Compare Max Life Child Plans

Max-Life-Insurance-Company

Max Life Insurance Company

Max Life Insurance (Max Life) is a renowned private life insurance company, which is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. While Max Financial Services Ltd. is a part of the eminent Max Group of India, the Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, one of the world’s leading general insurers. Backed by an extensive experience of 15 years of helping Indian customers to achieve their financial goals and protect themselves against contingencies, Max Life comes across as a financially stable and trusted company. With about 20 products on offer, the company aims to cater to all the savings, protection, wealth creation, and retirement requirements of its customers, thereby ensuring that there is something for everyone!

Max Life Child Plans

Max Life offers two child plans that ensure a vibrant and a financially sound future for your offspring. With benefits that range from bonuses, moneybacks, to funding of premiums, and much more, these plans take care of your child, when you are alive and even when you are not around. Further, they also come with a lot of flexibility, by letting you choose your policy term, premium payment terms, settlement options, and more. Give your little rockstar the gift of a secured future, so that they can fulfil their dreams and attain the pinnacle of success!

Child Plans:
As a parent, your biggest concern is the secured future of your child, be it in your presence or your absence. There are several things which need to be considered, starting right from the time the children are born until they are on their feet and ready to take on the world. A child plan enables parents to go through this entire process of raising a child with ease and confidence, whilst ensuring that their child’s dreams are fulfilled, without any compromises. These plans help you in building a corpus so that when the right time comes, you can meet the expenses pertaining to education, career, or marriage. They also provide financial support to your child, in case, you face an untoward incident.
Common Features of Max Life Child Plans:

  • Choose your policy term, as per your needs & convenience
  • In the unfortunate event of the death of the parent, the policy continues to stay active, with the future premiums either being waived off or funded by the company
  •  Avail Maturity Benefit as well as Death Benefit
  • Income tax benefits

List of Different Child Plans Offered By Max Life Insurance Company, With Features, Benefits And Eligibility

Max Life Future Genius Education Plan

Features:

  • A Non-Linked Plan with a variety of benefits and moneybacks, thereby ensuring complete financial security of your child’s future, even when you are not around
  • In case of death of the parent, the policy continues to remain valid, without the need of paying any future premiums 
  • Guaranteed Moneybacks during your child’s graduation years so that your child can pursue his/her chosen field of education at the best institutions
  • Liberty to customize the timing of receipt of moneybacks, so that your child has the required funds at the right time
  • Choose your own policy term ranging between 13 years to 21 years based on the educational requirements of your offspring
  • Take your pick from two premium payment options - 8 years fixed premium payment term or Policy Term less three (3) years
  • A variety of bonuses that you can withdraw or offset against future premiums
  • Choice of two settlement options based on your family’s needs
  • With the optional Rider, you get an opportunity to enhance your coverage against untoward incidents such as death, terminal illness, or disability.
  • Enjoy Income Tax benefits

Benefits:

  • Moneyback Benefit:  Receive 4 guaranteed moneybacks every year in the last 4 policy years, with each of them amounting to 25% of the Sum Assured. This ensures that you can meet the graduation expenses of your child with confidence!
  • Settlement Option: In instances, when the parent passes away before the end of the policy term, the nominee has an option to receive the Death Benefit either as a lump sum or in the form of monthly income @ 1 % of Death Benefit for the next 135 months, starting from the month following the death of the insured.
  • Discounting and Deferment options: Under this plan, you have a choice to either discount and/or defer the moneyback payments. This facility helps you to manage your funds according to your child’s education requirements.  
  • Bonus Options: The plan offers three bonus options:
    1. Paid In Cash – This is the bonus which is declared by the Company on an annual basis and is paid out to the policyholder as and when declared
    2. Premium Offset – This enables you to offset the future premiums against the Cash Bonus declared by the Company.
    3. Paid Up Additions (PUA) – This is the bonus declared by the Company, which is used to purchase Paid Up Additions (PUA), which in turn, aids in enhancing the overall benefits receivable under the plan. These PUA also earn further bonuses, thereby helping you to increase the value of your policy.
  • Paid Up Additions (PUA) withdrawal Option: The Policyholder has the option to withdraw the PUA, with the minimum limit being Rs. 5,000 and the maximum being subject to maximum PUA cash value available under the policy.
  • Terminal Bonus: This bonus is payable only once during the term of the policy, either on surrender or on maturity, provided the policy has been running for at least 5 years.
  • Death Benefit: Whether one chooses to opt for the lump sum amount or the monthly income system, the amount of the Death Benefit is computed as the highest of
    1. 11 times the Annualised Premium
    2. 105% of all premiums paid as on the date of death of Life Insured
    3. Guaranteed Sum Assured on Maturity / 25% of the Sum Assured
    4. Absolute amount assured to be paid on death/ Sum Assured
  • Maturity Benefit: The Maturity Benefit consists of:
  • Accrued Paid Up Additions (if any) or Cash Bonus (if any) + Terminal Bonus (if any) + Moneyback payment due on maturity date, if any

Eligibility:

Entry Age of the parent Minimum – 21 years | Maximum - 45 years
Maturity Age Maximum – 66 years last birthday
Policy Term Minimum: 13 years | Maximum: 21 years
Minimum Premium Amount For 8 Pay Variant : 40,000 | For Limited Pay Variant: 20,000
Maximum Premium Amount No Limit
Minimum Sum Assured For 8 Pay Variant : 3,27,000 | For Limited Pay Variant: 2,12,000
Maximum Sum Assured No Limit
Premium Payment Term i) 8 Pay Variant - 8 years or ii) Limited Pay Variant - Policy Term less 3 years
Premium Payment Frequency Annual, Semi - Annual, Quarterly and Monthly

Riders:
i)  Max Life Term Plus Rider (UIN-104B026V01): Under this rider, the nominee receives an additional lump sum, in case the insured passes away during the term of the policy.
ii) Max Life Accidental Death & Dismemberment Rider (UIN-104B027V01): If the insured dies or suffers dismemberment due to an accident, the company pays a lump sum benefit to the insured/nominee.
iii) Max Life Waiver of Premium Plus Rider (UIN - 104B029V01): In instances when the insured is diagnosed with a critical illness or is suffering from dismemberment, then all the future premiums are waived off.             

