Max Life Future Genius Education Plan
I am looking for
| Launch Date | UIN | Status |
| 10/7/2017 | 104N094V02 | Active |
About Max Life Future Genius Education Plan
Max Life Future Genius Education is a non-linked, participating life insurance policy that helps parents start saving to meet their child’s higher education costs.
Before we get into the details, let’s have a bird’s-eye view of the plan:
|
Modes of Payment |
|
|
Claim Settlement Ratio of the Insurer |
97.81% |
|
USPs of the Policy |
|
|
Illustration with Premium of INR 1 Lakh |
At an annual premium of INR 1,00,000 where policy term is 21 years and premium payment term is 18 years, the policyholder receives INR 36,11,204. Out of this amount,INR 22,00,000 will be spread across the 18th, 19th, 20th, and 21st year and the rest will be paid as maturity benefit along with the accrued PUA. |
How Does This Plan Work?
Let’s understand how this plan works with the help of an illustration.
Mr. Sunil(35) chooses Max Life Future Genius Educationplan for his 3-year old son Anirudh. He selects 18 years as his policy term and INR 1,00,000 as the annual premium. The premium payment term is 15 years (limited pay variant). INR 16,85,772 is selected as the sum assured and bonus to be received as Paid Up Addition (PUA). The benefit will be paid as explained here:
|
Year |
Paid(In INR) |
Received(In INR) |
|
15thyear |
15,00,000 (across 15 years) |
4,21,443 (25% of sum assured) |
|
16thyear |
- |
4,21,443 (25% of sum assured) |
|
17thyear |
- |
4,21,443 (25% of sum assured) |
|
18th year |
- |
4,21,443 (25% of sum assured) + 94,169 (terminal bonus + accrued PUA* @4%) |
|
Total |
15,00,000 |
17,79,941 |
Note: The average investment return rate assumed here is 4%. If the same is 8%, the total payout will be INR 25,75,907.
Death benefit
If Mr. Sunil meets an untimely end while the policy is active, his family will receive the death benefit. Let’s presume he passes away after having paid 5 annual premiums, which comes to INR 5,00,000. His family will then stand to receive a lump sum amount of INR 16,85,772. The same can also be received as a monthly payout instead (INR 16,857) for a period of 135 months. The policy from thereon will continue as it would have had if Mr. Sunil were alive and the maturity benefit will be paid to the nominee in due time.
Riders and Add-ons
Max Life Term Plus Rider: This rider will provide additional lump sum benefit in the event of untimely death of the policyholder.
Max Life Accidental Death and Dismemberment Rider: This rider will extend the cover in the event of death or dismemberment resulting from an accident.
Max Life Waiver of Premium Plus Rider: This rider will waive all future premiums when the life insured is diagnosed with a critical illness or suffers dismemberment or death (the condition here is that the life insured and policyholder are two different individuals).
COMPARE & BUY SIMILAR PLANS
Why Should You Buy This Plan?
The cost of basic education in any decent school today is at least INR 25,000 annually and it is going to increase year on year. A good 4-year engineering course that costs INR 8,00,000 – 9,00,000 today will easily cost INR 17,00,000 – 18,00,000 by 2025. Considering this scenario, it is wise to be prepared in advance. The best way to do this is to sign up for an insurance-cum-investment plan like Max Life Future Genius Education, where not only is the policyholder’s child’s financial future secured, but a death benefit is received in case of the untimely death of the policyholder.
Who Should Buy This Plan?
Individuals falling within the age bracket of 21 to 45 years looking to secure their child’s higher education with a financial backup can sign up for Max Life Future Genius Education plan.
Company Overview
Max Life Insurance Company is a joint venture between Max India Limited, an Indian multi-business corporate and Mitsui Sumitomo Insurance Company, a prominent insurance company from Japan. Max Life offers a wide range of long term savings and protection-oriented products and is one of the fastest growing Private life insurance companies in India. Max Life emphasizes on advice based sale process, customer centric approach, financial stability and investment expertise.
BENEFITS OF BUYING FROM ONEINSURE
OneInsure is owned by Robinhood Insurance Broker Pvt. Ltd.
Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.
