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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 .
  • 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 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 591 users
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Max Life Future Genius Education Plan Reviews

Page 1 of 30 1 2 3 4 5
  • Max Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in MAX LIFE INSURANCE on 6 years before. The policy is for 50 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. It covers up to myself.
    Was this review helpful? 0
    , jaipur
    Reviewed on Oct 03, 2019
  • Max
    Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    The reason for selecting Max life is I felt, the benefits are good and convenient for me. The customer service is better. I have taken a 5years policy and the premium was 50K per year. In the 10th year, I will be getting sum assured of 6L which is double the amount what I have paid.
    Was this review helpful? 0
    , kakinada
    Reviewed on Sep 27, 2019
  • Max Life Insurance
    "Good policy for future"
    0.5 4.0/5 "Great!"
    I had chosen my term insurance from Max Life. Since my friend has recommended about the policy i have taken it. I am paying the premium amount of Rs. 6000 every year. They have given me a coverage value of Rs. 50 lakhs. They do provide cover for partial disability cover also.
    Was this review helpful? 0
    , tirunelveli
    Reviewed on Sep 24, 2019
  • Max Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in MAX LIFE INSURANCE on 1 year before. The policy is for life term. I am paying premium in the yearly package for 50 thousands. While getting a policy my agent has given an information about the policy details. I visit to office directly to pay the premium amount.
    Was this review helpful? 0
    , anantapur
    Reviewed on Sep 22, 2019
  • Max Life Insurance
    "Good claim settlement ratio and very good service"
    0.5 4.0/5 "Great!"
    I have life insurance with MAX because of the claim settlement ratio around 98.9% . Yearly I make Rs. 52,000 it has the maturity period of 25 years, its a traditional plan, I get around Rs. 22 lakhs overall and it has life coverage if there is no any demise my nominee get the life cover. I do have flexi pay option.
    Was this review helpful? 0
    , sonipat
    Reviewed on Sep 19, 2019
  • Max Life Insurance
    "Need improvement on the benefits"
    0.5 4.0/5 "Great!"
    AXIS bank have recommended Max life insurance comes along with ULIP. I need to invest upto 7 years but the ULIP has the locking period of 12 years, the premium is economical as per the policy. They do have good life cover for the financial security for unforeseen events. It has tax saving under 80c section, I have online credential for max life to check my insurance details and every day I get sms as well. I make the premium on yearly basis through online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Sep 19, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    The payment mode is online and making the premium through debit card or credit card. I have taken short term life policy with MAX LIFE. The benefits are good. They have provided me a life cover of 12L with the locking period of 5 years. I have not gone through the documents so cannot tell about this policy much. Their claim settlement rate is good and giving 98.8%.
    Was this review helpful? 0
    , new delhi
    Reviewed on Sep 16, 2019
  • Max Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through Max Life agent .This policy tenure is for 20 years.I am paying the premium through citi bank credit card .The agent gave all the information about the insurance policy .I have received the policy documents on time .This policy is really useful and it is still active .
    Was this review helpful? 0
    , mumbai
    Reviewed on Sep 05, 2019
  • Max Life Insurance
    "Moderate"
    0.5 3.0/5 "Satisfactory"
    I have taken a term plan from MAX LIFE because am employee of Axis Bank and that time have take a term plan of 75L. There is no benefits, just am paying the premium. If any demise happens the family will be getting the benefit. The customer service is average. I am doing online payment and its 7K per year.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Sep 03, 2019
  • Max Life Insurance
    "Good "
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance with MAX LIFE INSURANCE on 2 years before. The policy is for 15 years and it is gain plan policy. I am paying premium on monthly package. While getting a policy my agent has given an information about the policy details. I use to pay for 2500 rupees.
    Was this review helpful? 0
    , new delhi
    Reviewed on Aug 28, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have chosen MAX LIFE for a life insurance. It is for future savings and life insured cover. I am doing yearly premium of Rs.52,000, it will be automatically debited from my account. I receive a statements from them. The sum assured is 5Lakhs.
    Was this review helpful? 0
    , kolkata
    Reviewed on Aug 26, 2019
  • Max Life Insurance
    "Good for the family protection"
    0.5 4.0/5 "Great!"
    I have one term plan with Max life for the sum assured of Rs. 70 lakhs, yearly I paid Rs. 22,000 for the term of 16 years and the life cover upto 70 years of age. I have option to add only nominee however the claim settlement is good for this insurance company.
    Was this review helpful? 0
    , mumbai
    Reviewed on Aug 24, 2019
  • Max Life Insurance
    "Good Investment"
    0.5 4.0/5 "Great!"
    I am having MAX LIFE which was suggested by their staff, the premium is economical. I used to pay Rs. 50,000 per annum it has the term of 19 years, after the maturity I get the lump sum amount along with the monthly bonus. I got the policy bond from the insurance company.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 23, 2019
  • Max Life Insurance
    "Satisfactory"
    0.5 5.0/5 "Blown Away!"
    I have purchased a term plan with MAX LIFE because their claim settlement ratio is high compared to other insurance company and also premium is affordable. Their executive is regularly calling me and helpful too. The payment mode is online.
    Was this review helpful? 0
    , jaipur
    Reviewed on Aug 21, 2019
  • Max Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Taken my life insurance policy from Max life. I am paying the premium amount of Rs. 50000. I did the ECS facility hence the amount will be automatically deducted from my account. I need to pay the premium for 10 years and after 10 years the bonus will get added. Total sum assured amount of the policy is 6 lakhs.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 20, 2019
  • Max Life Insurance
    "Satisfactory"
    0.5 5.0/5 "Blown Away!"
    I took a life insurance from Max life because the premium is affordable. I have not used the customer service but heard they are doing good. I am paying 35K yearly through online. The payment mode is convenient and am getting notifications immediately. I took it for savings plan.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Aug 19, 2019
  • Max Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance with MAX LIFE INSURANCE on 6 months before. The policy is for 38 years. I use to do payment through an online. I am paying premium on monthly package. While getting a policy my agent has given an information about the policy details.
    Was this review helpful? 0
    , pune
    Reviewed on Aug 16, 2019
  • Max Life Insurance
    "Fast and quick policy"
    0.5 4.0/5 "Great!"
    I have just booked the policy through online and i have got my insurance documents within a day to my mail id. They have sent the documents after 10 days. Axis bank had a tie up with Max life thats the reason i opted this policy. I'm satisfied with the coverage value.No medical examination is required.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 16, 2019
  • Max Life Insurance
    "Excellent card"
    0.5 4.0/5 "Great!"
    I have purchased a life insurance policy from Max Life through online. I am paying premium of Rs.700 monthly through cash and sometimes online. The customer service is good. The policy coverage is 32L. I need to pay the premium upto age of 60K.
    Was this review helpful? 0
    , bikaner
    Reviewed on Aug 12, 2019
  • Max Life Insurance
    "Good for the family protection"
    0.5 4.0/5 "Great!"
    Reason to select Max life, I found the claim settlement ratio is good around 98% this year. They also providing critical illness waiver, waiver on disability. The customer care is very prompt they shared terms and condition before availing the plan. It has the life cover upto 80 years and premium 60 years. I paid the premium around Rs. 850 per month, I sum assured of Rs. 1 crore, I have option to add nominees, I avoided half of the lum sum amount and they give monthly payment.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 11, 2019
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