All You Need to Know About Max Life Future Genius Education Plan
Updated On Jul 20, 2021
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Max Life Future Genius Education Plan is a non-linked participation individual life insurance savings policy. It is designed to help parents protect their children from their higher education expenses through disciplined savings. The plan offers utmost flexibility to select the policy term, premium payment term, money backs timings, etc. based on the education requirements of your child. Let us understand more about the plan.
Features of Max Life Future Genius Education Plan
Max Life Future Genius Education Plan comes with the following features:
- Four guaranteed money-backs are available annually in the last four years of the policy term. Every guaranteed money back is equal to 25% of the sum assured.
- The insured get the freedom to choose their policy term.
- You get an option to customize the timing of your money-backs and take them during the last 3 policy years, according to your requirements.
Benefits of Max Life Future Genius Education Plan
Max Life Future Genius Education Plan offers the following benefits:
- Death benefit paid at the time of death of the life assured.
- On maturity, you will get accrued paid-up additions if any or cash bonus if any, whichever is applicable, and terminal bonus, if any.
- You can choose to receive an annual cash bonus in cash, premium offset, or paid-up additions.
Eligibility Criteria For Max Life Future Genius Education Plan
Following is the eligibility criteria for Max Life Future Genius Education Plan:
- Age at maturity: 21 years and 45 years as minimum and maximum entry age
- Maximum maturity age: 66 years
- Policy term: 13 years to 21 years
- Minimum sum assured: 8 Pay variant: Rs. 3,27,000; Limited Pay variant: Rs. 2,12,000 (subject to minimum premium limits)
Additional Benefits Through Riders
Max Life Future Genius Plan comes with the following riders that you can opt for as per your requirement:
- Max Life Term Plus Rider: This rider provides additional lump sum benefit in case of death of life assured.
- Max Life Accidental Death And Dismemberment Rider: This rider offers protection to your family if you meet an accident that leads to dismemberment or death.
- Max Life Waiver of Premium Plus Rider: This rider provides a waiver of all future premiums in case of diagnosis of a critical illness or dismemberment or death (when the life assured and policyholder are different individuals).
- Max Life COVID-19 One Year Term Rider: This rider offers you financial protection in case of COVID-19 by paying in a lump sum in case of diagnosis or death due to the disease.
- Max Life Critical Illness and Disability Rider: This rider provides a comprehensive insurance policy that offers coverage for up to 64 critical illnesses. It also provides cover for total and permanent disability.
Max Life Insurance is a joint venture of Mitsui Sumitomo Insurance and Max Financial Services. One of the top private-sector life insurers providers in India, Max Life is a preferred choice for many. It offers some most reliable life insurance plans that customers can purchase to stay protected, and Max Life Future Genius Education Plan is one of them. The plan offers several benefits as discussed and hence is chosen by many.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.