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Life Insurance

Max Life Shiksha Plus Super Plan

Get a life insurance plan that offers a comprehensive solution to secure a bright future for your child

Choose Your Policy Term Basis Your Need

There is an option to choose Policy Term basis your need i.e. 10 years or any term between 15 to 25 years

Safeguarding Your Fund

Stay safe against Market Volatility With STP And Dynamic Fund Allocation

Increase Your Fund

With Guaranteed Loyalty Additions

Additional Units

Added to your Fund every year starting from the end of 11th policy year

Features and Benefits

Features Max Life Shiksha Plus Super
Maximum Entry Age of Life Insured
(Age as on Last Birthday)
21 years
Minimum Entry Age of Life Insured
(Age as on Last Birthday)
50 years

The Policyholder (who shall also be the Life Insured) should have a child (own or legally adopted) aged 0 - 18 years
Maximum Maturity Age
(Age as on Last Birthday)
For 5 Pay - 60 years

For Regular Pay - 65 years
Premium Payment Term / Policy Term For 5 Pay - 10 years Policy Term

For Regular Pay - 15 to 25 years Policy Term
Premium Payment Mode Annual, Semi-Annual, Quarterly & Monthly
Minimum Annualised Premium
  • For 5 Pay – Rs. 50,000
  • For Regular Pay - Annual Mode : Rs. 25,000 ;
  • Non - Annual Modes – Rs. 48,000
Maximum Annualised Premium No Limit
Sum Assured 10 times the Annualised Premium
Minimum Sum Assured
For 5 Pay Rs. 500,000
For Regular Pay Rs. 250,000 (For Annual Mode)
  Rs. 4,80,000 (For Non - Annual Modes)
Maximum Sum Assured No limit, subject to the Board approved underwriting policy of the Company
Maturity Benefit Fund Value as on Date of Maturity, provided Settlement option has not been exercised

Please note : In case the Maturity Date is a non-working day for the Company or markets then next working day’s NAV will be applicable
Death Benefit
(provided policy is in force)
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 three 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
Charge Explanation
Premium Allocation Charge The Premium Allocation charge expressed as a percent of premium received, is depicted in the table below.
Allocation charge (as % of Premium)
Policy Year 5 Pay Regular Pay
1 5% 5%
2 4% 4%
3-5 3% 3%
6-10 NA 3%
11 & above NA 0%
Fund Management Charges This is a charge levied as a percentage of the value of assets and shall be appropriated, usually daily, by adjusting the Net Asset Value of the Fund. The rate to be levied will be equal to the annual rate, as given above, divided by 365 and multiplied by the number of days that have elapsed since the previous unit valuation date. The annual rate of Fund Management Charge is as below:
Name of Fund Charge (per annum) as % of Fund Value Risk Rating
Growth Super Fund
(SFIN: ULIF01108/02/07LIFEGRWSUP104)
1.25% High
Growth Fund
(SFIN: ULIF00125/06/04LIFEGROWTH104)
1.25% High
Balanced Fund
(SFIN: ULIF00225/06/04LIFEBALANC104)
1.10% Medium
Conservative Fund
(SFIN: ULIF00325/06/04LIFECONSER104)
0.90% Low
Secure Fund
(SFIN: ULIF00425/06/04LIFESECURE104)
0.90% Low
Secure Plus Fund
(SFIN: ULIF01628/04/09LIFESECPLS104) - available only with Systematic Transfer Plan
0.90% Low
Discontinuance Policy Fund
SFIN : ULIF002021/06/13/LIFEDISCON104) - available only in case of policy discontinuance in first five policy years
0.50% Low
Policy Administration Charge This is a charge expressed as a percentage of Annualised Premium and is levied at each monthly anniversary by cancelling proportionate Units starting from the Date of Commencement of Policy.
Policy Administration Charge (% of Annualised Premium)
Premium Payment Mode Policy Administration Charge (% of Annualised Premium)
Annual Mode 0.32% p.m. compounding at 5% p.a. from sixth Policy year onwards up to a maximum of Rs. 500 per month
Non – Annual Modes 0.22% p.m. compounding at 5% p.a. from sixth Policy year onwards up to a maximum of Rs. 500 per month
Mortality Charge Mortality charge is levied for providing risk cover to the Life Insured during the Policy Term. This charge is is levied on the attained age of the Life Insured on the Sum at Risk and is unisex. On each monthly anniversary, appropriate number of Units are cancelled from the Unit Account at their Unit Price starting from the Date of Commencement of the policy.

