Online Savings Plan for your Child

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It is every parent's dream to ensure their child gets the best of everything. Here is a plan that will help you invest wisely and ensure your child's dreams are fulfilled, even in your absence.

Max Life's Online Savings Plan (UIN: 104L098V05) is an online Non-participating, Unit Linked Insurance Plan (ULIP) that offers a perfect combination of life insurance protection for your family as well as investment. 

This plan provides a lump sum payout immediately on death, followed by regular payouts in the form of Family Income Benefit and the total Fund Value at the end of the Policy Term. In addition, all outstanding premiums after the date of death of the Life Insured will be funded by the Company.

5 Reasons to Buy this Online Savings Plan for Your Child

  • Triple Protection on Parent's death through Lumpsum, Monthly Income and Auto Policy Continuation
  • Zero policy admin and premium allocation charge
  • Flexibility to switch money unlimited times
  • Choose Policy Term from 5 years to 30 years
  • Flexibility to choose Investment Funds based on Risk Profile

What do You Get with the Online Savings Plan for Your Child?

What do You Get with the Online Savings Plan for Your Child?

Comprehensive Plan that 'Invests' and 'Insures'

A lump sum payout is made immediately on death, followed by regular payouts in the form of Family Income Benefit. In case of the death of a policyholder, the future premiums are paid by the company and the Fund Value is paid at the end of the Policy Term.

Unlimited Free Switches

You may Switch between available Funds during the Policy Term, subject to a minimum Switch amount of ` 5,000. There is no limit on the number of switches done in a policy year, i.e. You may switch any number of times without any charges being levied.

Partial Withdrawals allowed

No partial withdrawals are allowed in the first five policy years and thereafter a maximum of two partial withdrawals are allowed in any policy year. The minimum amount of partial withdrawal per transaction is Rs. 5,000.

Zero Premium Allocation and Policy Administration Charge

There are no Premium Allocation and Policy Administration charges under this product; only Mortality and Fund Management Charges apply.

Flexibility to Choose Policy Term and Premium Payment Term as per Your Convenience

Complete flexibility with option to choose a Premium Payment Term (5 to 30 years) and Policy Term (5 to 30 years) as per your need. The policy premium term cannot exceed the policy term.

Tax Benefit

You may be entitled to certain tax deductions on your premiums and on proceeds under the policy benefits. However, such tax deductions are subject to tax laws prevailing at the time of payment of premium or receipt of benefits.

All You Need to Know about the Online Savings Plan for Your Child

All You Need to Know about the Online Savings Plan for Your Child

Insert Image Maturity Benefit

On maturity, you will be eligible to receive an amount, provided the settlement option has not been exercised, equal to the Fund Value, where the Fund Value will be calculated as:

Fund Value = Summation of the Number of Units in Fund(s) multiplied by the respective NAV of the Fund(s) as on the date of maturity.

Please Note: In case the Maturity Date is a non-working day, then the next working day’s NAV will be applicable.

For Example, Maturity Benefit at sample ages:

Variant 1

Age of Life Insured

Annualised Premium

Premium Payment Term

Policy Term

4%* assumed rate of return

8%* assumed rate of return

Fund Value at Maturity

IRR

Fund Value at Maturity

IRR

25

50,000

20

20

13,28,136

2.63%

20,86,362

6.58%

35

36,000

5

10

2,18,337

2.44%

2,97,440

6.43%

40

54,000

15

15

9,98,416

2.57%

13,93,478

6.52%

45

60,000

5

5

3,17,385

1.88%

3,57,037

5.86%


Premium Payment Mode: Annual; Standard life; Fund chosen: Balanced Fund; Cover multiple: 10 times of Annualised Premium

*Please note that the above-assumed rates of return @ 4% and 8% p.a. are only scenarios at these rates after recovering all applicable charges. Neither are they guaranteed, nor are they the upper or lower limits of returns of the Funds selected in your policy. The performance of the Funds is dependent on a number of factors, including future investment performance. For more information, please request your policy-specific benefit illustration.

