Max Life Savings Plan For Your Child

Max Life Savings Plan For Your Child

One should start making plans for their child’s education as early as feasible because it will be crucial to his or her future job. Once the future value of the child’s education has been calculated, the parents must know how much they should invest monthly or annually to amass the necessary funds for that child’s education.

In such a situation, Max Life Child Plans come as a great life savior. They offer two child plans: Max Life Shiksha Plus Super and Max Life Future Genius Education Life Plan, both of which offer a variety of investment and premium payment choices. All future premiums are waived in the terrible case of the parent’s passing, and the insured child’s educational goals will be met on time.

Child Insurance Plans Offered By Max Life

Let’s explore the two plans in detail!

1. Max Life Future Genius Education Life

Max Life Future Genius Education Life plan is specifically designed to help parents in building disciplined savings for their child’s higher education costs. The plan offers flexibility to the parents in choosing policy terms, premium payment terms, and money-back timings according to the educational needs of their child.

Key Features

  • In case of death of the life insured, a death benefit is payable immediately to the nominee.
  • The plan also offers maturity benefits to the policyholder in case he/she survives the maturity age.
  • In the last 4 policy years, four money backs (each totaling 25% of SI), are payable to the insured.
  • The insured member can receive the surrender value of the accrued Paid-Up Additions (PUA), partially or in full.
  • In order to meet up the child’s educational needs, the plan also offers the flexibility to discount and/or defer the money back payments.

Eligibility Table

ParametersDetails
Entry Age21 To 45 Years
Maximum Maturity Age66 Years
Policy Term13 To 21 Years
Premium Payment Term
  • 8 Pay Variant – 8 Years
  • Limited Pay Variant – Policy Term Less 3 Years
Minimum Annual Premium
  • For 8 Pay Variant: Rs. 40,000
  • For Limited Pay Variant (Policy Term Less Than 3 Years): Rs. 20,000
Maximum Annual PremiumNo Limit
Minimum Sum Assured
  • 8 Pay Variant: Rs. 3,27,000
  • Limited Pay Variant: Rs. 2,12,000
Maximum Sum AssuredNo Limit

2. Max Life Shiksha Plus Super

Max Life SHIKSHA PLUS SUPER is a remarkable product that offers numerous options to help parents prepare for their child’s education and gives them the freedom to choose how they want to build their savings and safeguard their child’s future at the same time. The plan allows parents to save and secure a fund for their child’s future educational needs.

Key Features:

  • It is a comprehensive life insurance plan that includes family income benefits and funding of future premiums in case of the insured’s death.
  • The plan comes with a choice of 6 funds with different risk appetites.
  • The insured has the flexibility to make partial withdrawals for meeting unplanned expenses.
  • The plan also offers guaranteed loyalty additions from the 11th policy year.
  • The plan offers both maturity and death benefit to the policyholder.

Eligibility Table:

ParametersDetails
Entry Age21 To 50 Years
Premium Payment Term
  • 5 Pay
  • Regular Pay
Maximum Maturity Age
  • For 5 Pay: 60 Years
  • For Regular Pay: 65 Years
Annualized Premium

For 5 Pay: Rs. 50,000

For Regular Pay:

  • Annual Mode: Rs. 25,000
  • Non-Annual Mode: Rs. 48,000
Policy Term10 To 25 Years

Why Should One Zero In Child Insurance Plan From Max Life?

There are many reasons for choosing Max Life Child Insurance Plans, but some of them are discussed below:

  • Comprehensive Coverage: The child insurance plans from the company offer complete life protection along with some incredible features like family income benefit, funding of future premiums, partial withdrawal, and so on.
  • Flexible Policy Term and Premium Payments: The plans allow the policyholder or the parents to choose from various premium payment terms and policy terms as available under the plans.
  • Offers Financial Security: The plans offer financial security to the parents and their child, especially during the most crucial years of the child’s life.
  • Perfect Blend Of Savings & Investment: Both the child plans of Max Life Insurance allow the parents to not only save for the future but also make a wise investment for financial security.
  • Wide Presence: As reported to IRDAI, the company holds 269 office branches for the fiscal year 2022-23.
  • Higher Claims Paid Percentage: For the FY 2022-23, the individual death claim paid percentage was 99.51%.
  • No Penalties On Partial Withdrawals: The company applies no penalties when a policyholder withdraws an amount in between. However, this comes with certain terms and conditions. Kindly check the policy brochures for the same.

Process To Calculate Premium Amount Of Max Life Child Insurance Plans

Let’s calculate the premium for a child plan from Max Life with an example table!

One needs to follow the below-mentioned step to calculate the premium for any of the two plans:

  1. Visit the official website of the company.
  1. Scroll down to the last and click on “Child Insurance Plans” under the “Life Insurance Plans” section.
  1. At the middle of the page, select the child plan and then press “Tell Me More”.
  1. Then click “Calculate Now” on the next page.
  1. Enter all the necessary details as requested by the page and then push the “Next” button.
  1. The premium payment and maturity benefits will be displayed on the screen.

The following table is calculated for the Max Life Shiksha Plus Super plan for the “Dynamic Fund Allocation” choice of funds!

AgeGenderChild’s AgePremium Payment DurationPolicy TermMaturity Benefit @4%Maturity Benefit @8%
35 YearsMale3 Years5 Years10 Years₹ 10,33,177.122₹ 14,22,020.403
38 YearsFemale5 Years15 Years15 Years₹ 32,73,050.297₹ 45,86,543.626
42 YearsMale15 Years20 Years20 Years₹ 42,58,030.351₹ 68,42,281.795
50 YearsFemale18 Years5 Years10 Years₹ 7,96,466.81₹ 11,34,079.437

Purchasing Process Of Max Life Child Insurance Plans

One can use any offline way to purchase the plan since it is not now accessible for purchase on the company’s official website. To get more help, the consumer could stop by any Max Life Insurance branch office in the area and speak with the staff members who work in customer service. After requesting a few details, the executive will assist the consumer in purchasing the plan. 

As an alternative, customers can call the company’s helpline at 1860 120 5577, which is open from 9:00 AM to 6:00 PM, Monday to Saturday. The executive will instruct the client on how to purchase the plan from the company.

Despite all of these options, if a person still has a problem while purchasing any of the two child insurance plans from Max Life, Probus Insurance is always available to help. The team members will stop at nothing to solve the problems of their clients.

FAQs

To settle a claim, the nominee should go to the nearest branch with the claim form and all of the policy documentation. Following the acquisition of all required papers for claim settlement, cases are resolved in ten working days.

On each anniversary of active insurance, the form of premium payment can be changed. For this, a form is available, which you must complete, sign, and mail to Max Life.

Max Life Child Plans operate as follows:
  1. Find out what kind of school your child needs.
  1. Choose the family plan.
  1. Choose the policy term.
  1. To reach the anticipated maturity value (education corpus), enter the premium that is needed.
  1. You will get the maturity value once you reach maturity.
  1. Your nominee will get the death benefit once you pass away.

To check the status of your insurance, visit the company’s homepage using your username and password.

You must take your policy documentation and a surrender form in person to the local branch to cancel the policy. If the process is successful, the refund will appear instantly in your bank account.

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