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Features & Benefits of Max Life Future Genius Education Plan

Know about Max Life Future Genius Education Plan to plan for your child's higher education.

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Every child is born with the potential to become a future genius. To give wings to their skills and talents, parents need to plan for providing the best quality education. Regular savings often fall short to meet children's higher education needs. It is why you need a child insurance plan that helps assure a bright future for your kids. 

What is Max Life Future Genius Education Plan?

It is more like a life goal for every parent to do everything possible to lay solid foundations for their children's lives. Whether it is about getting the kids enrolled in the best school in town or nurturing their skills with the right guidance and training, they do it all. But in many cases, the financial side of it becomes an obstacle. Many children could not see the ray of hope for their future if their earning parents do not survive.

What is Max Life Future Genius Education Plan?

It is more like a life goal for every parent to do everything possible to lay solid foundations for their children's lives. Whether it is about getting the kids enrolled in the best school in town or nurturing their skills with the right guidance and training, they do it all. But in many cases, the financial side of it becomes an obstacle. Many children could not see the ray of hope for their future if their earning parents do not survive.

 

Max Life Future Genius Education Plan (UIN: 104N094V03; A Non-Linked Participating Individual Life Insurance Savings Plan) is meant for all such parents who want their kids to fly high in their career sky without facing any financial obstacle. It is a child insurance plan that caters to various aspects of child education planning, thus helping parents provide a growing environment for their kids.

Amidst the rising education costs in India[1] and abroad, you can plan for the future years in your child's life through disciplined savings under Max Life Future Genius Education Plan. You will also get the flexibility to select for how long the plan continues, the premium payment years, and the timing when you should receive payouts as per your child's current age and higher education plans.

For your child's future, you might have started to put aside some money. To avail the benefits, you just need to shift your money-savings schedule and buy Max Life Future Genius Education Plan online.

Benefits of Max Life Future Genius Education Plan 

You can avail of several benefits of Max Life Future Genius Education Plan to plan for your child's future.

1. Death Benefit 

In case of your unfortunate demise during the policy tenure, the beneficiary chosen under Max Life Future Genius Education Plan is entitled to receive death benefit which is calculated based on the annualized premium, total premiums paid till the date of death of the insured, or any assured absolute amount.

Another advantage you get when you buy Max Life Future Genius Education Plan is that it does not terminate after your untimely demise. Various benefits of Max Life Future Genius Education Plan are payable to the beneficiary you choose as and when due. Furthermore, the nominee can choose to receive the proceeds under the Future Genius Education Plan as a lumpsum benefit or monthly income.

2. Maturity Benefits 

Max Life Future Genius Education Plan also provides maturity benefits in the form of Accrued Paid Up Additions (PUA), or terminal bonus. In case of your death, a terminal bonus will be payable to the beneficiary on maturity.

3. PUA Withdrawal Facility 

Under Max Life Future Genius Education Plan, you can also choose to take the accrued PUA's surrender value, either partially or in full. The minimum amount to be withdrawn is set to Rs. 5,000 while the maximum amount is subject to PUA cash value. Once you have opted for this facility, the remaining PUA continues to participate in the bonuses. 

4. Moneyback Benefit 

Another option you get with Max Life Future Genius Education Plan is for money back. In the last four years of the Future Genius Education Plan, you get four moneybacks, each equals 25% of the Sum Assured. 

Features of Max Life Future Genius Education Plan

Max Life Future Genius Education Plan has been designed with several features that help you plan for the future of your children.

1. Life Insurance Coverage 

Max Life Future Genius Education Plan can help you eliminate financial worries about a child's education. The beneficiary will receive insurance payouts in case of your unexpected demise so that the education plan does not get affected. Also, the policy will continue to be in force with waived future premiums in your absence.

2. Flexibility to Choose Policy Term 

You can select the policy term between 13 to 21 years when you buy Max Life Future Genius Education Plan online. This can be based on your child's current age and the corresponding plan for higher education in India or abroad.

3. Bonus Options

You get three bonus options with Max Life Future Genius Education Plan – cash, premium offset, and paid up additions. You can make a choice based on your current or future needs. 

4. Guaranteed Moneybacks 

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

3. Bonus Options

You get three bonus options with Max Life Future Genius Education Plan – cash, premium offset, and paid up additions. You can make a choice based on your current or future needs. 

4. Guaranteed Moneybacks 

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

 

Reasons to Buy Max Life Future Genius Education Plan 

There are many reasons why you should opt for disciplined savings for your child's future with Max Life Future Genius Education Plan. 

1. Financial Security for Child's Education Plans 

With Future Genius Education Plan, you can ensure that your kids can get the best quality education and achieve all their dreams, even in your absence.

2. Emergency Planning 

The payouts that you or the beneficiary will receive under Max Life Future Genius Education Plan help cope with the emergencies in life.

3. Assistance for Your Child's Wedding Plans 

If you have dreamt of a specific wedding plan for your kids, you can save money for the same with Max Life Future Genius Education Plan.

