Shiksha Plus II

Benefits:

• A 360 degree cover to ensure a bright future for your child
• University education pool - Upon maturity, payment of Fund ValueThe monetary value of a fund, calculated by adding up the value of its underlying assets. The price of units in a unit trust, for instance, is worked out from the value of all its holdings in other quoted companies, adding them together, and dividing the sum by the number of units issued. to meet your child's higher education expenses
• Dynamic fund allocation ensures life-stage based allocation of funds (available only with regular pay option)
• Systematic Transfer Plan to protect from market volatilities and get the benefit of rupee cost averagingIt is the process of buying fixed amounts into a security/stock/mutual fund at fixed points in time regardless of the prevailing price. This means you buy more units of the security at lower prices, and fewer units at higher prices. (available only with limited premiumA regular payment made to the insurance company to keep the policy in force. payment option in annual mode)
• Option to include Dread Disease RiderAn attachment to a policy that modifies its conditions by expanding or restricting benefits or excluding certain conditions from coverage. and Personal Accident Benefit RiderAn attachment to a policy that modifies its conditions by expanding or restricting benefits or excluding certain conditions from coverage.

Key Features:

Immediate Family Support:

100% of applicable Sum AssuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured. is paid immediately in the event of death of Life AssuredThe person covered by a life insurance policy. The insurance company pays out on the death of the policyholder.. This ensures that the child doesn't have to depend on anybody else in your absence.

University Education Pool:

Upon policy maturity, the prevailing Fund ValueThe monetary value of a fund, calculated by adding up the value of its underlying assets. The price of units in a unit trust, for instance, is worked out from the value of all its holdings in other quoted companies, adding them together, and dividing the sum by the number of units issued. is paid out to take care of higher education expenses of your child. It is calculated as (Accumulated Units x prevailing NAV).

University Education Support:

In the event of death of Life AssuredThe person covered by a life insurance policy. The insurance company pays out on the death of the policyholder., all future premiums are funded by us to boost the University Fund corpus and protect the child’s dreams of studying in an university of his/her choice.

School Fee Support:

10% of Sum assured will be paid immediately along with Immediate Family support. From the next policy anniversaryThe anniversary of the date of issue of policy as shown in the policy. following the date of death, 10% of the base sum assuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured. will be paid on each policy anniversaryThe anniversary of the date of issue of policy as shown in the policy. to provide for school expenses subject to a maximum of 100% of the base sum assuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured. but not beyond the original term of policy.

Talent Enhancement Withdrawal:

To encourage and nurture your child's special talents, you can withdraw a specified amount from your Fund ValueThe monetary value of a fund, calculated by adding up the value of its underlying assets. The price of units in a unit trust, for instance, is worked out from the value of all its holdings in other quoted companies, adding them together, and dividing the sum by the number of units issued. to assist talent enhancement.

Dynamic Fund AllocationAn investment strategy that aims to balance risk and reward by apportioning a portfolio\'s assets according to an individual\'s goals, risk tolerance and investment horizon.:

It frees you from selecting the investment funds manually and enables you to plan your investments basis your life stage. This investment strategy endeavor's to safeguard your fund from any capital erosionIt is a decrease in the actual worth of business equity as a result of an increase in market prices., as the policy progresses and nears maturity.

Systematic Transfer Plan:

A unique feature that staggers your entry into Equity related Fund and helps you average out the entry cost. This may give you the benefit through market volatilities as the average entry price in the Growth Super Fund will be the average of all the investments done on the Growth Super Fund over the Policy Year.

Tax Benefit:

You may be entitled to certain tax benefits on your premiumA regular payment made to the insurance company to keep the policy in force. and benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premiumA regular payment made to the insurance company to keep the policy in force..

• You should have a child between age of 0 to 18 years at the time of purchase
• Based on your age, your premiumA regular payment made to the insurance company to keep the policy in force. eligibility categories are:
  • Regular Pay: 21 years to 50 years
  • Limited Pay: 21 years to 55 years

Example:

Mr. Singh is 29 years old, Mrs. Singh is 28 years old and they have a beautiful 2-year-old daughter. Mr. Singh wants to make his daughter independent by ensuring a successful career for her. In order to provide for this, he needs to ensure that the best is provided to her irrespective of whether he is around or not. He chooses Max New York Life Shiksha Plus II for a term of 20 years, with an annual premiumA regular payment made to the insurance company to keep the policy in force. of Rs. 50,000 and chooses a cover multiple as 20, along with Dynamic Fund AllocationAn investment strategy that aims to balance risk and reward by apportioning a portfolio\'s assets according to an individual\'s goals, risk tolerance and investment horizon..

Mr. Singh gets a maturity benefit of Rs. 22,95,479 (at 10% of assumed rate of returns) on policy maturity.

Death benefits:

Immediate Family Support:

100% of applicable Sum AssuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured. is paid immediately to the nomineeA person or firm into whose name the policy is transferred in order to facilitate transactions, while leaving the customer as the actual owner. on the death of Life Insured.

