Key Features & Benefits Of Max Life Future Genius Education Plan
Updated On Mar 07, 2022
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The Future Genius Education Plan is a non-linked participation life insurance plan offered by Max Life Insurance. It's a single life insurance policy that enables you to give financial stability and the best possible education for your children. The plan offers guaranteed money backs, a Maturity Benefit, and a Death Benefit to policyholders. There are also discounting and deferral options, bonus options, terminal bonuses, and Paid Up Additions (PUA) withdrawal possibilities. Policyholders can pick from a choice of coverage lengths ranging from 13 to 21 years, depending on their child's graduation requirements. They can add the Max Life Term Plus Rider, Max Life Accidental Death & Dismemberment Rider, and Max Life Waiver of Premium Plus Rider to their insurance if they like.
Features of the Max Life Future Genius Education Plan
The Max Life Future Genius Education plan includes the following highlights:
- In the case of your death, your kid will be financially protected.
- A guaranteed money back refund was issued in each of the prior four policy years.
- The opportunity to choose the payment period for premiums as well as the length of insurance coverage.
- Three other alternatives are available to pick from.
- Provides tax benefits
- This bundle provides you the option of selecting from five different rider options.
Max Life Future Genius Education Plan Benefits
The following are some of the advantages of purchasing the Max Life Future Genius Education plan:
1. Child's Financial Stability
Your child will be financially secure if you are not present, due to the Max Life Future Genius Education plan. If you die during the policy's term, your nominee, generally your kid or an appointee if your child is a minor, will get a death benefit to cover your child's future financial requirements while you are gone, such as additional schooling, wedding expenditures, or a dream career or business endeavour.
2. Advantages of Maturity
The Max Life Future Genius Education plan offers a maturity award of 25% of the total covered in the last four years of the policy's life. The maturity benefit might be utilised to assist you in meeting your child's financial needs, such as a dream wedding, dream career, or assisting them in starting a business. Payments are guaranteed to be made or your money will be refunded. If the person insured lives the whole policy term, this plan gives guaranteed money-back distributions in the last four years of the policy term. Refunds are computed at a rate of 25% of the total amount promised.
3. Appreciation of Wealth
The Max Life Future Genius Education plan is a participation plan, which means that incentives are paid out based on how well the insurer does in the market. Cash, Premium Offset, and Paid Up Additions are the three bonus choices accessible under this plan.
Parents may ensure that their child has a financially secure future and obtains the greatest college education possible by enrolling in the Max Life Future Genius Education Plan. Guaranteed money backs, a maturity benefit, and total financial security in the case of death are all included in this plan. If the life insured dies, the death benefit is paid and all future payments are waived under the Policy Continuance Benefit. Furthermore, all benefits, including moneyback and maturity benefits, are paid to the recipient when they are due. This ensures that the child's future is protected even if a parent is not there.
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.