Axis Max Life Shiksha Plus Super Plan

What is Axis Max Life Shiksha Plus Super Plan?

The Axis Max Life Shiksha Plus Super Plan is a Unit-Linked Insurance Plan (ULIP) that combines life insurance protection with the potential for wealth creation through investments in various funds. It is a non-participating plan, meaning it does not share in the profits of the insurance company. The plan specifically caters to policyholders who have a child, aiming to secure their future.

Features of Axis Max Life Shiksha Plus Super Plan

This investment plan comes with several distinct features:

• Product Type: It is a Non-Participating Unit-Linked Individual Life Insurance Plan.

• Coverage: The plan covers all individuals following the Company's Board-approved underwriting policy.

• Premium Payment Modes: Premiums can be paid Annually, Semi-Annually, Quarterly, or Monthly.

• Sum Assured: The Sum Assured is 10 times the Annualised Premium.

• Minimum Sum Assured: The minimum Sum Assured is ₹5,00,000.

• Maximum Sum Assured: For Annual Mode, it is ₹2,50,000, and for Non-Annual Modes, it is ₹4,80,000. There is no upper limit, subject to the Board-approved underwriting policy of the Company.

• Guaranteed Loyalty Additions: The plan offers guaranteed loyalty additions to enhance the fund value.

• Systematic Transfer Plan (STP): This feature helps replicate a Rupee Cost Averaging Method for annualised premium payments.

• Dynamic Fund Allocation: An investment strategy that allocates funds between equity-oriented and more conservative options as the policy term progresses.

• Settlement Option: Provides flexibility for payouts at maturity.

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Eligibility Criteria for Axis Max Life Shiksha Plus Super Plan

Benefits of Axis Max Life Shiksha Plus Super Plan

Below are the key benefits of Axis Max Life investment plan:

1. Maturity Benefit

   • The Fund Value as on Date of Maturity is paid, provided the Settlement Option has not been exercised.

   • If the Maturity Date does not fall on a working day, the NAV of the next working day will be applicable for premium credits.

2. Death Benefit

   In the unfortunate event of the Life Insured's death during the Policy Term, the following benefits are provided:

   • A Lump Sum Payout on Death, which is the Higher of [Sum Assured or 105% of all premiums paid or (0.5 X Policy Term X Annualised Premium)], payable immediately.

   • Future Income Benefit: An amount equal to 10% of the Sum Assured will be paid on each Policy anniversary following or coinciding with the Date of Death of the Life Insured until the end of the Policy Term, up to a maximum of 10 installments.

   • A minimum of 3 such installments are guaranteed, regardless of the Date of Death.

   • If less than 3 Policy anniversaries remain, excess installments will meet the minimum requirement of 3 installments.

   • The Company will pay any outstanding premiums from the date of death until the end of the policy term.

   • The policy continues even after the death of the Life Insured, with all benefits payable to the beneficiary at maturity.

3. Guaranteed Loyalty Additions

   • 0.20% of the Fund Value is added to the Fund Value at the end of every policy year, starting from the 11th Policy Year.

   • These additions increase by 0.02% (absolute) each year thereafter.

   • Units are created in different Funds in the same proportion as the fund value.

   • Loyalty Additions are payable only on premium paying policies.

   • They are also paid in case of death if premiums are funded by the Company.

   • For revived policies, previous years' loyalty additions are paid based on the fund value at the Revival Date.

4. Systematic Transfer Plan (STP)

   • This plan helps replicate a Rupee Cost Averaging Method for annualised premiums.

   • 50% of the premium allocation charge is allocated first to the Secure Plus Fund.

   • Subsequently, the Fund value of units available at the beginning of each month is switched to the Growth Super Fund by cancelling units in Secure Plus Fund and purchasing units in Growth Super Fund.

   • STP is available only for policies with Annual Premium Payment Mode.

5. Dynamic Fund Allocation

   • An investment strategy where early policy term investments are in Equity Oriented Fund, shifting towards more conservative funds as the policy term progresses.

   • Policyholders can opt out of this feature.

   • It automatically rebalances assets between Growth Super Fund and Secure Fund at 10 years prior to the Maturity Date, based on a pre-defined proportion that changes with years remaining until maturity.

6. Settlement Option

   • Allows policyholders to continue managing their funds for up to 5 years from the Maturity Date and receive periodic payments.

   • A Fund Management Charge of 0.50% is levied during the settlement period.

   • The total sum paid will cover up to 105% of total premiums paid, with mortality charges deducted from the sum at risk.

   • The switch option can be exercised during settlement.

7. Surrender Benefit

   • Within the Lock-in Period (first 5 years): The Fund Value (after deducting applicable charges) is moved to a Discontinued Policy Fund. Proceeds are paid at the expiry of five years from the Commencement Date.

   • Outside the Lock-in Period: The surrender value equals the Fund Value of units in the segregated Fund(s) on the date of receipt of the surrender request, and the policy terminates.

8. Partial Withdrawal

   • Allowed after 5 policy years.

   • A minimum of ₹5,000 or 10% of Partial Withdrawal Sum is permitted.

   • The total amount withdrawn should not exceed 10% of the total premiums paid.

   • There must be a minimum gap of 30 days between two partial withdrawals

Additional Details of Axis Max Life Shiksha Plus Super Plan

• Grace Period: This child plan provides a 15-day grace period for monthly premium mode and a 30-day grace period for other modes (annual, semi-annual, quarterly). During this period, risk cover continues, and all charges apply.

• Free Look Period: A 15-day free look period from the date of receiving the policy document (30 days for policies sold through distance marketing or online). During this period, the policyholder can review the terms and conditions and has the option to return the policy for cancellation.

• Option to Reduce Premium Post Lock-in: After the lock-in period, the policyholder can reduce the annualised premium by up to 50% of the original amount, applicable only once.

• Switch Charge: Policyholders are allowed a maximum of 12 switches per policy year, all of which are free of charge.

• Premium Redirection Charge: A maximum of 2 premium redirections are allowed per policy year, and both are free of charge.