Insert Image Death Benefit

On the death of the Life Insured during the term of the policy, the policy shall continue till the end of the Policy Term and the nominee shall get the following benefits:

  • Lump Sum Benefit: Immediately on the death of the Life Insured, highest of Sum Assured (equal to the higher of 10 times the Annualised Premium or 0.5 times the product of Policy Term and Annualised Premium), or 105% of Total Premiums received up to the date of death will be paid.
  • Family Income Benefit: A Family Income Benefit equal to 1% of the Sum Assured will be paid each month starting from the Policy anniversary date of every month following or coinciding with the date of death of the Life Insured till the end of the Policy Term, subject to a minimum of 36 monthly payments and a maximum of 120 monthly payments. In the case of death of Life Insured with less than 36 months left till the end of the Policy Term, there will be a Lump Sum payment of the remaining instalments (36 minus monthly instalments already paid) with the last monthly payout at the end of the Policy Term. 
  • Funding of Premium: Under this benefit, the Company will fund all future outstanding premiums as and when due under the Policy.
  • Fund Value shall be paid as on the date of maturity. 

Insert Image Get Tax Benefit

The premiums paid are tax-deductible under Section 80C of the Income Tax Act, 1961. The payout received at the time of maturity and the life cover amount received at the time of the death of the policyholder are tax-exempt under section 10 (10D).

Step 1: Choose your Annualised Premium

Annualized Premium is defined as the total premium payable during a policy year. The premium payment mode can be changed during the Premium Payment Term. This product allows annual, semi-annual, quarterly, and monthly premium payment modes. The minimum premium is as follows:

Premium Payment Mode

Minimum Premium

Annual

12,000

Semi Annual

6,000

Quarterly

3000

Monthly

1,000

 

Step 2: Choose your Premium Payment Term and Policy Term

 

Policy Term

Premium Payment Term

Pick a Policy Term : Minimum 5 years and Maximum of 30 years

Pick a Premium Payment Term: Minimum – 5 years; Maximum –  30 years

 

Step 3: Choose your Investment Strategy

You may choose to invest in the following funds available in this plan. Alternatively, you may opt for the Dynamic Fund Allocation strategy.

The Fund details in decreasing order of potential risk are as follows:

High Growth Fund (SFIN: ULIF01311/02/08LIFEHIGHGR104)

The fund is a multi-cap fund with a focus on mid-cap equities, where predominant investments are equities of companies with high growth potential in the long term (to target high growth in capital value assets). At least 70% of the Fund corpus is invested in equities at all times. However, the remaining is invested in government securities, corporate bonds and money market instruments; hence the risk involved is relatively higher.

NIFTY Smallcap Quality Index Fund (SFIN: ULIF02702/08/23NIFTYSMALL104)

The objective of the fund is to invest in a basket of stocks drawn from the constituents of the NSE Smallcap 250 Quality 50 index. The objective of the fund is to invest in companies in the above index with similar weights as the index and generate returns as closely as possible, subject to tracking error.

Sustainable Equity Fund (SFIN: ULIF02505/10/21SUSTAINEQU104)

The objective of the fund is to focus on investing in select companies, which conduct business in a socially and environmentally responsible manner while maintaining governance standards. 

Pure Growth Fund (SFIN: ULIF02630/12/22PUREGROWTH104)

The objective of the fund is to provide medium to long-term return to the investors by actively managing portfolio through investment in equities, cash and money market instruments. Fund will not invest in companies that derive significant share of income from sectors such as Alcoholic beverages, Tobacco and tobacco products, certain animal produce, Gambling, Banking & Financial Services, and Entertainment (cinema, TV etc.).

Diversified Equity Fund (SFIN: ULIF02201/01/20LIFEDIVEQF104)

The investment objective of the fund is to invest at least 70% of the fund corpus in a diversified basket of equity stocks over the entire market capitalisation range, focusing on large and mid-cap companies covering a wide variety of sectors to provide investors with long-term growth opportunities while ensuring the liquidity of investments.

