes. You can check your fund and NAV performance here.

Please Note: In case the Maturity Date is a non working day for the Company or markets then next working day’s NAV will be applicable.

Insert Image Guaranteed Loyalty Additions

0.20% of Fund Value shall be added to the Fund by the creation of additional Units, at the end of every Policy Year starting from 11th Policy Year.

The Loyalty Additions increase by 0.02% (absolute) each year thereafter. The additional Units shall be created in different Funds in the same proportion as the Fund Value at the time of credit. Loyalty Additions will be payable only on premium paying policies. Loyalty Additions will also be given in case of Death of the Life Insured where premiums are being funded by the Company. In case of revival of policies, the Loyalty Additions for previous years will be paid based on the Fund Value prevailing at the Revival Date. It should be noted that the Loyalty Additions are only payable in case of Regular Pay variant.

 

Insert Image Tax Benefits

You can get certain tax deductions on your premiums and on proceeds under the policy benefits.

Please note that all such tax deductions are subject to tax laws prevailing at the time of payment of premium or receipt of benefits1.

 

Let's look at some examples that are based on a standard male life

(Standard Premium For 28-Year-Old Male, Non-Smoker, Base Plan Policy Term Of 30 Years, Premium Payment Term Of 30 Years):

Scenario

Example 1

Example 2

Example 3

Age of Life Insured (Years)

30

35

40

Age of the Child (Years)

1

5

10

Policy Term(Years)

20

15

10

Premium Payment Term (Years)

20

15

5

Annualised Premium

Rs. 50,000

Rs. 75,000

Rs. 1,00,000

Maturity Value (@4%)*

Rs. 11,73,676

Rs. 12,15,250

Rs. 4,77,152

Maturity Value (@8%)*

Rs. 18,58,709

Rs. 17,02,136

Rs. 6,63,393

In the examples shown here we have considered following options:

Premium Payment Mode: Annual

Fund Chosen: Balanced Fund

Sum Assured Multiple: 10 times the Annualised Premium.

*Please note that the above assumed rates of return, 4% and 8% are only scenarios at these rates after recovering all applicable charges. These are not guaranteed and they are not the upper or lower limits of returns of the Fund Options elected in your policy, as the performance of the Funds is dependent on a number of factors including future investment performance. All applicable taxes, cesses and levies as imposed by the Government will be deducted from the premium received.

 

Entry Age (Age as on last birthday):

21 to 50 years

The Policyholder (who shall also be the Life Insured) should have a child (own or legally adopted) aged 0 - 18 year

Maximum Maturity Age (Age as on last birthday):

For 5 Pay – 60 years

For Regular Pay - 65 Years

Fund Name

Government
Securities

Corporate Bonds

Money Market
& Cash Instruments

Equity & Equity
related securities

Risk Rating

Growth Super Fund

(SFIN: ULIF01108/02/

07LIFEGRWSUP104)

0%-20%

0%-20%

0%-30%

70%-100%

High

Growth Fund

(SFIN: ULIF00125/06/

04LIFEGROWTH104)

0%-30%

0%-30%

0%-40%

20%-70%

High

Balanced Fund

(SFIN: ULIF00225/06/

04LIFEBALANC104)

20%-50%

20%-40%

0%-40%

10%-40%

Medi-um

Conservative Fund

(SFIN: ULIF00325/06/

04LIFECONSER104)

50-80%

0-50%

0-40%

0%-15%

Low

Secure Fund (SFIN: ULIF00425/06/

04LIFESECURE104)

50-100%

0-50%

0-40%

Nil

Low

Secure Plus Fund (SFIN: ULIF01628/04/

09LIFESECPLS104)

(Available with Systematic Transfer Plan only)

