Max Life Insurance Company Limited has a number of child plans on offer. These plans have been designed to secure your child’s future financially. Now let’s have a look at different child plans from Max Life:

Max Life Future Genius Education Plan

Max Life Future Genius Education Plan is basically a non-linked participating savings insurance plan. The policy comes with the flexibility to choose the policy tenure, premium payment term and the timing of money backs. The special features and benefits of Max Life Future Genius Education Plan include the following:

Death Benefit:

• Under Max Life Future Genius Education Plan, the payable amount will be a higher of 11 times the paid Annualized Premium over a year, excluding all pertinent cesses, taxes and levies as compulsory by the Government and stays equal regardless of your mode of premium payment.
• Or, 105% of all premiums paid on the Life Insured’s date of death.
• Or, guaranteed Sum Assured on Maturity.
• Or, any absolute amount assured to be paid on death.

Maturity Benefit:

• The maturity amount to be paid will be Accrued Paid Up Additions (PUA) (if any)
• Or, Cash Bonus (if any), either one is applicable and Terminal Bonus (if any).

Money back Additions:

• Four Money backs are offered. Each money back totals to 25% of Sum Assured is payable in the last 4 policy years.

Policy Tenure:

• 13 to 21 years

Term of Premium Payment:

• 8 Pay variant - 8 years
• Limited Pay variant - Complete Policy Tenure minus 3 years

Age Limit (Years):

• 21 to 45 years

Premium Amount:

• 8 Pay variant - Rs. 40,000/-
• Limited Pay Variant (Policy tenure less than 3 years) - Rs. 20,000/-.
• No such limit on maximum amount.

Mode of Premium Payment:

• Annual
• Semi-Annual
• Quarterly
• Monthly

Sum Assured:

• 8 Pay variant: Rs. 3,27,000/-
• Limited Pay variant: Rs. 2,12,000/- (subject to minimum premium limits)
• No such limit on maximum amount.

Max Life Shiksha Plus Super Plan

Max Life Shiksha Plus Super Plan is a non-participating Unit Linked Insurance Plan. This child plan from Max Life comes with the benefit of investing in equity market with numerous fund options. Some of the special features and benefits of this plan include the following:

Death Benefit:

Under Max Life Shiksha Plus Super Plan, the payable amount will be highest of Sum Assured OR 0.5 X Policy Tenure X Annualized Premium OR 105% of all paid premiums.

• Family Income Benefit: The policy will pay 10% of the Sum Assured on every Policy anniversary subsequent to or coinciding with the life insured’s date of death till the end of the Policy Tenure, but not more than 10 such installments.
• Funding of Premium: The Fund Value as well as all outstanding premiums payable under the policy will be paid on maturity.

Maturity Benefit:

This Max Life child plan offers maturity benefit that is equivalent to the fund value where fund value is summing up of [Accrue Units in Fund(s) x Net Asset Value of the respective Fund(s) as on the Date of Maturity].

Loyalty Additions:

• After 11th policy year, 0.20% of Fund Value will be added to the fund under this plan.

Age Limit:

• 21 to 50 years

Maximum Maturity Age:

• 5 Pay - 60 years
• Regular Pay - 65 years

Premium Payment Tenure

• 5 Pay: 10 years
• Regular Pay: 15 to 25 year Policy Term

Policy Tenure:

• Policy Tenure is equal to the Premium Payment tenure

Payment Frequency:

• Annual
• Semi-annual
• Quarterly
• Monthly

Premium Amount:

• 5 Pay: 50,000/-

Regular Pay

• Annual mode: 25,000/-
• Non-annual mode: 48,000/-

No such limit is imposed on the maximum amount under this plan.

Sum Assured:

• 5 Pay: 5, 00,000/-

Regular Pay

• Annual mode - 2,50,000/-
• Non-annual mode - 4,80,000/-