Growth Super Fund (SFIN: ULIF01108/02/07LIFEGRWSUP104)

This is primarily an equity-oriented fund. At least 70% of the Fund corpus is invested in equities at all times. The remaining is invested in debt instruments across Government, corporate, and money market papers.

Growth Fund (SFIN: ULIF00125/06/04LIFEGROWTH104)

This fund invests in various asset classes such as Equities, Government Securities, Corporate Bonds, and Money Market Instruments. The equity exposure in the Fund will at all times be at a minimum of 20% but not more than 70%. The Fund invests the remaining Fund corpus in debt instruments across Government, corporate, and money market papers.

Balanced Fund (SFIN: ULIF00225/06/04LIFEBALANC104)

This fund invests primarily in debt instruments such as Government Securities, Corporate Bonds, and Money Market Instruments etc. issued primarily by the Government of India/State Governments and to some extent in Corporate Bonds and Money Market Instruments. The Fund invests a minimum of 10% and up to a maximum of 40% of the Fund corpus in equities.

Dynamic Bond Fund (SFIN: ULIF02401/01/20LIFEDYNBOF104)

The investment objective of the fund is to generate superior returns by investing in high-quality debt instruments including Government securities, corporate bonds, and money market instruments with an objective to maximise returns keeping in mind the safety and liquidity of the portfolio.

Secure Fund (SFIN: ULIF00425/06/04LIFESECURE104)

This fund invests in debt instruments such as Government Securities, Corporate Bonds, Money Market Instruments issued primarily by the Government of India/State Governments, Corporate, banks, and money market instruments as prescribed by IRDAI.

Money Market II Fund (SFIN: ULIF02301/01/20LIFEMONMK2104)

The investment objective of the fund is to deliver returns linked to Money Market levels through a portfolio with minimal interest rate and credit risk to provide a high level of safety of capital.

The risk rating and the investment mix of these funds are as follows:

Investment Mix of the Funds (in %)
Funds Risk Rating Government Securities Corporate Bonds Money Market & Cash Instruments Equities
High Growth Very High 0 – 30 0 – 30 0 – 30 70 – 100
Nifty Smallcap Quality Index Very High 0 0 0 – 20 80 – 100
Sustainable Equity Fund High 0 – 20 0 – 20 0 – 30 70 – 100
Pure Growth High 0 0  0 – 40 60 – 100
Diversified Equity High 0 – 20 0 – 20 0 – 30 70 – 100
Growth Super High 0 – 20 0 – 20 0 – 30 70 – 100
Growth High 0 – 30 0 – 30 0 – 40 20 – 70
Balanced Medium 20 – 50 20 – 40 0 – 40 10 – 40
Dynamic Bond Low 60 – 100 60 – 100 0 – 40 0
Secure Low 50 – 100 0 – 50 0 – 40 Nil
Money Market II Low 0 0 0 – 100 0

The details of the available investment strategy are as follows:

Dynamic Fund Allocation

You can opt for the Dynamic Fund Allocation option only at the inception of the policy. The assets under management shall be maintained amongst Growth Super Fund and Secure Fund in a pre-defined proportion that changes depending upon the years left to maturity as per the matrix below. Switching of existing Fund Value shall happen on the policy anniversary and Allocation of premium received amongst the Funds shall happen on the date of receipt of such premium or premium due date, whichever is later, in the proportion mentioned in the table below. You do not have the option to redirect premiums or effect unit switches during the period this option is in force. You may opt out of the 'Dynamic Fund Allocation' option anytime during the Policy Term, which will then be effective from the next policy anniversary. Once opted out, you cannot opt for 'Dynamic Fund Allocation' again. Also, after opting out, you will be allowed to exercise free Switches or Premium Redirection options.

