Child Life Insurance Plans Offered By Max Life Insurance
Updated On May 11, 2021
Table of Contents
Max Life Insurance provides 2 child insurance plans namely Max Life Shiksha Plus Super Plan and Max Life Future Genius Education Plan. Both of these plans are explained below-
Max Life Shiksha Plus Super Plan
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 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.
Best Features of Max Life Shiksha Plus Super Plan
The best features of Max Life Shiksha Plus Super Plan are as follows -
- 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.
- 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 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.
- The plan provides 6 different fund options including equity-oriented, debt-oriented, and balanced funds to match your investment style and risk profile.
- The plan comes with 2 different investment portfolio strategies namely Systematic Transfer Plan and Dynamic Fund Allocation.
- 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.
- The plan allows you to make 12 free fund switches in a policy year, subject to a minimum switch amount of INR 5,000.
- The premium allocated to the fund options can be redirected up to 6 times in a policy year.
Max Life Future Genius Education Plan
Max Life Future Genius Education Plan provides assurance to the parents that their child has a financially secure future and gets the best higher education experience. This product offers guaranteed money back, maturity benefits and financial protection in the event of death of the life assured.
Best Features of Max Life Future Genius Education Plan
The features of Max Life Future Genius Education Plan are below-mentioned-
- The product offers four guaranteed money backs payable yearly in the last 4 policy years. Each guaranteed moneyback is equivalent to 25% of the base sum assured.
- The accrued paid up additions and terminal bonus is payable at the end of policy term i.e maturity of the policy.
- The plan gives individuals the freedom to select their own policy term. Individuals can select policy terms ranging from 13 years to 21 years.
- There is also the option of two premium payment terms i.e 8 years fixed premium payment term and Policy term less 3 years.
- Individuals are also allowed to customize the timing of their money-backs and receive them during the last three policy years, as per their requirement.
- The plan provides 3 rider options namely Max Life Term Plus Rider, Max Life Accidental Death & Dismemberment Rider, and Max Life Waiver of Premium Plus Rider.
Features of Child Life Insurance Plans
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.