New Delhi: Max Life Insurance, one of India’s leading private life insurers, a joint venture between Max Financial Services Ltd and Mitsui Sumitomo Insurance Co. Ltd, today launched a new child plan– ‘Max Life Future Genius Education Plan’. It is a comprehensive non-linked participating insurance plan designed to secure the future of your child by ensuring that his / her educational needs are met even in case of unforeseen events.
The product has been designed on the basis of intense consumer insights and their pain points of rigidity & complexity have been addressed. Along with the financial protection to ensure that children fulfill their academic potential, the uniqueness of the plan lies in the Flexibility it provides. This is evident from the fact that the Max Life Future Genius Education Plan allows for the option of 4 guaranteed annual money backs which can be ideally utilized for then when the child needs it for higher studies.
Announcing the launch, Mr. Rajesh Sud, Executive Vice Chairman and Managing Director, Max Life Insurance said, “Recent studies have shown that that the biggest drivers of investment in India are child education and marriage. This coupled with the exponential rise in the cost of education which has doubled in the last 7 years, and is further expected to become at least 4 times the current cost over the next 15 years, is giving sleepless nights to many parents. The Future Genius Education Plan has been designed in a way to ensure that children get the best of the education at the right time, as per their field of interest, irrespective of the unforeseen circumstances that may arise in future”.
Key benefits of the policy
o Option of tailor making the money backs mapped as per your child’s higher educational needs
- 4 regular annual payouts are designed to meet the higher education (graduation or post-graduation) needs of the child’s education.
- Before the payment of the first money back, a choice can be made either to advance or defer the money backs, depending on the need basis the career choice of the child and the availability of funds with the parents at that point of time.
- Settlement options in case of death
o Option of choosing either of 2 different payment options in case of an eventuality
- Lump sum benefit: Get a Lump Sum amount for the Sum Assured to meet the immediate educational financial costs
- Monthly income: Assurance of the support of regular income. The Nominee can choose to opt for 1% of Guaranteed Death Benefit as monthly income which will be payable for 135 months.
o Option to choose from 3 different riders to enhance the protection
- Max Life Accidental death and dismemberment rider: A complete child solution benefit to secure the child’s education in case of disability, death or critical illness of the insured parent
- Max Life Waiver of Premium rider provides protection against death or disability of the parent and dismemberment in all circumstances to let the child pursue his higher education as planned
- Max Life Term Plus Rider further enhances the risk cover by giving the guaranteed additional death benefit as lump sum in case of an eventuality with the insured parent.
Future Genius Education Plan snapshot
| Type of Plan |
Non-Linked Participating |
| Entry Ages of the insured parent |
Minimum: 21 years
Maximum: 45 years |
| Maximum Maturity Age of Life Insured |
66 years |
| Premium Payment Term (PPT) |
a) 8 Pay variant- 8 years
b) Limited Pay Variant- Policy Term less 3 years |
| Policy Term |
Any term between 13 years to 21 years |
| Premium Payment Mode |
Annual, Semi Annual, Quarterly and Monthly |
