Everything You Need To Know About Max Life Future Genius Education Plan
Updated On Aug 08, 2021
Table of Contents
About Max Life Future Genius Education Plan
Max Life Future Genius Education plan is an insurance cum savings that allows you to grow your wealth for your child’s future financial expenses such as higher education, marital expenses, dream job or venture. This plan provides financial security to your child even when you are not around. In case of your unfortunate demise during the policy a death benefit shall be provided to your child or the appointee in case the child is under 18 years of age. This plan also provides flexibility to choose the policy term, premium payment and the money back payouts depending on the future financial requirements of your child.
Key Features of Max Life Future Genius Education Plan
Following are the key features of Max Life Future Genius Education plan:
- Provides financial security to your child in case of your unfortunate demise
- Guaranteed money back payout provided in the last 4 policy years.
- Flexibility to choose premium payment term and the policy term
- Flexibility to choose from 3 bonus options
- Offers tax benefits
- Flexibility to choose from 5 different rider options available under this plan
Benefits of Purchasing Max Life Future Genius Education Plan
Below mentioned are the benefits of purchasing Max Life Future Genius Education plan:
1. Financial Security of Your Child
Max Life Future Genius Education plan will provide financial security to your child in your absence. In case of your unfortunate demise during the policy term, the nominee i.e. your child or appointee in case your child is a minor, shall receive a death benefit that will ensure your child future financial expenses such as higher education, martial expenses, dream job or venture in taken care of, in your absence.
2. Maturity Benefit
Under Max Life Future Genius Education plan a maturity benefit is provided which is 25% of the sum assured that is provided in the last 4 policy years of the policy tenure. The maturity benefit can help you fund for your child’s financial expenses such as a dream wedding, dream job or helping them kick start their business.
Guaranteed Money Back Payouts: This plan provides guaranteed money-back payouts in the last 4 years of the policy tenure in case the life assured survives the entire policy term. The money back payouts are equal to 25% of the sum assured.
3. Wealth Appreciation
Max Life Future Genius Education plan is a participating plan which means bonuses are declared on the policy as per the performance of the insurance company in the market. There are 3 different bonus option available under this plan namely Cash, Premium Offset and Paid Up Additions.
Eligibility Criteria of Max Life Future Genius Education Plan
Following is the eligibility criteria for Max Life Future Genius Education plan:
|
Parameters |
Eligibility |
|
Minimum Entry Age |
21 years |
|
Maximum Entry Age |
45 years |
|
Maximum Maturity Age |
66 years |
|
Policy Term |
13-21 years |
|
Premium Payment Term |
8 pay variant - 8 years Limited pay variant - Policy term less 3 years |
|
Premium Payment Mode |
Monthly, quarterly, half-yearly and yearly |
You may also like to read - Key Features of the Best Child Insurance Plan
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.
