Max New York Life launches ULIP plan Shiksha Plus

Private sector life insurer Max New York Life today launched Shiksha Plus, a Unit Linked Plan, to facilitate a child’s aspirations and goals over different phases of student life.

"Shiksha Plus is a 360-degree child plan that provides resources for over all development of your child under all uncertain circumstances," said Max New York Life Director V Viswanand.

Along with addressing the increasing cost of education, the plan also provides an option to secure the future of second child, he said.

In case of death of the parent (the life insured) the nominee or beneficiary is entitled to receive 10 per cent of initial sum assured every year, subject to a maximum of 100 per cent of sum assured, to provide for yearly education expenses of the child, Viswanand said.

It provides control over uncertainties of life and inflation, he added.

Available with 7 investment fund options, the plan has the option for upgrading premium for sibling on birth/adoption of second child, he said, adding, one could also increase premium option to counter the impact of inflation.

With a minimum premium of Rs 5,000, the fund allows partial withdrawal after completion of 3 years.