Max New York Life Shiksha Plus II | Eligibility | Rider & Investment Option

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. It’s 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 is planned 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 II is a 360 degree child plan that provides for over all development of your child in all the circumstances.

Eligibility -

Particulars	Features
Eligibility	Life insured should have a child (which may include legally adopted child) between age 0 to 18 years, to propose for this plan
Minimum/ Maximum Age of Life Assured at Entry (Last Birthday)	Regular pay: 21 years to 50 years Limited Pay: 21 years to 55 years Also, you must have a child.
Policy Term	5 pay – 10 years term or 15 to 20 years, pick a term, Regular Pay
Maximum Age of Life Assured at Maturity	65 years (For both Regular and Limited Pay option)
Premium Payment Term	Regular pick a term from 15 to 20 years or 5 pay for 10 year term
Premium payment Mode	Annual, Semi Annual, Quarterly or Monthly Non-annual mode through ECS only
Minimum Annual Target Premium	Regular Pay Annual Mode: Rs. 24,000 Non-annual mode: Rs. 30,000 Limited Pay All modes minimum Premium is Rs. 50,000
Sum Assured	Annual Premium X Cover Multiple Cover multiple: 20 (fixed)

Maturity Benefit:

University Education Pool On maturity, you will be eligible for an amount equal to prevailing Fund Value where the Fund Value will be calculated as:

Fund Value = (Accumulated Units * prevailing NAV)

Death Benefit:

In case of Death of the Life Insured before maturity of Policy, the following benefits shall apply:

Immediate Family Support: 100% of applicable Sum Assured is paid immediately to the nominee on the death of Life Insured.

University Education Support: All future Premiums is funded by the Company on the due dates to boost the University Education Pool. These Premiums will be directly credited to the policy.

School Fee Support: 10% of Base Sum Assured is paid out every year to provide for school expenses, subject to a maximum of 100% of the Base Sum Assured till the Policy Year immediately preceding the Maturity Date. The first installment of 10% of Sum Assured will be paid immediately along with the “Immediate Family Support” and then subsequently on each policy anniversary.

University Education Pool: On the original Policy Maturity date, the prevailing Fund Value is paid out for higher education.

Key Benefits –

A 360 degree coverage to ensure a bright future for your child
Guaranteed pay out of University Education Pool
Dynamic Fund Allocation ensures life stage based allocation of funds
Systematic Transfer Plan to protect from market volatilities and get the benefit of rupee cost averaging.
Option to include Dread Disease Rider and Personal Accident Benefit Rider

Rider –

UIN	104C010V02
Entry Age	21 – 50 years
Expiry Age	60 years
Minimum Sum Assured	Rs. 100,000 (depending upon Term)
Maximum Sum Assured	The lower of base face amount or Rs. 10 Lakhs

Investment Option –

You have the choice of any of the 6 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
Funds	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%
Money Market	Nil	Nil	100%

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 5 years
Minimum: Rs 5,000
Maximum: Lower of 20% of Fund Value /Fund Value cannot be less than 1.5 times of initial ATP

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Tags: Child Plan, Max New York Life, Max New York Life Shiksha Plus II