60-100%

0-40%

0-40%

Nil

Low

Systematic Transfer Plan*

Systematic Transfer Plan helps you replicate a Rupee Cost Averaging Method on your Annualised Premium. Under Systematic Transfer Plan option, the Annualised Premium received net of Premium Allocation Charge shall be allocated first to the Secure Plus Fund to purchase Units. Immediately thereafter and on each subsequent monthly anniversary, the Fund Value of [1/(13 - month number in the Policy Year)] Units available at the beginning of the month shall be switched to Growth Super Fund automatically by canceling Units in the Secure Plus Fund and purchasing Units in the Growth Super Fund. Systematic Transfer Plan is available only in policies with Annual Premium Payment Mode

 

Dynamic Fund Allocation*

Dynamic Fund Allocation option is an investment strategy which in the early part of your Policy Term invests in Equity Oriented Fund and as your Policy Term progresses it shifts the fund allocation towards more Conservative Fund. You can opt for Dynamic Fund Allocation option only at the inception of Policy. Under this option, Assets Under Management shall be maintained amongst Growth Super Fund and Secure Fund in a predefined proportion that changes depending upon the years left to maturity.

Criteria

Specification

Premium Payment Term / Policy Term

5 Pay Variant

10 year Policy Term

Regular Pay Variant

15 to 25 year Policy Term (Policy Term is equal to the Premium Payment Term)

Premium Payment Mode

Annual, Semi-annual, Quarterly, Monthly

Minimum Annualised Premium

5 Pay

Rs. 50,000

Regular Pay

Annual Mode : Rs. 25,000

Non Annual Mode : Rs. 48,000

Maximum Annualised Premium

No Limit

Sum Assured

10 times the Annualised Premium

Maximum Sum Assured

No limit, subject to the Board approved underwriting policy of the Company

Minimum Sum Assured

5 Pay

Rs. 500,000

Regular Pay

Annual Mode: Rs. 2,50,000

Non Annual Mode: Rs. 4,80,000

 

Charge Structure

Premium Allocation Charge

The Premium Allocation Charge, expressed as a percent of premium received, is depicted in the table below.

Allocation Charge (as % of Premium)

Policy Year

5 Pay

Regular Pay

1

5%

5%

2

4%

4%

3-5

3%

3%

6-10

NA

3%

11 & above

NA

0%

 

Fund Management Charge

This is a charge levied as a percentage of the value of assets and shall be appropriated, usually daily, by adjusting the Net Asset Value of the Fund. The rate to be levied will be equal to the annual rate, as given below, divided by 365 and multiplied by the number of days that have elapsed since the previous unit valuation date. The annual rate of Fund Management Charge is as below.

 

Name of Fund

Charge (per annum) as % of Fund Value

Risk Rating

Growth Super Fund

(SFIN: ULIF01108/02/07LIFEGRWSUP104)

1.25%

Low

Growth Fund

(SFIN: ULIF00125/06/04LIFEGROWTH104)

1.25%

Medium

Balanced Fund

(SFIN: ULIF00225/06/04LIFEBALANC104)

1.10%

High

Conservative Fund

(SFIN: ULIF00325/06/04LIFECONSER104)

0.90%

High

Secure Fund

(SFIN: ULIF00425/06/04LIFESECURE104)

0.90%

Low

Secure Plus Fund (only available with Systematic Transfer Plan)

(SFIN: ULIF01628/04/09LIFESECPLS104)

0.90%

Low

Discontinuance Policy Fund

(SFIN: ULIF02021/06/13LIFEDISCON104)- only available in case of

policy discontinuance in first five policy years

0.50%

Low

Policy Administration Charge

This is a charge expressed as a percentage of Annualised Premium and is levied at each monthly anniversary by canceling proportionate Units starting from the date of commencement of Policy.

