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Max Life Future Genius Education Plan

 4.0 / 5.0   by 508 users
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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

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

Max Life Future Genius Education Plan Reviews

Page 1 of 26 1 2 3 4 5
  • Max Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I have taken my money policy 2 years ago. I have selected the MAX because of the agent who explained me about the policy details. I pay the premium amount of Rs. 50000 per annum. I don't remember about the sum assured amount. This is the tax benefit policy. I pay the premium through cash in their branch office.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 03, 2018
  • Max Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance with Max Life and it was taken through an agent. This is a necessary for me and it was taken for tax benefits. The customer service is good. The policy coverage and plan benefits are fine, it could have been better. I make annual premium of around 30K.
    Was this review helpful? 0
    , chennai
    Reviewed on Nov 30, 2018
  • Max Life Insurance
    "Dissatisfied"
    0.5 1.0/5 "Really Bad"
    Its a fix guaranteed, I Have invested but I could take the capital amount if I cancel that policy. MY bank forced me but its not recommend from my end. The policy which I took its very disappointed, the customer service is good in one call they updated my KYC details. But the policy terms is not good I get my amount on retired age.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 30, 2018
  • Max Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I have 2 life insurance policies with Max Life Insurance and am using the service for last 10 months. My friend is working in the company so I have taken the policy with them. I am paying the premium yearly 53K plus 24K through online. The policy is good.
    Was this review helpful? 0
    , chandigarh
    Reviewed on Nov 29, 2018
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with Max life insurance, it has been a month only, and they have charged me premium amount up to 50,000 it was nominal for me and it was based on yearly basis , there agent had explain me policy related norms clearly, overall service is good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 21, 2018
  • Max Life Insurance
    "GOOD SERVICE"
    0.5 5.0/5 "Blown Away!"
    I have taken the life insurance policy with the MAX LIFE INSURANCE since from past 2010 where the tenuity period of this policy is for 20 years also the policy coverage is for self as well as the nominee. The customer service is very good and supportive.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 19, 2018
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    My experience with the MAX LIFE INSURANCE is very good and i am using it from past ten years the maturity period is for 15 years where the premium i pay on monthly basis through the offline. This gives the coverage is for self and i am satisfied with this policy.
    Was this review helpful? 1
    , new delhi
    Reviewed on Nov 16, 2018
  • Max Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my Term insurance with Max life insurance, there service they are given me is good, i use to pay premium on yearly bases, and they have charged me up to 21,000 which was nominal for me and the agent had clearly explain about the policy coverage in this insurance, i use to pay premium through off line mode.
    Was this review helpful? 1
    , new delhi
    Reviewed on Nov 16, 2018
  • Max Life Insurance
    "Necessary policy for any human being"
    0.5 4.0/5 "Great!"
    I have taken my term insurance with Max Life Insurance. I have opened this life insurance policy 2 months before and chosen the monthly payment mode. I pay the premium of 1190. They are providing the coverage value of Rs. 75 lakhs. They are covering the accidental benefits of 10 lakhs and partial disability benefits. I can able to utilize the policy upto 75 years.
    Was this review helpful? 1
    , faridabad
    Reviewed on Nov 16, 2018
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my Life insurance with Max life insurance , they have many service center near and the process was smooth and there premium they have charge is nominal , i do payment through on line or off line and there agent are very friendly in nature.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Nov 16, 2018
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my term insurance with Max life insurance from last 3 month only, i use to pay premium on monthly bases and they have charge premium up to 1500 approximately and i do payment through on line and there overall service is good.
    Was this review helpful? 0
    , mumbai
    Reviewed on Nov 14, 2018
  • Max Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have taken a personal loan from one bank they have offered me with the MAX LIFE insurance. I ma holding it from past five years where i pay the premium for yearly once through online. The maturity period of this policy is for 15 years and the coverage is for self.
    Was this review helpful? 1
    , bhubaneshwar
    Reviewed on Nov 07, 2018
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have purchased the TERM POLICY with the MAX LIFE INSURANCE the documentation for taking the policy is easy and good. I have been using from last three years the maturity period of this policy is for 25 years. The premium i pay yearly once also the service is good.
    Was this review helpful? 0
    , noida
    Reviewed on Nov 03, 2018
  • Max Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I am having a Max Life insurance policy from the last 11 years, it is a pension policy where i get good benefits and returns. Maturity period for this policy is 11 years but it can go up to 20 years. I pay my premium every month through ECS and i am convenient with the payment options.
    Was this review helpful? 1
    , kochi
    Reviewed on Oct 11, 2018
  • Max Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I have taken life insurance from the Max life as it has good returns i make the payment through online banking annually . This policy covers accidental and critical illness benefits with the tenure period of 15 years . Overall am satisfied with my policy .
    Was this review helpful? 1
    , pune
    Reviewed on Oct 03, 2018
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    This is a term plan which i have purchased it through MAX LIFE INSURANCE. The tenuity period is for 8 years and premium i pay yearly through auto debit from account. Documentation done physically also it provides the self coverage along with the accidental benefits is. I am using from last 2 years.
    Was this review helpful? 2
    , mumbai
    Reviewed on Oct 03, 2018
  • Max Life Insurance
    "Average Service"
    0.5 3.0/5 "Satisfactory"
    I've a life insurance policy with the Max Life. I am paying a premium of 35K per year, they all provide massive offerings in order to convince the customers but once the customer has taken the policy; the service part becomes pathetic. They need to be more helpful and beneficial form the customer point of view.
    Was this review helpful? 4
    , hyderabad
    Reviewed on Sep 15, 2018
  • Max Life Insurance
    "Good services overall"
    0.5 4.5/5 "Excellent!"
    Max Life Insurance was pretty quick in the response for the term plan. The plan riders come up with good set of critical illness. The insurance procedure was quiet well described and executed. Just wish to add one point for the medical test center guys, please try to maintain cleanliness of the instruments because it will help in creating a hygienic impression of the process.
    Was this review helpful? 4
    , ahmedabad
    Reviewed on Sep 10, 2018
  • Max Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I had taken this Insurance Policy a long time back, it has been a good policy. I had been making the payments online and i had been making the payments offline and there has not been any hassle in making the payments. Their customer support and their staff responses had been good as well.
    Was this review helpful? 1
    , bangalore
    Reviewed on Sep 03, 2018
  • Max Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I had taken this insurance policy almost 5-6 months back. I had been making the payments online and the payment methods had been simple and easy. The premium which has been paying had been good. There has not been any hassle faced with them so far.
    Was this review helpful? 0
    , new delhi
    Reviewed on Aug 27, 2018
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