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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.
This is a non-linked participating savings insurance plan.
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.
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:
This is a non-participating unit linked insurance plan.
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
There are 2 ways you can apply for a Max Life Child Plan.
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:
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:
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:
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:
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: