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MAX LIFE FUTURE GENIUS EDUCATION PLAN

Max Life Future Genius Education Plan

(A Non-Linked Participating Individual Life Insurance Savings Plan; UIN:104N094V03)

With Max Life Future Genius Education Plan(A Non-Linked Participating Individual Life Insurance Savings Plan) provide for your child’s higher education needs and financial emergencies through disciplined savings.

1. Why This Plan?

  • Flexible premium payment and policy terms (between 13-21 years) depending on your child’s graduation needs

  • Flexible timing of money backs depending on the education needs of your child

  • Get 4 money backs spread across 4 years during your child’s higher education term

  • Enhanced protection through Riders

2. Sum Assured and Eligibility

  • Sum Assured : Min: 8 Pay variant Rs.3,27,000, Limited Pay variant Rs. 2,12,000 (subject to minimum premium limit) Max: No limit, subject to limits determined in accordance with the Board approved underwriting policy of Max Life Insurance)

  • Entry Age : Min. 21 years, Max. 45 years

  • Policy Term: Min. 13 years, Max. 21 years

  • Maturity Age: 66 years

 

3. Death Benefit :

  • Provides comprehensive death benefit in case of death of Life Insured

  • Multiple Settlement options available:

    • Lump Sum Death Benefit option

    • Monthly Income Death Benefit option

  • 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 the beneficiary as and when due, thus, ensuring that your dream for your child’s future is taken care of even in your absence

 

4. Survival Benefit

  • Survival Benefit: Four moneybacks each equal to 25% of Sum Assured are payable in the last four policy years.

    • 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)

  • Terminal Bonus (if any) : is an additional bonus paid on maturity/ surrender

 

5. Get Tax Benefits :

  • You may be entitled to certain applicable tax benefits on your premiums and Policy benefits. Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to change in tax laws. It is advisable to seek an independent tax advice.

 

6. Flexible Premium Payment Options :

  • Premium Payment Term:

    • 8 pay variant (8 years)

    • Limited Pay variant - Policy Term less 3 years

    • Minimum – 5 years; Maximum – Up to selected Policy Term

  • Payment Mode: Annual, Semi-Annual, Quarterly and Monthly.

 

7. Riders :

  • Max Life Term Plus Rider (UIN: 104B026V03) - provides additional lump sum benefit in case of death of the Life Insured

  • Max Life Accidental Death & Dismemberment Rider (UIN: 104B027V03) - Extended protection cover for the family in case of dismemberment or death of the insured due to accident

  • Max Life Waiver Of Premium Plus Rider (UIN: 104B029V03) - provides waiver of all future premiums in case of Critical Illness or dismemberment or Death

 

8. Seamless Claim Settlement Process :

  • Nominee contacts Max Life and a dedicated Claims relationship officer is assigned to him / her to assist in the claims process.

  • Link to Claim Settlement Section / FAQs and Numbers.

 

How Does It Work? - Link to Point 3 & 4 : Options

Scenario 1: The Insured survives through the Policy Term

*Please note, on completion of Policy Term one time Terminal bonus (if any) and accrued Paid Up Additions (if any) shall be payable as Maturity Benefit.

 

Scenario 2: Mr. Bajaj meets with an accident and dies in the 5th policy year i.e. after paying 5 premiums:

#The nominee can also choose to take Death Benefit as monthly income in which case he/she will get `16,857 as monthly income for 135 months.

*Please note, on completion of Policy Term one time Terminal bonus (if any) and accrued Paid Up Additions (if any) shall be payable as Maturity Benefit.

 

**Important Notes

1. Kindly note that the above case studies are only examples and do not in any way create any rights and/or

obligations. The actual experience of the policy may be different from what is shown above. The above

scenarios are depicted at 4% and 8% investment returns with no PUA withdrawals during the Policy Term.

These illustrated rates of investment returns are not guaranteed and they are not the upper or lower limits

of returns of the Funds selected in your policy, as the performance of the Funds is dependent on a number

of factors including future investment performance

2. Bonuses are non-guaranteed and are declared at the sole discretion of the Company.

3. For more information, please request for your Policy specific benefit illustration.

 

Disclaimers:

LIFE INSURANCE COVERAGE IS AVAILABLE IN THIS PRODUCT.

THIS LIFE INSURANCE PRODUCT IS OFFERED AND UNDERWRITTEN BY MAX LIFE INSURANCE CO. LTD.

THE LIFE INSURANCE CONTRACT IS BETWEEN THE PROPOSER AND MAX LIFE INSURANCE CO. LTD.

Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Mitsui Sumitomo Insurance Co. Limited. Max Life Insurance Co. Ltd., 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) -122 002. For more details on the risk factors, terms and conditions, please read the prospectus carefully before concluding a sale.

You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in tax laws. Insurance is a subject matter of solicitation. Trade logos displayed belong to Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. respectively and are used by Max Life Insurance Co. Ltd. under a license. You can call us on our Customer Helpline No. 1860 120 5577, Website- https://www.maxlifeinsurance.com/ , SMS 'LIFE' to 5616188.

YES BANK Limited is the Corporate Agent of Max Life Insurance Co. Ltd. Registered Office: YES BANK Limited, IFC - 2, 15th Floor, Senapati Bapat Marg, Elphinstone Marg (W), Mumbai – 400013. The purchase of a Max Life Insurance product by YES BANK’s customer is purely on a voluntary basis. As YES BANK is not in the business of insurance, there is no link either direct or indirect between the banking services offered by the bank to its customers and use of the insurance products.

IRDAI Certificate Regn. No. CA0125     IRDAI Regn. No: 104

ARN: Max Life/YBL/Website/FGEP/ Jan 2020

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