Max Life Shiksha Plus Super

Max New York Life Shiksha Plus is a Unit Linked Insurance Plan for the benefit of the child. In fact it is a non-traditional child plan such that the life of the parent is insured. In this plan, if the parent dies within the policy tenure, 110% of the Sum Assured is paid as Immediate Family Support and the premiums are waived off but continued by the insurance company and every year 10% of the Sum Assured is paid as School Fees Support till 100% of the Sum Assured is paid. However, on maturity, the entire Fund Value is paid as Maturity Benefit even if Death Benefit has been paid before.

Key Features

  • This is a Unit Linked Insurance Plan where the life of the parent is insured for the benefit of the child’s future.
  • This is a plan with triple death benefit such that double the Sum Assured is paid as Death Benefit and Maturity Benefit, whenever due would be paid by the insurer.
  • Fund Value is paid on Maturity as Maturity Benefit.

Benefits

  • Maturity benefit
On maturity the Fund Value is paid as Maturity Benefit even if the Death Benefit has been paid.
  • Death benefit
In case of death of the Life Insured, i.e. the parent, 110% of the Sum assured is paid as Immediate Family Support and the future premiums are waived off but paid by the insurer. Thereafter, on every policy anniversary, 10% of the Sum Assured is paid to support school fees of the child subject to a maximum of 100% of base Sum Assured but not beyond the original term of the policy. The policy continues to pay the Maturity Benefit whenever due.
  • Income Tax benefit
Life Insurance premiums paid up to Rs. 1, 00,000 are allowed as a deduction from the taxable income each year under section 80C.

Add-ons

  • Investment Fund Options
  • Growth Fund
  • Growth Super Fund
  • Balanced Fund
  • Conservative Fund
  • Secure Fund

    • Am I eligible?

    PARAMETER MINIMUM MAXIMUM
    ENTRY AGE 0 18
    POLICY TERM 10 20
    AGE OF MATURITY - 65
    PREMIUM PAYEMENT TERM SINGLE, REGULAR
    PAYMENT TERMS ANNUAL, SEMI-ANNUAL, QUARTERLY, MONTHLY

    What if?

    • I am unable to pay on time
    If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
    • I stop the payment
    If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee. If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.
    • I wish to take a loan
    There is no loan available under this plan.

    Exclusions

    • If the Life Insured, dies by suicide, whether sane or insane, within twelve (12) months from the Effective Date of Policy or the date of any revival of this Policy, all risks under the Policy shall come to an end simultaneously and the Policy will terminate. In such an event, we will pay only the Fund Value, as on the date of death, to the beneficiary.