Max Life Shiksha Plus Super

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


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

  • The policy will remain viable even after the death of the policyholder.
    • Funding of Premium (FOP) is accessible under this arrangement. will fund all future outstanding premiums due under the policy
    • The policy offers ensured loyalty additions. At the end of each policy year, starting from the 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 – applicable on premium paying policies. The nominee can receive them if the policyholder dies, provided all premiums are paid.
    • The policy allows a maximum of two fractional withdrawals in a single policy year after you continue the procedure for five years.
    • The policy allows a maximum of twelve switches in a single policy year. The maximum switch permitted amount is Rs. 5000.
    • You can partake in the following premium paying modes-annual, semi-annual, quarterly, and monthly.
    • Premium paying terms are 5, 15, and 25 years.
    • There is no restriction to the maximum aggregate guaranteed.
    • The minimum aggregate guaranteed should be Rs. 500,000 for five compensation policies and Rs. 2,50,000 for ordinary compensation annual mode policies and Rs. 4,80,000 for no-annual mode policies.
    • It is a non-participating ULIP plan.
    • The policy term is ten years for five compensation policies and 15 to 20 years for standard compensation policies.
    • The policy can be resurrected.
    • Six premium redirections are allowed under this policy in each policy year.
    • The policy offers a free look time of 15 days. In the case of an online policy, the free look time frame is 30 days.
    • The policy allows you to make incomplete withdrawals to meet startling costs.
    • The policy acknowledges a minimum premium of Rs. 50,000 for its five compensation variations. You want to pay a minimum of Rs for standard compensation annual mode variation. 25,000 and for non-annual variation Rs. 48,000.


Max Life Insurance’s Shiksha Plus Super is a comprehensive life insurance policy to secure your child’s bright future. The insurance cover includes guaranteed family income benefits and funding of future premiums in case of the death of the policyholder. Shiksha Plus Super is a unit-linked insurance plan. It provides risk coverage to the policyholder and the option to build a sound corpus by investing in market-related securities. The scheme offers flexibility to select both the policy and premium payment terms.

The scheme offers policy variants, Five Pay and Regular Pay to policyholders. The Five Pay variant has a decade policy term with five years as premium payment terms. While in Regular Pay, the premium payment term is the same as a policy term, which varies from 15 to 25 years.


  • It is a unit-linked plan with Limited Pay and Regular Pay option of premium payment
    • The plan is available only to policyholders who have a child aged 0-18 years
    • Family Income Benefit and Funding of Future Premiums secure the child’s future in case of the policyholder’s death
    • There is an option of a Systematic Transfer Plan (STP) which utilizes the concept of rupee cost averaging
    • The policyholder can manage the investments himself or decide on STP or Dynamic Fund Allocation option
    • Under the STP option, the premium net of charges is first allocated to Secure Plus Fund, and consistently after that, a portion of the fund is transferred to Growth Super Fund
    • Under the Dynamic Fund Allocation option, the funds are initially maintained in Growth Super Fund and gradually moved to Secure Fund toward policy
    • maturity.
    • This option maintains a specified ratio of the fund value in Growth Super and Secure Fund, which changes with increasing
    • policy term
    • The following funds are available for investment with Secure Plus Fund available only for the STP option
    • Growth Super Fund
    • Growth Fund
    • Balanced Fund
    • Conservative Fund
    • Secure Fund


Death Benefits

In the event of an untimely death of the policyholder during the policy term, the nominee is entitled to the following:

Lumpsum Payout Upon Death

Following is the sum paid to the nominee; whichever is the highest will be paid.

  • Sum Assured
  • 105% of all premium paid.
  • 0.5 X Policy Term X Annualised Premium.

Family Income Benefit (FIB)

The nominee will receive an amount equal to 10% of the sum assured annually, i.e., at the death date of the policyholder, till the end of the policy term, not exceeding ten installments. In any case, the nominee will receive a guaranteed minimum of three such installments. In the death of the policy holder, when less than three years since the policy’s inception is left, any excess installments to meet the minimum requirement of three installments will be paid on the date of maturity.

Guaranteed Loyalty Additions

The policyholder will receive an additional 0.20% of the Fund Value in the form of units, which will be added to the accumulated units at the end of every policy year, starting from the eleventh policy year. After that, the Loyalty Additions increase by 0.02% in absolute terms every year until the end of the policy tenure. The loyalty additions will be made only on the premium paying policies, including the premiums funded by the company. In the revival of policies, the loyalty addition will be made based on the fund value prevailing at the revival date. Five Pay policyholders are not eligible for Loyalty Additions under this scheme.

