Max Life Future Genius Education Plan and Policy
Max Life Future Genius Education Plan and Policy - 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 - Max Life Future Genius Education Plan and Policy
| Minimum Entry Age | 21 years |
| Maximum Entry Age | 45 years |
| Maximum Maturity Age | 66 years |
Policy Terms - Max Life Future Genius Education Plan and Policy
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 - Max Life Future Genius Education Plan and Policy
| 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. |
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| Maximum Premium | No limit |
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| 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 |
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| Maximum Sum Assured | There is no limit on the maximum sum assured. Limits are based on the Board-approved underwriting policy of the company. |
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| Premium payment terms | Annual, bi-annual, quarterly and monthly |
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| Premium modal factors |
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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 - Max Life Future Genius Education Plan and Policy
| 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:
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| 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 and Policy:
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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.
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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.
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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:
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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
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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 - Max Life Future Genius Education Plan and Policy
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 - Max Life Future Genius Education Plan and Policy
This plan comes with three bonus options:
- Paid in Cash – As and when the company declares a bonus, the cash bonus will be paid out every year to the policyholder.
- Premium Offset – When the company declares a bonus, it can be used to offset future premiums that are payable by the policyholder.
- 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 - Max Life Future Genius Education Plan and Policy
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 - Max Life Future Genius Education Plan and Policy
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):
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The revival must be done within 2 years from the date on which the first unpaid premium was due.
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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.
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Evidence of insurability which is acceptable to the company must be produced by the life insured at his or her own cost.
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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.
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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 - Max Life Future Genius Education Plan and 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 - Max Life Future Genius Education Plan and Policy
There is no loan available under this policy.
Assignment - Max Life Future Genius Education Plan and Policy
Assignment is available under this plan.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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