Max Life Shiksha Plus Super
Max Life Insurance
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.
Contact Details
Toll Free Number-1800 200 5577,1800 180 5577(for MTNL/BSNL)
Email ID:- service.helpdesk@maxlifeinsurance.com
Product Overview of Max Life Shiksha Plus Super Plan
- Comprehensive Life insurance coverage including Family Income Benefit and Funding of the Future Premiums in the case of the death of the life insured.
- 2 Option to choose the Policy Term and Premium Payment Term to let the customer decide their key milestones.
- 3 Choice of 5 (five) Funds for investors with different risk appetites.
- This plan gives you saving for future education for your children.
Product Description of Max Life Shiksha Plus Super Plan
- Life insurance coverage including a Family Income Benefit and Funding of Future Premiums in the case of death.
- Option to choose Policy Term and Premium Payment Term to let you decide your key milestone
Unique Features of Max Life Shiksha Plus Super Plan
If the parent dies within the policy tenure, 110% of the Sum Assured is paid as Immediately and future premiums are paid by the company and every year 10% of the Sum Assured is paid as School Fees Support till 100% of the Sum Assured is paid.
The plan also provides a Guaranteed Loyalty Additions every year from the 11th policy year, which starts 0.20% and increase by 0.02% every year.
Eligibility Criteria for Max Life Shiksha Plus Super Plan
| 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 |
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Product Benefits of Max Life Shiksha Plus Super Plan
| Benefit | Description | |||||
|---|---|---|---|---|---|---|
| Maturity Benefit | On the maturity the policyholder will receive the Fund Value Fund Value = Summation of Units accumulated in Fund(s) X NAV of respective Fund(s) as on the Maturity Date |
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| Note: In case the Maturity Date is a non working day for the Company or markets then the following working day’s NAV will be applicable |
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| Survival Benefit | NA | |||||
| Death benefit | Lumpsum Payout on death:- Higher of [Sum Assured or 105% of all premiums paid or (0.5 X Policy Term X Annualised Premium)] is payable immediately on death. |
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| Family Income Benefit (FIB) :- ●10% of the Sum Assured will be paid on each Policy anniversary ● Date of death of the Life Insured till the end of the Policy Term, but not exceeding 10 such installments. ● Minimum of three installments each equal to 10% of Sum Assured is guaranteed to be paid ● Any excess installments to meet the minimum requirement of three installments will be paid by the Company on the date of maturity of the plan. |
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Other Policy Features of Max Life Shiksha Plus Super Plan
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Surrender | At any time during the Policy Term, you have the right to surrender the Policy by advising the Company in writing. | |||||
| Top Up | Not available in this plan | |||||
| Partial Withdrawal | No Partial Withdrawals are allowed in the first five Policy years after that 3 partial withdrawals are allowed during the policy year | |||||
| Minimum 5000 of the partial withdrawal is allowed and maximum 50% of the fund value | ||||||
| The Sum Assured shall not be reduced by the Partial Withdrawals made. | ||||||
| Loyalty Additions | 0.20% of Fund Value shall be added to the Fund by 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. | |||||
| You may switch units between available funds at any time during the policy term. Min amount 5000 and max 12 switches | ||||||
| We may at any time impose a complete or partial ban on Switches, with prior approval from the Authority, | ||||||
| Settlement Option | You may, at least fifteen (15) days prior to the Maturity Date, opt for the Settlement Option, | |||||
| During the settlement period, only Fund Management Charges shall continue to be levied and there shall be no risk cover. | ||||||
| You may opt for settlement option for which Company shall close the Unit Account on the date of receipt of such request and pay the prevailing Fund Value. | ||||||
| Any other Feature | ||||||
| Discontinue paying the Premiums | If the premium is not paid by the premium due date, a Grace Period of 30 days from the due date of first unpaid premium will be allowed. During this Grace Period, the risk cover will continue and all charges under the Policy will continue to apply. | |||||
| Premium Redirection | Redirect your future Premiums between available Funds at any time by giving us a written | |||||
| A maximum of six (6) Premium Redirections are allowed in a Policy year and all are free of charge. | ||||||
| Funding of Premium (FOP) | Company will fund all outstanding premium when the policy and the Fund Value will be paid on maturity. | |||||
| The policy will continue after death of the insurer and till the end of the policy term. | ||||||
| Guaranteed Loyalty Additions | 0.20% of Fund Value shall be added to the fund by 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 | ||||||