Tax Benefits

The policyholder is entitled to tax benefits on the premium paid under Section 80C.


  • Grace Period: 15 days of grace is allowed for premium payment in monthly mode and 30 days in an annual way, failing which the policy lapses
  • Policy Termination or Surrender Benefit: The policyholder can surrender the policy after five years. If abandoned before five years, the fund value net of discontinuation charge will be credited to the Linked Discontinued Policy Fund, where it will earn a minimum of 4% p.a. growth. After completion of 5 years, the fund value in the Discontinued
  • The policy fund on that date will be paid to the policyholder. If surrendered after five completed policy years, the entire Fund value on the date of surrender is produced without any charges
  • Free Look Period: If you would not be pleased with the policy’s coverage and terms and conditions, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.


Three reasons you should get this plan

  • Insurance with the flexibility to invest in the equity market with multiple fund options and an easy renewal process.
  • Financial security for your child during emergencies
  • Funds to meet your child’s higher education costs & future expenses


Traditional insurance plans give benefits like risk cover, fixed pay return, well-being, and tax break. These are the most established plans that take care of the people who have generally safe cravings. Traditional insurance plans are being selected as it is a steady choice. It is a risk-free venture. The significant pieces of the investible assets are in the debt instruments. Demise benefit offered is guaranteed alongside ensured and vested reward. It helps you in asset creation for an extended period. The premiums are fixed. Withdrawals will not be permitted before the maturity of the policy. Non-traditional products like unit-linked insurance plans are in the market, serving as both an investment and insurance.


Owners of Max Life Shiksha Plus Super Plan can enjoy tax benefits under the Income Tax Act of 1961 in the form of Deductions and Exemptions. Deductions can be claimed under Sections 80C, 80CCC, or 80DD, and exemptions can be claimed under Section 10 (10D) of the IT Act.

  • Deductions under Section 80C or 80CCC – Individuals and Hindu Undivided Families can avail of benefits under this Section. The maximum amount that can be claimed is Rs.1,50,000.
  • If you pay 20% more premium than the actual capital Sum Assured in a year, you can claim deductions only for premiums up to 20% of the sum assured.
  • Suppose your policy was issued on or after 1st April 2012. In that case, you can claim a deduction for only so much of the premiums payable as it does not exceed 10% of the actual capital Sum Assured (15% if you have a severe disability or specified ailment).
  • If your policy is terminated within two years from inception, then the benefits under this Section will be reversed.
  • Deductions under Section 80DD – Under this Section, every year, policyholders can claim up to Rs.75,000 worth of premiums that they pay for their disabled dependent. A high deduction of Rs.1,25,000 will be permitted if the dependent suffers from severe disability.


It would be best if you bought the Max Life Shiksha Plus Super Plan from Max Life Insurance because, apart from offering comprehensive life insurance coverage, it allows you to save money for your child’s education. Max Life Shiksha Plus Super Plan is one of the most popular policies among the 15 life insurance products offered by Max Life Insurance. Another reason you should choose Max Life Insurance products is that the company has a presence all over the country. The customer care service offered by Max Life Insurance can be contacted for any claim or policy-related queries. The company is known for using the latest technology, which helps it speed up the claim settlement process and provides various other benefits such as an online premium payment facility, SMS Updates, etc.


1. What is the policy renewal process for max life Shiksha plus super plan?

Using their website, you can easily do the renewal process or contact an agent.

2.How can I check policy status for max life Shiksha plus super plan?

You can access your account through their official website.

3.What is the policy cancellation process for max life Shiksha plus super plan?

Through the website. Through customer service channels. Through a branch office

You can log into their website and access your information to cancel it.

4.How to pay a premium? What are the modes of payment available?

You can pay directly to the website or contact an agent. You can partake in the following premium paying modes-annual, semi-annual, quarterly, and monthly. Premium paying terms are 5, 15, and 25 years.

5.What is the Invest Protect Option?

The Investor Protection Fund Trust, in light of the suggestions of the Member and Core Settlement Guarantee Fund Committee (previously Defaulters’ Committee), remunerates the investors to the degree of funds tracked down lacking in Defaulters’ record to meet the conceded worth of guarantee, dependent upon a most extreme restriction of ₹ 25 lakhs for each investor per defaulter/ousted part in regard of cases emerging on removal/statement of default of individuals.