Axis Max Life Shiksha Plus Super: ULIP Review [2026]

Overview

The Axis Max Life Shiksha Plus Super is a non-participating Unit-Linked Insurance Plan (ULIP) designed to help parents build a market-linked corpus for a child’s future while providing life insurance protection.

Eligibility Criteria:

Parent’s Entry Age: 21 to 47 years
Child’s Entry Age: 0 to 18 years
5-Pay Variant: Premiums are paid for 5 years, and the policy continues for 10 years
Regular Pay Variant: Policy and premium payment terms range from 15 to 25 years
Minimum Annual Premium: ₹2.5 lakh
Maximum Maturity Age: Up to 57 years under the 5-Pay variant and 65 years under Regular Pay

The plan also offers market-linked fund options, Funding of Premium, Family Income Benefit, and loyalty additions under eligible Regular Pay policies. However, this plan does not offer top-up investments or policy loans.

Planning for a child's higher education is tricky because the goal may be 10 or 15 years away, while the family's financial situation can change much sooner. Parents need an investment corpus that can grow over time, but they also need a backup plan so the goal does not collapse if the earning parent passes away.

This is where Axis Max Life Shiksha Plus Super comes in. It is a child-focused ULIP that combines market-linked investing with insurance benefits designed to keep the education goal on track.

For this review, we went through Axis Max Life's current product page and prospectus. We will break down what Axis Max Life Shiksha Plus Super does well, where it falls short, and whether keeping insurance and investment separate makes more sense.

What Is the Axis Max Life Shiksha Plus Super Plan?

Axis Max Life Shiksha Plus Super (UIN: 104L084V18) is a unit-linked, non-participating individual life insurance plan.

The parent is the policyholder and life assured. The child must be an own or legally adopted child aged 0 to 18 years when the policy is purchased. Premiums are invested in market-linked funds after applicable charges.

The plan invests premiums across market-linked funds after applicable charges while also offering benefits such as Family Income Benefit, Funding of Premium, partial withdrawals after the lock-in, and loyalty additions for eligible Regular Pay policies.

However, these benefits come with ULIP costs such as premium allocation, policy administration, mortality, and fund management charges. As we discuss later, these charges can create a noticeable gap between the fund's assumed gross return and the return that eventually reaches the policyholder.

Axis Max Life Shiksha Plus Super: Key Features and Fund Options

The current prospectus lists 20 investment fund choices across equity, hybrid, and debt-oriented strategies. These include funds such as Axis Max Life High Growth Fund, Smart Innovation Fund, Nifty 500 Momentum 50 Index Fund, Balanced Fund, Conservative Fund, and Secure Fund. The complete fund list and asset allocation ranges are available on pages 3 to 9 of the current Axis Max Life Shiksha Plus Super prospectus.

The plan also allows 12 free fund switches per policy year with a minimum switch amount of ₹5,000.

Max Life Shiksha Plus Super NAV and Login

There is no single Max Life Shiksha Plus Super NAV because each underlying ULIP fund has its own NAV. Existing policyholders can check policy details through the Max Life Shiksha Plus Super login route on Axis Max Life's customer portal, while fund NAVs and performance can be checked through the insurer's NAV section.

Funding of Premium and Family Income Benefit Under Shiksha Plus Super

This is the plan's biggest strength. If the insured parent passes away while the policy is active, the beneficiary can receive three layers of support.

Axis Max Life pays the higher of the sum assured, 105% of the total premiums paid until the life assured's death, or 0.5 times the policy term multiplied by the annualized premium.
Family Income Benefit equal to 10% of the sum assured on eligible policy anniversaries, for up to 10 installments with at least three installments guaranteed.
Funding of Premium, where Axis Max Life pays future outstanding premiums and keeps the policy invested until maturity.

These additional protection benefits are not bundled in for free. The mortality charge is calculated on the plan's sum at risk, which includes not only the applicable death benefit but also the present value of future family income benefit installments and premiums that Axis Max Life may have to fund under the funding of premium benefit. The insurer uses a 6.5% annual discount rate to calculate the present value of these future benefits.

This means the extra goal-continuity protection can increase the mortality cost compared with a ULIP carrying only basic life cover. The mortality charge is deducted every month by canceling units from the policy's fund.

How Much Do Charges Reduce the Returns?

To understand how these charges affect the actual return, consider Axis Max Life's own illustration for a 35-year-old parent. The policy and premium payment terms are both 20 years, with an annual premium of ₹2.5 lakh. This means the parent pays ₹50 lakh over the entire premium payment term. The illustration uses a 10x cover multiple, giving a ₹25 lakh sum assured, and invests in the Bombay Stock Exchange Dividend Stability Index Fund.

Gross Assumption	Illustrated Maturity	Approx. Cash Flow IRR*
4%	₹59.79 lakh	1.67% p.a.
8%	₹94.64 lakh	5.75% p.a.

