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.

Eligibility Criteria
CriteriaEligibility
Entry AgeLife Insured
Minimum: 21 years
Maximum: 55 years
Child
Minimum: 0 days
Maximum: 18 years
Maturity AgeMaximum age for Life Insured: 70 years
Policy Term10 years (only available as 5 pay) or
15 to 25 years, pick a term, Regular Pay
Premium Payment Options5 Pay or
Regular pay
Minimum Annual Target PremiumMinimum: 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 TermLoyalty Additions as a % of ATP to be added in each of the last 6 policy years
10 years5 %
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:
  • You will receive periodical payments
  • Policy will continue without Death benefit for a maximum of 5 years, where it will continue to remain invested
Living Benefit:
  • University Education Pool Booster in the form of loyalty additions to be added in the last 6 policy years
  • Upgrade Premium for Sibling through a step up of 50% from the current premium on the birth of second child
  • Talent Enhancement Withdrawal
Death Benefit:
  • Immediate Family Support which is 100% of sum assured
  • University Education Support through funding of all the future premiums
  • School Fees Support in the form of 10% of initial sum assured every year
  • University Education Pool paid out on original maturity date
  • University Education Pool Booster

  • 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
Secure50-100%0-50%0-40%Nil
Conservative50-80%0-50%0-40%0-15%
Balanced20-50%20-40%0-40%10-40%
Growth0-30%0-30%0-40%20-70%
Growth Super0-20%0-20%0-30%70-100%
Dynamic Opportunities0-100%0-100%0-40%0-100%
Money MarketNilNil100%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.

Max New York Life Insurance Shiksha Plus Plan
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