Number of Years to Maturity

Assets under management to be maintained under the Growth Super Fund

Assets under management to be maintained under the Secure Fund

16 – 30

80%

20%

11 – 15

60%

40%

6 - 10

40%

60%

0 - 5

20%

80%

 

Discontinuance Policy Fund (SFIN: ULIF002021/06/13LIFEDISCON104)

 

Fund Name

Government Securities

Corporate Bonds

Money Market & Cash Instruments

Equity & Equity related securities

Risk Rating

Discontinuance Policy Fund

60-100%

Nil

0-40%

Nil

Low

The minimum guaranteed return on this Fund is 4.0% per annum (or as mandated by IRDAI from time to time).

The excess income earned in the Discontinuance Policy Fund over and above the minimum guaranteed interest rate shall also be apportioned to the Discontinuance Policy Fund in arriving at the proceeds of the discontinued policies and shall not be made available to the shareholders.

Minimum Age of Life Insured at Entry (age as on last birthday)

18 years

Maximum Age of Life Insured at Entry (age as on last birthday)

54 years

Maximum Maturity Age of the Life Insured (age as on last birthday)

64 years

Policy Term

Pick a Policy Term:-

Minimum – 5 years; Maximum – 30 years

Premium Payment Term

Pick a Premium Payment Term :-

Minimum – 5 years; Maximum – 30 years

Minimum Annualized Premium

Annual Mode:            ` 12,000

Semi-Annual mode:   ` 6,000

Quarterly mode:         ` 3,000

Monthly mode:           ` 1,000

“Annualised Premium” means Premium amount payable in a Policy Year, excluding the taxes, Rider Premiums and underwriting extra premium on riders, if any.

Maximum Annualized Premium

Basis the minimum Annualised Premium and minimum Cover Multiple, the minimum Sum Assured for both the variants is₹ 1,20,000.

Premium Payment mode

Annual, Semi-Annual, Quarterly and Monthly.

Sum Assured Multiple

The cover multiple under this variant is fixed at 10 times the Annualized Premium

Minimum Sum Assured

Based on the minimum Annualised Premium and minimum Cover Multiple, the minimum Sum Assured for both variants is `  3, 60,000

Maximum Sum Assured

No limit, subject to the limits determined in accordance with the Board approved underwriting policy of the Company.

Riders

Max Life Critical Illness and Disability Secure Rider (UIN: 104A034V01): This rider provides benefit upon diagnosis of the critical illnesses covered.

Please refer to Max Life Critical Illness and Disability Secure Rider prospectus for more details.

Top Up

Not available in this plan

Policy loan Provisions

Not available in this plan

Restriction on Future Occupation & Travel

No restriction

 

The charges specified below are guaranteed and shall not change during the policy lifetime.

1.      Premium Allocation Charge

Nil

2.      Policy Administration Charge (All Years)

Nil

3.      Fund Management Charge

This is a charge levied as a percentage of the value of assets and shall be appropriated, usually daily, by adjusting the Net Asset Value of the Fund. The rate to be levied will be equal to the annual rate divided by 365 and multiplied by the number of days that have elapsed since the previous unit valuation date. The charges specified below are guaranteed and shall not change during the policy lifetime. The annual rate of the Fund Management Charge is as below.

Name of Fund Charge (per annum) as % of Fund Value
High Growth Fund (SFIN: ULIF01311/02/08LIFEHIGHGR104) 1.25
Sustainable Equity Fund (SFIN: ULIF02505/10/21SUSTAINEQU104)  1.25
Pure Growth Fund (SFIN: ULIF02630/12/22PUREGROWTH104)  1.25
Diversified Equity Fund (SFIN: ULIF02201/01/20LIFEDIVEQF104) 1.25
Growth Super Fund  (SFIN: ULIF01108/02/07LIFEGRWSUP104) 1.25
Growth Fund (SFIN: ULIF00125/06/04LIFEGROWTH104) 1.25
Balanced Fund (SFIN: ULIF00225/06/04LIFEBALANC104) 1.1
NIFTY Smallcap Quality Index Fund (SFIN: ULIF02702/08/23NIFTYSMALL104) 1.00
Dynamic Bond Fund (SFIN: ULIF02401/01/20LIFEDYNBOF104) 0.9
Secure Fund (SFIN: ULIF00425/06/04LIFESECURE104) 0.9
Money Market II Fund (SFIN: ULIF02301/01/20LIFEMONMK2104) 0.9
Discontinuance Policy Fund(SFIN: ULIF02021/06/13LIFEDISCON104)  0.5

available only on surrender or discontinuance of policy in the first five policy years