Sum at Risk is defined as the sum of the following:
  • Higher of [Sum Assured or 105% of all premiums paid till the date of death or (0.5 X Policy Term X Annualised Premium)] and
  • Present value of future Family Income Benefit plus Funding of Premium Benefit payable. Please note the present value of these Benefits will be calculated at a discount rate of 6.5% p.a.

Please refer to the below mortality rates per thousand sum at risk for some sample ages (standard lives) are as below:
Age Mortality charge (per Rs. 1,000 Sum at Risk)
25 0.98
30 1.06
35 1.28
40 1.80
45 2.87
50 4.95
Surrender / Discontinuance Charge This charge shall be levied on the Fund Value at the time of Discontinuance of Policy or effecting Complete Withdrawal (Surrender) whichever is earlier, as per the following table:
For 5 Pay and Regular Pay
Policy Year Surrender / Discontinuance Charge
1 Lower of 6% of Annualised Premium or 6% of Fund Value or Rs. 6,000
2 Lower of 4% of Annualised Premium or 4% of Fund Value or Rs. 5,000
3 Lower of 3% of Annualised Premium or 3% of Fund Value or Rs. 4,000
4 Lower of 2% of Annualised Premium or 2% of Fund Value or Rs. 2,000
5 & above Nil
Switch Charge A maximum of twelve Switches are allowed in a policy year and all are free of charge
Premium Redirection Charge A maximum of six Premium Redirections are allowed in a policy year and all are free of charge.
Partial Withdrawal Charge After the first five policy years, a maximum of two Partial Withdrawals are allowed in a policy year and both are free of charge.

The minimum amount of Partial Withdrawal allowed per transaction is Rs. 5,000. In a policy year, the maximum amount that can be partially withdrawn is 50% of the Fund Value as on the Date of Partial Withdrawal, subject to the Fund Value immediately after Partial Withdrawal being at least equal to 1 (One) Annualised Premium i.e., you may make two Partial Withdrawals in a policy year such that the summation of percentage of Fund Value withdrawn, is less than or equal to 50%.

All applicable taxes, cesses and levies as imposed by the Government on all charges as per the prevailing law. Any further taxes and cess shall be passed on to the Policyholder. 

This Life Insurance Product Is Offered and Underwritten By Max Life Insurance Co. Ltd. Life Insurance Coverage Is Available In This Product. The Life Insurance contract is between the Proposer and Max Life Insurance Co. Ltd. All applicable taxes, cesses and levies as imposed by the Government from time to time will be deducted from the premiums received

Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Mitsui Sumitomo Insurance Co. Ltd.
Max Life Insurance Co. Ltd. 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram - 122002 (Haryana). IRDAI Registration No. – 104. For more details on risk factors, Terms and Conditions, please read the sales brochure carefully before concluding a sale. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in tax laws. Insurance is the subject matter of solicitation. For further details, call Toll free number 1800 200 4006.

Axis Bank Limited is the Corporate Agent of Max Life Insurance Co. Ltd. Axis Bank Limited, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025. IRDAI Certificate Regn. No: CA0069. The purchase of a Max Life Insurance product by Axis Bank's customer is purely on a voluntary basis. As Axis Bank is not in the business of insurance, there is no link either direct or indirect between the banking services offered by the bank to its customers and use of the insurance products.

The Linked Insurance Products Do Not Offer any liquidity during the first five years. The policyholder will not be able to surrender/withdraw the monies invested in the Linked Insurance products completely or partially till the end of fifth year. Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. The premium paid in Unit Linked Insurance policies is subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the Proposer/Insured is responsible for his/her decisions. Max Life Insurance Company Limited is only the name of the company and Max Life Shiksha Plus Super Plan is only the name of the Unit Linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects and returns.  Please know the associated risks and the applicable charges, from your insurance agent or the intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.

ARN: Max Life/Axis/Website/Content/Shiksha Plus Super/April 2017


IRDAI clarifies to public that

  • IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums
  • IRDAI does not announce any bonus
  • Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.




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