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Max Life Future Genius Education Plan

 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:

  • 8 Pay Variant – 8 years fixed premium payment term.
  • Limited Pay Variant – Policy term less 3 years.

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.

Eligibility -Who is the Max Life Future Genius Education Plan for?

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 and Premium Range – What you get and what it costs?

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:

  • 8 Pay variant.
  • Limited Pay variant.

The premium can be paid using any of the following premium payment modes:

  • Yearly.
  • Half-yearly.
  • Quarterly.
  • Monthly.

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.

Plan coverage – What the Max Life Future Genius Education Plan covers?

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:

Benefit Details
Death Benefit In case the Life Insured dies during the policy term, the following will be offered:
  • Death benefit.
  • Policy Continuance Benefit.
Death Benefit: Death Benefit is the higher of the following:
  • 105% of all the paid premiums as on the date of death.
  • 11 times of the Annualised Premium.
  • Guaranteed Sum Assured on Maturity.
  • Any Absolute amount assured that is to be paid on the date of death.
(Note – The Guaranteed Sum Assured on Maturity is nil or 0 for this plan because all the guaranteed benefits are paid in 4 money backs. Each money back is equal to 25% of the Sum Assured.) Settlement Option – The policy offers 2 settlement options to the nominees in case of death of the Life Insured. Nominees can choose any one of the following options to get the Death Benefit:
  • Lump Sum Benefit – Here, a nominee can take the entire Death Benefit amount as one lump sum payout.
  • Monthly Income for 135 months – Here, a nominee can choose to withdraw 1% of the Death Benefit as monthly income that will be paid for 135 months. Nominees will start receiving the monthly income from the monthly plan anniversary that occurs after the death of the life insured.
Nominees can take out the remaining payouts at any time during the income phase through a written request to the company. After receiving this request, the company will pay present value of all the future payouts at a discounted rate of 5.5% p.a. to the nominee. Policy Continuance Benefit: In case the Life Insured passes away, then all his/her future premiums will be waived off, but his/her policy will continue as it is and will receive future benefits. His/her beneficiary or nominee will receive the Maturity Benefit and money backs on the due date. The nominee or beneficiary will not have any rights to the following options:
  • Paid Up Additions withdrawal (if any).
  • Policy surrender.
  • Change bonus option.
  • Discount or defer money back payments.
After the death of the life insured, the bonus option will automatically change to PUA.
Maturity Benefit On the date of maturity, policyholders will receive a sum total of the following:
  • Terminal Bonus (if any).
  • Accrued PUA (if any) or cash bonus (if any).
The above will be paid in addition to any money back payment instalment that is due on the date of maturity. This money back amount is guaranteed. Terminal Bonus and Accrued PUA will be paid only if they are not guaranteed and have accrued on Maturity Date. The policy will terminate after maturity benefit is paid. If policyholders have chosen to receive monthly income as their death benefit settlement option, then their nominee will continue to receive it, provided it has not been fully withdrawn.
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:
  • Money back 1 (Policy term less 3 years).
  • Money back 2 (Policy term less 2 years).
  • Money back 3 (Policy term less 1 year).
  • Money back 4 (End of policy term).
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 in Cash – Here, policyholders can choose to take the cash bonus every year. If they choose this option, then the cash bonus will be paid to them every year when the company declares it.
  • Premium Offset – Here, policyholders can use the cash bonus to offset their future premiums.
  • Purchase Paid Up Additions (PUA) – Here, policyholders can use the cash bonus as a premium to purchase PUA (Sum Assured), which will participate in future bonuses. These Paid Up Additions will result in an increase of the Sum Assured and it will be paid in full on the Maturity Date.
Policyholders can change their option any time during the policy term. Bonus Option will change into PUA automatically, in case of the following:
  • Assignment of Policy to any Institution (not an individual).
  • Death of Life Insured.
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.

Add-On Plans – Additional coverage under the Max Life Future Genius Education Plan:

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.

Exclusions - What the Max Life Future Genius Education Plan doesn’t cover?

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:

  • Higher of the following if the policy has got a Surrender Value:
    • Total Premiums received.
    • Surrender Value.
  • Total Premiums received if the policy does not have a Surrender Value.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

Max Life Future Genius Education Plan policy has many other important features. Some of them are:

Particulars Details
Policy Revival Policy can be revived within 2 years, starting from the date of 1st unpaid premium instalment.
Grace Period
  • 30 days for all payment modes (excludes monthly monde).
  • 15 days for monthly payment mode.
Nomination Allowed to pick a nominee.
Freelook Period
  • 15 days.
  • If the policy has been bought using direct marketing, then 30 days.

