Max Life Future Genius Education Plan, buy Max Life future genius education plan

Max Life Future Genius Education Plan Overview

Key Features
Eligibility
Benefit Descriptions

Key features of Future Genius Education Plan

The key features of the Future Genius Education Plan include:

Guaranteed Moneybacks : The plan offers four guaranteed moneybacks payable annually in the last four years of policy term. Each guaranteed moneyback is equal to 25% of Sum Assured thus helping to plan financially the child’s future college education expenses.
Maturity Benefit : The accrued Paid Up Additions (if any) and Terminal Bonus (if any) are payable at the end of Policy Term to provide for a seed capital or to ensure financial planning for higher studies.
Complete financial security in case of death : The product offers comprehensive Death Benefit coverage as below:
- Death Benefit - The product offers Death Benefit to the nominee in case of the unfortunate death of Life Insured. The nominee is offered settlement options under which he/she can choose to take Death Benefit in any one of the following ways:
  - Lump Sum Death Benefit option: Nominee can choose to take the Death Benefit as Lumpsum payable immediately
  - Monthly Income Death Benefit option: Nominee can choose to take the Death Benefit as income equal to 1% of Death Benefit payable monthly for 135 months starting from the month following the death of Life Insured.
- Policy Continuance Benefit – In addition to Death Benefit, all future premiums will be waived and all benefits, that is, Survival Benefits & Maturity Benefits are paid to your beneficiary as and when due, thus, ensuring that your dream for your child‟s future is taken care of even in the insured’s absence.
Customize the product as per the Insured’s Need : The product freedom to choose policy term 13 years to 21 years. One also have an option of two premium payment terms to choose from:
- 8 years fixed premium payment term;
- Policy Term less three (3) years.
Flexibility to time moneybacks through Deferment or Discounting option: This unique feature allows the insured to customize the timing of moneybacks and take them during the last three (3) policy years as per the requirement.
Tax Benefit Tax benefits apply to the premiums paid and benefits received as per the prevailing tax laws.
Enhanced protection through Riders : The product offers additional rider(s) that can be taken with the policy to provide for additional protection if the need arises.

Eligibility of Future Genius Education Plan

Eligibility Criteria
Age of the Life Insured at Entry (age as on last birthday)	Minimum entry age : 21 years Maximum entry age : 45 years
Maximum Maturity Age of the Life Insured (age as on last birthday)	66 years
Policy Term	The policy holder has an option to choose any policy term from 13 years to 21 years.
Premium Payment Term (PPT)	Two premium payment term options available 8 Pay variant - 8 years Limited Pay variant - Policy Term less 3 years
Premium Payment Mode	The product allows yearly, half-yearly, quarterly and monthly premium paying modes. Please note the modal factors on the prospectus.
Minimum Annual Premium	For 8 Pay variant - ₹40,000 For Limited Pay variant (Policy Term less 3 years) – ₹20,000
Sum Assured	Minimum: 8 Pay variant : ₹3,27,000 Limited Pay variant : ₹2,12,000 (subject to minimum premium limit) Maximum :No limit, subject to limits determined in accordance with the Board approved underwriting policy of the Company

Policy benefits of Future Genius Education Plan

Benefit	Description
Death Benefit	Following shall be payable on death of the Life Insured during the Policy Term provided the Policy is in-force: Death Benefit; plus Policy Continuance Benefit Death Benefit is payable immediately on death of the Life Insured and is defined as higher of: 11 times the Annualised Premium 105% of all premiums paid as on the date of death of Life Insured Guaranteed Sum Assured on Maturity Any absolute amount assured to be paid on death Policy Continuance Benefit - On the death of the Life Insured, all future premiums will be waived and the policy will continue as is. Survival and Maturity Benefit shall be payable to the beneficiary as and when due as would have been the case had the Life Insured been alive. Thus, the Policy will continue post the death of the Life Insured and will also continue to participate in future profits (i.e. all future bonuses will continue to accrue under the policy). Please note that the beneficiary / nominee shall have no rights to any of the options available under the policy i.e. the beneficiary cannot exercise the following: Surrender the policy Withdraw the accrued PUA (if any) Change bonus option Discount / defer money back payments Settlement Option: Nominee will have the following two settlement options available to receive the Death Benefit: Lump Sum Benefit: Nominee can choose to take the entire Death Benefit as lump sum payout. Monthly Income for 135 months: Nominee can choose to take 1% of Death Benefit as monthly income which will be payable for 135 months.
Annual Bonus	The bonus shall be declared in the form of Paid Up Additions every year post completion of 2 Policy Years. Paid Up Additions shall be payable on earlier of surrender, death or maturity. However, in case of surrender, only surrender value of accrued Paid Up Additions (if any) shall be payable. Following bonus utilization options shall be available to You at the Proposal Form stage: Paid Up Additions: The bonus once declared shall accrue and be payable in full on earlier of death or maturity. In case of surrender of policy, the surrender value of all accrued Paid Up Additions shall be payable. Premium Offset: Upon declaration of Paid Up Additions each year, the surrender value of Paid Up Additions shall be utilized to offset the future premium. Paid In Cash: Upon declaration of Paid Up Additions each year, the surrender value of Paid Up Additions shall be payable every year till the end of Policy Term.
Terminal Bonus	Terminal Bonus is an additional bonus paid only ONCE, on earlier of death, surrender or maturity, provided the policy has been in force for at least five years i.e. payable in case of claims made from end of 60th month onwards. However, in case of Surrender, only the Surrender Value of Terminal Bonus shall be payable.
Paid Up Additions (PUA) Withdrawal Option	The Policyholder can take the surrender value of the accrued PUA (partially or in full). The remaining PUA will continue to participate in bonuses. Minimum Withdrawal amount – ₹5,000 Maximum Withdrawal amount – Subject to maximum PUA surrender value available
Survival Benefit	Four moneybacks each equal to 25% of Sum Assured are payable in the last four policy years. Each money back is scheduled to be paid at end of each policy year as shown below: Moneyback 1 (Policy Term less 3 years) Moneyback 2 (Policy Term less 2 years) Moneyback 3 (Policy Term less 1 year) Moneyback 4 (at the end of Policy Term)
Discounting & Deferment Schedule	The discounting and deferment can be done subject to the following conditions: Maximum discounting permissible is to receive all four money backs at the time first money back payment contractually becomes due. In other words, the first money back payment cannot be discounted and all remaining money backs can be discounted to a maximum of being paid along with the first money back payment. Maximum deferment permissible is to receive all four money backs at the end of the Policy Term i.e. at the time the fourth money back payment contractually becomes due. In other words, the fourth money back payment cannot be deferred any further and all remaining money backs can be deferred to a maximum of being paid along with the fourth money back payment. This option cannot be exercised by beneficiary / nominee post the death of the Life Insured.
Maturity Benefit	The following riders are available with this product : Max Life Term Plus Rider Max Life Accidental Death & Dismemberment Max Life Waiver Of Premium Plus Rider Please refer to the respective Rider Prospectus for more details on Riders.
Premium Rates	Premium rates and the benefits are unisex (same for both male and female) and unismoker. This plan can also be offered to sub standard lives with extra mortality charges subject to Board approved underwriting policy of the Company.

Max Life Future Genius Education Plan

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Max Life Future Genius Education Plan Overview

Key features of Future Genius Education Plan

Eligibility of Future Genius Education Plan

Policy benefits of Future Genius Education Plan

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