| Loyalty additions will be payable only on premium paying policies. | ||||||
| Loyalty additions oaid at the death of the insured where premium is paid by company. | ||||||
| Discontinuance of Payment of Premium during First Five Policy Years | ||||||
| The Notice Period | In case the premium is not paid by the expiry of the Grace Period, the Company will, within 15 days of the expiry of the Grace Period | |||||
| Revive the Policy within a period of two years from the Date of Discontinuance of the Policy. | ||||||
| Complete Withdraw from the Policy without any risk cover. In case Complete Withdrawal option has been exercised by you | ||||||
| The Revival Period | Revive the Policy: This option will be subject to following conditions: | |||||
| In case the Lock-in Period has not expired, the provisions relating to surrender of Policy within the Lock-in Period shall be applicable. | ||||||
| In case the Lock-in Period has expired, the provisions relating to surrender of Policy after the Lock-in Period shall be applicable. | ||||||
| Discontinuance of payment of premium post first five Policy years | ||||||
| The Notice Period | Revive the Policy within a period of two years from the Date of Discontinuance of the Policy | |||||
| Complete Withdrawal (Surrender) from the Policy without any risk cover | ||||||
| If you choose the Paid Up option, the Policy will continue without any further premiums payable till the end of Policy Term and all applicable charges | ||||||
| Family Income Benefit will be based on Paid Up Sum Assured. | ||||||
| TERMINATION OF POLICY | On the Maturity Date provided you have not opted for Settlement Option | |||||
| The date on which the Company receives the Complete Withdrawal (Surrender) request from you post five (5) Policy years | ||||||
| Post five (5) year Lock-in Period, if the Policy is not revived by you and the Revival Period expires | ||||||
| If at any time during the Policy Term, the Fund Value becomes equal to or less than Zero | ||||||
Add-ons for Max Life Shiksha Plus Super Plan
Not available in this plan
Charges for Max Life Shiksha Plus Super Plan
| Charges | |||||
|---|---|---|---|---|---|
| Premium Allocation Charge | The Premium Allocation Charge, expressed as a percent of premium received, is depicted in the table below | ||||
| Premium Allocation Charge (as % of Premium) | |||||
| Policy Year | 5 Pay | Regular Pay | |||
| 1 | 5% | 5% | |||
| 2 | 4% | 4% | |||
| 3 to 5 | 3% | 3% | |||
| 6 to 10 | NA | 3% | |||
| 11 & above | NA | 0% | |||
| Fund Management Charge | The annual rate of Fund Management Charge is as below. | ||||
| Growth Super Fund | 1.25% | ||||
| Growth Fund | 1.25% | ||||
| Balanced Fund | 1.10% | ||||
| Conservative Fund | 0.90% | ||||
| Secure Fund | 0.90% | ||||
| Secure Plus Fun | 0.90% | ||||
| Discontinuance Policy Fund | 0.50% | ||||
| Policy Administration Charge | |||||
| Policy Administration Charge (% of Annualised Premium) | |||||
| Premium Payment Term | Policy Administration Charge (% of Annualised Premium) |
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| Regular / Limited Pay (Annual mode) | 0.32% p.m. compounding at 5% per annum from sixth Policy year onwards with a cap of Rs.500 per month | ||||
| Regular / Limited Pay (Non - Annual mode) | 0.22% p.m. compounding at 5% per annum from sixth Policy year onwards with a cap of Rs.500 per month | ||||
| Mortality Charge | Higher of [Sum Assured or 105% of all premiums paid till the date of death or (0.5 X Policy Term X Annualised Premium)] | ||||
| Present value of future Family Income Benefit plus Funding of Premium Benefit payable | |||||
| Age | Mortality charge for standard lives (per ` 1,000 Sum at Risk) | ||||
| 25 | 0.98 | ||||
| 30 | 1.06 | ||||
| 35 | 1.28 | ||||
| 40 | 1.8 | ||||
| 45 | 2.87 | ||||
| 50 | 4.95 | ||||
| Partial Withdrawal | After the first five Policy years, a maximum of two Partial Withdrawals are allowed in a policy year and are free of charge. | ||||
| Surrender / Discontinuance Charge | |||||
| Limited Pay and Regular Pay | |||||
| Policy Year | Surrender 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 | A maximum of twelve switches are allowed in any policy year and are free of charge | ||||
| Premium Redirection Charge | maximum of six Premium Redirections are allowed in each policy year and are free of charge. | ||||
| Any Other Charges | |||||
| Miscellaneous Charges | Service Tax and Education Cess are applicable on all charges as per the prevailing laws. | ||||
| Any further taxes and Cess shall be passed on to the Policyholder | |||||
| Revision of Charges | The amount of premium paid on revival, less any Premium Allocation Charge attributable to the premium paid on revival, and according to the ratio in which the premium should be allocated in various Funds, as specified by you, will be used to purchase Units at the prevailing NAV determined as on the date of revival. | ||||
Exclusion in Max Life Shiksha Plus Super Plan
Note: In case the Maturity Date is a non working day for the Company or markets then the following working day’s NAV will be applicable
Tax Benefits of Max Life Shiksha Plus Super Plan
Service Tax and education cess will be charged extra as per applicable rates