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Max Life Shiksha Plus Super Plan
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Max Life Shiksha Plus Super Plan is a unit-linked and non-participating child plan which provides you market-linked returns to help you fulfill your child’s dreams. The plan provides a comprehensive life coverage including a family income benefit to keep your family secured in your absence. The plan comes with a choice of 6 fund options and ensures appreciation of your wealth by way of guaranteed loyalty additions at regular intervals.
The plan also provides 2 investment portfolio strategies to help you keep your investment secured against market volatilities. Under the plan, you can switch your funds as many as 12 times in a policy year without incurring any extra charge. The other benefits of this plan include facilities for premium redirection, premium reduction, and partial withdrawals.
Best Features of Max Life Shiksha Plus Super Plan
The best features of Max Life Shiksha Plus Super Plan are as follows -
- Family Income Benefit- A family income benefit equivalent to 10% of the sum assured is payable on each policy anniversary following the date of death of the life insured till the end of the policy term, subject to a maximum of 10 such instalments.
- Waiver of Premium- In case of an unfortunate death of the life assured, all future due premiums are paid by Max Life Insurance and the plan benefits continue till the end of the policy term.
- Guaranteed Loyalty Additions- Guaranteed loyalty additions equivalent to 0.20% of fund value are added to the fund by way of additional units, at the end of every policy year starting from 11th policy year. The value of loyalty additions increases by 0.02% (absolute) each year.
- Fund Options- The plan provides 6 different fund options including equity-oriented, debt-oriented, and balanced funds to match your investment style and risk profile.
- Investment Portfolio Strategies- The plan comes with 2 different investment portfolio strategies namely Systematic Transfer Plan and Dynamic Fund Allocation.
- Partial Withdrawals- After the end of the lock-in period of 5 years, you can make 2 partial withdrawals each year without any extra cost, subject to a minimum amount of INR 5,000.
- Fund Switch- The plan allows you to make 12 free fund switches in a policy year, subject to a minimum switch amount of INR 5,000.
- Premium Redirection- The premium allocated to the fund options can be redirected up to 6 times in a policy year.
- Premium Reduction- After the completion of the lock-in period, you can decrease the premium up to 50% of the original annualised premium.
- Settlement Option- You have an option to stay invested in the fund for a maximum of 5 years after the maturity date and receive the benefits in monthly, quarterly, half-yearly, or yearly instalments within the extended period.
Benefits of Max Life Shiksha Plus Super Plan
The key benefits provided by Max Life Shiksha Plus Super Plan are as follows -
- Maturity Benefit
On plan maturity, you (or the nominee) are entitled to receive the maturity benefits equivalent to the fund value which is calculated in the following manner -
Fund Value = Summation of Units accumulated in Fund(s) X NAV of respective Fund(s) as on the Maturity Date
- Death Benefit
In case of an unfortunate death of the life assured, the death benefit payable to the nominee is the aggregate of the following -
- Lump Sum Payout on Death
The highest of the following shall be paid immediately as a lump sum on death of the life assured -
- Sum assured
- 105% of all premiums paid till the date of death
- 0.5 * Policy Term * Annualised Premium
- Family Income Benefit (FIB)
A Family Income Benefit equivalent to 10% of the sum assured is paid each policy year following the date of death of the life assured till the end of the policy term. The number of FIB instalments are restricted to 10.
- Funding of Premium (FOP)
Max life insurance pays all the future premium payments due following the date of the death of the life assured. And thus, all the plan benefits continue till the end of the policy term, however, the nominee is not allowed to exercise facilities like premium redirection, surrender, fund switches, partial withdrawals, and settlement option.
