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Life Insurance

Max Life Shiksha Plus Super Plan

(UIN Number: 104L084V03)
A Non-Participating Unit Linked Insurance Plan


Comprehensive Protection For Your Child’s Future (Family Income Benefit & Funding of Premium)

Choose Your Policy Term Basis Your Need

Safeguarding Your Fund Against Market Volatility With Systematic Fund Transfer And Dynamic Fund Allocation

Increase Your Fund With Guaranteed Loyalty Additions

Features and Benefits

Key Benefits and Features

The plan offers comprehensive Life Insurance coverage including Family Income Benefit and Funding of Future Premiums in case of Death of the Life Insured to ensure that your dreams for your child remain intact

You have the option to choose Policy Term basis your need i.e. 10 years or any term between 15 to 25 years. The Premium Payment Term is same as the Policy Term except for a 10 year Policy Term where the Premium Payment Term is 5 years

Choose from the two investment strategies to protect your Fund against market volatilities

Additional Units will be added to your Fund every year starting from the end of 11th policy year

How plan works:

Fund Value as on Date of Maturity, provided Settlement Option has not been exercised

Please Note: In case, Maturity Date is a non-working day for the Company or markets then next working day's NAV will be applicable

In case of Death of the Life Insured anytime during the Policy Term, following shall be payable:

  • Lump Sum Payout on Death - Higher of [Sum Assured or 105% of all premiums paid or (0.5 X Policy Term X Annualised Premium)] is payable immediately on Death
  • Family Income Benefit (FIB) – An amount equal to 10% of the Sum Assured will be paid on each Policy anniversary following or coinciding with the Date of Death of the Life Insured till the end of the Policy Term, but not exceeding 10 such installments
  • A minimum of 3 such installments are guaranteed in case of Death of the Life Insured any time during the Policy Term. In case of Death when less than three Policy anniversaries are left till the end of Policy Term, any excess installments, to meet the minimum requirement of three installments, will be paid on the Maturity Date
  • Funding of Premium (FOP) - Under this Benefit, the Company will fund all future premiums payable under the Policy as and when due and the Fund Value will be paid on maturity
    The Policy will continue even after the Death of the Life Insured till the end of the Policy Term. All the benefits under the Policy shall be payable to the beneficiary

0.20% of Fund Value shall be added to the Fund by creation of additional Units, at the end of every Policy Year starting from 11th Policy Year.  The Loyalty Additions increase by 0.02% (absolute) each year thereafter. The additional Units shall be created in different Funds in the same proportion as the Fund Value at the time of credit. Loyalty Additions will be payable only on premium paying policies. Loyalty Additions will also be given in case of Death of the Life Insured where premiums are being funded by the Company. In case of revival of policies, the Loyalty Additions for previous years will be paid based on the Fund Value prevailing at the Revival Date. It should be noted that the Loyalty Additions are only payable in case of Regular Pay variant

Systematic Transfer Plan helps you replicate a Rupee Cost Averaging Method on your Annualised Premium. Under Systematic Transfer Plan option, the Annualised Premium received net of Premium Allocation Charge shall be allocated first to the Secure Plus Fund to purchase Units. Immediately thereafter and on each subsequent monthly anniversary, the Fund Value of [1/(13 - month number in the Policy Year)] Units available at the beginning of the month shall be switched to Growth Super Fund automatically by cancelling Units in the Secure Plus Fund and purchasing Units in the Growth Super Fund. Systematic Transfer Plan is available only in policies with Annual Premium Payment Mode

Dynamic Fund Allocation option is an investment strategy which in early part of your Policy Term invests in Equity Oriented Fund and as your Policy Term progresses it shifts the fund allocation towards more Conservative Fund. You can opt for Dynamic Fund Allocation option only at the inception of Policy. Under this option, Assets Under Management shall be maintained amongst Growth Super Fund and Secure Fund in a pre-defined proportion that changes depending upon the years left to maturity

You may, at least 15 (Fifteen) days prior to the Maturity Date, opt for a Settlement Option, pursuant to which the Company will continue to manage the Funds for you for a maximum period of 5 (Five) years from the Maturity Date and make periodic payments

At any time during the Policy Term, you have the right to Surrender the Policy by advising the Company in writing

In case the premium is not paid by the premium due date, a Grace Period of 30 days (15 days for monthly mode) from the due date of first unpaid premium will be allowed. During this Grace Period, the risk cover will continue and all charges under the Policy will continue to apply

For more details, please read the detailed prospectus available at


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