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Max Life Child Plans

**Give Your Child the Best Education with Child Plans

Your child's education is important for his or her career and you need to plan for it as early as possible. To find out the future value of your child's education keeping inflation in mind, it is important to either appoint a financial planner or make use of online tools. Once you have determined the future value of your child's education, you need to know how much you should invest on a monthly or annual basis to build the required corpus for his or her education.

This is where Max Life Child Plans comes into the picture. They have two child plans, namely Max Life Future Genius Education Plan and Max Life Shiksha Plus Super with flexibility in investment options as well as premium payment options. Max Life can guide you regarding which child plan would be your best choice after understanding your requirements. In the unfortunate event of your death, all future premiums are waived and the education dreams of your child will be fulfilled on time.

Types of Child Plans offered by Max Life

Max Life Future Genius Education Plan

This is a non-linked participating savings insurance plan.

Product Benefits

  • Death benefit: If the policy holder dies during the policy period, the nominee gets the higher of:
  • Eleven times the annualised premium.
  • 105% of all premiums paid up to date of death of the policy holder.
  • Guaranteed maturity sum assured.
  • Any absolute amount payable on death. You also receive Policy Continuance Benefit, in which all due premiums, if any, coinciding or following the date of death of the Life Insured shall be waived and the policy will continue. The moneyback and maturity benefit shall be payable to the beneficiary as and when due. The policy shall also participate in future bonuses.

  • Maturity Benefit: On maturity, you will be paid:

  • Accrued paid up additions (not guaranteed) OR cash bonus (if any).
  • Terminal Bonus (not guaranteed).
  • Paid up additions (PUA) withdrawal options: You can withdraw the surrender value of the accrued PUA in part or full. The minimum withdrawal option is Rs. 5000 and the maximum is limited to the accrued PUA cash.
  • Discounting and Deferment options: You can discount or defer the moneyback payments according to your child's education requirements.

  • Moneyback option: You will get back 25% of the sum assured in the last 4 policy years as moneyback.

Riders:

  1. Max Life Term Plus Rider: The nominee will get an additional amount on death of the life assured.
  2. Max Life Accidental Death & Dismemberment Rider: If you die or are dismembered (lose a limb), then your family is protected.
  3. Max Life Waiver of Premium Plus Rider: On death, dismemberment or critical illness, all future premiums are waived.

Eligibility Details

Entry Age: 21 years/45 years Maturity Age: 66 years Policy Term: 13 to 21 years Premium Payment Term 8 pay variant - 8 years Limited pay variant - Complete policy term minus 3 years Premium Payment Mode Annual/semi-annual/quarterly/monthly Sum Assured 8-pay variant - 327000 Limited pay variant - 212000 No limit Annual Premium 8-pay variant - Rs. 40000 For limited pay variant (less than 3 years) 20000 No limit

How Plan works Mr. Dhanuka, age 35 years, chooses the Max Life Future Genius Education Plan for his daughter Aishwarya having the following details:

  • Annual Premium: Rs. 100000
  • Policy term: 18 years
  • Premium Payment Term: 15 years
  • Sum Assured: Rs. 16.86 lacs
  • Bonus: Chosen as Paid Up addition.
  • Maturity: On maturity, Mr. Dhanuka will receive Rs. 17.8 lacs including terminal bonus and accrued paid up additions.

MAX LIFE SHIKSHA PLUS SUPER

This is a non-participating unit linked insurance plan.

Product Benefits

  • Death benefit: On death of the life assured, the nominee will receive the sum of:
  • Lump Sum Amount on death: Higher of 105% of all premiums paid or 0.5 x Policy Term x annualised premium.
  • Family Income Benefit: On each policy anniversary from the date of death till the end of the policy term, 10% of the sum assured will be payable to the nominee, subject to a limit of ten instalments.
  • Funding of Premium: All future premiums post death of the life assured will be funded by Max Life and fund value will be paid on maturity.
  • Fund options: There is a lot of flexibility in the type of fund you can invest in like High Growth Fund, Growth Super Fund, Growth Fund, Balanced Fund, Conservative Fund, Secure Fund, and Secure Plus Fund. There are options for a systematic transfer plan (transferring from Secure Plus fund to Growth Super Fund). The dynamic fund allocation works on the basis of reducing risk towards maturity by shifting from Growth Super Fund to Secure Fund.
  • Maturity benefit: You will be paid the fund value on maturity which will be calculated as total accumulated units x net asset value (per unit market value).
  • Guaranteed loyalty additions: You will get 0.2% of the fund value at the end of each year from the 11th policy year in the form of additional units.
  • Tax Benefits: Under Section 80C towards the premium and under Section 10(10D).