Max Life Shiksha Plus Super Plan

Features:

  • A Unit-Linked Child Plan
  • In the unfortunate event of the death of the parent, the child’s future remains secured through Family Income Benefit and Funding of Future Premiums
  • Liberty to choose your policy term as per your convenience -10 years or any term ranging between 15 to 25 years.
  • Option to pay premiums for 5 years and avail a Coverage for 10 years
  • Avail both Death Benefit & Maturity Benefit
  • For some, investing in a ULIP may seem a worrisome proposition. This plan lets you choose between the following two investment strategies to ensure that your funds are protected from market volatilities:
    1. Systematic Transfer Plan: This strategy makes use of the Rupee Cost Averaging Method on your Annualised Premium. At first, it allocates the first premium amount to the Secure Plus Fund to purchase Units, followed by automatic switching of the fund value of [1/(13 - month number in the Policy Year)] to the Growth Super Fund on each subsequent monthly anniversary. This feature can be availed only with policies having Annual Premium Payment Mode.
    2. Dynamic Fund Allocation: Under this mechanism, the premium amounts are initially invested in Equity Oriented Fund, but with time, the funds are shifted to the Conservative Fund, so that you can get the best of both worlds. This feature can be opted for only at the time of taking the policy.
  • Guaranteed Loyalty Additions from the 11th policy year ensure growth of your corpus
  • A variety of 6 Funds to choose from:
    1. Growth Super Fund: Offering a high risk profile, this fund invests majorly in equity & equity linked securities. It may also invest in smaller proportions in Government securities, corporate bonds, & money market.
    2. Growth Fund: Providing an opportunity to reap high returns, this fund invests primarily in equity and in Government securities, corporate bonds, and money market.
    3. Balanced Fund: Here, one can enjoy a balance between equity and other Government/corporate/cash instruments.
    4. Conservative Fund: Bearing a low-risk profile, this is for those who like to yield low yet steady returns.
    5.  Secure Fund: With a low-risk rating, this fund invests only in Government/corporate/cash instruments, with absolutely no investment in equity.
    6. Secure Plus Fund (Available with Systematic Transfer Plan only):           This fund has a low-risk profile as it invests majorly in Government Securities along with corporate bonds & cash instruments.

Benefits:

  • Family Income Benefit: Do you always worry how your child and family will survive in your absence? Under this plan, the beneficiary receives an amount equivalent to 10% of the Sum Assured each year following or coinciding with the Date of Death of the Life Insured till the end of the policy term. While a maximum of 10 instalments may be received till the end of the Policy Term, the minimum number of instalments that are guaranteed to be received is 3. In instances, wherein the death of the insured occurs when less than three Policy anniversaries are left before maturity, the balance instalments to meet the minimum requirement of three instalments are paid on the Maturity Date.
  • Funding of Premium: Even if the parent passes away during the term of the policy, the policy remains active and the maturity benefit remains intact, with the company taking the onus to fund all the future outstanding premiums payable under the Policy.
  • Guaranteed Loyalty Additions: For those who have opted for Regular Pay, this benefit offers a lucrative opportunity to boost their corpus by receiving 0.20% of the Fund Value in the form of additional Units, at the end of every Policy Year, starting from 11th Policy Year. These additions increase by 0.02% (absolute) each year thereafter. These additional units are allocated in different Funds but in the same proportion as the Fund Value at the time of credit.
  • Death Benefit: In the event of the unfortunate demise of the parent, the child receives the following benefits:  
    1. Lump Sum Payout which is calculated as the Highest of Sum Assured, or 105% of all premiums paid, or 0.5 X Policy Term X Annualised Premium
    2. Family Income Benefit
    3. Funding of Premium
  • Maturity Benefit:
    At the time of maturity, the policyholder/ beneficiary, as the case may be, receives the Fund Value as on the Date of Maturity, provided the Settlement Option has not been exercised.

Eligibility

Entry Age of the parent Minimum – 21 years | Maximum - 50 years
Entry Age of Child Minimum- 0 years | Maximum: 18 years
Maximum Maturity Age For 5 Pay – 60 years last birthday | For Regular Pay – 65 years last birthday
Policy Term For 5 Pay – 10 Years| For Regular Pay – Same as Premium Payment Term
Premium Payment Term For 5 Pay – 5 Years | For Regular Pay – 15 to 25 years
Minimum Premium Amount For 5 Pay – 50,000 | For Regular Pay – Annual Mode: 25,000; Non-Annual Mode: 48,000
Maximum Premium Amount No Limit
Minimum Sum Assured For 5 Pay – 5,00,000 | For Regular Pay – Annual Mode: 2,50,000; Non-Annual Mode: 4,80,000
Maximum Sum Assured No Limit
Premium Payment Frequency Annual, Semi - Annual, Quarterly and Monthly
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