How to Build Your Child's Education Fund With Max Life's Online Savings Plan
Updated On Jun 14, 2022
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Every parent is worried about their child's future. Rightfully so, as in this ever-changing world, you don't know what's going to happen next and how it will affect your child's future. So, it's essential that you plan to protect your child's future now and ensure that their future or education doesn't get affected in any way.
Max Life's online saving plans provide you with just that. These child insurance plans are dedicated to building a secured and financially stable future for your children so that they can pursue their dreams easily. So, what are you waiting for? Purchase the life insurance plan and build your child's education fund using Max Life's online savings plan.
What are the types of child plans offered by Max Life?
Max life offers two types of child insurance plans which you can purchase for your child. Make sure you know all the features and benefits of both the plans before you settle on one, as you have your child's future on the line. And any parent wouldn't want to make a decision that, in any way, will put their child's future at stake. So, keep reading to know how you can build your child's education fund using Max Life's online savings plan.
1. Max Life Future Genius Education Plan
This plan offers parents the opportunity to save money for their child's education in a disciplined manner. Parents get the flexibility to choose the timing of their money back, policy term, and payment term. The benefits that you will get from this plan are:
- Maturity Benefit: On maturity, the insurance plan will provide you Accrued Paid-Up Additions, if you have any, and a terminal bonus.
- Death Benefit: If the insured person dies before the insurance has matured, then the whole amount of money is returned back if the nominee asks for it. Nominees can also take a 1% death benefit for 135 months.
- Option to withdraw Paid-Up Additions: The policyholder has the flexibility to terminate the policy before it has matured and claim the Surrender Value for the PUA.
2. Max Life Shiksha Plus Super
It is Max Life Insurance's unit-linked plan that offers greater protection to the future of your children with the comprehensive solutions it offers to ensure a bright future for your child even when you are not there. The benefits that this plan offers are:
- Death Benefit: If the life insured has died, the nominee gets the Family Income Benefit, Funding of Premium benefit, and payout of a lump sum amount. Nominee gets the highest of the (Policy term x Annualised Premium x 0.5), sum assured, and 105% of paid premiums as the lump sum amount.
- Maturity Benefit: It is the amount that you will get after the policy term has ended. If the settlement option has not been exercised, then the payable amount is equal to the Fund Value.
- Tax Benefit: Tax exemption is offered under this life insurance policy on all the paid premiums.
Wrapping Up
Max Life Insurance gives security and assurance for your child's future. They offer several features and benefits that make sure that your child is well taken care of in every circumstance. The plans have comprehensive solutions for every possible scenario. So, you should build your child's education fund using Max Life's online savings plan.
FAQs
1. What is Family Income Benefit (FIB)?
It is a benefit in which 10% of the assured sum is paid on the anniversary of the policy after the death of the assured life.
2. What is Funding of Premium (FOP)?
It is the benefit in which the insurance company funds all the premiums of the policy, and then the Fund Value is paid back after the policy has matured.
3. What is the minimum annualised premium?
In the child investment plan, minimum annualised premiums are:
Monthly: Rs. 3000
Quarterly: Rs. 9000
Annual: Rs. 36000
Semi-Annual: Rs. 18000
Also read: A Child Life Insurance Plan Can Help You Protect Your Child's Future
