One of the major responsibilities of being a parent is providing security to your ward in every aspect. Be it emotional or societal. One such important form of protection is financial security. That is why we introduce you to the world of Max Life child insurance plans. These insurance policies are designed to give your children the best of monetary coverage, be it for educational requirements or funding their wedding. Point is to make their dreams sore higher without burning big and bigger holes in your coffer.
Why should You go for Max Life child insurance plans?
For those of you who have doubts in their minds regarding need and usage of child plans by Max Life, here’s the thing: What’s the most important thing for a successful future? Planning, right? And what backs a plan? Finance! That is exactly what Max Life child insurance plans are made for, I.e. a Corpus to aid your child in important events like higher studies and marriage even if you’re not around.
Types of child plans offered by Max Life
Max Life has come up with two comprehensive child plans to fir every type of customer needs based on premiums, sum assured, eligibility, benefits and more. These plans are Max Life Future Genius Education Plan and Max Life Shiksha Plus Super.
Let’s understand these plans in detail.
- Max Life Future Genius Education Plan
Just as the name suggests, Max Life Future Genius Education Plan is designed to provide your child the best of environment, in terms of finances, to practice their genius in the best way possible.
Features
- Flexibility
In this plan, you get the flexibility to choose the premium payment term, term of the policy along with money-back timing as per your child’s educational needs.
- Guaranteed Financial Security:
There might come a time when you’re no more around to aid your child. Such desperate times call for desperate actions. That’s what Max Life child insurance plan would forward your child; continued benefits in the insurance cover.
- Options in premium payment
It’s not compulsory that what suits Mr.X would go with Mr.Y too. Thus, Max Life has come up with different payment options, I.e. monthly, quarterly, semi-annually and annually.
- Wedding Funds
Seeing your child getting married is one emotional moment and money-matters should not alter your preparations and emotions in any way. Hence, investing in this particular plan would cover such expenses too, I.e. you are free to use this invested money for your child’s wedding too, and not just for studies.
Benefits
- Guaranteed Moneyback
The policyholder has the option to avail moneyback, I.e Sum Assured at regular intervals instead of getting the entire amount as lump sum at the end of policy term. 25% of the Sum Assured will be paid as moneyback at the end of every 4 years.
- Death Benefit
This benefit will be paid right after the demise of the Life Insured. This amount will be higher of following four options, viz. 11x the Annual Premium, 105%of total premium paid as on the death, Guaranteed Sum Assured on maturity and any other absolute amount promised by the insurer to be paid to the Life Insured.
- Merits of Death Benefit
- Continuation of policy after the death of the life insured.
- Policy Continuous Benefit will activate in which due premiums, if any, shall be waived but the policy along with all the due benefits and bonuses will continue to exist.
- Settlement Option will be given in which the nominee will have the choice of receiving the Sum Assured in lump sum or in monthly income format.
- Maturity Benefit
after successful completion of the policy term, this benefit will be credited to the Life Insured. Since Max Life child insurance plan is a participating one, you will be entitle to Accrued Paid Up Additions (or Cash Bonus) along with Terminal Bonus, if any.
Life Insured can also enjoy benefits of the Annual Bonus and Terminal Bonus too.
- Discounting & Deferment Option
You can choose to get your moneyback discounted or deferred as per your preference. All you need to do is contact Max Life before 3 years of first date of moneyback and they will positively get in touch with you to process the same.
- PUA (Paid Up Additions) Withdrawal Option
PUA is a rider that will boost your policy benefits many-fold. With this rider, Life Insured has the option to upscale the survival and death benefit simply by increasing cash value of the policy. This way, this PUA will earn dividends and the value will keep on increasing over the time. Now with withdrawal option, policyholder can draw the value partially or in full. Minimum you can take is Rs. 5000 while the maximum amount will be the available cash value of PUA.
- Tax Benefits
Putting your money in one of the Max Life child insurance plans is any day a good idea and when it comes to tax benefits, their importance increases many-fold. As per the Income Tax Act, 1961, the money you invest in child insurance plans is eligible to be deducted from taxation.
