Max Life Future Genius Education Plan is a non-linked participating life insurance plan offered by Max Life Insurance. It is a single life savings policy that helps you provide financial security and the best possible education to your children. The plan offers Guaranteed money backs, Maturity Benefit and Death Benefit to the policyholders. It also provides Discounting and Deferment options, Bonus options, terminal bonus and Paid Up Additions (PUA) withdrawal options. Policyholders are allowed to select any policy term ranging from 13 years to 21 years depending on their child’s graduation requirements. They can choose to add Max Life Term Plus Rider, Max Life Accidental Death & Dismemberment Rider, Max Life Waiver of Premium Plus Rider to their plan.
Policyholders can choose one of the following two variants that is offered by the plan:
Premium starts from Rs.40,000 for 8 Pay variant and Rs.20,000 for Limited Pay variant. Apart from this, customers can avail tax benefits on the premiums they pay and the benefits they receive.
*Premiums vary based on age, location, plan term and other factors.
Max Life Future Genius Education Plan can be availed only by people who fulfil the eligibility requirements. The eligibility criteria for this policy is mentioned below:
|Type||Individual, savings - non-linked participating life insurance plan|
|Minimum Age at Entry (age as on last birthday)||21 years|
|Maximum Age at Entry (age as on last birthday)||45 years|
|Maximum Age at Maturity (age as on last birthday)||66 years|
Sum Assured referred to the amount that you receive from an insurance policy. The minimum and maximum Sum Assured for Max Life Future Genius Education Plan is mentioned below:
|Minimum Sum Assured||Rs.3,27,000 for 8 Pay Variant. Rs.2,12,000 for Limited Pay Variant.|
|Maximum Sum Assured||No Limit.|
Premium is the sum that you have to pay to the insurance company to enjoy the benefits of the plan you have purchased. Max Life Future Genius Education Plan has 2 premium payment term options to offer. These are:
The premium can be paid using any of the following premium payment modes:
Policyholders can choose to change their premium payment mode anytime during the policy term, provided they follow the minimum premium limits and the Sum Assured is not changed. Policyholders can select any policy term from 13 years to 21 years. The Premium rates and benefits are uni-smoker and unisex. The minimum and maximum Annual Premium for Max Life Future Genius Education Plan is mentioned below:
|Minimum Annual Premium||Rs.40,000 for 8 Pay variant. Rs.20,000 for Limited Pay variant.|
|Maximum Annual Premium||No Limit.|
*Premiums vary based on age, location, plan term and other factors.
*The minimum premium amount does not include service tax, other taxes or cess, extra premium and modal extra.
Max Life Future Genius Education Plan helps people in providing the best possible education to their children. It is a type of savings plan that provides financial security through Guaranteed money backs, maturity benefits and immediate payout(s).
People can avail the following benefits from Max Life Future Genius Education Plan:
|Death Benefit||In case the Life Insured dies during the policy term, the following will be offered:
|Maturity Benefit||On the date of maturity, policyholders will receive a sum total of the following:
|Money Back Benefit||Policy holders will receive 4 money backs in the last 4 policy years. Each money back will be equal to 25% of the Sum Assured. It is paid in the following manner:
|Bonus Options||From the end of 2nd policy year (24th month), cash bonus will be declared every year, which will be accrued in the plan on the policy anniversary date. The plan offers the following 3 bonus options to policyholders:
|Paid Up Additions (PUA) withdrawal Option||Policyholders can choose to get the surrender value of the accumulated PUA in part or in full. The remaining PUA will then continue to participate in bonuses. The Minimum Withdrawal amount is Rs.5,000 and the Maximum Withdrawal amount depends on the maximum PUA surrender value. The PUA surrender value will be calculated on the basis of the PUA purchase rate, which are fixed and may be revised from time to time. This option is not available for people whose policy is in Reduced Paid Up mode.|
|Terminal Bonus||It is an extra bonus that is paid only once. It is paid at the time of maturity or surrender of the policy (whichever is earlier), provided the policy has been active for a minimum of 5 years. This bonus is paid from the 6th policy year. In case of policy surrender, the surrender value of the Terminal Bonus will be paid to the policyholder. In case of death of the policyholder, this bonus will be paid on the date of maturity.|
|Discounting and Deferment Options||Policyholders have no idea what their children will study in future on the policy start date. Thus, to help them, the plan offers discounting and deferment options. Policyholders can use it to discount and/or defer their money back payments. This option allows them to customize the timing of their money backs according to the graduation requirements of their children at the time of getting the 1st money back payment. Timing for using the option: Six months before the date of 1st money back payment, the company will notify policyholders about the 1st payment and their money back payments schedule. This notification will also inform them about the option to discount or defer their money back payment. Policyholders can then choose the time of their money back and inform the company about their choice 3 months prior to the date of the 1st money back payment. Once they make their selection, policyholders cannot change their option. If the company does not receive any response from the policyholders, then the money backs will be paid by the due date. Rate for Discounting or Deferment – The current rate is 7.3% p.a. This rate is changed every year by the company. Once the option is used by a policyholder, then the declared rate will become guaranteed. *The option can be used only if all the terms and conditions of the company are fulfilled.|
Owners of Max Life Future Genius Education Plan can choose to add the following riders for additional protection:
|Max Life Term Plus Rider||This Rider offers an additional Lump Sum Death Benefit.|
|Max Life Accidental Death & Dismemberment Rider||This Rider offers Lump Sum Benefit in case the Life Insured suffers from dismemberment or death because of an accident.|
|Max Life Waiver of Premium Plus Rider||This Rider waives of all the future premiums of the policyholders in case they are diagnosed with critical illness or they suffer from dismemberment. If the Life Insured and Policy holder are separate individuals, then the waiver is provided in case the policyholder suffers from dismemberment, critical illness or death.|
Suicide Exclusion – If the Life Insured kills himself/herself within a period of 12 months from the date of start or revival of the policy, then his/her policy will terminate and the company will only pay the following to the Claimant:
Max Life Future Genius Education Plan policy has many other important features. Some of them are:
|Policy Revival||Policy can be revived within 2 years, starting from the date of 1st unpaid premium instalment.|
|Nomination||Allowed to pick a nominee.|
Owners of Max Life Future Genius Education Plan can enjoy tax benefits under the Income Tax Act of 1961 in the form of Deductions and Exemptions. Deductions can be claimed under Sections 80C, 80CCC, and 80DD of the IT Act and Exemptions can be claimed under Section 10 (10D) of the IT Act.