Max Life Shiksha Plus Super Plan Eligibility
Max Life Shiksha Plus Super Plan comes with the following eligibility conditions -
Eligibility Criteria For Max Life Shiksha Plus Super Plan | |
|---|---|
| Minimum Age at Entry | 21 years |
| Maximum Age at Entry | 50 years |
| Age at Maturity | For 5-Year PPT - 60 years For Regular Pay - 65 years |
| Policy Term and Premium Payment Term | PPT Policy Term 5 years 10 years Regular Pay (15-25 years) 15-25 years |
| Premium Payment Frequency | Monthly/ Quarterly/ Half-yearly / Yearly |
| Minimum Annual Premium Amount | PPT Minimum Premium 5 Year INR 50,000 Regular Pay Annual Mode- INR 25,000 Non-Annual Mode- INR 48,000 |
| Sum Assured | 10 times of the annualised premium |
| Minimum Sum Assured | PPT Sum Assured 5 Year INR 5 Lakh Regular Pay Annual Mode- INR 2.5 Lakh Non-Annual Mode- INR 4.8 Lakh |
| Maximum Sum Assured | No limit, subject to underwriting |
Max Life Shiksha Plus Super Plan Fund Options
Max Life Shiksha Plus Super Plan offers the following 6 fund choices -
| Fund Name | Government Securities | Corporate Bonds | Money Market & Cash Instruments | Equity & Equity related securities | Risk Rating |
|---|---|---|---|---|---|
| High Growth Fund | 0% - 30% | 0% - 30% | 0% - 30% | 70% - 100% | Very High |
| Growth Super Fund | 0% - 20% | 0% - 20% | 0% - 30% | 70% - 100% | High |
| Growth Fund | 0% - 30% | 0% - 30% | 0% - 40% | 20% - 70% | High |
| Balanced Fund | 20% - 50% | 20% - 40% | 0% - 40% | 10% - 40% | Medium |
| Conservative Fund | 50% - 80% | 0% - 50% | 0% - 40% | 0% - 15% | Low |
| Secure Fund | 50% - 100% | 0% - 50% | 0% - 40% | NIL | Low |
Max Life Shiksha Plus Super Plan Portfolio Strategies
You can keep your hard-earned money secured against market volatility by opting for any of the 2 investment strategies -
Systematic Transfer Plan
Under this option, the annualised premium is first allocated to the Secure Plus Fund and thereafter on each subsequent monthly anniversary, the fund value available at the beginning of the month is switched to Growth Super Fund automatically by cancelling units in the Secure Plus Fund and purchasing units in the Growth Super Fund. This strategy helps you enjoy the benefit of rupee-cost averaging.
Dynamic Fund Allocation
Under this option, the assets under management are firstly maintained in the equity-oriented Growth Super Fund, but as the plan approaches maturity, the funds are shifted to the debt-oriented Secure Fund. The allocation of the funds is made in the following manner -
For Regular Pay Variant -
| 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 – 25 years | 80% | 20% |
| 11 – 15 years | 60% | 40% |
| 6 – 10 years | 40% | 60% |
| 0 – 5 years | 20% | 80% |
For 5 Pay Variant -
| 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 |
|---|---|---|
| 8 - 10 years | 70% | 30% |
| 4 - 7 years | 50% | 50% |
| 0 - 3 years | 30% | 70% |
Max Life Shiksha Plus Super Plan Review
Max Life Shiksha Plus Super Plan is a comprehensive child plan which helps you build a significant corpus to fund your child’s educational expenses while enjoying life coverage. One of the unique benefits of this plan is its family income benefit which helps your loved ones maintain financial stability in your absence.
Being a ULIP, the plan provides an option to invest in 6 different funds along with enjoying benefits of 12 free switches and 6 premium redirections in a year. The plan also provides you enough flexibility by the way of its partial withdrawal facility. In a nutshell, Max Life Shiksha Plus Super Plan is a suitable pick for individuals looking for a child plan with guaranteed additions, variety of fund options, and assurance of financial stability for their loved ones in the absence.
Max Life Shiksha Plus Super Plan FAQs
1. How many free partial withdrawals are allowed in the policy?
The plan provides 2 free partial withdrawals in a policy year, subject to a minimum amount of INR 5,000 per transaction.
2. What different charges are levied under the plan?
Max Life Shiksha Plus Super Plan levies different types of charges namely premium allocation charge, fund management charge, policy administration charge, and mortality charge.
3. What is the lock-in period under the plan?
The lock-in period under the plan is 5 years starting from the date of policy inception.