Online Savings Plan for your Child

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Every parent's dream is to ensure their child gets the best of everything. As parents, you are worried about every little need of your child, but education and marriage 
are the biggest concerns where you do not want to compromise on anything. Here is a plan that will help you invest your hard earned money wisely plus insure your child's dream are intact, even in your absence.

Max Life's Online Savings Plan is an online non participating Unit Linked Insurance Plan (ULIP) that offers a perfect combination of life insurance protection for your family as well as investment. 

This plan provides a lumpum payout payable immediately on death, followed by regular payouts in the form of Family Income Benefit and the total Fund Value at the end of the Policy Term. In addition, all outstanding premiums after the date of death of the Life Insured will be funded by the Company.


5 reasons why you should get this plan

  • Triple Protection on Parent's death through Lumpsum, Monthly Income and Auto Policy Continuation
  • Zero policy admin and premium allocation charge
  • Flexibility to switch money unlimited times
  • Choose Policy Term from 5 years to 30 years
  • Flexibility to choose Investment Funds basis Risk Profile

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 Maturity Benefit

On maturity, you will be eligible to receive an amount, provided settlement option has not been exercised, equal to the Fund Value, where the Fund Value will be calculated as:

Fund Value = Summation of Number of Units in Fund(s) multiplied by the respective NAV of the Fund(s) as on the date of maturity.

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.

For Example, Maturity Benefit at sample ages:

Age of Life Insured

Annualised Premium

Premium Payment Term

Policy Term

4%* assumed rate of return

8%* assumed rate of return

Fund Value at Maturity


Fund Value at Maturity


































Premium Payment Mode: Annual; Standard life; Fund chosen: Balanced Fund; Cover multiple: 10 times of Annualised Premium

*Please note that the above assumed rates of return @ 4% and 8% p.a. respectively 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 Funds selected in your policy, as the performance of the Funds is dependent on a number of factors including future investment performance. For more information, please request for your policy specific benefit illustration.

Insert Image Death Benefit

On death of the Life Insured anytime during the term of the policy, the policy shall continue till the end of the Policy Term and the nominee shall get the following benefits:

  • Lump Sum Benefit: Immediately on death of the Life Insured, highest of Sum Assured (equal to higher of 10 times the Annualised Premium or 0.5 times the product of Policy Term and Annualised Premium), or 105% of Total Premiums received upto the date of death will be paid.
  • Family Income Benefit: A Family Income Benefit equal to 1% of the Sum Assured will be paid each month starting from the Policy anniversary date of every month following or coinciding with the date of death of the Life Insured till the end of the Policy Term, subject to a minimum of 36 monthly payments and a maximum of 120 monthly payments. Please note in case of death of Life Insured with less than 36 months left till the end of Policy Term, there will be a Lump Sum payment of remaining instalments (36 less monthly instalments already paid) with the last monthly payout at end of the Policy Term. 
  • Funding of Premium: Under this benefit, the Company will fund all future outstanding premiums as and when due under the Policy.
  • Fund Value shall be paid as on the date of maturity. 

Insert Image Get Tax Benefit

Tax benefit on the premiums paid are exempt under Section 80C of the Income Tax Act, 1961. Tax benefits are on the payout received at the time of maturity and the life cover amount received at the time of the death of policyholder.

Step 1: Choose your Annualised Premium

Annualised Premium is defined as the total premium payable during a policy year. The premium payment mode can be changed during the Premium Payment Term.  This product allows annual, semi-annual, quarterly and monthly premium payment modes. The minimum premium is as follows:

Premium Payment Mode

Minimum Premium



Semi Annual







Step 2: Choose your Premium Payment Term and Policy Term


Policy Term

Premium Payment Term

Pick a Policy Term : Minimum 5 years and Maximum of 30 years

Pick a Premium Payment Term: Minimum of 5 years and Maximum of upto selected Policy Term


Step 3: Choose your Investment Strategy


You may choose to invest in following five (5) funds available in this plan. Alternatively, you may opt for Dynamic Fund Allocation strategy.

