It is more like a life goal for every parent to do everything possible to lay solid foundations for their children’s lives. Whether it is about getting the kids enrolled in the best school in town or nurturing their skills with the right guidance and training, they do it all. But in many cases, the financial side of it becomes an obstacle. Many children could not see the ray of hope for their future if their earning parents do not survive.
Life Future Genius Education Plan (UIN: 104N094V03; A Non-Linked Participating Individual Life Insurance Savings Plan) is meant for all such parents who want their kids to fly high in their career sky without facing any financial obstacle. It is a child insurance plan that caters to various aspects of child education planning, thus helping parents provide a growing environment for their kids.
Amidst the rising education costs in India[1] and abroad, you can plan for the future years in your child’s life through disciplined savings under Max Life Future Genius Education Plan. You will also get the flexibility to select for how long the plan continues, the premium payment years, and the timing when you should receive payouts as per your child’s current age and higher education plans.
For your child’s future, you might have started to put aside some money. To avail the benefits, you just need to shift your money-savings schedule and buy Max Life Future Genius Education Plan online.
Benefits of Life Future Genius Education Plan
You can avail of several benefits of Max Life Future Genius Education Plan to plan for your child’s future.
Death Benefit
In case of your unfortunate demise during the policy tenure, the beneficiary chosen under Max Life Future Genius Education Plan is entitled to receive death benefit which is calculated based on the annualized premium, total premiums paid till the date of death of the insured, or any assured absolute amount.
Another advantage you get when you buy Max Life Future Genius Education Plan is that it does not terminate after your untimely demise. Various benefits of Max Life Future Genius Education Plan are payable to the beneficiary you choose as and when due. Furthermore, the nominee can choose to receive the proceeds under the Future Genius Education Plan as a lumpsum benefit or monthly income.
Maturity Benefits
Max Life Future Genius Education Plan also provides maturity benefits in the form of Accrued Paid Up Additions (PUA), or terminal bonus. In case of your death, a terminal bonus will be payable to the beneficiary on maturity.
PUA Withdrawal Facility
Under Max Life Future Genius Education Plan, you can also choose to take the accrued PUA’s surrender value, either partially or in full. The minimum amount to be withdrawn is set to Rs. 5,000 while the maximum amount is subject to PUA cash value. Once you have opted for this facility, the remaining PUA continues to participate in the bonuses.
Moneyback Benefit
Another option you get with Max Life Future Genius Education Plan is for money back. In the last four years of the Future Genius Education Plan, you get four moneybacks, each equals 25% of the Sum Assured.
Features of Max Life Future Genius Education Plan
Max Life Future Genius Education Plan has been designed with several features that help you plan for the future of your children.
Life Insurance Coverage
Max Life Future Genius Education Plan can help you eliminate financial worries about a child’s education. The beneficiary will receive insurance payouts in case of your unexpected demise so that the education plan does not get affected. Also, the policy will continue to be in force with waived future premiums in your absence.
Flexibility to Choose Policy Term
You can select the policy term between 13 to 21 years when you buy Max Life Future Genius Education Plan online. This can be based on your child’s current age and the corresponding plan for higher education in India or abroad.
Bonus Options
You get three bonus options with Max Life Future Genius Education Plan – cash, premium offset, and paid up additions. You can make a choice based on your current or future needs.
Reasons to Buy Life Future Genius Education Plan
There are many reasons why you should opt for disciplined savings for your child’s future with Max Life Future Genius Education Plan.
Financial Security for Child’s Education Plans
With Future Genius Education Plan, you can ensure that your kids can get the best quality education and achieve all their dreams, even in your absence.
Emergency Planning
The payouts that you or the beneficiary will receive under Max Life Future Genius Education Plan help cope with the emergencies in life.
Assistance for Your Child’s Wedding Plans
If you have dreamt of a specific wedding plan for your kids, you can save money for the same with Max Life Future Genius Education Plan.