Max Life Insurance
Max Life Future Genius Education Policy

Max Life Future Genius Education Plan

The Max Life Future Genius Education Plan is intended to assist parents in budgeting for their children’s higher education expenses. The insurance plan gives parents the choice to select premium payment terms, policy terms, and the timing of money backs based on their child’s educational demands.

It has been created to assist parents in setting aside money with discipline to cover their children’s higher education costs. Based on the child’s educational demands, the plan gives you the freedom to choose the terms of the insurance, the way you pay your premiums, and when you get your money back.

Read on to know more about Max Life Future Genius Education Plan’s eligibility criteria, features and benefits, inclusions, exclusions, premium calculation, and more.

Eligibility Criteria

Here is the eligibility criteria for the Max Life Future Genius Education Plan.

ParametersDetails
Age

Maximum entry age: 21 years

Maximum entry age: 45 years

Policy TermPick any term from 13 years to 21 years
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 ModeYou can choose from Annual, Semi-Annual, Quarterly and Monthly Premium Paying Modes.
Minimum Annual Premium

For 8 Pay variant – Rs. 40,000

For Limited Pay variant (Policy Term less 3 years) – Rs. 20,000

Maximum Annual PremiumNo limit
Sum Assured (SA)

Minimum:

8 Pay variant: Rs. 3,27,000

Limited Pay variant: Rs. 2,12,000

(subject to minimum premium limits)
Maximum:

No limit, subject to limits determined by the Board-approved underwriting policy of the Company

Bonus Options

After the second policy year (the 24th policy month), the cash incentive will be announced annually and will accrue on the anniversary of the second policy. There are three bonus options available to the policyholder under the terms of the product, and an election is made at the proposal stage and can be amended throughout the period of the policy.

However, if one is made, it will take effect on the policy anniversary that comes after the request is made.

The three bonus options available under the product are as below:

1) Paid in Cash

If policyholders choose to accept the annual cash incentive announced by the company, they will be paid out as soon as it is announced.

2) Premium Offset

In addition, policyholders have the option of using the cash bonus announced by the company to reduce upcoming premium payments due under the insurance. If the cash bonus is insufficient to cover the entire premium, the policyholder will be responsible for paying the remaining premium to keep the coverage in effect. The balance will be paid to the Policyholder, nevertheless, if the cash incentive is greater than the amount of premium that is due.

This option automatically changes to Paid in Cash after the premium payment term.

3) Purchase Paid-up Additions (PUA)

The cash bonus announced by the company can also be used by the policyholder as a premium to purchase PUA (Sum Assured), which will also take part in future bonuses. These PUA boost the policy’s Sum Assured and are fully reimbursable at policy maturity. The Policyholder will be paid the PUA’s surrender value in the event of surrender. From the conclusion of the second policy year (24th policy month) on the Sum Assured, bonuses (if any) will be announced annually. From the end of the third policy year (36th policy month), bonuses (if any) will be declared on accrued Paid-Up Additions (if any).

Key Features & Benefits of Max Life Future Genius Education Plan

The following are the important features and benefits of the Max Life Future Genius Education Plan.

  1. Death Benefit 

If you unluckily pass away during the policy’s term, the beneficiary you designate under the Max Life Future Genius Education Plan is entitled to a death benefit that is determined by the annualized premium, the sum of all premiums paid up until the insured’s death, or any assured absolute amount.

The Max Life Future Genius Education Plan has the additional benefit of not expiring in the event of your untimely death. The beneficiary you select will get various advantages from the Max Life Future Genius Education Plan as and when they become due. The nominee also has the option of choosing between receiving a lump sum payment or a monthly income from the Future Genius Education Plan profits.

  1. PUA Withdrawal Facility

You may also decide to take all or a portion of the accrued PUA’s surrender value under the Max Life Future Genius Education Plan. The minimum withdrawal amount is Rs. 5,000, while the maximum withdrawal amount is based on PUA cash value. The leftover PUA continues to take part in the benefits once you have chosen this option.

  1. Maturity Benefit

Accrued Paid Up Additions (PUA), often known as a terminal bonus, are another maturity benefit offered by the Max Life Future Genius Education Plan. A terminal bonus will be paid to the beneficiary upon maturity in the event of your passing.

