Max Life Shiksha Plus Super

What are the Key Features?

What are the types of Investment Funds?

The insured has an option to invest the premium amount in the following investment funds which are:

The customer may also have the option to opt for Systematic Transfer Plan (STP) or Dynamic Fund Allocation to keep the fund value safe from market volatility with a safe investment strategy. Discontinuance Policy Fund is only available in case policy is discontinued in first 5 years.

What are the Plan Benefits?

In the event of the death of the life insured, the following benefits will accrue to the nominee:

• Lumpsum Payout which is the higher of [Sum Assured or 105% of all premiums paid or (0.5 X Policy Term X Annualised Premium)] are payable instantly on death.
• Family Income Benefit (FIB) is paid on each policy anniversary till the completion of the policy term, but not exceeding 10 such installments. The amount payable is 10% of the Sum Assured.
• The future premiums are funded by the company and the accumulated fund value is paid on maturity.

Fund value as on the date of maturity is payable to the policyholder on the completion of the policy term.

Additional units are allocated to the policyholder’s fund value which is 0.20% of fund value at the end of every policy year initiating from the 11th policy year. The additions enhance by 0.20% each year henceforth. Loyalty Additions will also be credited in case of death of the Life Insured where the future premiums are paid by the company.

After completion of 5 policy years, maximum of 2 Partial Withdrawals is allowed in a policy year to take care of some financial exigencies. The minimum amount which can be partially withdrawan is Rs 5,000.

The policyholder may switch from one fund to another via written request.The minimum amount to be switched is Rs 5,000. 12 switches can be done in a policy year under this plan.

The policyholder may redirect the premium between the funds via written request.6 Premium Redirection can be done in a policy year under this plan.

If this Policy is surrendered during the Lock in Period, the Fund Value to the Pension Discontinuance Policy Fund is credited after deducting the applicable Surrender Charges. If this Policy is surrendered after the completion of the Lock in Period, Co. will close the Unit Account and the Surrender Value can, to be utilized by the insured for exercising one of the following options offered by the Co. Refer plan brochure for more details.

This policy is not entitled to any loan benefit.

The policy shall be revived within the Revival Period only on fulfillment of the specific conditions and on payment of all the overdue Regular Premiums.

Who can Buy the Plan?

Factor	Minimum	Maximum
Age (as on last birthday)	21 Years	50 Years (The Policyholder should have a child aged between 0 to 18 Years)
Maturity Age	-	60 Years for 5 Pay 65 Years for Regular Pay
Policy Tenure	15 years – For Regular Pay	25 Years - For Regular Pay 10 Years - For 5 pay option
Premium Paying Term	5 Pay or Same as policy term	-
Premium Paying Mode	Monthly, Quarterly, Semi Annually & Annually	-
Sum Assured	Rs 2.5 Lacs - For annual mode under Regular Pay Rs 4.8 Lacs - For non annual modes under regular pay Rs 5 Lacs - For 5 Pay	No Limit (subject to underwriting)
Freelook Period	15 Days/ 30 Days (for distance marketing channel) from the receipt of the policy	-
Grace Period	30 Days (15 Days for monthly mode)	-
Plan Type	Offline	-

Is any Rider Available with this Plan?

No Rider is available with this plan.

What are the Plan Charges?

• Premium Allocation Charge: It is 5% of the premium for 1st year for both 5 pay and regular pay. 4% of the premium for 2nd year for both 5 pay for regular pay.3% of the premium for both 5 pay and the regular pay from 3rd to 5th policy year.3% of the premium charge for 6th to 10th policy year for regular pay and subsequently the charge is nil.
• Fund Management Charge: The Fund Management Charge is 1.25% for the Growth Super and Growth Fund.1.10% for the balanced fund and 0.90% for the Conservative,Secure and Secure plus fund types.
• Policy Administration Charge: For Regular pay the charge is 0.32% per month compounding @ 5%p.a from 6th policy year onwards subject to a maximum of Rs 500 per month. For 5 pay the charge is 0.22% per month compounding @ 5%p.a from 6th policy year onwards subject to a maximum of Rs 500 per month.
• Mortality Charge: It is levied as per the risk cover provided to the insured during the policy term and the age of the insured.
• Surrender/Discontinuance Charge: The applicable surrender charges depending upon the year of surrender and are applicable if the policy is discontinued in first 4 policy years.5th year onwards the charges are nil.
• Switching/Premium Redirection/Partial Withdrawal: No charges are applicable for Switching/Premium Redirection/Partial Withdrawal.

Is the Plan, eligible for Tax Benefit?

Premiums paid, qualify for the tax benefits as per Section 80C and the death benefit qualify for tax benefits under section 10 (10D) of the Income Tax Act.

(Subject to the provisions stated therein.)

How the Plan Works?

Let us understand how this plan works with an example of a standard Male Life taking the Shiksha Super Plus Super Plan.
Premium Payment Mode : Annual; Fund Chosen : Balanced Fund ; Sum Assured Multiple : 10 times the Annualised Premium.

Scenario	Example 1	Example 2	Example 3
Age of Life Insured	30 years	35 years	40 years
Age of the Child	1 year	5 years	10 years
Policy Term	20 years	15 years	10 years
Premium Payment Term	20 years	15 years	5 years
Annualised Premium	Rs 50,000	Rs 75,000	Rs 1,00,000
Maturity Value (at 4%)	Rs 11,83,060	Rs 12,23,709	Rs 4,82,102
Maturity Value (at 8%)	Rs 18,73,932	Rs 17,14,205	Rs 6,69,737

(Note: Please note that the above assumed rates of return, 4% and 8%, are only scenarios at these rates after recovering all applicable charges. These are not guaranteed and they are not the upper or lower limits of returns of the Funds selected in your policy, as the performance of the Funds is dependent on a number of factors including future investment performance).