Max Life Insurance
Max Life Shiksha Plus Super Policy

Max Life Shiksha Plus Super Plan

The Max Life Shiksha Plus Super Plan is a unit-linked child plan created to meet the future needs of the kid by providing both life insurance benefits and a healthy corpus through market-related returns. The program even assists you in making educational plans for your children by giving you a variety of options and letting you choose how you want to build your funds and safeguard your future at the same time.

The plan’s comprehensive approach to your children’s future will allow you to care for them even if you are not present. This type of savings plan can assist parents in providing for their children. In addition, starting with the eleventh insurance year, the plan offers Guaranteed Loyalty Additions to assist consumers in growing their savings. Systematic Transfer Plan and Dynamic Fund Allocation are two further investment strategies that are provided to assist customers in protecting their money from market volatility.

Eligibility Criteria

Here is the eligibility criteria for the Max Life Shiksha Plus Super Plan.


Minimum 21 years

Maximum 50 years


All individuals under the Board Approved Underwriting


Maximum Maturity Age of the

Life Insured (age as of last


5 Pay Variant- 60 years

Regular Pay Variant 65 years

Premium Payment Term5 years (5 Pay) / 15 to 25 years (Regular Pay)
Policy Term

5 Pay Variant- 10-year Policy Term

Regular Pay Variant- 15 to 25-year Policy Term

Premium Payment ModeAnnual, Semi-annual, Quarterly, Monthly
Minimum Annualised Premium

5 Pay- Rs. 50,000

Regular Pay Annual Mode: Rs. 25,000 Non-Annual Mode: ₹ 48,000

Maximum Annualised PremiumNo Limit
Minimum Sum Assured

5 Pay: Rs. 500,000

Regular Pay Annual Mode: Rs. 2,50,000

Non-Annual Mode: ₹ 4,80,000

Maximum Sum AssuredNo limit, subject to the Board-approved underwriting policy of the Company.

Key Features & Benefits of Max Life Shiksha Plus Super Plan

The following are the key features and benefits of the Max Life Shiksha Plus Super Plan. Let’s discuss them in detail!

  1. Maturity Benefit: If the settlement option has not been selected, policyholders will receive an amount equal to the Fund Value on the day of maturity. The Fund Value will be determined in this instance in the following manner: Sum of Units Accumulated in Fund(s) X Fund(s)’s NAV on the day of Maturity = Fund Value. The NAV of the working day after the maturity date shall be used if it falls on a non-working day for the company.
  1. Death Benefit: This is the major benefit that the policyholder will receive with their Max Life Shiksha Plus Super Plan. The following is paid in case of the Life Insured dies during the Policy Term:
    • Lump Sum Payout – The sum insured, 105% of all premiums paid, or 0.5 times the policy duration, whichever is higher. The annualized premium will be paid right away upon the life insured’s passing.
    • Family Income Benefit (FIB) – Until the conclusion of the policy term, the policy will pay a Family Income Benefit on each anniversary that falls on or after the date the life insured passes away. 10% of the Sum Assured is what the Family Income Benefit is calculated as. There won’t be more than ten installments in total. Any extra installment required to achieve the minimum requirement of 3 installments will be paid for by the company on the policy’s maturity date if the policyholder dies with less than 3 policy anniversaries remaining before the conclusion of the policy term.
    • Funding of Premium (FOP) – In this case, the corporation will pay the cover Value on the maturity date and will cover all future pending premiums as and when they become due under the Policy.
  1. Grace Period: Another major benefit of choosing Max Life Shiksha Plus Super Plan is that it ensures monthly premium payments have a grace period of 15 days, and annual payments have a grace period of 30 days, after which the insurance coverage expires.
  1. Policy Termination or Surrender Benefit: After five years have passed, the policyholder may cancel it. The fund value less the discontinuation charge will be credited to the Linked Discontinued Policy Fund, where it will earn a minimum of 4% p.a. growth if surrendered before the policy’s five-year expiration date.
  1. Free Look Period: You have the right to cancel the policy within 15 days of receiving the policy paperwork if you are unhappy with the terms and conditions, provided there hasn’t been a claim.
  1. Tax Benefits: The Indian Income Tax Act, of 1961 allows you to receive tax benefits on the premiums you paid for your Max Life Shiksha Plus Super Plan insurance. According to sections 80C, 80CCC, and 80D of the same act, you are eligible for a tax exemption on the premiums you pay for life insurance policies.
  1. Partial Withdrawal: Lastly, when you have the Max Life Shiksha Plus Super Plan, then a maximum of two partial withdrawals are permitted per policy year (following the first five years of the policy). The cost of partial withdrawals is nothing. The minimum partial withdrawal amount permitted for each transaction is Rs. 5,000.

What is Not Included Under Max Life Shiksha Plus Super Plan?

The nominee or beneficiary of the policyholder shall be entitled to the fund value, as available on the day of intimation of death, in the event of death by suicide within 12 months of the date of start of the policy or the date of revival of the policy, as applicable. The fund value as it existed on the date of the death notification shall be increased by any charges, excluding Fund Management Charges (FMC) and guarantee charges, that are collected after the date of the death.

Illustration Of Max Life Shiksha Plus Super Plan

A 28-Year-Old Male named Mr. Puneet Pal (non-smoker), who works in an IT company in New Delhi, has decided to buy the Max Life Shiksha Plus Super Plan. Though in the starting he was quite sceptical, he finally made up his mind and bought the plan to safeguard the mushrooming needs of his children. Now, let’s understand what he will get with a base Plan Policy Term of 30 Years and a Premium Payment Term of 30 Years.

Age of the Child (Years)Policy Term (Years)Premium Payment Term (Years)Annualized PremiumPremium Payment ModeMaturity Value (@4%) *Maturity Value (@8%) *
12020Rs. 50,000AnnualRs. 11,73,676Rs. 18,58,709

How to Buy Max Life Shiksha Plus Super Plan?

The Max Life Shiksha Plus Super Plan is no longer available for purchase on the company’s official website, although policyholders can still purchase it via any offline method. The customer could go to the nearby Max Life Insurance branch office and chat with the customer support employees there to get more assistance. The individual will help the customer purchase the plan after obtaining a few details.

Contact Details:

Helpline number: 1860 120 5577 (9:00 AM to 6:00 PM (Monday to Saturday))

Are you still facing problems in buying the Max Life Shiksha Plus Super Plan? If so, look no further than Probus Insurance today!

Frequently Asked Questions

There is no fee for Premium Redirection from the company. In a policy year, it allows a free limit of six premium redirections.

The company will pay the Fund Value (as of the death date) if the policyholder passes away during the settlement period.

No, partial withdrawals won’t cause your Sum Assured to decrease.

No, there is no loan facility offered by the Max Life Shiksha Plus Super Plan.

No, there are no riders or top-up options available under the Max Life Shiksha Plus Super Plan.