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Future Genius Education Plan

Every child is born a genius in their special ways. All they need is the right guidance, good education, and a safe environment where they can thrive.

Max Life Future Genius Education Plan has been designed to help parents manage their child’s higher education costs through disciplined savings. The insurance plan provides flexibility to parents to choose premium payment terms, policy terms, and the timing of moneybacks depending on the education needs of their child.

 

3 Reasons Why You should Buy Future Genius Education Plan:

  • Fulfil your child's higher education needs
  • Make your child’s dream wedding plans come true
  • Provide financial security to your child during emergencies

What do You get with Future Genius Education Plan?

What do You get with Future Genius Education Plan?

All You Need to Know about Future Genius Education Plan

All You Need to Know about Future Genius Education Plan

Insert Image Death Benefit

Payable immediately at the time of death of the Life Insured

    It is defined as higher of:

  • 11 times the Annualised Premium* plus underwriting extra premiums# (if any)

  • 105% of (Total premiums paid**plus underwriting extra premiums plus loadings for modal premiums paid) as on the date of death of the life insured

  • Guaranteed Sum Assured on Maturity**

  • Any absolute amount assured to be paid on death#

    *'Annualised Premium' means Premium amount payable during a Policy Year chosen by the Policyholder, excluding Underwriting Extra Premium, loading for modal premium, Rider Premiums, and applicable taxes, cesses, or levies if any.
    **“Total Premiums Paid” means the total of all Premiums received, excluding Underwriting Extra Premium, loading for modal premium, Rider Premiums, and applicable taxes, cesses or levies, if any.
    #Please note that the Guaranteed Sum Assured on Maturity is ‘zero’ or ‘nil’ under this product as all the guaranteed benefits under the product are paid out in the form of four moneybacks each equal to 25% of Sum Assured (SA) payable annually in each of the last four policy years as mentioned under ‘Moneyback Benefits’ in the prospectus.

    Key advantages under Death Benefit:

  • The policy does not terminate after the death of the life insured

  • You receive Policy Continuance Benefit, in which all due premiums, if any, coinciding or following the date of death of the Life Insured shall be waived and the policy will continue. The moneyback and maturity benefit shall be payable to the beneficiary as and when due. The policy shall also participate in future bonuses.

    You receive a Settlement Option under Death Benefit - the nominee can choose to receive the proceeds under the Death Benefit with the following settlement options:

  • Lump Sum Benefit: The nominee can choose to take the entire Death Benefit as a lump sum payout
  • Monthly Income for 135 months: The nominee can choose to take 1% of the Death Benefit as monthly income which will be payable for 135 months.

    # #The absolute amount assured to be paid on death is equal to the sum assured (SA). This SA is the amount chosen by the policyholder basis which the premium amount for the policy is determined

 

Insert Image Maturity Benefit

On maturity, the following benefit will be paid

As a participating plan, this insurance plan will provide you with the following benefits on maturity:

  • Accrued Paid Up Additions (PUA) (if any) or Cash Bonus (if any), whichever is applicable, plus
  • Terminal Bonus (if any)

where Guaranteed Sum Assured on Maturity is 25% of the Sum Assured which is the last 4 annual money back payment paid at the maturity of the policy (end of policy term) as mentioned under ‘Money Back Benefits’ in the prospectus. 

However, you may note that both the Terminal Bonus and PUAs are not guaranteed and are dependent on the company’s performance over the years. With these payouts, the policy gets terminated unless monthly incomes (if not commuted) are remaining under the settlement option.

Bonus Options:

  1. Annual Bonus: You can choose to receive the annual cash bonus announced by Max Life in the following ways:

    1. Cash: You can receive the annual bonus in cash as and when declared by the company.

    2. Premium Offset - You can use the accumulated cash bonus to pay your future premiums.

    3. Paid Up Additions (PUA) - You can use your bonus amount to purchase Paid Up Additions (PUA). Buying these PUA increases the policy’s cash value, thereby increasing the living and death benefits under the policy. PUA are payable in full on the Maturity of the policy. Also, these PUA will earn further bonuses to increase the value of the policy. In case of surrender, the Surrender Value of the PUA will be paid to the Policyholder.

  2. Terminal Bonus: Terminal Bonus is an additional bonus paid only once either on Surrender or at Maturity, provided the Policy has been in force for at least five years. In case you surrender the policy, you will get surrender value (if any) of the Terminal Bonus. In case of death of the life insured, the policy will continue, and the Terminal Bonus (if any) shall be payable only on Maturity.

Insert Image Paid Up Additions (PUA) Withdrawal Option

The Policyholder can take the Surrender Value of the accrued PUA (partially or in full).

The remaining PUA will continue to participate in bonuses.

Minimum Withdrawal amount – Rs. 5,000

Maximum Withdrawal amount – Subject to maximum PUA cash value available

 

Insert Image Discounting and Deferment Options

To match your child’s education needs, the policy offers you the flexibility to discount and/or defer the Moneyback payments.

We will proactively get in touch with you 6 months prior to the start of the Moneyback schedule. If you want to use this option, you can contact the company at least 3 months before the date of the first moneyback.