4.      Mortality Charge

The mortality charge will be levied on the basis of ‘Sum at Risk’ on every monthly anniversary by canceling units from the unit account starting from the date of commencement of the policy. The mortality charge will be on an attained age basis over the duration of the contract.

During Settlement Period for both variants:

Max (105% of total premiums paid – Total Fund Value, 0)

Sum at Risk (SAR) for the two variants under the product is defined as follows:

Variant 2:

The Sum at Risk for  Variant 2 is defined as the sum of the following:

·         Higher of Sum Assured or 105% of total premiums paid till the date of death.

·         Present value of future ‘Family Income Benefit’ plus ‘Funding of Premium’ benefit payable. Please note the present value of these benefits will be calculated at a discount rate of 5.5% p.a.

The mortality charges are unisex and are guaranteed for the entire Policy Term.

 

5.      Surrender / Discontinuance Charge

This charge shall be levied on the Fund Value at the time of Discontinuance of Policy or effecting Complete Withdrawal (Surrender) whichever is earlier, as per the following table. This charge is expressed as the lower of (X% of Annualised Premium, X% of Fund Value, ‘Y’ fixed rupee amount) where X and Y vary according to the year of premium discontinuance/surrender.

 

Maximum Discontinuance Charges for the policies having Annualised Premium

Where the policy is discontinued during the Policy Year

Up to Rs 50,000 is lower of

Above Rs 50,000 is lower of

% of Annualised Premium or Fund Value (X)

Maximum (in Rs.) (Y)

% of Annualised Premium or Fund Value (X)

Maximum (in Rs.) (Y)

1

20%

3000

6%

6000

2

15%

2000

4%

5000

3

10%

1500

3%

4000

4

5%

1000

2%

2000

5 and onwards

Nil

Nil

 

No Surrender/Discontinuance charge shall be levied from 5th Policy Year onwards.

For example: If the Annual Premium is ₹40,000 and the Fund Value at the end of the first year is  ₹ 42,000, then the Discontinuance Charge will be lower of (20% of 40,000, 20% of 42,000, 3,000), which works out to be ₹3,000.

6.      Switch Charge

All switches will be free of charge.

7.      Premium Redirection Charge

There is no charge for premium redirection. A maximum of six premium redirections are allowed in any Policy year.

 

8.      Partial Withdrawal

You can make partial withdrawals twice in any policy year for free.

9.      Miscellaneous Charges

There are no miscellaneous charges.

However, please note:

·       All applicable taxes, cesses, and levies as imposed by the Government from time to time will be levied on all charges as per the prevailing laws. 

·      Any further taxes and cess shall be passed on to You.

Downloads  Actions  
Policy Prospectus Download - Maxlife Insurance
  
Policy Contract
 Download - Maxlife Insurance
  
Policy Leaflet
 Download - Maxlife Insurance
  
Mortality Rates Download - Maxlife Insurance
  

Fund Options and Their Performances

Below are different funds available for investment

Fund Options and Their Performances

Below are different funds available for investment
High Growth Fund
(SFIN: ULIF01311/02/08LIFEHIGHGR104)

