Future Genius Education Plan
Every child is born a genius, in his or her special way. All that he/she needs is the right amount of guidance, good education & a safe environement for learning & growth.
Max Life Future Genius Education Plan has been designed to help parents manage their child’s higher education costs through disciplined savings. The insurance plan provides flexibility to parents to choose premium payment term, policy term & the timing of moneybacks depending on the education needs of their child.
Here’s all you need to know about this plan
Plan Benefits
Death Benefit
Payable immediately at the time of death of the Life Insured
It is defined as 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 death of life insured,
Guaranteed Sum Assured on Maturity**
Any absolute amount assured to be paid on death#
Key advantages under Death Benefit:
The policy does not terminate after the death of the life insured
You receive Policy Continuance Benefit, in which all due premiums, if any, coinciding or following the date of death of the Life Insured shall be waived and the policy will continue. The moneyback and maturity benefit shall be payable to the beneficiary as and when due. The policy shall also participate in future bonuses.
You receive Settlement Option under Death Benefit – the nominee can choose to receive the proceeds under the Death Benefit with following settlement options:
- Lump Sum Benefit: Nominee can choose to take the entire Death Benefit as lump sum payout
- Monthly Income for 135 months: Nominee can choose to take 1% of Death Benefit as monthly income which will be payable for 135 months.
Maturity Benefit
On maturity, the following benefit will be paid
As a participating plan, this insurance plan will provide you the following benefits on maturity:
- Accrued Paid Up Additions (PUA) (if any) or Cash Bonus (if any), whichever is applicable ,plus
- Terminal Bonus (if any)
Where; Guaranteed Sum Assured on Maturity is 25% of the Sum Assured which is the last 4 annual money back payment paid at the maturity of the policy (end of policy term) as mentioned under ‘Money Back Benefits’ in prospectus.
However, you may note that both the Terminal Bonus and PUAs are not guaranteed and are dependent on the company’s performance over the years. With these payouts, the policy gets terminated unless monthly incomes (if not commuted) are remaining under the settlement option
Bonus Options:
Annual Bonus: You can choose to receive the annual cash bonus announced by Max Life in following ways:-
Cash: You can receive the annual bonus in cash as and when declared by the company.
Premium Offset – You can use the accumulated cash bonus to pay your future premiums.
Paid Up Additions (PUA) – You can use your bonus amount to purchase Paid Up Additions (PUA). Buying these PUA increase the policy’s cash value thereby increasing the living and death benefits under the policy. PUA are payable in full on Maturity of the policy. Also, these PUA will earn further bonuses to increase the value of the policy. In case of surrender, Surrender Value of the PUA will be paid to the Policyholder.
Terminal Bonus: Terminal Bonus is an additional bonus paid only once either on Surrender or at Maturity, provided the Policy has been in force for at least five years. In case you surrender the policy, you will get surrender value (if any) of the Terminal Bonus. In case of death of life insured, policy will continue and Terminal Bonus (if any) shall be payable only on Maturity.
Paid Up Additions (PUA) Withdrawal Option
The Policyholder can take the Surrender Value of the accrued PUA (partially or in full).
The remaining PUA will continue to participate in bonuses.
Minimum Withdrawal amount – Rs. 5,000
Maximum Withdrawal amount – Subject to maximum PUA cash value available
Discounting and Deferment Options
With an aim to match your child’s education needs, the policy offers you the flexibility to discount and/or defer the Moneyback payments.
We will proactively get in touch with you 6 months prior to the start of Moneyback schedule. If you want to use this option, you can contact the company at-least 3 months before the date of the first moneyback.
Moneyback | Default timing of | Maximum number of months | Maximum number of months |
1st | Policy Term – 3 | NA | 36 |
2nd | Policy Term – 2 | 12 | 24 |
3rd | Policy Term – 1 | 24 | 12 |
4th | Policy Term | 36 | NA |
Moneyback Option
Four Moneybacks each totaling to 25% of Sum Assured is payable in the last 4 policy years.
The remaining PUA will continue to participate in bonuses.
Minimum Withdrawal amount – Rs. 5,000
Maximum Withdrawal amount – Subject to maximum PUA cash value available.
How This Plan Works?
