Max Life Insurance showcases parent like care by coming up with SHIKSHA PLUS SUPER, a Unit Linked Child Plan that fulfills the parents' dream of making their children all rounder. As the name suggests, Max Life SHIKSHA PLUS SUPER is a comprehensive child plan that offers resources for the complete development of your child irrespective of whether or not the resource provider is present. This product marks the company as complete in terms of life stage based needs segment.
Being an all rounder is need of the hour; parents of the current age have started believing in the fact and consider academic excellence as only a part of overall development. Max life insurance after taking cues from the current mindset of parents have come up with a product that hones the versatile personality of children and supports them to excel in wide range of areas, including education. This offering is aimed at parents who wish for an overall development of their children and security of their future in times of uncertainty.
What all does the plan offer?
Lump sum payment in case of untimely death: In case of an untimely demise of the parent (the life insured), Max Life Insurance will offer death benefit by paying lump sum benefit of higher of Sum Assured or 105% of all premiums paid.
Offering support for school education: Besides getting the lump sum death benefit, the beneficiary is authorized to receive 10% of Sum Assured every year, subject to a maximum of 10 and a minimum of 3 such installments, to cover for the annual education expenses of the child.
Premium Financing:Max Life will maintain the Unit Account until maturity of the policy. Max Life will also finance all forthcoming premiums as and when due, to boost the education fund thereby ensuring that the purpose for which the policy was primarily bought is realized.
Assured Loyalty Additions to raise Maturity Value: Post the 11th Policy Year and every year thereafter, the insured is offered the benefit of Assured Loyalty Additions to further increase the maturity value.
Partial Withdrawal: The policy holder gets the facility of partial withdrawal twice a year after the 5th policy year from the fund value for supporting the skills that develop children extravagantly in a specific area. The maximum limit for the partial withdrawal is 50% of the Fund Value as on the date of partial withdrawal per policy year.
SHIKSHA PLUS SUPER gives policyholders an option to invest premiums in five investment funds offered by Max Life Insurance with a choice of Dynamic Fund Allocation and Systematic Transfer Plan. Dynamic Fund Allocation exempts the policyholders from selecting the investment funds manually as this one automatically invests between equity and debt structured funds in a pre-decided proportion that keeps getting revised as policy approaches maturity. This investment strategy aims to protect their fund from any risks by raising the fund allocation in debt funds as policy nears maturity. Systematic Transfer Plan, on the other hand, imitates the rupee cost averaging method hence letting the insured to gain from the market volatility.