Axis Max Life Child Plans

Axis Max Life Child Plans

Axis Max Life offers two core child plans. These plans help you secure your child’s future and meet their educational and other financial endeavours. These are the following plans offered by Axis Max Life: 

1. Axis Max Life Shiksha Plus Super 

   Axis Max Life Shiksha Plus Super is a ULIP designed to help parents save up for their children’s educational milestones and financial goals. The plan aims to provide the child with educational and financial protection irrespective of the presence of the parent.

    The following points present the features of the plan. 

   • Eligibility Criteria
     • Nominee: The life insured, or the policyholder, should have a child aged between 0 and 18 years old. 
     • Policyholder: The policyholder should be between 21 and 47 years of age. 
     • Maturity age: The minimum maturity age under the plan is 57 years for the 5 pay variant, while the maximum maturity age is 65 years for the regular pay variant.
   • Investment Options
     • Fund Choice: Investors can choose from 19 different funds as per their financial goals and risk tolerance
     • STP: provides the option to redirect your money towards growth super funds over time. 
     • Dynamic Fund Allocation: The mechanism automatically shifts funds from an equity fund to a debt fund when the policy matures to ensure that the money is secure.
     • Loyalty additions: For Regular Pay variants, a loyalty addition of 0.20% of the Fund Value is added starting from the 11th policy year, increasing by 0.02% each subsequent year 
   • Policy Term and Flexibilities
     • Premium Payments: ₹250000 is the annualised minimum premium payment.
     • Partial withdrawals: Allowed after the 5-year lock-in period is complete. Note that only two withdrawals per year are allowed.
     • Lock-in period: The plan has a mandatory 5-year lock-in period
   • Benefits 
     • Death benefit: A lump sum of the highest sum assured or 105% of the total premiums paid is paid to the nominee in case of the death of the policyholder. 
     • Family Income benefit: 10% of the sum assured is paid to the family every year from the death of the policyholder till the end of the policy term. 
     • Funding of Premiums: The company pays all the remaining premiums till the end of the policy term so that the plan is not discontinued and the child receives their benefit. 
     • Maturity Benefit: If the policyholder survives the policy term, they are given the total fund value.  
   Investment

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2. Axis Max Life Online Savings Plan Variant 2

   This ULIP plan aims at providing life cover and an opportunity for wealth creation to plan holders. Variant 2 of the plan offers a more comprehensive death benefit than Variant 1 and is thus listed as a Child Plan by Axis Max Life. 

   The Features of Max Life Online Savings Plan Variant 2 are

   • Eligibility and policy terms
     • Entry Age: The entry age to enrol for this plan is between 18 and 54 years
     • Maturity Age:  The maximum maturity age under the plan is 64 years. 
     • Policy and premium terms: Both the Policy Term and the Premium Payment Term can be chosen between 5 and 30 years 
     • Partial withdrawals: After the lock-in period of 5 years is complete, 2 partial withdrawals can be made every year 
   • Investment Options 
     • Funds: The policyholder can invest in 23 funds as per their financial goals and risk tolerance. 
   • Benefits
     • Death Benefit: A lump sum amount of the highest sum assured or 105% of the total premiums paid is provided to the nominee if the policyholder dies during the policy term.
     • Family income benefit: 1% of the total sum assured is paid as monthly income from the anniversary of the policy till the policy term is over.
     • Funding of premiums: The remaining premiums are covered by the company so that the nominee can reap the benefits of the plans irrespective of the presence of the parent. 
     • Maturity Benefit: If the policyholder survives the policy term, the total fund value is provided to them. 

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Why Should You Choose Child Plans?

• Security: Child plans provide financial security for your child's future needs.
• Savings: Encourage disciplined, long-term savings.
• Investment & Insurance: Combine investment and insurance for comprehensive coverage.
• Loan Facility: Some plans offer the option to borrow against the policy, providing access to funds during emergencies without breaking savings.
• Maturity Benefits: Funds can be used for the child's education or other needs upon maturity.
• Flexibility: Allow flexibility in premium payments, investments, and withdrawals.

How to Buy the Axis Max Life Child Plans from PolicyBazaar?

To buy a child plan from PolicyBazaar, follow these steps:

• Visit the PolicyBazaar homepage and navigate to the "Personal" tab.
• Click on "Child Plans" from the dropdown menu or click “view plans” below

• Fill the lead form by providing your name and mobile number.
• After filling out the lead form, click the "View Plans" button.
• Provide details such as your city, income, your age, and your child's age on the next page, then click "Continue."
• You will be directed to the quotes page, where you will find quotes from more than 10 insurers.
• Next, choose the plan type based on the payment schedule – whether it's a one-time payout or a Monthly Payout Plan.
• Select the plan that best suits your needs and click on "Get details". 

Following these steps will guide you through the process of purchasing a child plan from Policybazaar.

Conclusion

Axis Max Life Child Plans offer a comprehensive range of protection to your child and aim at ensuring that your child is protected even in your absence. Through a safety net of insurance and an opportunity at wealth creation, these child plans work perfectly for the rising cost of education today. You can explore other child plans and choose which is best for you and your child.