At a 4% assumed gross return, the approximate cash-flow IRR reaching the policyholder falls to 1.67%. That is a drag of around 2.33 percentage points per year. At the 8% assumption, the approximate IRR is 5.75%, translating to a drag of around 2.25 percentage points per year.

This reduction reflects the combined impact of premium allocation, fund management, policy administration, and mortality charges. Importantly, part of this cost pays for the life insurance, Family Income Benefit, and Funding of Premium protection, so it should not be viewed purely as an investment-management expense.

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Eligibility and Sample Premium for Axis Max Life Shiksha Plus Super

Feature	5-Pay	Regular Pay
Parent Entry Age	21 to 47 years	21 to 47 years
Policy Term	10 years	15 to 25 years
Premium Payment	5 years	Same as policy term
Minimum Annual Premium	₹2.5 lakh	₹2.5 lakh
Sum Assured	7x or 10x annual premium	7x or 10x annual premium

At the ₹2.5 lakh minimum premium, the sum assured can therefore be ₹17.5 lakh or ₹25 lakh.

A Max Life Shiksha Plus Super plan calculator may help with basic planning, but parents should request the personalized benefit illustration before buying because the displayed 4% and 8% scenarios are not guaranteed.

Axis Max Life: Performance Metrics

Metric	Axis Max Life Average (FY 2024-26)	Industry Average
Claim Settlement Ratio (CSR)	99.71%	99.00% (Mean)
Amount Settlement Ratio (ASR) (Average FY 2023-25)	96.37%	94.83% (Mean)
Annual Business Volume	₹12,566.66 Crore	₹3,778.58 Crore (Median)
Volume of Complaints per 10,000 Claims	3.00	13.10 (Median)
Solvency Ratio	1.89x	2.00x (Median)
Annual Death Claims Paid	₹1,449.18 Crore	₹237.24 Crore (Median)

Sources: Public disclosures from the Axis Max Life Insurance website and IRDAI annual reports. You can refer to Ditto Data Lab to explore these metrics in detail.

Note

These metrics reflect the life insurer's overall performance, including all products such as term plans, ULIPs, and savings schemes.

Shiksha Plus Super vs. Term Insurance Plus a Separate Investment

The real alternative is not another child insurance policy. It is adequate term insurance for the earning parent plus a separate investment portfolio.

Route	Why Parents Consider It	The Real Limitation
Shiksha Plus Super	If the earning parent dies, the insurer keeps paying the premiums and a family income starts. Nothing else on this list does that automatically.	Charge drag turns an 8% gross illustration into roughly 5.75% net. Five-year lock-in, and maturity is taxable for most buyers at the ₹2.5 lakh minimum premium.
Term and Public Provident Fund (PPF)	Sovereign-guaranteed, fully tax-free, and the same outlay buys far more life cover.	Capped at ₹1.5 lakh a year and locked for 15 years. A fixed rate reset every quarter will usually lag equity over a 15- to 20-year horizon.
Term and Sukanya Samriddhi Yojana (SSY)	Highest guaranteed rate on this list at 8.2%, and fully tax-free.	Girl child only, account opened before she turns 10, maximum two accounts. It runs for 21 years from opening, and only 50% can be withdrawn once she turns 18 or class 10th, whichever is earlier.
Term and National Pension System (NPS) Vatsalya	Market-linked, starts at ₹250 a year, and contributions attract an extra ₹50,000 deduction under Section 80CCD(1B) in the old regime.	It is a retirement product, not an education one. Before 18, you can withdraw only 25% of contributions, not the returns, and only twice. When the child turns 18, any corpus above ₹8 lakh must send 20% into an annuity, money that can never pay a tuition bill. Equity is capped at 75%.
Term and Mutual Funds	No cap, no lock-in, visible costs, and you can shift from equity to debt as the goal date approaches.	You have to hold through drawdowns and de-risk on your own. There is no automatic mechanism. Gains above ₹1.25 lakh a year are taxed at 12.5%.

Premiums paid toward the policy can qualify for a deduction under Section 123 read with Schedule XV of the Income-tax Act, 2025, which corresponds to the erstwhile Section 80C. The overall deduction for eligible investments is capped at ₹1.5 lakh and is available only under the old tax regime, subject to the applicable conditions. Since Shiksha Plus Super requires at least ₹2.5 lakh annually, you cannot claim the entire premium as a deduction.

Maturity taxation works differently. Under Section 11 read with Schedule II, No. 2 of the Income-tax Act, 2025, corresponding to the erstwhile Section 10(10D), ULIP maturity proceeds receive an exemption only when the applicable premium-to-sum-assured and aggregate ULIP premium conditions are satisfied. With Shiksha Plus Super, these conditions mean many buyers will pay tax on the maturity proceeds.