Let’s consider Mr. Verma’s (35 yrs) case to explain this plan. He chose Max Life Future Genius Education plan for his son Avinash (3 yrs) with following plan details:
Annual Premium: Rs. 1,00,000 (annual premium payment mode)
Policy Term: 18 years (Limited Pay Variant)
Assuming Mr. Verma chose a Policy Term of 18 years with Limited Pay variant, his Premium Payment Term will be 15 years with a Sum Assured equal to INR 16,85,772. Mr. Verma chose to receive Bonus as a Paid Up Addition (PUA).
Paid | Received | |
15th Year | 15,00, 000 (in 15 yrs) | 4,21,443 (25% of Sum Assured) |
16th Year | 0 | 4,21,443 (25% of Sum Assured) |
17th Year | 0 | 4,21,443 (25% of Sum Assured) |
18th Year | 0 | 4,21,443 (25% of Sum Assured) + 92,045 (Terminal Bonus + Accrued PUA* @4%) |
Total | 15,00,000 | 17,77,817 |
We have assumed an average investment return of 4% over the years. It is possible that the total payout may be much higher; for instance, at 8% rate of return, total payout will be = Rs. 25,65, 903.
However, what will happen if Mr. Verma meets with an accident and dies before paying all his premiums?
Let’s say Mr. Verma passes away after 5 premium payments. Totalling to Rs. 5,00,000.
Mr. Verma’s family will receive a lumpsum death benefit of Rs. 16,85,772.
The nominee can choose to convert the same amount in a monthly income of Rs. 16, 857, which will continue for 135 months.
The policy will now continue as it would have in Mr. Verma’s presence with future premiums waived off by Max Life.. The company will also pay the maturity amount as shown in the table above.
Eligibility Condition
Age at Maturity | Maximum entry age: 21 years Maximum entry age: 45 years | |
Maximum maturity Age | 66 years | |
Policy Term | Pick any term from 13 years to 21 years | |
Premium Payment | 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 | You can choose from Annual, Semi-Annual, Quarterly and Monthly Premium Paying Modes. | |
Minimum Annual | For 8 Pay variant – Rs. 40,000 For Limited Pay variant (Policy Term less 3 years) – Rs. 20,000
| |
Maximum Annual Premium | No limit | |
Sum Assured (SA) | Minimum: | 8 Pay variant : Rs. 3,27,000 Limited Pay variant : Rs. 2,12,000 (subject to minimum premium limits) |
Additional Benefits through Riders
Max Life Term Plus Rider (UIN: 104B026V03)
Max Life Term Plus Rider (UIN: 104B026V03) provides additional lump sum benefit in case of death of the Life Insured. (For further details, please refer to the Max Life Term Plus Rider Prospectus)
DownloadsMax Life COVID19 One Year Term Rider
Get financial protection from the uncertainty of COVID 19, with a lump sum pay out on COVID-19 diagnosis or death after COVID Diagnosis (For further details, please refer to the Max Life COVID19 One Year Term Rider Prospectus, UIN –104B048V01) Both Diagnosis and Death Cover is available only for the Life Insured
DownloadsMax Life Accidental Death & Dismemberment Rider (UIN: 104B027V04)
Extend the protection cover for your family in case you meet with an accident leading to dismemberment or death. (For further details, please refer to Max Life Accidental Death & Dismemberment Rider, UIN – 104B027V04, prospectus)
DownloadsMax Life Critical Illness and Disability Rider (UIN: 104B033V01)
Max Life brings a comprehensive insurance plan that covers up to 64 critical illnesses along with total and permanent disability coverage. You can choose the best variant for you from the five available variants. You will be also be eligible for a discounted renewal premium based on the number of steps monitored on Max fit app. You can even choose to get a cover up to age 85 years. (For further details, please refer to Max Life Critical Illness and Disability Rider, UIN – 104B033V01, prospectus/brochure
DownloadsMax Life Waiver of Premium Plus Rider (UIN: 104B029V04)
Max Life Waiver of Premium Plus Rider (UIN: 104B029V04) provides waiver of all future premiums in case of Critical Illness or dismemberment or Death (only when Life Insured and Policyholder are different individuals). This product doesn’t have an in-built Waiver of Premium benefit and thus rider benefit is an additional benefit. (For further details, please refer to the Max Life Waiver of Premium Plus Rider Prospectus)
Downloads3 reasons you should buy this plan:
- Fulfill your child’s higher education needs
- Make your child’s dream wedding plans come true
- Provide financial security to your child during emergencies
Downloads | Actions |
| Prospectus | |
| Policy Contract | |
| Premium Rates Table | |
| Leaflet | |