The Fund details in decreasing order of potential risk are as follows:

  • High Growth Fund (SFIN: ULIF01311/02/08LIFEHIGHGR104) - The fund is a multi-cap fund with a focus on mid cap equities, where predominant investments are equities of companies with high growth potential in the long term (to target high growth in capital value assets). At least 70% of the Fund corpus is invested in equities at all times. However, the remaining is invested in government securities, corporate bonds and money market instruments; hence the risk involved is relatively higher.
  • Growth Super Fund (SFIN: ULIF01108/02/07LIFEGRWSUP104) - This is primarily an equity oriented fund. At least 70% of the Fund corpus is invested in equities at all times. The remaining is invested in debt instruments across Government, corporate and money market papers.
  • Growth Fund (SFIN: ULIF00125/06/04LIFEGROWTH104) - This fund invests in various asset classes such as Equities, Government Securities, Corporate Bonds and Money Market Instruments. The equities exposure in the Fund will at all times be at a minimum of 20% but not more than 70%. The Fund invests the remaining Fund corpus in debt instruments across Government, corporate and money market papers.
  • Balanced Fund (SFIN: ULIF00225/06/04LIFEBALANC104) - This fund invests primarily in debt instruments such as Government Securities, Corporate Bonds, Money Market Instruments etc. issued primarily by Government of India/State Governments and to some extent in Corporate Bonds and Money Market Instruments. The Fund invests minimum of 10% and up to maximum of 40% of Fund corpus in equities.
  • Secure Fund (SFIN: ULIF00425/06/04LIFESECURE104) - This fund invests in debt instruments such as Government Securities, Corporate Bonds, Money Market Instruments etc. issued primarily by Government of India/State Governments, Corporate and banks. The Fund also invests in money market instruments as prescribed by IRDAI. No investment is made in equities.

The risk rating and the investment mix of these funds are as follows:

Investment Mix of the Funds (in %)


Risk Rating

Government Securities

Corporate Bonds

Money Market & Cash Instruments


High Growth

 Very High

0 – 30

0 – 30

0 – 30

70 – 100

Growth Super


0 – 20

0 – 20

0 – 30

70 – 100



0 – 30

0 – 30

0 – 40

20 – 70



20 – 50

20 – 40

0 – 40

10 – 40



50 – 100

0 – 50

0 – 40


The details of the available investment strategy are as follows:

Dynamic Fund Allocation

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 pre-defined proportion that changes depending upon the years left to maturity as per the matrix below. Switching of existing Fund Value shall happen on the policy anniversary and Allocation of premium received amongst the Funds shall happen on the date of receipt of such premium or premium due date, whichever is later, in the proportion mentioned in the table below. You do not have an option to redirect premiums or effect unit switches during the period this option is in force .You may opt out of the “Dynamic Fund Allocation” option anytime during the Policy Term, which will then be effective from the next policy anniversary. Once opted out, “Dynamic Fund Allocation” cannot be opted again. Also post opting out you will be allowed to exercise free Switches or Premium Redirection options.

Number of Years to Maturity

Assets under management to be maintained under the Growth Super Fund

Assets under management to be maintained under the Secure Fund

16 – 30



11 – 15



6 - 10



0 - 5




Discontinuance Policy Fund (SFIN: ULIF002021/06/13LIFEDISCON104)


Fund Name

Government Securities

Corporate Bonds

Money Market & Cash Instruments

Equity & Equity related securities

Risk Rating

Discontinuance Policy Fund






The minimum guaranteed return on this Fund is 4.0% per annum (or as mandated by IRDAI from time to time).

The excess income earned in the Discontinuance Policy Fund over and above the minimum guaranteed interest rate shall also be apportioned to the Discontinuance Policy Fund in arriving at the proceeds of the discontinued policies and shall not be made available to the Company.

Minimum Age of Life Insured at Entry (age as on last birthday)

18 years

Maximum Age of Life Insured at Entry (age as on last birthday)

54 years

Maximum Maturity Age of the Life Insured (age as on last birthday)

64 years

Policy Term

Pick a Policy Term:-

Minimum – 5 years; Maximum – 30 years

Premium Payment Term

Pick a Premium Payment Term :-

Minimum – 5 years; Maximum – Up to selected Policy Term

Minimum Annualised Premium

Annual Mode:            ` 36,000

Semi Annual mode:   ` 18,000

Quarterly mode:         ` 9,000

Monthly mode:           ` 3,000

Annualised Premium is defined as the total premium payable during a policy year.

Maximum Annualised Premium

 No limit, subject to the limits determined in accordance with the Board approved underwriting policy of the Company.

Premium Payment mode

Annual, Semi-Annual, Quarterly and Monthly.

Sum Assured Multiple

The cover multiple under this variant is fixed at 10 times the Annualised Premium

Minimum Sum Assured

Basis the minimum Annualised Premium and minimum Cover Multiple, the minimum Sum Assured for both the variants is `  3, 60,000

Maximum Sum Assured

No limit, subject to the limits determined in accordance with the Board approved underwriting policy of the Company.


Not available in this plan

Top Up

Not available in this plan

Policy loan Provisions

Not available in this plan

Restriction on Future Occupation & Travel

No restriction


The charges specified below are guaranteed and shall not change during the policy lifetime.

