Max Life Future Genius Education Plan is a non-linked participating individual life insurance savings plan. It has been designed to help parents take care of their child’s higher education expenses through disciplined savings. The plan provides the flexibility to select policy term, premium payment term and the timing of moneybacks, on the basis of the child’s education needs.
About Max Life Insurance: Max Life Insurance is a joint venture between Max Financial Services and Mitsui Sumitomo Insurance. The company, which is one of the top private-sector life insurers providers in India, has reported AUM of Rs. 62,798 crores (FY18-19) and sum assured of Rs. 7,03,972 crores (Public disclosure FY18-19).
(Note - All the information contained in this page has been sourced from the official website of Max Life Insurance.)
The features of Max Life Future Genius Education Plan are as under:
The product offers four guaranteed money-backs payable yearly in the last four years of the policy period. Each guaranteed moneyback is equal to 25% of the sum assured.
The accrued paid up additions (if any) and terminal bonus (if any) shall be payable at the end of policy period.
The product gives individuals the freedom to choose their own policy term. Individuals can select policy terms from 13 years to 21 years. There is also the option of two premium payment terms - i) 8 years fixed premium payment term and ii) Policy term less three years.
Individuals can customize the timing of their money-backs and take them during the last three policy years, as per their need.
Death Benefit - This is payable at the time of the life assured's demise. It is the higher of:
Maturity Benefit - On the policy’s maturity, the below benefit will be paid
As a participating plan, this insurance cover will provide the following benefits on maturity:
| Parameters | Criteria |
|---|---|
| Age at maturity | Maximum entry age: 21 years Maximum entry age: 45 years |
| Maximum maturity age | 66 years |
| Policy term | 13 years to 21 years |
| Minimum sum assured | 8 Pay variant: Rs. 3,27,000 Limited Pay variant: Rs. 2,12,000 (subject to minimum premium limits) |
| Terms | Details |
|---|---|
| Premium payment term | Two Premium Payment Term options are available 1. 8 Pay variant - 8 years or 2. Limited Pay variant - Complete Policy Term minus 3 years |
| Premium payment mode | Premium Payment Mode |
| Minimum annual premium | For 8 Pay variant – Rs. 40,000 For Limited Pay variant (Policy Term less 3 years) – Rs. 20,000 |
The below riders can be availed with Max Life Future Genius Education Plan:
To buy a life insurance plan, an individual will be required to submit certain documents that will serve as proof of identity and residence. The documents that are generally acceptable include:
ID Proof - PAN card, Passport, Voter ID card, etc.
Address Proof - Passport, Driving License, Voter ID card, etc.
With Max Life Future Genius Education Plan, parents can ensure that their child has a financially secure future and gets the best college education experience. This product offers - guaranteed money-backs, maturity benefit and complete financial security in the event of death.
Under Policy Continuance Benefit, if the life insured passes away, the death benefit will be paid and all future premiums will be waived. Also, all benefits, that is moneyback benefits and maturity benefits, are paid to the beneficiary as and when due. This ensures that the child’s future is taken care of even in a parent's absence.
Suicide:
If the life insured - sane or insane - passes away by suicide within 12 months of the effective date of risk commencement or the date of policy revival, the policy shall terminate right away. In such cases, the insurer shall pay either:
Max Life Future Genius Education Plan is a non-linked participating individual life insurance savings plan by Max Life Insurance. The policy offers four guaranteed money-backs that are payable yearly in the last four years of policy period. Each guaranteed moneyback is equal to 25% of the sum assured, thus helping parents prepare financially for their child’s future college education expenses.
Is there a loan facility with Max Life Future Genius Education Plan?
Loan facility is not available under this plan.
Under premium offset, what happens when bonus amount is less than the overall premium amount?
If the cash bonus is not sufficient to pay the complete premium, then the individual will need to pay the balance premium to keep the policy active.
Under premium offset, what happens if the bonus amount is greater than the overall premium amount?
When the cash bonus exceeds the premium due, then the balance shall be paid to the policyholder.
How much is the guaranteed sum assured on the policy’s maturity?
The guaranteed sum assured on maturity is ‘zero’ or ‘nil’ as all the guaranteed benefits are paid out in the form of money-backs at 25% of the sum assured paid annually in each of the last four policy years.
What happens if premium payments are stopped?
If premiums are not paid by the due date, then a grace period of 30 days (15 days for monthly premium payment mode) from the due date for payment of each premium shall be permitted for premium payment. In case the premium is not paid by the expiry of the grace period, then the policy will lapse. However, if it has acquired a surrender value, then by default the policy will become Reduced Paid Up Policy.
What happens if Max Life Future Genius Education Plan is surrendered?
The insurance plan cannot be surrendered before it has acquired surrender value. However, if the policy has been surrendered after it has acquired surrender value, then the same shall be payable. The policy gets terminated following payment of surrender benefit.
How to file a claim on Max Life Future Genius Education Plan?
An individual can file a claim with Max Life Insurance through:
