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Max Life Future Genius Education Plan

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.

Eligibility Conditions for the Max Life Future Genius Education Plan:

Minimum Entry Age 21 years
Maximum Entry Age 45 years
Maximum Maturity Age 66 years

Policy Terms for the Max Life Future Genius Education Plan:

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

Premium Payments Offered by the Max Life Future Genius Education Plan:

Minimum Premium 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.
Maximum Premium No limit
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  
Premium mode Factor
Annual 1.000
Bi-annual 0.520
Quarterly 0.265
Monthly 0.090

Note the following –

  • There are two variants available under the Max Life Future Genius Education Plan .
  • 8 pay variant – this variant has a premium payment term of 8 years. The variant is available on all policy terms from 13 to 21 years.
  • Limited pay variant – the premium payment term will equal the policy term minus 3 years for any policy term you choose between 13 years and 21 years.
  • The policyholder and the life insured must be the same person.
  • This policy comes with risk coverage which is available throughout the policy term.
  • There are four guaranteed annual moneybacks. Each moneyback is equal to the sum assured payable in the last four years of the policy term.
  • If there is any Terminal bonus or accrued paid up additions, it will be payable upon maturity.

Key Features of Max Life Future Genius Education Plan:

Type of Plan Non-linked participating Life Insurance Plan
Premium Payment options 8 Pay variant and Limited Pay Variant
Policy terms 13 years to 21 years
Moneyback 4 moneybacks equal to 25% of sum assured payable in the last four years of the policy
Riders 3 riders available with this product:
  • Max Life Term Plus
  • Max Life Accidental Death & Dismemberment
  • Max Life Waiver of Premium Plus
Tax Benefit 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
Surrender 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.
Grace period 30 days (15 days in case of monthly premium payment mode)
Revival 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
Nomination Applicable as per the provision of the Insurance Act 1938, Section 39
Assignment Applicable as per the provision of the Insurance Act 1938, Section 38

What you need to know about Max Life Future Genius Education Plan:

  • With this plan, you will receive moneybacks during the child’s graduation years. You will also receive a lump sum maturity benefits to support your child’s higher studies.
  • In case of the death of the life insured during the policy term, the nominee will be entitled to receive the benefits of the policy. While processing the claim for either death or maturity benefit, the nominee must fulfil the following requirements:
    • All necessary documents must be provided.
    • Valid discharge for the payment of the benefits must be provided.
  • Max Life offers expert advice at your doorstep. Professionally-trained distributors will be able to assess and evaluate your financial needs and recommend a policy which would be suitable.

Payment Options for the Premiums offered by Max Life Future Genius Education Plan:

Premium Payment options available under this plan are as follows:

  • Yearly
  • Half – Yearly
  • Quarterly
  • Monthly

Advantages and Benefits of Max Life Future Genius Education Plan:

The Max Life Future Genius Education Plan provides the following key benefits:

Benefits upon Death of the Life Insured:

Upon the death of the life insured during the policy term, the following is payable:

  1. Death Benefit

    The death benefit is immediately payable. The amount payable is defined as:

    • 11 times the annualised premium
    • 105% of all premiums paid
    • Guaranteed sum assured on maturity
    • Any absolute amount assured
  2. 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.

Moneyback Benefit:

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:

  • Policy term minus 3 years – Moneyback 1
  • Policy term minus 2 years – Moneyback 2
  • Policy term minus 1 year – Moneyback 3
  • End of policy term – Moneyback 4

Discounting and Deferment Options:

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
4th Policy Term 36 NA

Maturity Benefit:

When the policy matures, the following benefits will be payable:

  • Accrued Paid Up Additions or Cash Bonus, if any
  • Terminal Bonus, if any
  • Moneyback Payment guaranteed at the end of the policy term

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.

Bonus Option:

This plan comes with three bonus options:

  1. Paid in Cash – As and when the company declares a bonus, the cash bonus will be paid out every year to the policyholder.
  2. Premium Offset – When the company declares a bonus, it can be used to offset future premiums that are payable by the policyholder.
  3. Paid Up Additions – The bonus can be used to purchase Paid Up Additions (PUA) which will increase the living and death benefits of the policy. It is payable in full upon maturity. PUAs earn further bonuses which increase the policy value. If you surrender your policy, the surrender value of the PUA is payable.

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.

Withdrawal Option on PUA:

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.

Terminal Bonus:

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.

Customization of the product:

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.

Enhanced Protection:

Riders are available to increase the protection offered under this plan. Enhance the plan according to your needs with these three riders:

  • Max Life Term Plus – Increase the lump sum death benefit in the event of the death of the life insured.
  • Max Life Accidental Death & Dismemberment – In the event of death or dismemberment of the life insured, this rider provides an additional lump sum benefit
  • Max Life Waiver of Premium Plus – In case of certain eventualities, the rider waives payment of all future premiums. Waivers come into force in the event of dismemberment and diagnosis of a critical illness where the life insured is the same as the policyholder. In cases where the policyholder and life insured are different, future premiums are waived in case of dismemberment or diagnosis of critical illness or the death of the policyholder only.

Settlement Option:

The nominee is given a choice of two settlement options:

  • Lump Sum – The nominee can receive the entire death benefit in a single payment.
  • Monthly income for 135 months – The nominee can choose to receive 1% of the death benefit as monthly income.

Exclusions under Max Life Future Genius Education Plan:

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:

  • If the policy has acquired surrender value, then the surrender value or the total premiums paid, whichever is higher, will be paid. Total premiums includes modal extra and extra premiums, if any.
  • If the policy has not yet acquired surrender value, then the total premiums paid will be payable, inclusive of modal extra and extra premiums, if any.

Revival of Max Life Future Genius Education Plan:

Revival options are available for lapsed policies and Reduced Paid Up policies.

Lapsed Policy:

If your policy has lapsed due to non-payment of premium within the grace period, it can be revived under certain conditions.

  • The revival must be done within 2 years from the date on which the first unpaid premium was due.
  • The policy can be revived once all overdue premiums with interest or late penalties are paid. Interest is currently compounded at 8% annually.
  • Evidence of insurability which is acceptable to the company must be produced by the life insured at his or her own cost.
  • The revival must be approved by Max Life Insurance in accordance with the underwriting policy approved by the Board. This will be communicated to the policyholder in writing.
  • If a lapsed policy is not revived within 2 years, it will be permanently terminated and no value will be payable to the policyholder or the nominee.

Reduced Paid Up Policy (RPU):

  • The revival must be done within 2 years from the date on which the first unpaid premium was due.
  • The policy can be revived once all overdue premiums with interest or late penalties are paid. Please refer to the table below for late fees and interest rates currently applicable.
  • Evidence of insurability which is acceptable to the company must be produced by the life insured at his or her own cost.
  • The revival must be approved by Max Life Insurance in accordance with the underwriting policy approved by the Board. This will be communicated to the policyholder in writing.
  • If the policy is not revived within two years of becoming a Reduced Paid Up policy, then it will continue as an RPU for the rest of the policy term and will not be allowed to be revived.
  • Once a policy is revived, all benefits and accrued bonuses will be reinstated to the original level.

Charges for Revival of Policy:

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

Termination of the Max Life Future Genius Education Policy:

The policy will be terminated in the event of any of the following:

  • On the date on which Max Life Insurance receives a request to cancel the policy during the free look period.
  • On the date of intimation of repudiation of the death claim by Max Life Insurance as per the provisions of the policy.
  • If the policy has lapsed, it will be terminated on the expiry of the revival period.
  • If the policy has been surrendered, it will terminated on the date of payment of surrender value.
  • On the maturity date, the policy will be terminated. However, if there is any monthly income payable under the settlement option, it will continue.

Loan:

There is no loan available under this policy.

Assignment:

Assignment is available under this plan.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

 4.0 / 5.0   by 537 users
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Max Life Future Genius Education Plan Reviews