Tax benefits – How you can save with the Max Life Future Genius Education Plan?

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, 80D and 80DD of the IT Act and Exemptions can be claimed under Section 10 (10D) of the IT Act.

  • Deductions under Section 80C or 80CCC – Individuals and Hindu Undivided Families can avail benefits under this Section. The maximum amount that can be claimed is Rs.1,50,000.

Section 80C or 80CCC says that:

  • If you pay 20% more premium than the actual capital Sum Assured in a year, then you can claim deductions only for premiums up to 20% of the sum assured.
  • If your policy was issued on or after 1st April, 2012, then you can claim deduction for only so much of the premiums payable as does not exceed 10% of the actual capital Sum Assured (15% if you have severe disability or specified ailment).

If your policy is terminated within 2 years from inception, then the benefits under this Section will be reversed.

  • Deductions under Section 80D – Individuals and Hindu Undivided Families can avail benefits under this Section. The eligible amount for deduction is a maximum of Rs.25,000 for an individual, his/her spouse and children. An additional deduction of up to Rs.25,000 is allowed for parents. If parents are senior citizens, then deduction of up to Rs.30,000 can be claimed. Assessees are allowed to pay a maximum of Rs.5,000 for preventive health check-ups within the prescribed overall limit.
  • Deductions under Section 80DD – Under this Section, every year policyholders can claim up to Rs.75,000 worth premiums that they pay for their disabled dependent. A high deduction of Rs.1,25,000 will be permitted in case the dependent suffers from severe disability.
  • Exemptions under Section 10 (10D) – The amount policyholders receive from a life insurance policy (includes bonus) is exempted from tax. This rule is not applicable on the following:
    • Sum received under Section 80DD (3).
    • Sum received under a Keyman Insurance Policy.
    • Sum received other than as death benefit from a policy that was issued on or after 1st April, 2003 and if the premium payable during the term is not more than 20% of the sum assured. If the policy was issued on or after 1st April, 2012, exemption will be available only if the premium payable does not exceed 10% of the actual capital sum assured.

*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.

Other benefits – How you can save with the Max Life Future Genius Education Plan?

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 The company provides 24x7 customer care service. In case of any queries, people can get in touch with the customer care team through toll-free 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.

Why you should buy the Future Genius Education Plan from Max Life Insurance?

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 24x7 customer care service, which people can connect to easily for any queries.

Max Life Future Genius Education Plan - FAQs

Q. Under premium offset, what if my bonus amount is less than the total premium amount?

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.

Q. Under premium offset, what if my bonus amount is more than the total premium amount?

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.

Q. Does Max Life Future Genius Education Plan provide loan facility?

A. No, Max Life Future Genius Education Plan does not provide loan facility.

Q. Does Annualised Premium include loadings for modal premiums?

A. Annualised Premium does not include loadings for modal premiums.

Q. What is the Guaranteed Sum Assured amount on Maturity for this policy?

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.

Q. How does the Paid Up Additions (PUA) Bonus Option work?

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.

Q. What will happen if I stop paying the premiums?

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:

  • The policy will lapse if no premiums have been paid for 2 years in case of 8 Pay variant and 3 years in case of Limited Pay variant.
  • If the policy has acquired a surrender value, then it will become a RPU (Reduced Paid Up) policy and the Death Benefit and Sum Assured will reduce. All rider benefits will stop and no PUA withdrawals will be allowed.

Q. What will happen when I surrender my Max Life Future Genius Education Plan?

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.

Q. What is the money back schedule?

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

Q. How to make a claim on Max Life Future Genius Education Plan?

A. To make a claim on Max Life Future Genius Education Plan, policyholders have to submit the following to Max Life Insurance:

  • Claimant’s statement in the form prescribed by Max Life Insurance.
  • Original document of the policy.
  • Copy of F.I.R or policy complaint (To be submitted in case of death by accident).
  • Copy of certified post mortem report (To be submitted in case of death by accident).
  • Death certificate that has been issued by the municipal/local authority (To be submitted in case of death by accident).
  • Valid ID proof of the Claimant and Nominee(s). This ID proof must have photo and signature.
  • Any other documents requested by the company.

Policyholders can easily download the claim documents from Max Life Insurance’s website.