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Max Life Shiksha Plus Super

Max Life Shiksha Plus Super

Max Life Shiksha Plus Super

(A Unit-Linked Non-Participating Individual Life Insurance Plan; UIN:104L084V04)

With Max Life Shiksha Plus Super Plan, provide for your child’s dreams and financial support whenever need

 

1. Why This Plan?

  • Funds to meet your child's education costs & future expenses

  • Financial security for your child in case of any emergencies

  • Insurance with flexibility to invest in equity market with multiple fund options

  • Safeguard your investments against market volatilities with Systematic Fund Transfer and Dynamic Fund Allocation mechanism

  • Guaranteed loyalty additions

  • Flexibility to make Partial Withdrawals to meet unplanned expenses

2. Sum Assured and Eligibility

  • Sum Assured: Minimum

  • 5 Pay variant (Rs. 5,00,000)

  • Regular Pay variant (Rs. 2,50,000 for annual mode, Rs.4,80,000 for non-annual mode)

  • Entry Age : Min. 21 years, Max. 50 years

  • Policy Term: 10 years (5 Pay Variant); 15 to 25 years (Regular Pay Variant)

  • Maturity Age: 60 years (5 Pay Variant); 65 years (Regular Pay Variant)

  • The Policyholder (who shall also be the Life Insured) should have a child (own or legally adopted) aged between 0 days to 18 years to propose for the plan.

3. Death Benefit :

  • Lumpsum Payout on death - Higher of [Sum Assured or 105% of all premiums paid or (0.5 times Policy Term times Annualised Premium)] shall be payable immediately on death.

  • Family Income Benefit (FIB) - A Family Income Benefit 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 till the end of the Policy Term, but not exceeding 10 such installments

  • Funding of Premium (FOP) – On death of the insured, Max Life Insurance Company will fund all future outstanding premiums as and when due under the Policy and the Fund Value will be paid on maturity

4. Maturity / Survival Benefit:

  • On maturity, you will be eligible to receive an amount equal to the Fund Value (provided settlement option has not been exercised)

5. Get Tax Benefits :

  • You may be entitled to certain applicable tax benefits on your premiums and Policy benefits. Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to change in tax laws. It is advisable to seek an independent tax advice.

6. Flexible Premium Payment Options :

  • Premium Payment Term: 5 years (5 Pay variant) / 15 to 25 years (Regular Pay variant)

  • Payment Mode: Annual, Semi-Annual, Quarterly and Monthly.

7. Choose Your Investment Strategy :

  • You may choose to invest in six funds available in this plan.

  • Option to choose for either Systematic Transfer Plan or Dynamic Fund Allocation strategy

8. Seamless Claim Settlement Process :

  • Nominee contacts Max Life and a dedicated Claims relationship officer is assigned to him / her to assist in the claims process.

  • Link to Claim Settlement Section / FAQs and Numbers.

 

How Does It Work? - Link to Point 2

Scenario 1:

Mr. X aged 35 years purchased Max Life Shiksha Plus Super with the details as below: Premium Payment Term = 5 years; Policy Term = 10 years; Annualised Premium= ` 1,00,000; Fund chosen: Balanced Fund

 

 

1447424159926

 

Scenario 2:

Mr. “X” aged 35 years purchased Max Life Shiksha Plus Super with the details as below: Premium Payment Term = 20 years; Policy Term = 20 years; Annualised Premium= ` 1,00,000; Fund chosen: Balanced Fund

 

1447424159939

 

 

*Please note that the above assumed rates of return at 4% and 8% p.a. respectively, for Balanced Fund, are only scenarios at these rates. The Fund Value corresponds to the gross rate of return after deducting applicable charges. These are not guaranteed and they are not the upper or lower limits of returns of the Funds selected in your Policy, as the performance of the Funds is dependent on a number of factors including future investment performance. For more information, please request for your Policy specific Benefit illustration.

