Launch Date | UIN | Status |
10/4/2017 | 104L084V02 | Withdrawn |
Under this plan, an individual can choose from different funds for investment. The individual also chooses a policy term, sum assured and the premium paying mode. After the policy term is over on maturity, the insured receives maturity benefit as lump sum or as a structured payout through settlements. The maturity benefit is fund value including top-ups (in form of units), if any would be paid and Loyalty additions (0.20% of fund value paid every year from 11th year onwards and increases by 0.02%). If in-case on unfortunate death of the individual during the policy term, his child receives the death benefit.
Death benefit options are:
Consider,
Person’s age: 35 years
Policy term: 15 years
Premium paying term: 15 years
Annual premium: Rs 75000
35 years old pays an annual premium of Rs. 75000 regularly for a policy term of 15 years under this Max Life Shiksha Plus Super. After the policy term ends, on maturity he receives approximately Rs. 17, 02,136 (chosen balanced fund value) along with loyalty additions.
If in-case on unfortunate death of the individual during the policy term, his child receives the death benefit.
Eligibility Criteria | ||
Age at Entry (Min) | 21 years | |
Age at Entry (Max) | 50 years | |
The Policyholder should have a child aged between 0 days to 18 years to propose for the plan. A self declaration from the Policyholder would be required mentioning the name and date of birth of the child. |
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Maximum Maturity Age of the Life Insured (age as on last birthday) |
5 Pay Variant | 60 years |
Regular Pay Variant | 65 years | |
Premium Payment Term | 5 years (5 Pay) / 15 to 25 years (Regular Pay) | |
Policy Term | 5 Pay Variant | 10 year Policy Term |
Regular Pay Variant | 15 to 25 year Policy Term | |
Premium Payment Mode | Annual, Semi-annual, Quarterly, Monthly | |
Minimum Annualised Premium | 5 Pay | 50,000 |
Regular Pay | Annual Mode : 25,000 Non Annual Mode : 48,000 |
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Maximum Annualised Premium |
No Limit | |
Sum Assured Multiple | 5 Pay | 10 times (fixed) Annualised Premium |
Regular Pay | 10 times (fixed) Annualised Premium | |
Maximum Sum Assured | No limit, subject to the Board approved underwriting policy of the Company | |
Minimum Sum Assured | 5 Pay | 500,000 |
Regular Pay | Annual Mode : 2,50,000 Non Annual Mode : 4,80,000 |
Max Life Insurance, one of the leading life insurers, is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max India is a leading Indian multi-business corporate, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the top general insurers in the world.
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