Investment Group: Equity

Fund Returns
19.09%
Benchmark* Returns
14.44%
*(Nifty MidCap Free Float 100%)
Nature of Fund
An open ended equity multicap fund with focus on midcaps
Investment Strategy
The fund is a multi-cap fund with a focus on mid cap equities, where predominant investments are equities of companies with high growth potential in the long term (to target high growth in capital value assets). At least 70% of the Fund corpus is invested in equities at all times. However, the remaining is invested in government securities, corporate bonds and money market instruments; hence the risk involved is relatively higher.
Secure Plus Fund
(SFIN: ULIF01628/04/09LIFESECPLS104

Investment Group: Debt

Fund Returns
7.52%
Benchmark* Returns
7.90%
*(CRISIL Bond Index 100%)
Nature of Fund
An open ended debt fund which invests across duration with bias towards government securities
Investment Strategy
(This Fund is available only under Systematic Transfer Plan (STP), Lifecycle Based Portfolio and Trigger Based Portfolio strategy) .The investment objective of the Fund is to provide higher security of investment by way of higher proportion of investment in sovereign papers that carry an implicit guarantee for repayment of principal and interest from the Government of India. This Fund invests in debt instruments such as Government Securities, Corporate Bonds, Money Market Instruments etc. issued primarily by Government of India/State Governments, Corporate and banks. The Fund also invests in money market instruments as prescribed by IRDAI. No investment is made in equities.
Growth Super Fund
(SFIN: ULIF01108/02/07LIFEGRWSUP104)

Investment Group: Equity

Fund Returns
11.07%
Benchmark* Returns
10.51%
*(NSE Nifty 100%)
Nature of Fund
An open ended equity fund with focus on large caps
Investment Strategy
This is primarily an equity oriented fund. At least 70% of the Fund corpus is invested in equities at all times. The remaining is invested in debt instruments across Government, corporate and money market papers.
Growth Fund
(SFIN: ULIF00125/06/04LIFEGROWTH104)

Investment Group: Equity

Fund Returns
8.64%
Benchmark* Returns
9.36%
*(Crisil Bond Index 50% and NSE Nifty 50%)
Nature of Fund
An open ended hybrid fund with equity portion
focused on large caps
Investment Strategy
This fund invests in various asset classes such as Equities, Government Securities, Corporate Bonds and Money Market Instruments. The equities exposure in the Fund will at all times be at a minimum of 20% but not more than 70%. The Fund invests the remaining Fund corpus in debt instruments across Government, corporate and money market papers.
Balanced Fund
(SFIN:  ULIF00225/06/04LIFEBALANC104)

Investment Group: Balanced

Fund Returns
8.12%
Benchmark* Returns
9.03%
*(Crisil Bond Index 70% and NSE Nifty 30%)
Nature of Fund
An open ended hybrid fund investing in a mixture of debt instruments and equities
Investment Strategy
This fund invests primarily in debt instruments such as Government Securities, Corporate Bonds, Money Market Instruments etc. issued primarily by Government of India/State Governments and to some extent in Corporate Bonds and Money Market Instruments. The Fund invests minimum of 10% and up to maximum of 40% of Fund corpus in equities.
Conservative Fund
(SFIN: ULIF00325/06/04LIFECONSER104)

Investment Group: Debt

Fund Returns
7.34%
Benchmark* Returns
8.31%
*(Crisil Bond Index 90% and NSE Nifty 10%)
Nature of Fund
An open ended hybrid fund investing predominantly in debt instruments
Investment Strategy
Conservative Fund invests primarily in debt instruments such as Government Securities, Corporate Bonds, Money Market Instruments etc. issued primarily by Government of India/State Governments and to some extent in Corporate Bonds and Money Market Instruments. The Fund invests up to 15% of Fund corpus in equities
Secure Fund
(SFIN: ULIF00425/06/04LIFESECURE104)

Investment Group: Debt

Fund Returns
6.97%
Benchmark* Returns
7.88%
*(CRISIL Bond Index 100%)
Nature of Fund
An open ended debt fund which invests across duration
Investment Strategy
This fund invests in debt instruments such as Government Securities, Corporate Bonds, Money Market Instruments etc. issued primarily by Government of India/State Governments, Corporate and banks. The Fund also invests in money market instruments as prescribed by IRDAI. No investment is made in equities.
Sustainable Equity Fund
(SFIN:ULIF02505/10/21SUSTAINEQU104)

