Exploring The Child Policies Offered By Max Life Insurance

A child insurance plan combines insurance and investments to guarantee your child's future well-being. At the conclusion of the policy period, a lump sum payout for life insurance is offered. Not only that, but some plans also offer flexible rewards at significant points in your child's academic career. 

Features Of Child Plans Offered At Max Life Insurance

Following are some of the notable features of Max child life insurance plans -

• SUPER MAX LIFE SHIKSHA PLUS

This insurance programme is linked to non-participating units.

1. Death benefit: The nominee will get the following amount upon the death of the life assured:
2. Lump Sum Amount upon Death: The greater of 0.5 x Policy Term x Annualised Premium or 105% of All Paid Premiums.
3. Family Income Benefit: The nominee will receive 10% of the sum guaranteed, up to a maximum of ten instalments, on each maturity of the policy from the date of death until the conclusion of the policy term.
4. Funding of Premium: Max Life will cover all future premium payments made after the life guaranteed has passed away, and fund balance will be paid upon maturity.
5. There are many other fund alternatives available, including High Growth Fund, Growth Super Fund, Growth Fund, Balanced Fund, Conservative Fund, Secure Fund, and Secure Plus Fund. Options exist for a methodical transfer approach (transferring from Secure Plus fund to Growth Super Fund). The dynamic fund allocation reduces maturity risk by switching from the Growth Super Fund to the Secure Fund.
6. Benefit of Maturity: You will get the fund value upon maturity, which is determined by multiplying the total accumulated units by the net asset value (per unit market value).

• FUTURE GENIUS EDUCATION PLAN FOR MAX LIFE

This participating savings insurance scheme is non-linked.

1. Death advantage: In the event of death during the term of the policy, the nominee will receive the greater of Eleven times the annualised premium.
2. 105% of all premiums paid up until the policyholder's death.
3. A maturity sum that is guaranteed.
4. Any fixed sum payable upon death. You also receive the Policy Continuance Benefit, which waives any overdue premiums that would have been due on or after the Life Insured's passing and allows the policy to continue. The recipient shall receive payment of the money back and maturity benefit as soon as it becomes due. Future bonuses will also include the policy.
5. Maturity Advantage: You will be compensated upon maturity in the following ways:
6. Cash bonus OR accrued but unpaid additions (not guaranteed) (if any).
7. Ending Bonus (not guaranteed).
8. Options for withdrawal of paid-up additions (PUA): The accrued PUA surrender value may be withdrawn in whole or in part. The maximum withdrawal option is the accrued PUA funds, with a minimum withdrawal option of Rs. 5000.
9. Options for discounting and deferring: The moneyback payments can be discounted or delayed based on your child's educational needs.
10. Moneyback option: You can choose to receive a moneyback of 25% of the total assured over the previous 4 policy years.

Brief Comparison of Max Insurance Child Plans

Following are some points of differences between the two child plans offered by Max Life Insurance - 

Conclusion

Even if one may not want to consider bad events like death or serious physical conditions, it's crucial to protect your child against such occurrences in the future. The Max Life Child Insurance Plans make sure that even if you aren't there, your child's future financial needs will be met.

Also Read: 

Is MAX Life Insurance A Good Plan? What Are The Benefits Associated With It?

How Are Traditional Plans And Guaranteed Plans Different?