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Max Life Future Genius Education Plan

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.)

Features of Max Life Future Genius Education Plan

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.

Benefits of Max Life Future Genius Education Plan

Death Benefit - This is payable at the time of the life assured's demise. It is the higher of:

  • 11 times the annualised premium plus underwriting extra premiums (if any)
  • 105% of (total premiums paid plus underwriting extra premiums plus loadings for modal premiums paid) as on the date of the life insured's death
  • Guaranteed sum assured on maturity
  • Any absolute amount assured to be paid on demise

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:

  • Accrued Paid Up Additions (if any) or Cash Bonus (if any), whichever is applicable, plus
  • Terminal Bonus (if any) Guaranteed Sum Assured on Maturity is 25% of the sum assured, which is the last four annual money back payment paid at the policy’s maturity.

Eligibility Criteria

Parameters Criteria
Age at maturity
Maximum entry age: 21 years
Maximum entry age: 45 years
Maximum maturity age66 years
Policy term13 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)

Premium Details

TermsDetails
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 modePremium Payment Mode
Minimum annual premium
For 8 Pay variant – Rs. 40,000
For Limited Pay variant (Policy Term less 3 years) – Rs. 20,000

Riders Of Max Life Future Genius Education Plan

The below riders can be availed with Max Life Future Genius Education Plan:

  • Max Life Term Plus Rider (UIN –104B026V03)
  • Max Life Accidental Death & Dismemberment Rider (UIN –104B027V03)
  • Max Life Waiver of Premium Plus Rider (UIN –104B029V03)

Documents Required

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.

Why Buy Future Genius Education Plan from Max Life Insurance?

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.

Exclusion - Max Life Future Genius Education Plan

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:

  1. Higher of surrender value or (total premiums paid, underwriting extra premiums paid and loadings for modal premiums) if the policy has acquired a surrender value; or
  2. Total premiums paid, underwriting extra premiums paid and loadings for modal premiums, in case the policy has not acquired a surrender value

Review of Max Life Future Genius Education Plan

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.

Faqs On Max life future genius education plan

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:

  • Agent advisor
  • Nearest branch office
  • Email All claims examined and settled by the insurer on the basis of information present in documents submitted in connection with the claim. As per regulations, all valid claims are to be settled within 30 days after all necessary documents have been provided. If the claim requires further verification, it can take up to 180 days to settle the claim.
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