Max Life Shiksha Plus Super Plan
Max Life Shiksha Plus Super Plan is a Unit Linked Child Plan designed to take care of the childs future needs by building a sound corpus through market related returns and also providing life insurance benefits
It is a unit linked plan with Limited Pay and Regular Pay option of premium payment
The plan is available only to policyholders who have a child aged 0-18 years
Family Income Benefit and Funding of Future Premiums secure the childs future in the event of the policyholders death
There is an option of Systematic Transfer plan (STP) which utilizes the concept of rupee cost averaging
The policyholder can manage the investments himself or opt for STP or Dynamic Fund Allocation option
Under the STP option, the premium net of charges is first allocated to Secure Plus Fund and every month thereafter, a portion of the fund is transferred to Growth Super Fund
Under the Dynamic Fund Allocation option, the funds are initially maintained in Growth Super Fund and gradually transferred to Secure Fund towards policy maturity.
This option maintains a specified ratio of fund value in Growth Super and Secure Fund which changes with increasing policy term
The following funds are available for investment with Secure Plus Fund available only for STP option
Growth Super Fund
Details about Premium
Annual Premium in Rupees and Benefit Illustration for a term and PPT of 20 years
Grace Period: 15 days grace is allowed for premium payment in monthly mode and 30 days in annual mode failing which the policy lapses
Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 5 completed years. If surrendered before 5 years, the fund value net of discontinuation charge will be credited to the Linked Discontinued Policy Fund where it will earn a minimum of 4% p.a. growth. After completion of 5 years, the fund value in the Discontinued Policy fund as on that date will be paid to the policyholder. If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any charges
Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.
2 free Partial withdrawals are allowed every year after 5 completed policy years with a minimum value of Rs.5,000
12 free Switches are allowed every year for switching between funds
6 free Premium Redirections are allowed every year for redirecting future premiums into another fund
The benefit paid in case of suicide within 12 months of policy inception or revival is the fund value as on that date.