Eligibility Details

Entry Age 21 years 50 years Maturity Age 5 pay - 60 years Regular Pay - 65 years Policy Term (PT) 10 year/15 to 25 year Premium Payment Term 5 pay variant - 10 year PT Regular pay variant (15 to 25 years) - Same as policy term Premium Payment Mode Annual/semi-annual/quarterly/monthly Sum Assured 10 x annualised premium 5-pay - Rs 5,00,000 Regular Pay Annual Mode: Rs. 2,50,000 Non annual mode: Rs. 4,80,000 No limit Annual Premium 5-pay variant - Rs. 50000 Regular Pay Annual Mode - Rs. 25000 Non-annual mode - Rs. 48000 No limit

How Plan works

Mr. Shah is a healthy male. Here are the maturity values if the starting age of the life assured is 30, 35, and 40 years. Scenario Example 1 Example 2 Example 3 Age of life assured (years) 30 35 40 Age of child (years) 1 5 10 Policy Term (years) 20 15 10 Premium Payment Term (years) 20 15 5 Annualized premium (Rs. ) 50000 75000 100000 Maturity Value at 8% 18,58,709 17,02,136 6,63,393

How to Apply for Max Life Child Plans

There are 2 ways you can apply for a Max Life Child Plan.

  • Online: There are certain plans that are only available online for which you need to log in, choose the required plan, coverage, and provide your details. The premium amount is then generated which you need to pay online.
  • Intermediaries: You can apply through intermediaries like agents, brokers, banks, and so on.

FAQs on Max Life Child Plans

Which is the best Investment Plan of Max Life Child Plans 2018?

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Which is the best Max Life Child Plans for long term?

If you are planning to invest for the long term, then Max Shiksha Plus Super is the best choice as there are many aggressive equity based funds (equity gives the best return in the long term) like High Growth Fund and Growth Super Fund to invest in.

Why should I buy Max Life Child Plans?

Here are some reasons why you should buy Max Life Child Plans:

  • Transparency
  • Accountability
  • Flexibility
  • Performance

What should I do if I want to change my premium paying?

Yes. Changing of premium payment mode is possible on each policy anniversary of active policies. There is a form available for this, which you need to sign and send to Max Life.

Why you should opt for Max Life Child Plans?

The reason why you should opt for Max Life Child Plans are a high claim settlement ratio of 98.26% (individual death claims paid in 2017-2018), presence all over India with 210 offices, sum assured of total policies in force over Rs. 5 lac crores, and assets under management of Rs. 52,000 crores.

How do I pay a premium? What are the modes of payment available?

There are several options for you with regard to payment of premium for Max Life Insurance Child plans. They are:

  • ECS mode: This can be availed of in case of all modes namely monthly, quarterly, semi-annually, and annually.
  • Drop boxes: There are drop boxes at various locations in your city and you can find the drop box nearest to you.
  • IVR (Interactive Voice Response): You can call our helpline 1860120 5577 and you can get guidance with regard to payment of premiums.
  • Online: Premiums can also be paid online through the internet.
  • Branches: You can visit any of the Max Life branches in your city and pay the premium.

How can I check policy status for Max Life Child Plans?

You can log onto the company's home page with your user name and password to check your policy status.

What is the policy renewal process for Max Life Child Plans?

You can renew your Max Life Child Plan in three easy steps:

  1. Log onto the e-portal with your client id and date of birth.
  2. Enter the policy details and payment option (debit card/credit card/net banking).
  3. On intimation of successful payment, save or print the premium paid receipt.

What is the company’s process to settle claim for Max Life Child Plans?

For settling a claim, Max Life would require the following documents from you:

  • Form M.
  • Original Policy Pack.
  • Copy of ID proof.
  • Cancelled cheque or copy of bank passbook with the banker's attestation on the account details in form M.

What is the policy cancellation process for Max Life Child Plans?

You can cancel a Max Life Child Plan policy during the free look period. The free look period for online policies is 30 days and for offline policies, it is 15 days. You need to submit a letter in the prescribed format along with a copy of a cancelled cheque from your bank account, original policy docket, and self-attested ID proof at the nearest Max Life branch.

How does Max Life Child Plans work?

This is how Max Life Child Plans work:

  • Determine the education corpus required for your child.
  • Select the child plan.
  • Select the policy term
  • Enter the premium required to achieve the estimated maturity value (education corpus)
  • On maturity, you will receive the maturity value.
  • On death, your nominee will receive the death benefit.
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