Additional riders to amp up the plan
Along with the aforementioned benefits, Max Life child insurance plans come loaded with additional riders to boost the profits all the more. Under this particular plan of Future Genius Education Plan, you have the option to avail any or all of the following riders:
- Max Life Term Plus Rider
In case of death of the policyholder, this rider would provide additional lump sum to aid in time of need.
| Particulars | Details
|
| Type of Rider | Non-Participating, Non-Linked
|
| Term | 5-35 years
|
| Mode of Premium | Monthly, Quarterly, Semi-Annual, Annual |
| Entry Age | 18-65 years
|
| Sum Assured | Rs.50,000-Rs.15,00,000
|
- Max Life Accidental Death & Dismemberment Rider
This rider, as the name suggests, is designed to provide benefits apart from the base benefits in times of despair I.e. accident and/or dismemberment. You can add this rider any time before 5 years of policy term end .
| Particulars | Details
|
| Type of Rider | Non-Participating, Non-Linked
|
| Term | 5-52 years
|
| Mode of Premium | Monthly, Quarterly, Semi-Annual, Annual
|
| Entry Age | 18-65 years
|
| Sum Assured | Min: Rs. 50,000
|
- Max Life Waiver of Premium Plus Rider
At the time of an uncalled event like an accident or dismemberment or for the extreme, death, this rider will come into enforce. It will enable you to opt out of all the future premiums.
| Particulars | Details
|
| Type of Rider | Non-Participating, Non-Linked
|
| Term | 5-35 years
|
| Mode of Premium | Monthly, Quarterly, Semi-Annual, Annual
|
| Entry Age | 18-65 years
|
| Sum Assured | Rs. 1,000 – Rs.3,50,000
|
Eligibility
Now that you have read and learnt all about Max Life Future Genius Education Plan, it is imperative to understand if you stand eligible to buy this plan or not. Consider the table below to ascertain your making for the same.
| Particulars | Details
|
| Entry age | Minimum – 21 years Maximum – 45 years |
| Maximum Maturity Age | 66 years |
- Max Life Shiksha Plus Super
A perfect product to help your child in studies, wedding expenses and so on, Suraksha Plus Super is the second comprehensive product offered under the umbrella of MAX Life child insurance plans. Let’s look at some of the key features of this child plan:
Features
- Comprehensive Coverage
A comprehensive insurance plan I.e. encompassing coverage for family along with financial support for your child’s educational needs. In addition to this, the benefits of this plan continue to flourish even in your absence.
- Six-fold Fund Options
This plan is not just a protection plan but provides you with the option to invest your money as many as six market instruments, viz. Government securities, corp. bonds, money market instruments, cash instruments, equity and related securities.
- Options in Policy Term
You can choose a policy term as per your convenience and requirement I.e. from a thin 10 year term to anywhere between 15 years to even 25 years of policy period making this one of the best Max Life child insurance plans.
- Investment Strategies
Max Life forwards its customers with investment strategies using which they can put their money to efficient use in equity and debt funds.
Benefits
- Death Benefit
If the insured person dies anytime during the policy term, the nominee will be entitled for the death benefit that will include lump sum payout on death, family income benefit and premium funding (insurer will fund all outstanding premiums leading to which the fund value will be paid to the nominee on maturity).
- Maturity Benefit
After the completion of the policy term (and the insured survives through the term), the Life Insured will be paid the complete Fund Value as on the maturity date.
- Guaranteed Loyalty Additions
At the end of every policy year starting from 11th year, 0.20% of the Fund Value shall be added to the Fund as a reward of loyalty. After first addition, this percentage would keep on increasing by 0.02% every year.
- Tax Benefits
Apart from all the aforementioned benefits, this Max Life child insurance plan would help you in tax saving too as it is covered under Section 80C of the Income Tax Act.
Am I eligible for this Plan?
Refer to the table below to check your eligibility:
| Particulars | Details
|
| Entry age | 21-50 years (for policyholder)
0-18 years (for child; own or legally adopted) |
| Maximum Maturity Age | 60 years (For 5 Pay Option)
65 years (For regular pay option) |
FAQs
Q1. Do I get additional riders in Max Life Shiksha Plus Super Plan?
No, there are no additional riders available under this plan.
Q2. How do I contact Max Life for any complaints, grievances or help?
You can reach the dedicated customer care staff for Max Life child insurance plans by either calling on 1860 120 5577 or email your query at service.helpdesk@maxlifeinsurance.com.