Pros and Cons of the Axis Max Life Shiksha Plus Super Plan

Top 10 family Health Plans

Pros	Cons
Future premiums can be funded after the insured parent's death	Multiple ULIP charges reduce net returns
Family Income Benefit supports the child's goal	Minimum annual premium is ₹2.5 lakh
20 investment fund choices	Five-year lock-in
12 free switches annually	Loyalty additions exclude the 5-Pay variant
Tax-free internal fund switches and maturity amount (subject to conditions)	Low life cover (7x-10x annual premiums)

Who Should Buy the Axis Max Life Shiksha Plus Super Plan?

The plan can work for parents who value automatic goal continuity, can comfortably commit ₹2.5 lakh or more annually, understand ULIP costs, and already have adequate standalone term and health insurance.

Parents who still need adequate life cover, want lower-cost investing, need greater liquidity, or cannot commit to the premium should generally avoid bundling the two goals.

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Conclusion

Axis Max Life Shiksha Plus Super solves one problem genuinely well. Funding of Premium and Family Income Benefit can help keep a child's education corpus alive even after the insured parent passes away. But that convenience comes with charges, limited liquidity, and relatively modest bundled life cover.

For most families, we would recommend first securing adequate term insurance for the earning parents and adequate health insurance for the family. Once those foundations are in place, you can build the child corpus separately using PPF, SSY, NPS Vatsalya, mutual funds, or a suitable combination based on your goal horizon and risk appetite.

If you want to buy term insurance, Axis Max Life Insurance is among the best term insurance companies in India.

Frequently Asked Questions

Is Axis Max Life Shiksha Plus Super a good way to save for a child's education?

It can suit parents who want market-linked investing and value the plan's Funding of Premium and Family Income Benefit features. However, it also has allocation, administration, mortality, and fund management charges. For most parents, adequate term insurance paired with separate investments can offer greater life cover, investment flexibility, and clearer costs.

What happens to Shiksha Plus Super if the parent dies before the policy matures?

If the insured parent passes away while the policy is active, the beneficiary receives the applicable immediate death benefit. Family Income Benefit payments can also continue according to the policy terms. Axis Max Life additionally funds the remaining premiums so the investment can continue until maturity. Certain policy actions, including withdrawals and fund switches, are no longer available after the insured parent's death.

When do loyalty additions start under Axis Max Life Shiksha Plus Super?

Loyalty additions are available only with the Regular Pay variant. They start at the end of the 11th policy year, when Axis Max Life adds units equal to 0.20% of the fund value. The loyalty addition rate then increases by 0.02 percentage points in each subsequent policy year. These additions are available only while premiums are being paid. They also continue if Axis Max Life is funding future premiums under the Funding of Premium benefit after the life assured’s death. The 5-Pay variant does not qualify for loyalty additions.

How many free fund switches does Axis Max Life Shiksha Plus Super allow in a policy year?

Axis Max Life Shiksha Plus Super allows up to 12 free fund switches in each policy year. The minimum switch amount is ₹5,000. This helps policyholders change allocations between available investment funds, though switching should ideally follow the investor's risk profile and long-term asset allocation rather than short-term market movements.

What is the minimum premium for the 5-pay variant of Shiksha Plus Super?

The minimum annualized premium for the 5-Pay variant is ₹2.5 lakh. You pay premiums for five years, while the policy continues for 10 years. The plan allows a sum assured equal to either seven or ten times the annualized premium, subject to the insurer's applicable underwriting conditions.

Can I withdraw money from Shiksha Plus Super before my child turns 18?

Yes. Partial withdrawals depend on the policy's duration, not the child's age. You can make them after completing the first five policy years. You can make up to two withdrawals in a policy year, starting from ₹5,000, subject to limits on the amount withdrawn and the minimum fund value that must remain in the policy.

Is the maturity amount from Axis Max Life Shiksha Plus Super tax-free?

Not necessarily. For most buyers, the maturity proceeds may be taxable because the plan's minimum annual premium is already ₹2.5 lakh. Premiums above this amount, other applicable ULIPs held by the same person, or choosing the 7x sum assured option can prevent the maturity payout from qualifying for the applicable tax exemption. Non-exempt ULIP gains are taxed as capital gains. Death benefits remain exempt under the applicable tax rules.

What riders are offered with Axis Max Life Shiksha Plus Super?

Shiksha Plus Super currently allows two additional riders at an extra premium. The Axis Max Life Critical Illness and Disability Secure Rider, UIN 104A034V02, provides benefits for covered critical illnesses. The Axis Max Life Smart Ultra Protect Rider, UIN 104A049V03, offers multiple benefit variants including Term Booster with Accelerated Terminal Illness, Accidental Death Benefit, Accidental Total and Permanent Disability, and Payor Benefit. The Payor Benefit can fund future base premiums and waive future premiums on attached riders after an eligible claim, subject to the rider terms.

Last updated on: 16 Aug, 2026

Axis Max Life Shiksha Plus Super: Child ULIP Review