Max Life Child Plans

Child insurance plan is a traditional life insurance plan wherein the child is insured in this plan and the parent pays the premium so that the maturity benefit is given to the child to fulfil the parent’s dream about the child’s future educational expenses. Child plans can also be Unit Linked Insurance Plans as well as traditional plans. More often than not, children plans can be taken after you have a child and not before.

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Investing in your child's future:A wise decision & a loving choice
  • Insurer pays premium in case of loss of life of parent

  • Create wealth for child’s aspirations

  • Tax Free maturity amount+

  • 12+ plans available

  • Insurer pays premium in case of loss of life of parent

  • Create wealth for child’s aspirations

  • Tax Free maturity amount+

  • 12+ plans available

Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr Tax Free*

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It thus especially focuses to the need of a parent for the future of the child and not for others.

Why Child Plan?

If you want to know why you need a child plan, well the answer can be long and detailed. But to put it in a simple way, let’s just say that as an intelligent and modern parent, you need to secure your child’s future. And when the mode to secure is served to you on a platter, why would you not want it? The child plans available today literally come to you as a boon and help you in planning your child’s future in a systematic and smooth manner.

Thus a child’s life as well as a parent’s mental peace is secured at the same time with a child plan. Thus it makes sense for each and every parent to start planning for his child’s future and start saving and also investing for the same.

Max Life Insurance Company Limited is a joint venture between Max India Limited, a leading multi-business corporate and Mitsui Suimoto Insurance Company Limited which is member of MS & AD Insurance Group, a leader in the general insurance sector across the world. The rich experience of both the companies has made Max Life one of the leaders in the Indian Insurance Industry. As in the year 2013 – 14, Max Life Insurance Company Limited has been ranked among the life insurers in India with a market share of 10.30%. The company is counted amongst the fastest growing life insurance businesses with the Gross Written Premium of Rs.7279 crores and declaring a shareholder’s profit of Rs.436 crores post taxation. The company offers a range of products which meet the need of every individual.

Max Life Child Plans

Max Life Insurance Company currently offers a single type of child education plan to its customers. Let us consider the plan which the company has in its kitty and what it offers in terms of benefits:

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Invest ₹10K/Month YOU GET ₹1 Crores* For Your Child View Plans
Invest ₹8K/Month YOU GET ₹80 Lakhs* For Your Child View Plans
Invest ₹5K/Month YOU GET ₹50 Lakhs* For Your Child View Plans
Standard T&C Apply *

Max Life Shiksha Plus Super

Is a unit linked child plan designed to provide market related returns to boost wealth creation for the child’s future and also life insurance protection for coverage purposes. The plan’s benefit structure is detailed below:

  • The plan can be taken by individuals who have a child aged 0 to 18 years.

  • Premiums under the plan can be paid for a limited tenure under the Limited pay option or for the entire duration of the plan under the Regular Pay Option of premium payment.

  • The premium net of the applicable charges can be invested by the policyholder himself among a choice of 5 fund options of can be chosen to be invested as per two different pre-defined strategies of Systematic Transfer Plan and Dynamic Fund Allocation.

  • Under the Systematic Transfer Plan option, the concept of rupee cost averaging is used and the net premium is initially invested in the Secure Plus Fund and thereafter every month, a proportion of the premium is transferred to the Growth Plus Fund

  • Under the Dynamic Fund Allocation option, the premium is invested initially in the Growth Super Fund and thereafter, as the plan approaches maturity, the funds are transferred to the Secure Fund to prevent the fund against market volatility. A specified ratio of the fund is maintained in both the fund options and the ratio changes as the plan progresses.

  • If the policyholder choose to make the investment decisions himself, the company offers him a choice of 5 funds to choose from which are Growth Super Fund, Growth Fund, Balanced Fund, Conservative Fund and Secure Fund

  • Guaranteed Loyalty Additions @0.20% of the Fund Value is added to the fund value from the 11th policy year. This ratio increases by 0.02% every year.

  • On maturity of the plan, the Fund Value is paid to the policyholder which he can choose to take at once or in 5 instalments over a course of 5 years after maturity through Settlement Option

  • In case of the insured dying, higher of the Fund Value or 105% of premiums paid till the date of death or (0.5*annual premium*term) is paid to the nominee

  • The plan has a unique feature of Family Income Benefit under which, after the death of the insured during the tenure of the plan, 10% of the chosen Sum Assured is paid every year till the end of the plan tenure subject to a minimum of 3 payments and a maximum of 10 payments.

  • Under another benefit called the Funding of Future Premiums, in case of death of the insured during the tenure of the plan, the company waives off the premiums and pays it towards the plan itself. On maturity of the plan, the applicable fund value is payable

  • Two free partial withdrawals are allowed every year after 5 policy years with a minimum value of Rs.5000

  • 12 free switches are allowed every year to change between funds

  • 6 free premium redirections are allowed every year to redirect future premium into another fund than which was originally selected.