 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

Insert Image Moneyback Option

Four Moneybacks each totaling to 25% of the Sum Assured is payable in the last 4 policy years.

The remaining PUA will continue to participate in bonuses.

Minimum Withdrawal amount – Rs. 5,000

Maximum Withdrawal amount – Subject to maximum PUA cash value available

 

Let’s consider Mr Verma’s (35 yrs) case to explain this plan. He chose Max Life Future Genius Education plan for his son Avinash (3 yrs) with the following plan details:

Annual Premium:  Rs.  1,00,000 (annual premium payment mode)

Policy Term: 18 years (Limited Pay Variant)

Assuming Mr Verma chose a Policy Term of 18 years with a Limited Pay variant, his Premium Payment Term will be 15 years with a Sum Assured equal to  INR 16,85,772. Mr Verma chose to receive the Bonus as a Paid Up Addition (PUA).

 

Paid
(in Rs. )

Received
(in Rs. )

15th Year

15,00, 000 (in 15 yrs)

4,21,443 (25% of Sum Assured)

16th Year

0

4,21,443 (25% of Sum Assured)

17th Year

0

4,21,443 (25% of Sum Assured)

18th Year

0

4,21,443 (25% of Sum Assured)

+

92,045 (Terminal Bonus + Accrued PUA* @4%)

Total

15,00,000

17,77,817

We have assumed an average investment return of 4% over the years. The total payout may be much higher. For instance, at an 8% rate of return, the total payout will be = Rs. 25,65, 903.

However, what will happen if Mr Verma meets with an accident and dies before paying all his premiums?

Let’s say Mr Verma passes away after 5 premium payments. Totalling to Rs. 5,00,000.

Mr. Verma’s family will receive a lump sum death benefit of Rs. 16,85,772.

The nominee can choose to convert the same amount into a monthly income of Rs. 16, 857, which will continue for 135 months.

The policy will now continue as it would have in Mr. Verma’s presence with future premiums waived off by Max Life. The company will also pay the maturity amount as shown in the table above.


*1. Kindly note that the above case studies are only examples and do 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 8% 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 your Policy-specific benefit illustration.

Age at Maturity

Maximum entry age: 21 years

Maximum entry age: 45 years

Maximum maturity Age

66 years

Policy Term

Pick any term from 13 years to 21 years

Premium Payment
Term

Two Premium Payment Term options are available

1. 8 Pay variant  -  8 years or

2. Limited Pay variant -  Complete Policy Term minus 3 years

Premium Payment
Mode

You can choose from Annual, Semi-Annual, Quarterly and Monthly Premium Paying Modes.

Minimum Annual
Premium

For 8 Pay variant – Rs. 40,000

For Limited Pay variant (Policy Term less 3 years) – Rs. 20,000



Maximum Annual

Premium

No limit

Sum Assured (SA)

Minimum:

8 Pay variant : Rs. 3,27,000

Limited Pay variant : Rs. 2,12,000

(subject to minimum premium limits)

Maximum:

No limit, subject to limits determined in accordance with the Board-approved underwriting policy of the Company

Downloads

Actions

Prospectus
Policy Contract
Premium Rates Table
Leaflet

Additional Benefits through Riders

Additional Benefits through Riders

Wondering, Why getting a Child Insurance Plan is Necessary to Fulfil your Child's Education Needs?

Understand Child Insurance Plans better

Why Choose Max Life

Here are some of the numbers that speak about our accomplishments

Why Choose Max Life

Here are some of the numbers that speak about our accomplishments
Claims Paid Percentage

99.51%

99.51%

(Source: Individual Death Claim Paid Ratio as per Audited Financials for FY 2022-2023)

Max Life's Presence

269 Offices

269 Offices

(Source: As reported to IRDAI, FY 2022-23)

Sum Assured

₹1,397,142 Cr.

₹1,397,142 Cr.

In force (individual) (Source: Max Life Public Disclosure, FY 2022-23)

Assets Under Management

₹122,857 Cr.

₹122,857 Cr.

(Source: Max Life Public Disclosure, FY 2022-23)

More reasons why our customers choose us
See how parents are fulfilling their child's dreams
See how parents are fulfilling their child's dreams

My daughter has been very good at studies since her childhood. We didn't want our financial situation to come in between her studies. That's why I started exploring education loans and came across Max Life insurance plans.

I bought Max Life Future Genius Education Plan which I found to be quite affordable and payments can also be made easier. Now, I can support my daughter to choose a career of her own without worrying about financial issues.

Mr. Gogoi, 35 years

Assam

Let’s Connect

Let’s Connect

Online Sales Helpline
0124 648 8900
 (09:00 AM to 09:00 PM Monday to Saturday)

service.helpdesk@maxlifeinsurance.com
SMS 'LIFE' to 5616188

Let us call you back
Customer Service Helpline
1860 120 5577
(9:00 AM to 6:00 PM Monday to Saturday)
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Please write to us in case of any escalation/feedback/queries.

Write to us
NRI Helpdesk
011-71025900; 011-61329950
(9:00 AM to 6:00 PM Monday to Saturday)

nri.helpdesk@maxlifeinsurance.com

Call
Toll-free-number
0124-648-8900
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