Max Life Shiksha Plus Super
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| Launch Date | UIN | Status |
| 10/4/2017 | 104L084V02 | Withdrawn |
About Max Life Shiksha Plus Super
- It is a unit linked insurance plan (ULIP)
- Max Life Shiksha Plus Super is a protection-cum-investment plan
- Max Life Shiksha Plus Super offers flexibility to invest in equity market with multiple fund options
- Offers structured payout option of the maturity benefit for specific life goals
- Offers different options of death benefit payout as well
- From 11th year onwards, avail the benefits of loyalty additions
- Flexible premium payment mode (single or limited or regular)
- Child is the nominee
How does this plan work?
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:
- Lump Sum Payout on Death which is a higher value from:
- Sum assured
- 105% of total premiums paid
- 0.5 times the policy term multiplied by the Annualised premium
- Family Income Benefit (FIB): An amount equal to 10% of the Sum Assured will be paid every year till the end of the policy term.3 to 10 such instalments are paid by the insurer in case of death of the insured any time during the Policy Term. A minimum of three such instalments is guaranteed in case of death of the Insured any time during the Policy Term. If the insured dies when there are three years left until the end of Policy Term, any excess instalments, to meet the minimum requirement of three instalments, will be paid on the Maturity Date.
- Funding of Premium (FOP): The premiums are waived off on death of the insured and the policy continues and on maturity the nominee gets the fund value.
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.
- Lump Sum Payout on Death which is a higher value from:
- Sum assured
- 105% of total premiums paid
- 0.5 times the policy term multiplied by the Annualised premium
- Family Income Benefit (FIB): An amount equal to 10% of the Sum Assured will be paid every year till the end of the policy term.3 to 10 such instalments are paid by the insurer in case of death of the insured any time during the Policy Term. A minimum of three such instalments is guaranteed in case of death of the Insured any time during the Policy Term. If the insured dies when there are three years left until the end of Policy Term, any excess instalments, to meet the minimum requirement of three instalments, will be paid on the Maturity Date.
- Funding of Premium (FOP): The premiums are waived off on death of the insured and the policy continues and on maturity the nominee gets the fund value.
Eligibility Criteria
| 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 |
|
| 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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Company Overview
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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