Features and Benefits of Max Life Future Genius Education Plan
Table of Contents
Max Life Future Genius Education Plan is a non-linked participating individual life insurance savings plan. It has been designed to help parents take care of their child’s higher education expenses through disciplined savings. The plan provides the flexibility to select policy terms, premium payment terms and the timing of moneybacks, on the basis of the child’s education needs.
Features of Max Life Future Genius Education Plan
The features of Max Life Future Genius Education Plan are as under:
- The product offers four guaranteed money-backs payable yearly in the last four years of the policy period. Each guaranteed moneyback is equal to 25% of the sum assured.
- The accrued paid up additions (if any) and terminal bonus (if any) shall be payable at the end of policy period.
- The product gives individuals the freedom to choose their own policy term. Individuals can select policy terms from 13 years to 21 years. There is also the option of two premium payment terms - i) 8 years fixed premium payment term and ii) Policy term less three years.
- Individuals can customize the timing of their money-backs and take them during the last three policy years, as per their need.
Benefits of Max Life Future Genius Education Plan
- Death Benefit - This is payable at the time of the life assured's demise. It is the higher of:
11 times the annualised premium plus underwriting extra premiums (if any)
105% of (total premiums paid plus underwriting extra premiums plus loadings for modal premiums paid) as on the date of the life insured's death
Guaranteed sum assured on maturity
Any absolute amount assured to be paid on demise
- Maturity Benefit - On the policy’s maturity, the below benefit will be paid. As a participating plan, this insurance cover will provide the following benefits on maturity:
Accrued Paid Up Additions (if any) or Cash Bonus (if any), whichever is applicable
Terminal Bonus (if any) Guaranteed Sum Assured on Maturity is 25% of the sum assured, which is the last four annual money back payment paid at the policy’s maturity
Documents Required
To buy a life insurance plan, an individual will be required to submit certain documents that will serve as proof of identity and residence. The documents that are generally acceptable include:
- ID Proof - PAN card, Passport, Voter ID card, etc.
- Address Proof - Passport, Driving License, Voter ID card, etc.
Conclusion
With Max Life Future Genius Education Plan, parents can ensure that their child has a financially secure future and gets the best college education experience. This product offers - guaranteed money-backs, maturity benefit and complete financial security in the event of death.
Also Read: 5 Best Monthly Savings Schemes In India