1.      Premium Allocation Charge


2.      Policy Administration Charge (All Years)


3.      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 charges specified below are guaranteed and shall not change during the policy lifetime. The annual rate of Fund Management Charge is as below.

Name of Fund

Charge (per annum) as % of Fund Value

High Growth Fund (SFIN: ULIF01311/02/08LIFEHIGHGR104)


Growth Super Fund  (SFIN: ULIF01108/02/07LIFEGRWSUP104)


Growth Fund (SFIN: ULIF00125/06/04LIFEGROWTH104)


Balanced Fund (SFIN: ULIF00225/06/04LIFEBALANC104)


Secure Fund (SFIN: ULIF00425/06/04LIFESECURE104)


Discontinuance Policy Fund

(SFIN: ULIF02021/06/13LIFEDISCON104)

-available only on surrender or discontinuance of policy in first five policy years



4.      Mortality Charge

The mortality charge will be levied on the basis of ‘Sum at Risk’ on every monthly anniversary by canceling units from the unit account starting from the date of commencement of policy. The mortality charge will be on an attained age basis over the duration of the contract.

Sum at Risk (SAR) for the two variants under the product is defined as follows:

Variant 2:

The Sum at Risk for the Variant 2 is defined as the sum of following:

  • Higher of Sum Assured or 105% of all premiums paid till the date of death.


        During Settlement Period:

Max (105% of total premiums paid – Total Fund Value, 0)

The mortality charges are unisex and are guaranteed for the entire Policy Term.


5.      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. This charge is expressed as the lower of (X% of Annualised Premium, X% of Fund Value, ‘Y’ fixed rupee amount) where X and Y vary according to the year of premium discontinuance/surrender.

    No Surrender/Discontinuance charge shall be levied from 5th Policy Year onwards.

    For example: If the Annual Premium is ₹40,000 and the Fund Value at the end of the first year is  ₹ 42,000, then the Discontinuance Charge will be the lower     of (20% of 40,000, 20% of 42,000, 3,000) which works out to be ₹ 3,000.


6.      Switch Charge

All switches will be free of charge.

7.      Premium Redirection Charge

There is no charge for premium redirection. A maximum of six premium redirections are allowed in any Policy year.


8.      Partial Withdrawal

Partial withdrawals are free of any charge. A maximum of two partial withdrawals are allowed in any policy year.

9.      Miscellaneous Charges

There are no miscellaneous charges.

However, please note:

·       All applicable taxes, cesses and levies as imposed by the Government from time to time will be levied on all charges as per the prevailing laws. 

·      Any further taxes and cess shall be passed on to You.

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Policy Prospectus
Policy Contract

Policy Leaflet

Mortality Rates

Wondering how Online Savings Plan can help you fulfil your child's dreams ?

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



(Source : Annual Results Release FY18-19)

Max Life Presence

239 Offices

239 Offices

(Source : Annual Results Release FY18-19)

Sum Assured

₹7,03,972 Cr.

₹7,03,972 Cr.

In force (individual) (Source : Public disclosure FY18-19)

Assets Under Management

₹62,798 Cr.

₹62,798 Cr.

(Source : Public disclosure FY18-19)

More reasons why our customers choose us

Frequently Asked Questions

Frequently Asked Questions

1. When should I buy a child insurance plan?

With the ever-rising cost of education and all the activities, inputs that are required for a good upbringing of your child, you need to be smart about your financial planning. Child plans offer a disciplined and secure method of saving to safeguard your child’s future. Starting early on this journey will help you build a significant corpus for meeting the future expenses of your child’s education.

If you invest Rs. 5,000 a month for 20 years, your corpus can grow to Rs. 28,45,000 (@8% return). On the other hand, if you delay by just 5 years, you will have to invest Rs. 8,500 a month for 15 years to reach the same corpus. In effect, the 5-year delay has cost you an additional investment of Rs. 3,30,000!

Therefore buying a child plan as early as possible is the prudent thing to do. Parents can purchase a plan for a child as young as 14 days old, with the policy tenure varying from 15–25 years.