University Education Support:

All future premiums are 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 AssuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured. is paid out every year to provide for school expenses, subject to a maximum of 100% of the Base Sum AssuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured. till the Policy Year immediately preceding the Maturity Date. The first installment of 10% of Sum AssuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured. will be paid immediately along with the "Immediate Family Support" and then subsequently on each policy anniversaryThe anniversary of the date of issue of policy as shown in the policy..

University Education Pool:

On the original policy maturity date, the prevailing Fund ValueThe monetary value of a fund, calculated by adding up the value of its underlying assets. The price of units in a unit trust, for instance, is worked out from the value of all its holdings in other quoted companies, adding them together, and dividing the sum by the number of units issued. is paid out for higher education.

In the unforeseen event of death of Mr. Singh in 11^th year of the policy, the following benefit will be paid out to support their daughter's education:

Please note that 10% is the assumed rate of returnThe gain or loss on an investment over a specified period, expressed as a percentage increase over the initial investment. p.a. for Balanced Fund, and these are only scenarios of what your policy may look like at these rates after recovering all applicable charges. The Sum AssuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured. is taken as 20 times the Annual Target PremiumA regular payment made to the insurance company to keep the policy in force. (ATPAnnual Target Premium). For more details, please refer to the specific illustration provided to you. These are not guaranteed and they are not the upper or lower limits of what your Policy might earn, as the value of your Policy is dependent on a number of factors including future fund performance.

PremiumA regular payment made to the insurance company to keep the policy in force. Payment Term:

For Regular Pay, pick a term from 15 to 20 years
5 pay for 10 year term

PremiumA regular payment made to the insurance company to keep the policy in force. Payment Mode:

Annual, Semi Annual, Quarterly or Monthly. Non-annual mode available through ECS only.
Mode change is permitted at policy anniversaries only.

Minimum Annual Target PremiumA regular payment made to the insurance company to keep the policy in force.:

• Regular Pay:

  Annual Mode: Rs. 24,000

  Semi-annual, quarterly or monthly mode: Rs. 30,000

• Limited Pay

  For all modes, the minimum premiumA regular payment made to the insurance company to keep the policy in force. is Rs. 50,000

How to Pay PremiumA regular payment made to the insurance company to keep the policy in force.

Choose the most convenient premiumA regular payment made to the insurance company to keep the policy in force. payment option - from paying online to paying at a dropbox. Check ways to pay your premiumA regular payment made to the insurance company to keep the policy in force..

Systematic Transfer Plan (STP)

This option is available in case you have chosen Limited PremiumA regular payment made to the insurance company to keep the policy in force. Payment option with annual mode. Read more.

Or you can opt for Dynamic Fund AllocationAn investment strategy that aims to balance risk and reward by apportioning a portfolio\'s assets according to an individual\'s goals, risk tolerance and investment horizon. and plan for long term savings based on your child's requirements and age.

Dynamic Fund AllocationAn investment strategy that aims to balance risk and reward by apportioning a portfolio\'s assets according to an individual\'s goals, risk tolerance and investment horizon. (DFA)

This investment option enables you to plan your investments basis your life stage. It is a strategy where the fund manager gradually shifts your investments from higher risk to lower risk funds as you grow older and your risk appetite decreases.

For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.

Flexibilities

• Switching:

  You can make changes in your investment options by moving (exiting and entering) the fund units of your choice subject to some regulations.

• PremiumA regular payment made to the insurance company to keep the policy in force. Redirection:

  You can modify the flow of future investments from the existing pattern subject to some regulations.

• Partial Withdrawals:

  You can withdraw partially a minimum amount of Rs. 5,000 and a maximum of 20% of the Fund ValueThe monetary value of a fund, calculated by adding up the value of its underlying assets. The price of units in a unit trust, for instance, is worked out from the value of all its holdings in other quoted companies, adding them together, and dividing the sum by the number of units issued. after completion of 5 years subject to the fund valueThe monetary value of a fund, calculated by adding up the value of its underlying assets. The price of units in a unit trust, for instance, is worked out from the value of all its holdings in other quoted companies, adding them together, and dividing the sum by the number of units issued. immediately after partial withdrawalA facility where one can withdraw a part of funds of one\'s policy without surrendering or discontinuing it. being at least equal to 1.5 times annual target premiumA regular payment made to the insurance company to keep the policy in force..

• Surrender:

  In case you wish to surrender the Policy due to any reason, you can give us a prior written request any time during the course of the policy. The policy will be closed based on the number of years already completed.

The following riders are available with Max New York Life Shiksha Plus II:

Dread Disease RiderAn attachment to a policy that modifies its conditions by expanding or restricting benefits or excluding certain conditions from coverage.: (UIN: 104C010V02)

Dread Disease Rider Rates

Personal Accidental Benefit RiderAn attachment to a policy that modifies its conditions by expanding or restricting benefits or excluding certain conditions from coverage.: (UIN: 104C007V02)

Personal Accidental Benefit Rider Rates