Page 1 of 27 1 2 3 4 5
  • Max Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    MAX LIFE INSURANCE is the insurance provider where i am holding the TERM PLAN with this policy, and using it since from last 6 years. The policy has the maturity period of this policy is for 70 years of the age. The premium paying for monthly once.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 23, 2019
  • Max Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    Max life is also good and the premium is reasonable for the life insurance. I took a short term plan and the tenure is 10 years. The customer services are good. I make the premium through ECS, it was around 70,000 rupees per annum for two policies.
    Was this review helpful? 0
    , kolkata
    Reviewed on Apr 23, 2019
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I hold my life insurance with Max life for a long time, They have given me good benefits, and the agent had clearly explain me about the plan and policy coverage, Their customer care service is quite average, i pay premium on yearly basis ,it use to get deducted annually from my account.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 13, 2019
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    The Axis bank is tie up with Max insurance company, so they have recommended me this life insurance,The agent had properly explain me about the plan benefits and policy coverage , Even they have given me hard copy as well, I use to pay premium on yearly basis, It use to get auto debited from my account.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Apr 10, 2019
  • Max Life Insurance
    "Need improvement on the maturity amount"
    0.5 4.0/5 "Great!"
    Yearly I pay Rs. 26,125 to the Max life policy, it has the tenure period of 10 years, then I get the maturity benefits around Rs. 2.9 lakhs + 50,000 bonus amount. The service is proactive, they send the timely reminder. But I feel the benefits are very average, I have activated for ecs payment. It has the tax benefits, however premium should be reduced and the maturity should be higher.
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 10, 2019
  • Max Life Insurance
    "Good claim settlement process"
    0.5 4.0/5 "Great!"
    For a Sum assured Rs 1 crore , I taken a policy from MAX life insurance . Max has a very good settlement ratio . So I need not to worry about settlement for my family . It covers every types of risk benefit . while getting the policy , Max life executive helped me a lot in understanding the policy .
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Apr 09, 2019
  • Max Life Insurance
    "App can be improved"
    0.5 4.0/5 "Great!"
    Recently I have started my policy with Max Life Insurance before 4 months back. I have tried the online comparisons and found MAX is good with reasonable premium. It was applied through online and the tenure is 15 years. The maturity amount is good depends on the market as well. They don't have direct login online facility but still I can view the statement through the site.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 28, 2019
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have been holding the life insurance policy with the MAX LIFE INSURANCE and i am using it from last 20 years, the documentation process was simple and the customer support is good with this policy. It is the long term policy also the policy has good features.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 19, 2019
  • Max Life Insurance
    "Communication should be clear"
    0.5 3.5/5 "Pretty good"
    When I was taking this Max life insurance, they told I need to pay upto 60 years . Monthly I make Rs. 500, before the policy gets maturate if some thing happen to me, the nominees get the sum lump, if I live after 60 years, there is no benefits. They need to give at least partial amount to insured person. I am not aware of complete benefits before availing it.
    Was this review helpful? 1
    , bangalore
    Reviewed on Mar 16, 2019
  • Max Life Insurance
    "good service "
    0.5 5.0/5 "Blown Away!"
    I have taken a Max Insurance from Bajaj Insurance company .This is a combine policy both Health and Term policy.The coverage was Rs. 15,00,000. Term policy can coverage was Rs. 1000000 and medical coverage Rs. 500000.I am getting Tax benefits for this policy to claim Tax.I am paying yearly Rs. 12000 premium.In medical still there is no claim so i have some no claim bonus .During renewal time i use to get call for renewal at that time i can re assist my coverage value also its good .I am holding this policy since 1 year customer service is good.
    Was this review helpful? 0
    , kochi
    Reviewed on Mar 14, 2019
  • Max Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken my life insurance policy with Max life insurance, Their service is good,The agent had clearly explain me about the policy and benefits, and they have charged me nominal premium amount, and on yearly basis i pay premium through on line.
    Was this review helpful? 0
    , mumbai
    Reviewed on Mar 13, 2019
  • Max Life Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have taken my life insurance policy with Max life insurance, Their service is not up to the mark,there is so many confusing ,because of changing of multiple person, there is frequently changing on agent, and there is delay in process, and there is confusing in premium amount.but now i have closed this insurance ,as there was no return.
    Was this review helpful? 1
    , lucknow
    Reviewed on Mar 03, 2019
  • Max Life Insurance
    "Not satisfied"
    0.5 1.0/5 "Really Bad"
    I have taken my life insurance policy with Max life insurance. Their service is not up to the mark,there is so many confusing ,because of changing of multiple person, there is frequently changing on agent, and there is delay in process, and there is confusing in premium amount.i have pay up to 40,000,but i did not felt any kind of benefit,so i have closed this insurance,on year bases i was paying premium up to 20,000,for 2 installment i paid then i have closed it.
    Was this review helpful? 1
    , mumbai
    Reviewed on Feb 26, 2019
  • Max Life Insurance
    "Good Policy to protect the family with Max Life"
    0.5 5.0/5 "Blown Away!"
    I have term plan with Max Life, the claim ratio is really good. I do make the premium around Rs. 28k per annum until 60 years of my age , it laps the age of 82 days, there is a premium terminal for the disability, critical illness. On some certain demise my nominees will get Rs. 1 crore lump sum and also they will be getting monthly Rs. 40,000 for next 10 years.
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 21, 2019
  • Max Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with Max life insurance , and their service is good. the agent had clearly explain me about the policy and coverage benefits. and the premium amount i use to pay on yearly basis. and i use to pay premium amount through on line.
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 14, 2019
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with MAX life, and the agent had clearly explained me about the policy coverage and benefits,i have taken this policy for my kids like after 12 years,they will be getting the coverage amount ,and the premium amount they have charged me on yearly basis, and i pay my premium through on line.Till now their service is good.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Feb 11, 2019
  • Max Life Insurance
    "Good saving plan"
    0.5 4.0/5 "Great!"
    I have taken a saving plan from MAX LIFE and the tenure period is 18 years. It was purchased through online. Its a children plan and am paying per month 5K through online option via credit card. I have received the insurance paper. I will lump some amount once and there is bonus on every month.
    Was this review helpful? 2
    , bangalore
    Reviewed on Feb 08, 2019
  • Max Life Insurance
    "Good for saving"
    0.5 4.5/5 "Excellent!"
    I pay about Rs. 15000 for one year plan in Max Life, it has the term of 8 years again the period of 7 years I got some policy covered after maturity period, they tax benefits and life cover is good for any certain demise they have payment mode like online , cash.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Feb 07, 2019
  • Max Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with MAX life, and i have applied through on line, and the premium amount they have charged me on yearly basis, and i pay my premium through on line. I have been got the hard copy of the policy , and till now my experience with this insurance company was good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 30, 2019
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with MAX life, and the agent had clearly explained me about the policy coverage and benefits, and the premium amount they have charged me on monthly basis, and i pay my premium through on line.Till now their service is good.
    Was this review helpful? 1
    , kochi
    Reviewed on Jan 27, 2019
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