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Max Life Shiksha Plus Super Child Plan

The Max Life Shiksha Plus Super is a unit linked plan (ULIP) offered by Max Life Insurance Company. The plan is particularly designed to provide enhanced protection for your children's future. The can be your best choice to meet the financial cost incurred in your children’s education. The plan will enable you to take care of your children even if you are not there by providing comprehensive solution for your children’s future. It is kind of savings plan that can help parents take proper care of their children.

Features of Max Life Shiksha Plus Super ULIP:

The Shiksha Plus Super – ULIP comes with the following key features:

  • The policy will remain effective even after the death of the policyholder.
  • Funding of Premium (FOP) is available under this plan. will fund all future outstanding premiums due under the policy
  • The policy offers guaranteed loyalty additions. At the end of each policy year, starting from 11th policy year, 0.20% of the fund value gets added to the fund and the loyalty additions increase by 0.02%. Loyalty additions are subject to the following conditions – they are applicable on premium paying policies and they can received by the nominee in case the policyholder dies, provided all premiums are paid.
  • The policy allows a maximum of two partial withdrawals in a single policy year after you continue the policy for 5 years.
  • The policy allows a maximum of twelve switches in a single policy year. The maximum switch amount allowed is Rs. 5000.
  • You can enjoy the following premium paying modes- annual, semi-annual, quarterly and monthly.
  • Premium paying terms are 5, 15 and 25 years.
  • There is no limit to maximum sum assured.
  • Minimum sum assured needs to be Rs. 500,000 for 5 pay policies and Rs. 2,50,000 for regular pay annual mode policies and Rs. 4,80,000 for no-annual mode policies.
  • This is a non- participating ULIP plan.
  • Policy term is 10 years for 5 pay policies and is 15 to 20 years for regular pay policies.
  • The policy can be revived.
  • Six premium redirections are allowed under this policy in each policy year.
  • The policy offers a free look period of 15 days. In case of an online policy, the free look period is 30 days.
  • The policy allows you to make partial withdrawals to meet unexpected expenses.
  • The policy accepts a minimum premium of Rs. 50,000 for its 5 pay variant. For regular pay annual mode variant, you need to pay a minimum of Rs. 25,000 and for non-annual variant Rs. 48,000.

Benefits of Max Life Shiksha Plus Super Plan:

The Max Life Shiksha Plus Super plan comes with the following benefits:

  • The policy offers comprehensive by providing “Family Income Benefits” as well as funding future premiums in case the policyholder dies.
  • You can choose your policy terms and premium payment modes as per your convenience.
  • You can choose among 5 funds to invest in.
  • The policy comes with STP (systematic transfer plan) DFA mechanism to save your investments against market risk.
  • The plan offers maturity benefit if the policy is continued till the end. The maturity benefit will be equal to the fund value of the policy.
  • The policy offers a lump sum amount to the nominee if the policyholder dies within the tenure of the policy. The amount is calculated as 105% of all premiums paid or higher of sum assured or 0.5 multiplied by policy term and annualized premium.
  • Get tax benefits on the premiums paid for your policy under the Indian Income Tax Act, 1961. You can get tax exemption on the premiums paid for life insurance policies under section 80C, 80CCC & 80D of the same act.
  • The plan also offers “Family Income Benefits” to the family members of a policyholder following his/her death. The family income benefit offered is equal to 10% of the sum assured.
  • The beneficiary or designated nominees will receive most of the benefits that come with the policy, in case the policyholder dies.

Eligibility Conditions of Max Life Shiksha Plus Super:


21 Years.


50 Years.

Maximum maturity age of the life insured

  • 60 years for 5 pay variant.
  • 65 years for regular pay variant.

Investment of Funds:

Listed below are the funds wherein you can invest with your Max Life Shiksha Plus Super plan:

Name of funds

Corporate Bonds

Government Securities

Money Market & Cash Instruments

Equity & Equity related securities

Risk Rating

Growth Super Fund
(SFIN: ULIF01108/02/





Growth Fund

(SFIN: ULIF00125/06/






Balanced Fund
(SFIN: ULIF00225/06/





Conservative Fund
(SFIN: ULIF00325/06/





Secure Fund (SFIN: ULIF00425/06/





Secure Plus Fund (SFIN: ULIF01628/04/
(This fund is available only for systematic transfer plan)





Charges Involved in Max Life Shiksha Plus Super :

Premium allocation charges

For 5 Pay policies:

  • Policy year 1 : 5%
  • Policy year 2 : 4%
  • Policy year 3 -5: 3%
  • Policy year 6-10: N/A
  • Policy year 11 and above: NA

For Regular Pay policies:

  • Policy year 1 : 5%
  • Policy year 2 : 4%
  • Policy year 3 -5: 3%
  • Policy year 6-10: 3%
  • Policy year 11 and above: 0%

Fund management charge

  • Growth Super Fund - 1.25%
  • Growth Fund - 1.25%
  • Balanced Fund -1.10%
  • Conservative Fund -0.90%
  • Secure Fund- 0.90%
  • Secure Plus Fund - 0.90%
  • Discontinuance Policy Fund- 0.50%

Policy administration charges

  • Regular or Limited Pay - 0.32% per month. The amount gets compounded at 5% annually from sixth policy year onwards with a monthly cap of Rs. 500.
  • Regular or Limited Pay (Non - Annual mode): 0.22% per month that is annually compounded at 5% from sixth policy year onwards with a monthly cap of Rs. 500.

Mortality charges ( Per Rs.1000 )

  • Age 25: 0.98
  • Age 30: 1.06
  • Age 35 : 1.28
  • Age 40: 1.80
  • Age 45 : 2.87
  • Age 50 : 4.95

Surrender / discontinuance charges

Charged based on the fund value of the policy at the time of discontinuance.

Switch charges


Premium redirection charges


Partial withdrawal


Premium Discontinuation:

In case, a policyholder fails to pay the premiums on time or within the due date, a grace period of 30 days will be provided to the policyholder. If the policyholder still fails to pay the pending premiums and the grace period expires, Max Life Insurance Company will serve a notice requesting him/her either to revive the policy or completely withdraw it. The risk cover will continue during the grace period and all charges will be applied

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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