Section 80C or 80CCC says that:
If your policy is terminated within 2 years from inception, then the benefits under this Section will be reversed.
*Tax Benefits are dependent on the tax laws and may change at any time. It is advisable to consult someone who is an expert in tax matters.
Max Life Future Genius Education Plan has many other benefits to offer other than the ones mentioned above. Some of these benefits are:
|SMS Updates||Policyholders can receive all the updates related to their Max Life Future Genius Education Plan via SMS.|
|Download Premium Receipt Facility||Policyholders can easily download their premium receipts online from the website of Max Life Insurance at any time.|
|Online Payment Facility||Policyholders can use the Online Payment Facility offered by Max Life Insurance to pay their premiums. To pay the premium, they have to simple visit the company’s website and click on ‘Pay Online’ under ‘Customer Service Section.|
|Customer Care||In case of any queries, people can get in touch with the customer care team through the helpline number, email, letter, SMS, etc.|
|Doorstep Expert Advice||Through this feature, Max Life Insurance helps people in selecting and understanding the various kinds of insurance plans they offer at their preferred location. To get the expert advice, people have to simply contact the company.|
You should purchase the Max Life Future Genius Education Plan from Max Life Insurance because it helps you secure your child’s future financially. You can use this plan to save money to provide the best education to your children. Among the 15 life insurance products offered by Max Life Insurance, Max Life Future Genius Education Plan is the most popular. You should invest in Max Life Insurance products because it is a leading life insurance company with over 2,000 branches across India. It offers customer care service, which people can connect to easily for any queries.
A. If the bonus amount is less than the total premium amount, which means the bonus amount is not enough to pay off the premium, then policyholders will have to pay the balance to keep their policies active.
A. If the bonus amount is more than the total premium that has to be paid, then the balance will be paid by the company to the policyholders. Once the premium payment term is over, this option will change to Paid in Cash automatically.
A. No, Max Life Future Genius Education Plan does not provide loan facility.
A. Annualised Premium does not include loadings for modal premiums.
A. the Guaranteed Sum Assured amount on Maturity for this policy is 0 or nil because all the guaranteed benefits is paid in the form of money backs.
A. Policyholders can use their cash bonus as premium to purchase Paid Up Additions (Sum Assured), which will participate in all the future bonuses. The PUA increases the Sum Assured and is paid in full on the date of maturity. In case of policy surrender, the company pays the surrender value of PUA to the policyholder. Any bonus is declared each year from end of 2nd year (24th month) on the Sum Assured and from 3rd year (36th month) onwards, the same will be declared on the accrued PUA at the end of every year.
A. If you do not pay premium by the due date, then you will be given a grace period of 30 days (15 days in case of monthly mode) to make the payment. If you do not pay the premiums by the end of the grace period, then following will apply:
A. You cannot surrender your Max Life Future Genius Education Plan if it has not acquired the Surrender Value. If the policy is surrendered after it has acquired the Surrender Value, then the same will paid to you. Once the surrender benefit is paid, the company will terminate the policy.
A. The money back schedule is mentioned in the table below:
|Money Back Payment||Default timing for money back payments||Maximum number of months by which discounting of money back can be done||Maximum number of months by which deferment of money back can be done|
|1st||Policy term – 3 years||NA||36|
|2nd||Policy term – 2 years||12||24|
|3rd||Policy term – 1 years||24||12|
|4th||End of Policy term||36||NA|
A. To make a claim on Max Life Future Genius Education Plan, policyholders have to submit the following to Max Life Insurance:
Policyholders can easily download the claim documents from Max Life Insurance’s website.