Investment Group: Equity

New Fund
Nature of Fund
An open ended equity fund investing in companies that are in compliance on ESG principles
Investment Strategy
The objective of the fund is to focus on investing in select companies from the investment universe, which conduct business in socially and environmentally responsible manner while maintaining governance standards.
Pure Growth Fund 
(SFIN: ULIF02630/12/22PUREGROWTH104)

Investment Group: Equity

New Fund
Nature of Fund
The investments in this fund will specifically exclude companies dealing in Banking, Alcohol, Tobacco products etc.*
Investment Strategy
The objective of the fund is to provide medium to long term return to the investors by actively managing portfolio through investment in equities, cash and money market instruments. Fund will not invest in companies that derive significant share of income from sectors such as Alcoholic beverages, Tobacco and tobacco products, certain animal produce, Gambling, Banking & Financial Services and Entertainment (cinema, TV etc.).*For Details please refer to the Sales Literature
NIFTY Smallcap Quality Index Fund 
(SFIN: ULIF02702/08/23NIFTYSMALL104)

Investment Group: Equity

New Fund
Nature of Fund
To invest in a basket of stocks drawn from the constituents of the NSE Smallcap 250 Quality 50 index.
Investment Objective
To invest in a basket of stocks drawn from the constituents of the NSE Smallcap 250 Quality 50 index. The objective of the fund is to invest in companies in the above index with similar weights as the index and generate returns as closely as possible, subject to tracking error.

Note: Returns are 5 year compounded annualised growth rate (CAGR). Past performance is not indicative of future performance. Star rating is Overall Rating. Rating and returns are as on 31st August 2023

“ The Above mentioned Fund returns are after deduction of Fund Management Charges (FMC) ”

 

In the unit linked insurance policies, investment risk in the investment portfolio is borne by the policy holder. Past performance is not necessarily indicative of future performance. The linked insurance products do not offer any liquidity during the first five years of the contract the policyholder will not be able to surrender/withdraw the monies invested in linked insurance products completely or partially till the end of fifth year. Returns are 5 year compounded annualised growth rate (CAGR). Rating and returns are as on 31st August 2023

© 2020 Morningstar. All Rights Reserved. The information, data, analyses and opinions (“Information”) contained herein: (1) include the proprietary information of Morningstar and its content providers; (2) may not be copied or redistributed except as specifically authorised; (3) do not constitute investment advice; (4) are provided solely for informational purposes; (5) are not warranted to be complete, accurate or timely; and (6) may be drawn from fund data published on various dates. Morningstar is not responsible for any trading decisions, damages or other losses related to the Information or its use. Please verify all of the Information before using it and don’t make any investment decision except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up.

The ‘Morningstar Overall Rating’ is a quantitative assessment of a fund’s past performance—both return and risk—as measured from one to five stars, with one (1) being the lowest and five (5) being the best as on 31st Oct, 2021.

ARN: PCP/OSPC2/03082023

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Why Choose Max Life

Here are some of the numbers that speak about our accomplishments

Why Choose Max Life

Here are some of the numbers that speak about our accomplishments
Claims Paid Percentage

99.51%

99.51%

(Source: Individual Death Claim Paid Ratio as per Audited Financials for FY 2022-2023)

Max Life's Presence

269 Offices

269 Offices

(Source: As reported to IRDAI, FY 2022-23)

Sum Assured

₹1,397,142 Cr.

₹1,397,142 Cr.

In force (individual) (Source: Max Life Public Disclosure, FY 2022-23)

Assets Under Management

₹122,857 Cr.

₹122,857 Cr.

