A few decades back, it was all about focusing on education and ensuring that the children get the best opportunities for their education. Now it goes beyond that. Its more about having a multi-faceted personality, being an all-rounder and excelling in various fields.
We understand this desire that every parent has for their child. Therefore, our child plan are designed specifically to ensure that your child not only gets the best of education but also can explore and develop his/her hidden talent.
Max New York Life Shiksha Plus is a 360 degree child plan that provides for over all development of your child in all the circumstances. Along with addressing the increasing cost of education, the plan also provides an option to secure the future of your second child also once he/she is born.
| Criteria | Eligibility |
| Entry Age | Life Insured Minimum: 21 years Maximum: 55 years Child Minimum: 0 days Maximum: 18 years |
| Maturity Age | Maximum age for Life Insured: 70 years |
| Policy Term | 10 years (only available as 5 pay) or 15 to 25 years, pick a term, Regular Pay |
| Premium Payment Options | 5 Pay or Regular pay |
| Minimum Annual Target Premium | Minimum: Rs. 24,000 (for terms 15 through 25 years, pick a term) Minimum: Rs. 50,000 (for 5 pay/10 years variant) |
| Maturity Benefit: |
| University Education Pool (fund value) along with the University Education Pool Booster (loyalty additions in the last 6 policy years) |
| Premium Payment Term | Loyalty Additions as a % of ATP to be added in each of the last 6 policy years | |||||||||
| 10 years | 5 % | |||||||||
| 15 to 25 years | (Term * 2) % | |||||||||
| Settlement Option: |
| On maturity you can take your entire money in a lump-sum or opt for a settlement option wherein: |
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| Living Benefit: |
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| Death Benefit: |
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- A 360 degree coverage to ensure a bright future for your child
- Guaranteed pay out of University Education Pool and University Education Pool Booster
- Upgrade Premium for Sibling on the birth/adoption of second child
- Increasing Premium Option to counter the impact of inflation
- Dynamic Fund Allocation ensures life stage based allocation of funds
- Option to include Dread Disease Rider
You have the choice of any of the 7 expertly managed funds to direct your investments in any one or more of the following funds of the company or choose Dynamic Fund Allocation option which enables you to plan your investments basis your life stage.
| Funds | Asset Types | |||
| Government Securities | Corporate Bonds (Investment Grade) | Money Market and Cash Instruments | Equity | |
| Secure | 50-100% | 0-50% | 0-40% | Nil |
| Conservative | 50-80% | 0-50% | 0-40% | 0-15% |
| Balanced | 20-50% | 20-40% | 0-40% | 10-40% |
| Growth | 0-30% | 0-30% | 0-40% | 20-70% |
| Growth Super | 0-20% | 0-20% | 0-30% | 70-100% |
| Dynamic Opportunities | 0-100% | 0-100% | 0-40% | 0-100% |
| Money Market | Nil | Nil | 100% | Nil |
Flexibilities
Switching:
- Existing investment can be moved in totality or in a certain proportion to one or more funds from the current one
- 12 switches/policy year and all are free of charge
Premium Redirection:
- Modify the flow of future investments, different from the existing pattern.
- 12 redirections/policy year and all are free of charge
Partial Withdrawals:
Can be made anytime post completion of 3 years
Minimum: Rs 5,000
Maximum: Lower of 20% of Fund Value /Fund Value cannot be less than 1.5 times of initial ATP
Download its brochure here.