Max Life Future Genius Education is the newly launched child plan which is a money back policy with various features. As per the policy brochure, this product will help to secure your kids future by providing money back during the graduation years and reduce the financial burden.
In this article, I will try to share the all the information like Max Life Future Genius Education Plan premium calculation, key features, maturity benefits, survival benefits, Max Life Future Genius Education policy review etc at one place.
Key Highlights of Max Life Future Genius Education Plan
Let’s explore few of the features of Max Life Future Genius Education policy with which company is marketing this child plan product.
- Although this is a money back plan, but the way of money back installments is little different. Under this policy the money back amount will be returned to the beneficiary in last 4 years of policy term. This is how it will help your kid’s educational expenses by providing 4 money back in each year. Each moneyback is equivalent to 25% of the Sum Assured. Each money back is scheduled to be paid at end of each policy year as shown below:- 1. Moneyback 1 (Policy Term less 3 years) 2. Moneyback 2 (Policy Term less 2 years) 3. Moneyback 3 (Policy Term less 1 year) 4. Moneyback 4 (at the end of Policy Term).
- In case you are not sure when to withdraw the money as your kid’s career is not yet decided then you can deffer the money back installments as per the flexibility provided in this policy.
- As death benefit, you can choose either of taking lump-sum benefit or a 135 month monthly income option (1% sum assured value) as per your convenient.
- In case of unfortunate death of policy holder during policy term, all the future premiums will be waived off without disturbing the policy benefit. Death Benefit is payable immediately on death of the Life Insured and is defined as higher of: i) 11 times the Annualised Premium*, ii) 105% of all premiums paid as on the date of death of Life Insured, iii) Guaranteed Sum Assured on Maturity** iv) Any absolute amount assured to be paid on death.
- As survival benefit you will get the sum assured value + The Accrued Paid Up Additions (if any) + Terminal Bonus (if any).
- Max Life provides certain flexibility to choose the policy term and premium paying terms.
- This policy comes with the option of 3 additional riders with the payment of extra premiums and they are against death, disease or disability. Max Life Term Plus Rider, Max Life Accidental Death & Dismemberment Rider, Max Life Waiver of Premium Plus Rider.
Eligibility of Max Life Future Genius Education Plan
|Entry age||Minimum entry age : 21 years|
Maximum entry age : 45 years
|Maximum Maturity Age||66 years|
|Policy Term||Pick any term from 13 years to 21 years|
|Premium Payment Term||Two premium payment term options available|
1. 8 Pay variant – 8 years or
|Premium Payment Mode||The product allows annual, semi-annual, quarterly and monthly premium paying modes.|
|Minimum Annual Premium||For 8 Pay variant – Rs. 40,000|
For Limited Pay variant (Policy Term less 3 years) – Rs. 20,000
The minimum premium is exclusive of service tax and any other cess, modal extra and extra premium (if any)
|Maximum Annual Premium||No limit|
|Sum Assured (SA)||Minimum:||8 Pay variant : Rs. 3,27,000|
Limited Pay variant : Rs. 2,12,000
(subject to minimum premium limits)
|Maximum:||No limit, subject to limits determined in accordance with the Board approved underwriting policy of the Company|
Should I Buy Max Life Future Genius Education Plan?
If you ask me, personally I don’t like any kind of child insurance products. The reason is very simple, why to buy insurance for my child when I am planning to secure his/her life? Rather I prefer to buy a term plan for myself so that in case of my death my kid’s future plans don’t get disturbed. And for future education purpose, I think better to invest the money in investment products like PPF, NSC, Mutual Funds etc as per your risk profile to get good return. I don’t I would love to get insurance benefit in case of my kid’s death.
Considering this policy return, I believe every money back plan or any kind of insurance cum saving plans are mainly depending up on the bonus rates only. You can check out the Max Life Future Genius Education Plan site for the complete details of this policy. In fact you will find some good examples with pictures where you will understand how much you are investing and how much you will get as money back. Although they have shared the calculation considering return rate as 4% & 8% that means this is not guaranteed.
But as per my understanding the return should be around 6% max approximately. If you are happy to get a 5% -6% return on your investment, then you can definitely look at this product. You can use the Max Life premium calculators and find out how much premium you have to pay and what are the money back amounts you are going to get for your child’s future.
Saving for child’s education is a long term goal and I believe everyone one has more than 10 years – 15 years of range. In that case one need to think about where they can get maximum return to handle the future financial burden on education. I would like to hear from your experience about this new child plan from max Life. Thanks for reading.