 

 

Premium Payment Mode

Policy Administration Charge

(% of Annualised Premium)

Annual mode

0.32% p.m. compounding at 5% per annum from sixth Policy year
onwards up to a maximum of Rs. 500 per month

Non - Annual mode

0.22% p.m. compounding at 5% per annum from sixth Policy year
onwards up to a maximum of Rs. 500 per month

 

Mortality Charge

Mortality Charge is levied for providing risk cover to the Life Insured during the Policy Term. This charge is levied on the attained age of the Life Insured for the Sum at Risk and is unisex. On each monthly anniversary, appropriate number of Units are canceled from the Unit Account at their Unit Price to meet mortality for the Life Insurance starting from the Date of Commencement of the Policy.

Sum at Risk is defined as the sum of following:

Higher of [Sum Assured or 105% of all premiums paid till the Date of Death or (0.5 X Policy Term X Annualised Premium)] and

Present value of future Family Income Benefit plus Funding of Premium Benefit payable

Please note the present value of these benefits will be calculated at a discount rate of 6.5% p.a.

Please refer to the below mortality rates per thousand sum at risk for some sample ages (standard lives) are as below:

 

Age

25

30

35

40

45

50

Mortality charge ( Rs. )

(per Rs. 1,000 Sum at Risk)

0.98

1.06

1.28

1.80

2.87

4.95

  

      Surrender / Discontinuance Charge

This charge shall be levied on the Fund Value at the time of Discontinuance of Policy or effecting Complete Withdrawal (Surrender) whichever is earlier, as per the following table:

 

For 5 Pay and Regular Pay

Policy Year

Surrender/Discontinuance Charge

1

Lower of 6% of Annualised Premium or 6% of Fund Value or Rs. 6,000

2

 

Lower of 4% of Annualised Premium or 4% of Fund Value or Rs. 5,000

3

Lower of 3% of Annualised Premium or 3% of Fund Value or Rs. 4,000

4

Lower of 2% of Annualised Premium or 2% of Fund Value or Rs. 2,000

5 & Above

Nil

Switch Charge

You may Switch Units between available Funds at any time during the Policy Term, subject to a minimum Switch amount of Rs. 5,000. Maximum of twelve (12) Switches are allowed in a Policy Year and they are free of charge. 

Premium Redirection Charge

You may redirect your future Premiums between available Funds at any time by giving us a written notice. Your notice must quote your Policy Number and it must specify precisely the Fund(s) in which you wish to redirect the premiums along with the percentage of premium that you wish to allocate against each Fund. A maximum of six (6) Premium Redirections are allowed in a Policy year and all are 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. The minimum amount of Partial Withdrawal allowed per transaction is Rs. 5,000. In a policy year,the maximum amount that can be partially withdrawn is 50%of the Fund Value as on the Date of Partial Withdrawal, subject to the Fund Value immediately after Partial Withdrawal being at least equal to1 (One) Annualised Premium i.e., you may make two Partial Withdrawals in a policy year such that the summation of percentage of Fund Value withdrawn, is less than or equal to 50%

All applicable taxes, cesses, and levies as imposed by the Government are applicable on all charges as per the prevailing law. Any further taxes and cess shall be passed on to the policyholder.

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Why Choose Max Life

Here are some of the numbers which speak about our accomplishments

Why Choose Max Life

Here are some of the numbers which speak about our accomplishments
Claims Paid Percentage

97.81%

97.81%

Individual death claims paid in FY'17 (Src: IRDAI Annual Report FY 2016-17)

Max Life Presence

143 Cities

143 Cities

With 210 offices

Sum Assured

₹3,77,572 Cr.

₹3,77,572 Cr.

In force (individual) till FY'17 (Src: Public Disclosure, FY2016-17)

Assets Under Management

₹44,370 Cr.

₹44,370 Cr.

Till FY'17 (Src: Public Disclosure, FY2016-17)

More reasons why our customers choose us

Let’s Connect

Let’s Connect

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1800 200 5577
1800 200 3383 (Online Term Plan)

online@maxlifeinsurance.com
SMS 'LIFE' to 542524

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1800 200 5577

service.helpdesk@maxlifeinsurance.com
SMS 'QUERY' to 542524

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nri.helpdesk@maxlifeinsurance.com