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Investment Plans 749 views February 18, 2021
Max Life Shiksha Plus Super is a unit-linked non-participating individual life cum investment plan that gives you the benefit of life cover along with returns on the premium you pay. You will get maturity benefits with this plan. Let’s check out the key features of this life cum investment plan –
Learn more about the above-mentioned features in detail below.
Table of Contents
In the case of an unfortunate event of the death of the life assured, the nominee/legal heir shall be entitled to the following, provided the policy is in force.
Lump Sum Payout – The nominee shall receive the highest of the following immediately-
Family Income Benefit – A 10% of the sum assured shall be payable to the nominee each policy anniversary year following or coinciding with the date of death of the life assured. This annual income benefit shall not exceed 10 installments, but this is guaranteed to a minimum of 3 installments. And if less than 3 policy anniversary years are left after the death of the life assured, to meet the minimum family income benefit criteria, the excess installment shall be paid to the nominee on the maturity date.
Funding of Premium – The company will pay the life assured’s due premiums after the date of death. And the policy fund value shall be payable to the nominee on the maturity date.
So, we can say that the Max Life Shiksha Plus Super plan will provide an attractive life cover to your child in case of your absence.
You can choose your policy and premium payment term for the Max Life Shiksha Plus Super plan according to your requirements. The following are the available options for you:-
You can choose any of the investment strategies for your funds as per your risk profile.
|Systematic Transfer Plan (STP)||Dynamic Fund Allocation|
Note:- You can choose your investment strategy for the Max Life Shiksha Plus Super plan at inception only.
You are eligible for guaranteed loyalty additions from the 11th policy year onward. An addition of 0.20% will be provided at the end of the policy year by creating an additional unit. After that, the loyalty addition shall increase by 0.02% for each subsequent year. Max Life Shiksha Plus Super Guaranteed Loyalty Additions shall be payable on Regular Pay only.
In case of death of the life assured, loyalty additions are still payable to the nominee if the company pays the due premium after the date of death. If your Max Life Shiksha Plus Super is revived, the loyalty additions for the previous year shall be paid to you based on the fund value on the revival date.
Note:- The additional units will be created in different funds but at the same proportion as the fund value at the time of credit.
Besides the above-mentioned features, the Max Life Shiksha Plus Super plan comes with some other benefits that you can check below –
Maturity Benefit – At the end of the policy term, you’ll receive fund value as on the date of maturity. And if the maturity date falls on a non-working day for the company or market, the next working day’s NAV shall apply to the fund value.
Settlement Option – You can also exercise the settlement option if you want to receive the Max Life Shiksha Plus Super maturity benefit in periodic installments for up to 5 years. For this benefit, you should opt for a settlement 15 days before the maturity date. In the settlement period, the fund management charge shall continue and you can also switch funds during this period. Also, there will be a risk cover equaling 105% of the total paid premiums less mortality charge from the date of maturity.
Surrender Benefit – You can surrender the Max Life Shiksha Plus Super Plan whenever you want and get the following benefits –
Note:- The lock-in period is 5 years from the date of policy commencement.
You can purchase this life cum investment plan from Max Life only if you meet the following:-
You can choose any of the following funds for investment in Max Life Shiksha Plus Super as per your risk profile and investment objective –
|Fund Name||Risk||Fund Management Charge (per annum)|
|High Growth Fund||Very High||1.25%|
|Growth Super Fund||High||1.25%|
|Secure Plus Fund||Low||0.90%|
|Discontinuance Policy Fund (available in case of policy surrender)||Low||0.50%|
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