Max Life Future Genius Education Plan and Policy - The Max Life Future Genius Education Plan is a non-linked participating Life Insurance Plan. This plan helps parents start early in saving for their child’s education. With education fees skyrocketing, it’s imperative that we plan ahead to give our children the professional education they need to reach the heights of success.
|Minimum Entry Age||21 years|
|Maximum Entry Age||45 years|
|Maximum Maturity Age||66 years|
Policyholders have the choice of terms ranging between 13 years and 21 years.
|Premium Term Type||Premium Payment Term|
|8 Pay variant||8 years|
|Limited Pay variant||Policy term less 3 years|
For 8 pay variant – Rs.40,000 For limited pay variant – Rs.20,000 Minimum premium stated does not include service tax, cess, modal extra and extra premium, if any.
|Minimum Sum Assured||
For 8 pay variant – Rs.3,27,000 For limited pay variant – Rs.2,12,000 Subject to the minimum premium limit
|Maximum Sum Assured||
There is no limit on the maximum sum assured. Limits are based on the Board-approved underwriting policy of the company.
|Premium payment terms||
Annual, bi-annual, quarterly and monthly
|Premium modal factors||
Note the following –
|Type of Plan||
Non-linked participating Life Insurance Plan
|Premium Payment options||
8 Pay variant and Limited Pay Variant
13 years to 21 years
4 moneybacks equal to 25% of sum assured payable in the last four years of the policy
3 riders available with this product:
Certain tax benefits may be applicable on the premium and policy benefits subject to prevailing tax laws at the time of premium payment or receipt of benefits
The policy can be surrendered upon acquiring surrender value: 8 pay variant – upon payment of 2 full years’ premium Limited pay variant – upon payment of 3 full years’ premium The surrender value will be returned to you.
30 days (15 days in case of monthly premium payment mode)
Lapsed policies can be revived within 2 years from the due date of the first unpaid premium.
|Free look period||
15 days. For policies bought through distant marketing, the free look period is extended to 30 days
Applicable as per the provision of the Insurance Act 1938, Section 39
Applicable as per the provision of the Insurance Act 1938, Section 38
Premium Payment options available under this plan are as follows:
The Max Life Future Genius Education Plan provides the following key benefits:
Upon the death of the life insured during the policy term, the following is payable:
The death benefit is immediately payable. The amount payable is defined as:
Policy Continuance Benefit
Any premiums due which coincide or fall on a date after the death of the life insured will be waived off. The policy will continue to run. Moneyback and maturity benefit will be payable to the nominee when it is due. The policy will continue to participate in future bonuses.
In the last four years of the policy, four moneybacks are guaranteed. Each moneyback is equal to 25% of the sum assured. The moneyback will be paid as per the following schedule:
Policyholders can discount or defer the moneybacks. Six months before the first moneyback payment, the company will send a communication to the policyholder which will contain information regarding the schedule of the moneyback payments and the option to defer or discount the payment. The policyholder can then choose from these options, select a time to defer the payment and submit it to the company at least 3 months ahead of the moneyback payment date. The following table indicates the number of months each moneyback payment can be discounted or deferred.
|Moneyback Payment||Default timing of moneyback (in years)||Maximum Number of months by which moneyback can be Discounted||Maximum Number of months by which moneyback can be Deferred|
|1st||Policy Term – 3||NA||36|
|2nd||Policy Term – 2||12||24|
|3rd||Policy Term – 1||24||12|
When the policy matures, the following benefits will be payable:
Accrued Paid Up Additions, Cash Bonus, and Terminal Bonus are not guaranteed and are payable only if they have accrued on the maturity date. The policy will be terminated after the payment of maturity benefits. Monthly incomes remaining under the settlement option will continue.
This plan comes with three bonus options:
Bonus options will be converted to PUA automatically in case of the death of the life insured or assignment of the policy to any institution.
The policyholder is given the option of withdrawing the surrender value of the PUA. The remainder will continue to participate in bonuses. The policyholder can withdraw a minimum of Rs.5,000. The maximum amount is subject to the maximum cash value of the PUA. The option to withdraw the PUA is not allowed in case of Reduced Paid Up Policies and post the death of the life insured.
This bonus is paid only once upon before the surrender of maturity of the policy, provided that the policy has been in force for a minimum of 5 years.
Policyholders are free to choose their term between 13 years and 21 years. They can plan for the child’s needs according to the current age of the child. There are also two premium payment options available so that policyholders can make the payments according to their convenience and affordability.
Riders are available to increase the protection offered under this plan. Enhance the plan according to your needs with these three riders:
The nominee is given a choice of two settlement options:
From the effective date of risk commencement or the date of revival of the policy, suicide deaths will not be covered for the first 12 months. If the life insured commits suicide, for reasons within sanity or insanity, the policy will be terminated immediately. Benefits payable to the nominee will be as follows:
Revival options are available for lapsed policies and Reduced Paid Up policies.
If your policy has lapsed due to non-payment of premium within the grace period, it can be revived under certain conditions.
|Number of days lapsed||Late Payment Fee|
|30 to 60 days||Rs.100|
|61 to 180 days||Rs.250|
|180 days and above||Rs.250 plus interest due on premium calculated at 8% p.a. compounded|
The policy will be terminated in the event of any of the following:
There is no loan available under this policy.
Assignment is available under this plan.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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