 

 

 

Link to point 7:

Fund Name

Nature of Fund

Government Securities

Corporate Bonds

Money Market & Cash Instruments

Equity & Equity related securities

Risk Rating

High Growth Fund
(SFIN: ULIF01311/02/08LIFEHIGHGR104)

An open ended equity multicap fund with focus on midcaps

0%-30%

0%-30%

0%-30%

70%-100%

Very High

Growth Super Fund
(SFIN: ULIF01108/02/07LIFEGRWSUP104)

An open ended equity fund with focus on large caps

0%-20%

0%-20%

0%-30%

70%-100%

High

Growth Fund
(SFIN: ULIF00125/06/04LIFEGROWTH104)

An open ended hybrid fund with equity portion focused on large caps

0%-30%

0%-30%

0%-40%

20%-70%

High

Balanced Fund
(SFIN: ULIF00225/06/04LIFEBALANC104)

An open ended hybrid fund investing in a mixture of debt instruments and equities

20%-50%

20%-40%

0%-40%

10%-40%

Medium

Conservative Fund

An open ended hybrid fund investing predominantly in debt instruments

50-80%

0-50%

0-40%

0%-15%

Low

Secure Fund
(SFIN: ULIF00425/06/04LIFESECURE104)

An open ended debt fund which invests across duration

50-100%

0-50%

0-40%

Nil

Low

Secure Plus Fund (SFIN: ULIF01628/04/09LIFESECPLS104)
(Available with Systematic Transfer Plan only)

An open ended debt fund which invests across duration

60-100%

0-40%

0-40%

Nil

Low

 

Disclaimers:

 

IN THIS POLICY, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER

THE LINKED INSURANCE PRODUCTS DO NOT OFFER ANY LIQUIDITY DURING THE FIRST 5 YEARS OF THE CONTRACT. THE POLICYHOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF 5th YEAR. ALL APPLICABLE TAXES, CESSES AND LEVIES AS IMPOSED BY THE GOVERNMENT TO TIME WILL BE DEDUCTED FROM THE PREMIUM RECEIVED.

Unit Linked Insurance Products are different from the traditional Insurance products and are subject to the risk factors. The Premium paid in Unit Linked Insurance Policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the Policyholder / Insured is responsible for his / her decisions. Max Life Insurance Company Limited is only the name of the Insurance Company and Max Life Shiksha Plus Super is only the name of A Unit-Linked Non-Participating Individual Life Insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges from your insurance agent or the intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these funds, their future prospects and returns. For more details on risk factors, Terms and Conditions please read sales Prospectus carefully before concluding a sale. Past performance of the funds does not indicate the future performance of the funds. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you.

Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Mitsui Sumitomo Insurance Co. Ltd. Max Life Insurance Co. Ltd.,11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram - 122002 (Haryana). For more details on risk factors, Terms and Conditions, please read the sales Prospectus carefully before concluding a sale. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in tax laws. Insurance is the subject matter of solicitation. Trade logos displayed belong to Max Financial Services Limited and Mitsui Sumitomo Insurance Co. Ltd. respectively and are used by Max Life Insurance Co. Ltd. under a license. The Life Insurance contract is between the proposer and Max Life Insurance. Life Insurance coverage is available in this product. This life insurance product is offered and underwritten by Max Life Insurance Company Limited. Customer helpline number - 18601205577, Website: http://www.maxlifeinsurance.com, SMS 'LIFE' to 5616188.

YES BANK Limited is a corporate agent of Max Life Insurance Company Limited. Registered Office: YES BANK Tower, IFC – 2, 15th Floor, Senapati Bapat Marg, Elphinstone (W), Mumbai - 400 013, India. The purchase of a Max Life Insurance product by YES BANK's customer is purely on a voluntary basis. As YES BANK is not in the business of insurance, there is no link either direct or indirect between the banking services offered by the bank to its customers and use of the insurance products.

 

ARN: MLI/YES BANK/Website/Shiksha Plus Super /Jan 2020

IRDAI Certificate Regn. No: CA0125. | IRDAI Regn. No.: 104

 

BEWARE OF SPURIOUS / FRAUD PHONE CALLS!

  • IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums.

  • Public receiving such phone calls are requested to lodge a police complaint

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