Eligibility Details

  Minimum Maximum
Entry Age 21 years 50 years
Maturity Age - 65 years
Policy Term 10 years or 15 – 25 years
Premium amount Regular Pay – Rs.25, 000 Limited pay – Rs.50, 000 No limit
Sum Assured 10 times the annual premium No limit
Premium Payment Term Equal to policy term or 5 years
Premium Paying Frequency Yearly, half-yearly, quarterly or monthly

Child Savings Plan vs Sukanya Samriddhi Yojana Scheme and Public Provident Fund

Applying for a Child Plan from the company:

  1. Online

    The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

  2. Intermediaries

    Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For Child Plans through PolicyBazaar

  • On the PolicyBazaar homepage, click on Child Plans under the Personal tab.

  • Click New Quotes to compare

  • Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.

  • Fill in your name, email address, city, country code, and mobile number. Click Continue.

  • You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.

  • After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.

  • You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.

  • This will take you to the insurer’s website. Fill in the necessary details to buy the plan.

Investment Investment
Secure Secure
Child Banner
Secure your child’s future with or without you
Start Investing
& Get
₹1 Crore*
*Standard T & C Apply

Max Life Child Plans - FAQ

  • How to pay a premium? What are the modes of payment available?

    The Max Life Insurance company Ltd. offers 6 modes of premium payment namely:
    • Online Payment

    • ECS


    • IVR

    • Credit card Instructions

    • Direct Debit

    • EBPP

    • Payment at Axis Bank Branch

    • Payment at Axis Bank ATM

    • Your bank branch

    • Sky pack Drop boxes

    For the online payment mode, the policyholder can pay via;

    • Credit Card,

    • Debit Card

    • Net banking

  • How can I check policy status for Max Life child plans?

    Registered users can check policy status online. Login with your username and password on the LOGIN tab give on the company’s home page
  • What is the policy renewal process for Max Life child plans?

    For policy renewal online follow these 3 easy steps

    Step1: Enter your Client ID and Date of Birth to login into e-portal

    Step2: Enter the policy details and payment method (Debit/Credit Card or Net Banking)

    Step3: Save/print premium deposit receipt on successful payment intimation

    Alterantively, you can pay via cash/cheque at any of the nearest branch.

  • What is the company’s process to settle claim for Max Life child plans?

    For claim settlement the nominee can visit the nearest branch with all the policy documents and the revlant claims form. The claims are settled within 10 working days from collection of all necessary documents for claim settlement.
  • What is the policy cancellation process for Max Life child plans?

    For cancellation you need to visit the nearest branch in person with policy documents and surrender form. Upon successful proceedings, the refund will be directly apid in your bank account.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
~Source - Google Review Rating available on:-

Child Plan


Child Plan


Secure your Child’s
Career Goal
Start Investing ₹10,000/Month
& Get ₹1 Crore*
*Standard T & C Apply
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Child Plan 2
Average Rating
(Based on 29 Reviews)
Child Plan 3

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Max Life Child Plans Reviews & Ratings

4.1 / 5 (Based on 29 Reviews)
(Showing Newest 10 reviews)
Maandhata, March 31, 2021
Various facilities available
I have availed various facilities when I bought a child plan for my 4 years old daughter. It is for her benefits. It will definitely her future goals and needs. I bought the max life insurance policy. Thanks team.
Perumbalur, March 30, 2021
Choose the best
I found various good plans into the website of the policybazaar and I bought the max life child insurance policy. I have chosen the best plan which has fulfilled my requirements and needs of my child. Great work.
Padubidri, March 16, 2021
Simple to buy
It is very simple to buy a max life child insurance plan from the policybazaar. I bought this plan 2 years ago and can see substantial increase into the same. A best and required plan. Kudos team.
Atabira, March 09, 2021
Fulfil the dream
My child’s dream would be fulfilled by taking the child plan. He wants to be a great scientist and have big dreams. I bought this plan because a lot of expensive education has taken place. But with the child plan it will be easy for me to secure his education. Thanks team and it was the plan of max life.
Howrah, October 14, 2016
Awesome Services
Now, the future of my child is secure with child insurance policy which i buy from max life insurance company. Service given by the staff of the company is fabulous and on time. Executives facilitate the service to customers 24X7.
Ahmednagar, August 24, 2016
Nice Insurance Plan
Max life child insurance plan is very good in coverage and paybacks. Service facilitated by you guys is fantastic. Policy premium is less and claiming is simple because of executives who provides each and every help.
Sitapur, July 26, 2016
Max child policy
Max child insurance policy i have purchase in very low premium. Policy has many benefits like it covers maximum expenditure which spend for my child in future, after the policy get mature. Claiming is simple and sanctioned easily. I must say service is fantastic.
Bikaner, July 11, 2016
Child Care
The child insurance policy i purchase for my girl is good. The future of her is secure now with this insurance policy. Huge rewards in less investment. Policy coverage and claims are high but the premium is less which is a good thing.
Alibag, June 29, 2016
Good Child Policy
My child insurance plan is superb which I bought for my child. The policy coverage is high and claims are better. Service is perfect provided by the company members. The online service is also good which is easily access by anyone.
Srinagar, April 20, 2016
Perfect Policy
Superb child policy plan which provided by max life insurance. The policy coverage is 93% and the claims are ~Rs.42 L after policy ends. The investment is ~Rs.18 K quarterly per year till policy end. Services are great and fast too. Great work guys. Good future investment with tax saving.
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