  1. Moneyback Benefit

With the Max Life Future Genius Education Plan, a money-back option is also available. You receive four moneyback totalling 25% of the Sum Assured throughout the course of the final four years of the Future Genius Education Plan.

  1. Flexibility to Choose Policy Term

When purchasing the Max Life Future Genius Education Plan online, you have the option of choosing a policy term between 13 and 21 years. Based on your child’s current age and the appropriate higher education plan in India or overseas, this may be determined.

  1. Bonus Options

With the Max Life Future Genius Education Plan, you have three bonus options: cash, premium offsets, and paid-up additions. You can decide based on your requirements now or in the future.

  1. Guaranteed Moneybacks

What attracts many parents to Max Life Future Genius Education Plan is its guaranteed money-back feature. As per the plan terms, you will get four money back in the last four years of the plan in the annual mode.

  1. Life Insurance Coverage

You can put your financial concerns regarding a child’s education to rest with the aid of the Max Life Future Genius Education Plan. In the event of your untimely passing, the beneficiary will receive insurance payouts, keeping the education plan intact. Additionally, the policy will remain in effect without you and with waived future premiums.

What is Not Included Under Max Life Future Genius Education Plan?

Regardless of everything else specified in this document, the policy will end immediately if the Life Insured, whether sane or insane, commits suicide within 12 months of the effective date of risk beginning or the date of revival of the policy. The Company will then pay one of the following:

  1. If the policy has gained a surrender value, a higher surrender value, or (total premiums paid plus underwriting additional premiums paid plus loadings for modal premiums);
  1. If the policy has not yet attained a surrender value, the total premiums paid plus underwriting excess premiums paid + loadings for modal premiums.

Additional Riders Available Under the Max Life Future Genius Education Plan

Here are the riders available under the Max Life Future Genius Education Plan.

  1. Max Life Term Plus Rider (UIN: 104B026V03)

In the event of the Life Insured’s passing, the Max Life Term Plus Rider (UIN: 104B026V03) gives an additional lump sum payout.

  1. Max Life Accidental Death & Dismemberment Rider (UIN: 104B027V03)

If an accident results in your death or dismemberment, extend the protection to your family.

  1. Max Life Waiver of Premium Plus Rider (UIN: 104B029V03)

In the event of a critical illness, dismemberment, or death, the Max Life Waiver of Premium Plus Rider (UIN: 104B029V03) waives all upcoming premium payments (but only when the Life Insured and Policyholder are distinct people). As there is no built-in Waiver of Premium advantage for this product, the rider benefit is an additional benefit.

Illustration Of Max Life Future Genius Education Plan

Let us consider an example.

Mr Shergill, 35, purchases a 15-year (policy term) Max Life Future Genius Education Plan for his 3-year-old daughter Ruhi at an annual premium cost of Rs. 5,00,00. He uses the limited pay option and selects the 8-year premium payment term.

Details of the advantages he will get from the Max Life Future Genius Education Plan are provided below:

Total Premiums PaidTotal Payout (@4%)Total Payout (@8%)Accrued PUA (at 4%)Accrued PUA (at 8%)
4,72,2405,58,7018,08,79458700.84308794.28

How To Buy Max Life Future Genius Education Plan?

The official website of the company no longer sells the Max Life Future Genius Education. However, policyholders can still purchase it through any offline method. The client could seek more assistance by visiting the local Max Life Insurance branch office and speaking with the staff members who provide customer service there. After gathering some information, the person will assist the client in purchasing the plan.

Contact Details:

Helpline number: 1860 120 5577 (9:00 AM to 6:00 PM (Monday to Saturday)). Alternatively, you can email them at service.helpdesk@maxlifeinsurance.com to get more information about the plan. 

Even if your issue isn’t resolved, then contact Probus Insurance today to enjoy the kind assistance for your plan purchase.

Frequently Asked Questions

There is no such limit.

It is a bonus that will be given to the life insured either at plan surrender or at plan maturity. To be eligible for this one-time benefit, the plan must have been in place for at least five years.

There is no loan available under this policy.

The balance must be paid to the policyholder when the cash incentive exceeds the amount of premium that is owed.

The insurance policy cannot be cancelled before developing a surrender value. The same amount must be paid, nevertheless, if the insurance was surrendered after it had accrued surrender value. After the surrender benefit is paid, the policy is cancelled.

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