2. Emergency Planning 

The payouts that you or the beneficiary will receive under Max Life Future Genius Education Plan help cope with the emergencies in life.

3. Assistance for Your Child's Wedding Plans 

If you have dreamt of a specific wedding plan for your kids, you can save money for the same with Max Life Future Genius Education Plan.

 

How Does Max Life Future Genius Education Plan Work? 

Let us consider an example to know how Max Life Future Genius Education Plan works –

Mr. Shergill, aged 35 years, buy Max Life Future Genius Education Plan for his 3-year old daughter, Ruhi, at an annual premium of Rs. 5,00,00 for the next 15 years (policy term). He chooses the premium payment term of 8 years, utilizing the limited pay option.

Given below are the details of the benefits he will receive under the Max Life Future Genius Education Plan:

How Does Max Life Future Genius Education Plan Work? 

Let us consider an example to know how Max Life Future Genius Education Plan works –

Mr. Shergill, aged 35 years, buy Max Life Future Genius Education Plan for his 3-year old daughter, Ruhi, at an annual premium of Rs. 5,00,00 for the next 15 years (policy term). He chooses the premium payment term of 8 years, utilizing the limited pay option.

Given below are the details of the benefits he will receive under the Max Life Future Genius Education Plan:

 

Benefits/Premiums Paid

Amount (in Rs.)

Total Premiums Paid

4,72,240

Total Payout (@4%)

5,58,701

Total Payout (@8%)

8,08,794

Accrued PUA (at 4%)

58700.84

Accrued PUA (at 8%)

308794.28

Important Notes

1. Kindly note that the above case study is only an example and does not in any way create any rights and / or obligations. The actual experience of the policy may be different from what is shown above. The above scenarios are depicted at 4% and 89 investment returns with no PUA withdrawals during the Policy Term. These illustrated rates of investment returns are not guaranteed and they are not the upper or lower limits of returns of the Funds selected in your policy as the performance of the Funds is dependent on a number of factors, including future investment performance.

2. Bonuses are non - guaranteed and are declared at the sole discretion of the Company

3. For more information, please request for your policy specific benefit illustration.

4. Total Payout = Death Benefit + Survival Benefit + Accrued Paid Up Additions and Terminal Bonus

*Please note, on completion of Policy Term one time Terminal bonus (if any) and accrued Pald Up Additions (if any) shall be payable as Maturity Benefit.

Features and Benefits of Max Life Insurance

You can get a premium estimate using Max Life Future Genius Education Plan calculator online.

In case of Mr. Shergill's unfortunate demise before paying all the due premiums, the beneficiary/family member will receive a lumpsum death benefit. This benefit can also be converted into monthly incomes for 135 months while the future premiums are waived off.

Since the benefits payable under Max Life Future Genius Education Plan depends on its inclusion terms, you must read the plan document thoroughly. 

Available Premium Payment Options 

Before you buy Max Life Future Genius Education Plan, you should know about various premium payment options, as detailed below:

 

Premium Payment Options

Premium Payment Tenure

8 years

Policy Term Minus 3 Years

Policy tenure

13 to 21 years

Policy tenure

Minimum Sum Assured (in Rs.)

3,27,000

Minimum Sum Assured (in Rs.)

Premium Payment Modes

Annually, semi-annually, quarterly, or monthly

Minimum Annual Premium

Rs. 40,000

Rs. 20,000

You should also know that:

  • You can include additional riders with your Max Life Future Genius Education Plan, which will increase the total premium payable.
  • The maximum sum assured under Max Life Future Genius Education Plan is subject to the underwriting policy approved by the Board. 

Frequently Asked Questions (FAQs) 

Q. What are the primary benefits of Max Life Future Genius Education Plan? 

A. It is a comprehensive life insurance savings plan under which you receive payouts to plan for a child's educational needs, life cover, and PUA. You are advised to read the plan thoroughly before buying it.

Q. What is the maximum entry age at maturity to save money under the Max Life Future Genius Education Plan? 

A. An individual can buy Max Life Future Genius Education Plan till the plan maturity year is equivalent to 45 years of age.

Q. What is Terminal Bonus linked with Max Life Future Genius Education Plan? 

A. It is an additional bonus payable to the life insured either on maturity or at the time of surrendering the plan. Also, the plan must be in force for five years at least to avail of this one-time benefit.

Q. Which riders can I add with Max Life Future Genius Education Plan? 

A. You can include Max Life Accidental Death and Dismemberment Rider, Max Life Waiver of Premium Plus Rider with this plan.

Q. Is there any limit to the maximum annual premium to be paid under Max Life Future Genius Education Plan? 

A. There is no such limit. Contact our team to discuss your needs further.

Source:

[1] https://www.oecd.org/education/the-impact-of-covid-19-on-education-insights-education-at-a-glance-2020.pdf [2020] 

Arn No: Aug21/Bg/25

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