Max Life Future Genius Education Plan

1. Provides the financial security of child’s education.
2. Make parents feel secure with guaranteed money back.
3. Provides the best child plan with flexibility to invest.
4. Plan supply out the discounted and deferment options to the insured.
5. Get 3 different options of additional benefits through riders in this plan.
6. Guaranteed death benefit and with extra premium pay get maturity benefit as well.
7. Easy eligibility conditions with the plan.

Death Benefits

In max life future genius education plan get assured death benefits, also get 11 times higher annualised premium. The policy does not get terminate after the death of a policyholder and also get guaranteed sum assured on maturity.

Here paying some attention, the maturity benefit of sum assured would be nil or zero, as all the guaranteed benefits is paid out in a form of four moneyback equal to 25% of amount assured is payable annually in every last four policy years as introduced under moneyback benefit. 

An insured gets the benefit of continuing the policy, in any coincidence or an unfortunate demise, the life insured shall be waived and the policy will continue.

Lump-sum benefit: A nominee has the right to choose the entire death benefit as a lump sum payout. Also a nominee can opt the option to take 1% of demise benefit as monthly income which to paid out for about 135 months.

Maturity Benefit

In maturity benefit of future genius education plan the following benefits will be paid and an insured get the benefits of accrued paid up additions, cash bonus, (any one) plus terminal bonus (if any).

Moreover, the plan offers the guaranteed sum assured on maturity is 25% of the amount assured and will be paid back to last 4 years annually at the time when the policy ends.

Maturity bonus options are available in various ways, which an insured can choose by his/her choice. The annual cash bonus of max life is in following ways.

Premium offset- An insured can choose the accumulated cash bonus as the future premium payment.

Cash- A policyholder can choose the annual bonus in cash as announced by the company.

Paid up additions (PUA)- In this maturity benefits, a policyholder can use the bonus to buy the paid up additions, by this benefit an insured can increase the death and living benefits under this policy. PUA is payable full on maturity of the policy term. Apart from this the PUA benefits will earn further more bonuses to increase the value of the policy. Surrender value will be paid to the policyholder. In paid up additions (PUA) withdrawal options, the minimum amount is 5,000 and maximum amount withdrawal is subject to maximum PUA amount available.

Terminal bonus – In terminal bonus is an additional bonus and it will be paid only once either at surrender or at maturity. The policy will be active for at least 5 years. In case the policyholder surrenders the policy then he/she will get surrender value of terminal bonus (if any) and in case of demise of an insured, the policy will get continue and would get the terminal bonus only at maturity.

Discount and Deferment Options

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

Moneyback Option

25% of sum assured is payable in the last years, when policy ends. The minimum withdrawal amount is 5000 and maximum withdrawal amount, only subject to maximum PUA cash value withdrawal.

The following riders are available with this product:

1. Max Life Term Plus Rider (UIN –104B026V03) – provides the lump-sum benefits, in case of the unfortunate demise of the life insured.

2. Max Life Accidental Death & Dismemberment Rider (UIN –104B027V03) – This rider increases the protection cover of your family supposing if the policyholder met with an accident leading to dismemberment or an unfortunate demise.

3. Max Life Waiver of Premium Plus Rider (UIN –104B029V03)- The waiver of premium plus rider provides all future waiver premiums, in case of critical illness, dismemberment, or unfortunate demise (only when the both life insured and policy holder are distinct one’s). This by-product do not have an inherent waiver of premium benefit.

Tax benefits apply to the premiums paid and benefits received by you as per the prevailing tax laws under section 80D.

Case Study: Mr. Bajaj, aged 35 years, wants to plan for his son Rohit’s (age 3 years) graduation. He invests `1,00,000 per annum in Max Life Future Genius Education Plan. He chooses Limited Pay variant with a policy term of 18 years and mode of premium payment as annual. Let’s see how this plan would work for him:

Since, Mr. Bajaj has chosen a Policy Term of 18 years with Limited Pay variant, his Premium Payment Term becomes 15 years with a Sum Assured equal to `16,85,772. Bonus option chosen by Mr. Bajaj is Paid Up Additions.