Features Of A Child Plan Offered By Max Life Insurance
Table of Contents
A child insurance program combines investments and insurance to ensure the future well-being of your child. A life insurance payout in one lump sum is provided at the end of the policy period. Additionally, some programmes provide flexible rewards at critical junctures in your child's academic journey. MAX child insurance covers all these elements.
Features Of Child Plans Provided By Max Life Insurance
The following are a few standout characteristics of Max child life insurance plan -
- Super Max Life Shiksha
This insurance programme is connected to units that don't participate.
- Death benefit: In the event that the life guaranteed passes away, the nominee will get the following sum:
- The larger of 0.5 x Policy Term x Annualised Premium or 105% of All Paid Premiums will be paid as a lump sum upon death.
- Family Income Benefit: From the date of death until the end of the policy term, the nominee will receive 10% of the guaranteed sum, up to a maximum of ten instalments, on each maturity of the policy.
- After the life guaranteed has gone away, Max Life will pay for all upcoming premium payments, and the remaining fund balance will be paid out at maturity.
- High Growth Fund, Growth Super Fund, Growth Fund, Balanced Fund, Conservative Fund, Secure Fund, and Secure Plus Fund are just a few of the several fund options that are accessible. There are options for a deliberate transfer strategy (transferring from Secure Plus fund to Growth Super Fund). Through a dynamic fund allocation, the Secure Fund replaces the Growth Super Fund to lower maturity risk.
- Benefit of Maturity: Upon reaching maturity, you will receive the fund value, which is calculated by dividing the amount accumulated units by the net asset value (per unit market value).
- Max Life's Future Genius Education Plan
- This saving insurance programme for participants is unlinked.
- Death benefit: If the insured person passes away during the policy's term, the beneficiary will get the greater of: Eleven times the annualised premium or nothing at all.
- 100 percent of the premiums paid before the policyholder's passing.
- Options for paid-up additions (PUA) withdrawal: Any or all of the accrued PUA surrender value may be withdrawn. With a minimum withdrawal option of Rs. 5000 and a maximum withdrawal option of the collected PUA monies.
- Depending on your child's educational needs, there are options for discounting and delaying the money back payments.
- Option for a moneyback: You have the option of receiving a moneyback equal to 25% of the sum assured throughout the previous 4 policy years.
Conclusion
It's important to shield your child from unpleasant future events like death or significant bodily illnesses, even though one may not want to think about them now. The Max Life Child Insurance Plans ensure that your child's future financial needs will be addressed even if you are not.
Also read: Disclosing Meaning And Benefits Of Important Term Insurance Riders
