Investment Plans 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 –

  1. Life Protection for Your Child
  2. Options on Policy and Premium Payment Term
  3. Systematic Transfer Plan (STP) & Dynamic Fund Allocation Strategies
  4. Guaranteed Loyalty Additions

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Learn more about the above-mentioned features in detail below.

Max Life Shiksha Plus Super Plan Life Protection Cover

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-

  1. Sum assured
  2. 105% of the total paid premiums as on the date of death
  3. 0.5 x policy term x annualized premium

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.

Flexible Policy & Premium Payment Terms Under Max Life Shiksha Plus Super

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:-

  1. Limited Pay – Here, you’ll pay a premium for your Max Life Shiksha Plus Super plan for a limited period of 5 years only and the policy term would be 10 years.
  2. Regular Pay – Under this, you’ll get a choice of policy term from 15 to 20 years. Also, the premium payment term under this option will be the same as per your chosen policy term.

Max Life Shiksha Plus Super Plan Investment Strategies

You can choose any of the investment strategies for your funds as per your risk profile.

Systematic Transfer Plan (STP)Dynamic Fund Allocation

  • This plan replicates the Rupee Cost Averaging method on your annualized premium.

  • STP first allocates the annualized premium to the Secure Plus Fund and purchases its unit.

  • After that, on each subsequent monthly anniversary, the fund value of [1/(13 - no. of months in the policy year)] units will be switched to Growth Super Fund.

  • When the fund units are switched, the units are automatically cancelled on Secure Plus Fund and purchased in Growth Super Fund.

  • STP will be available to you on a yearly premium payment mode only.


  • With this strategy, the investment will be made first in an equity-oriented fund in the early policy years.

  • As the policy proceeds further, there will be a shift from equity to more conservative funds.

  • Under Dynamic Fund Allocation Strategy, the Asset Under Management (AUM) shall be maintained between Growth Super Fund and Secure Fund in a pre-defined proportion that might change as the policy progresses.

Note:- You can choose your investment strategy for the Max Life Shiksha Plus Super plan at inception only.

Max Life Shiksha Plus Super Guaranteed Loyalty Additions

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.

Other Benefits of Max Life Shiksha Plus Super Plan

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 –

  1. Surrender Within Lock-in Period – If you surrender the Max Life Shiksha Plus Super plan during the lock-in period, the company will transfer the fund value into the Discontinuance Policy Fund after deducting the surrender or discontinuance charges. After the expiry of the lock-in period, the company will close the unit account and pay the surrender value, which is equal to the Discontinuance Policy Fund.
  2. Surrender After Lock-in Period – In case of surrender after the expiry of the lock-in period, the life assured shall get the surrender value, which is equal to the fund value of the segregated funds as on the date of receipt of surrender request.

Note:- The lock-in period is 5 years from the date of policy commencement.

Max Life Shiksha Plus Super Eligibility

You can purchase this life cum investment plan from Max Life only if you meet the following:-

  1. Entry Age – 21 to 50 Years as on the date of last birthday
  2. Maximum Age at Maturity – 60 Years for Limited Pay and 65 Years for Regular Pay

Fund Options in Max Life Shiksha Plus Super Plan

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 NameRiskFund Management Charge (per annum)
High Growth FundVery High1.25%
Growth Super FundHigh1.25%
Growth FundHigh1.25%
Balanced FundMedium1.10%
Conservative FundLow0.90%
Secure FundLow0.90%
Secure Plus FundLow0.90%
Discontinuance Policy Fund (available in case of policy surrender)Low0.50%

Max Life Shiksha Plus Super Terms & Conditions

  1. All individuals shall be covered under this insurance plan according to the Board approved underwriting policy of the company
  2. Premium Payment Mode – Yearly, Hal-yearly, Quarterly and Monthly
  3. Minimum Sum Assured – INR 5 Lakh for Limited Pay, and INR 2.5 Lakh (yearly mode) and INR 4.8 Lakh (other modes) for Regular Pay
  4. Minimum Annual Premium Amount – INR 50,000 for Limited Pay, and INR 25,000 (yearly mode) and INR 48,000 Lakh (other modes) for Regular Pay
  5. Grace Period – 15 days (monthly mode) and 30 days (other modes)
  6. Free Look Period – 30 days (if purchased via distance marketing) and 15 days (offline purchase)
  7. Premium Allocation Charge – 3%-5% for Limited Pay and 0%-5% for Regular Pay
  8. Maximum Switches – 12 per policy year
  9. Maximum Premium Redirection – 6 per policy year
  10. Maximum Number of Partial Withdrawals Allowed – 2 (partial withdrawal is allowed after the lock-in period)
  11. Minimum Partial Withdrawal Limit – INR 5,000 per transaction in a policy year
  12. Maximum Partial Withdrawal Limit – 50% of the Fund Value

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