2. What are the things to consider while buying this plan?

If you have made up your mind to purchase your plan, it is important to decide how to go about choosing the right cover, term, fund in this plan. Here are some tips to guide you do this:

  • Arrive at a cover amount – The first step is estimating the amount of money you will need to fulfill your child's interests, aspirations. For instance, if you are buying the policy for your child’s education, factor in costs towards extra-curricular activities, travel, boarding etc. in addition to the course fee. 
  • Policy term – A child plan can be purchased for a tenure varying from 5–30 years. Choose a policy term that coincides with an important milestone for your child. For instance, if your daughter is 2 years old today and you expect her to start her college at age 18, buy a policy with a term of 16 years.
  • Fund options – Most child insurance policies offer multiple fund options with varying degrees of risk (equity-debt allocation). Based on your financial risk appetite and investment tenure, choose the fund that meets your requirements.
  • Additional features - You should also check if the plan has additional features like family income benefit

3. Does this plan invest in markets?

In this plan, you pay regular premiums or for a limited period which are invested in funds.
Whether a fund invests in the market depends on your selection of fund.

The plan offers a choice of fund options.  Based on your financial risk appetite, you can choose from fund options with varying degrees of risk (equity-debt allocation). Being market linked, these plans can give good returns over a long policy term.

4. What is so special about this plan?

Max Life Online Savings Plan is an insurance cum investment plan that helps you create a certain lumpsum amount for your child's future. At the end of the policy, this plan pays a lump sum amount which can be used to pay your child’s college fees or marriage expenses.

Not just this, the plan helps you protect your child's interests in case of an unfortunate event. This is done in 3 ways. 

1. In the event of the policyholder’s death anytime during the policy term, the child/nominee receives the lump sum amount (death benefit) as promised at the time of purchasing the policy. 

2. The policy does not end here. All future premiums are paid by the insurance company and the maturity benefits, at the end of the policy term, are also paid to the child. This ensures that your child receives the amount that you had planned for.

3. Not just this, this plan also offers a monthly income in addition to the lumpsum death benefit. This supports your family to meet their day to day expenses and maintain their lifestyle in your absence

5. What is the minimum amount that I can invest in this plan?

The minimum premium for this plan depends on the premium payment mode you choose. It is Rs. 36000 for the annual mode, Rs. 18000 for semi-annual mode, 9000 for quarterly mode and 3000 for monthly mode.

The minimum premium amount will only give you an idea of the benchmark. However, you are the best judge of how much is required for your child's education goal. Hence, it is important to go backwards from goal amount to arrive at an investment amount.

Most Popular Articles !

Most Popular Articles !

Why should you buy a Child Plan?

A child plans offers dual benefits of insurance as well as investment. It can take care of your child’s needs in your absence too. The lumpsum received at maturity can be utilized for your child’s education or marriage expenses.A child plan is a disciplined and secure method of saving to safeguard your child’s future. So, why not purchase one today and ensure your child a bright future?

Child Plans: Myths vs Reality

The biggest financial worry most Indian parents face is about mitigating the overwhelming and ever increasing cost of education. The misconceptions surrounding these plans cause several parents to be reluctant to buy them. When it comes to investing for your child, do not go by hearsay and take an informed decision. Here are a few common myths about child plans, and the real picture behind them.

Financial Planning for Your Child’s Education

If you are a child, you’d know how having your first child is the joy of all joys. Right from the early days of nurturing to good quality education to shape up her future, there are several key milestones in a child’s life that even parents go through in moulding their child into a responsible adult. To achieve such milestones without any hassles, it is imperative that financial planning be done at an early age.

Investment vs Investment + Insurance, What's Better For Your Child's Education?

While investing for your children, you aspire to provide a tidy nest egg for their future and safeguard them against any unforeseen circumstances. Investment for the future is paramount, but what better than providing an insurance cover as well. Even though ULIPs (Unit Linked Insurance Plans) and Mutual Fund Plans are very different in terms of their core offerings, they do have some similarities. While ULIPs serve a dual purpose of life insurance + investment, mutual funds are pure investment products.

Tips for Building Your Child’s Overseas Education Corpus

In the pursuit towards professional excellence, higher education from a reputed foreign university can be highly beneficial. It can provide your child great academic exposure and help build a competitive advantage. However, foreign education is expensive! By the time your child knocks on the university doors, costs would have shot up several times. To provide for this future expense, you must start early and plan well. Here are some tips.


Unit Linked Insurance products are different from the traditional insurance products and are subject to the risk factors. The Premium paid in Unit Linked Insurance policies are 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 policyholder/insured is responsible for his/her decisions. Max Life Insurance Company Limited is only the name of the Insurance Company and Max Life Online Savings Plan is only the name of the Non Participating 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 and returns. Past performance of the funds does not indicate the future performance of the funds.

All Applicable Taxes, Cesses, and Levies as imposed by the Government will be deducted from the premiums received. 

Let’s Connect

Let’s Connect

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1800 200 3383
 (08:00 AM to 09:00 PM Monday to Saturday)
SMS 'LIFE' to 5616188

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