(Source: Max Life Public Disclosure, FY 2022-23)

More reasons why our customers choose us

Frequently Asked Questions

Frequently Asked Questions

1. When should I buy a child insurance plan?

With the ever-rising cost of education and all the activities, inputs that are required for a good upbringing of your child, you need to be smart about your financial planning. Child plans offer a disciplined and secure method of saving to safeguard your child’s future. Starting early on this journey will help you build a significant corpus for meeting the future expenses of your child’s education.

If you invest Rs. 5,000 a month for 20 years, your corpus can grow to Rs. 28,45,000 (@8% return). On the other hand, if you delay by just 5 years, you will have to invest Rs. 8,500 a month for 15 years to reach the same corpus. In effect, the 5-year delay has cost you an additional investment of Rs. 3,30,000!

Therefore buying a child plan as early as possible is the prudent thing to do. Parents can purchase a plan for a child as young as 14 days old, with the policy tenure varying from 15–25 years.

2. What are the things to consider while buying this plan?

If you have made up your mind to purchase your plan, it is important to decide how to go about choosing the right cover, term, fund in this plan. Here are some tips to guide you do this:

  • Arrive at a cover amount – The first step is estimating the amount of money you will need to fulfill your child's interests, aspirations. For instance, if you are buying the policy for your child’s education, factor in costs towards extra-curricular activities, travel, boarding etc. in addition to the course fee. 
  • Policy term – A child plan can be purchased for a tenure varying from 5–30 years. Choose a policy term that coincides with an important milestone for your child. For instance, if your daughter is 2 years old today and you expect her to start her college at age 18, buy a policy with a term of 16 years.
  • Fund options – Most child insurance policies offer multiple fund options with varying degrees of risk (equity-debt allocation). Based on your financial risk appetite and investment tenure, choose the fund that meets your requirements.
  • Additional features - You should also check if the plan has additional features like family income benefit

3. Does this plan invest in markets?

In this plan, you pay regular premiums or for a limited period which are invested in funds.
Whether a fund invests in the market depends on your selection of fund.

The plan offers a choice of fund options.  Based on your financial risk appetite, you can choose from fund options with varying degrees of risk (equity-debt allocation). Being market linked, these plans can give good returns over a long policy term.

4. What is so special about this plan?

Max Life Online Savings Plan is an insurance cum investment plan that helps you create a certain lumpsum amount for your child's future. At the end of the policy, this plan pays a lump sum amount which can be used to pay your child’s college fees or marriage expenses.

Not just this, the plan helps you protect your child's interests in case of an unfortunate event. This is done in 3 ways. 

1. In the event of the policyholder’s death anytime during the policy term, the child/nominee receives the lump sum amount (death benefit) as promised at the time of purchasing the policy. 

2. The policy does not end here. All future premiums are paid by the insurance company and the maturity benefits, at the end of the policy term, are also paid to the child. This ensures that your child receives the amount that you had planned for.

3. Not just this, this plan also offers a monthly income in addition to the lumpsum death benefit. This supports your family to meet their day to day expenses and maintain their lifestyle in your absence

5. What is the minimum amount that I can invest in this plan?

The minimum premium for this plan depends on the premium payment mode you choose. It is Rs. 36000 for the annual mode, Rs. 18000 for semi-annual mode, 9000 for quarterly mode and 3000 for monthly mode.

The minimum premium amount will only give you an idea of the benchmark. However, you are the best judge of how much is required for your child's education goal. Hence, it is important to go backwards from goal amount to arrive at an investment amount.

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THE LINKED INSURANCE PRODUCTS DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICYHOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF FIFTH YEAR

Unit Linked Insurance products are different from the traditional insurance products and are subject to the risk factors. The Premium paid in Unit Linked Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the policyholder/insured is responsible for his/her decisions. Max Life Insurance Company Limited is only the name of the Insurance Company and Max Life Online Savings Plan is only the name of the Non Participating Unit Linked Life Insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges from your insurance agent or the intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these funds, their future prospects and returns. Past performance of the funds does not indicate the future performance of the funds.

All Applicable Taxes, Cesses, and Levies as imposed by the Government will be deducted from the premiums received. 

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