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.

2. 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.

3. 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.

4. 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.

5. 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.

6. 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.

7. 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.