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Life Insurance

Max Life Future Genius Education Plan

A Non-Linked Participating Life Insurance Plan to fulfill your child’s dream plan.

Complete financial security on death through immediate payout/s, policy continuance benefit & future moneybacks

Living Benefit to ensure your child’s dreams turn to reality

Customize your plan- Choice of policy terms with deferment and discounting of maturity benefits

Tax Benefit – as per the prevailing tax laws

Features and Benefits

Coverage All individuals in accordance with Board approved underwriting policy of the Company.
Death Benefit Following shall be payable on death of the Life Insured during the Policy Term provided the Policy is in-force:-
1. Death Benefit; plus
2. Policy Continuance Benefit

1. Death Benefit is payable immediately on death of the Life Insured and is defined as higher of:
  1. 11 times the Annualised Premium*,
  2. 105% of all premiums paid as on the date of death of Life Insured,
  3. Guaranteed Sum Assured on Maturity**
  4. Any absolute amount assured to be paid on death#

*Annualised Premium includes extra premium (if any) but excludes any loadings for modal premiums and remains same irrespective of the premium payment mode.

**Please note that the Guaranteed Sum Assured on Maturity under this product is 25% of the Sum Assured which is the last annual moneyback payment paid at the maturity of the policy (end of policy term) as mentioned under ‘Survival Benefits’.

#Absolute amount assured to be paid on death is equal to Sum Assured (SA). This SA is the amount chosen by the Policyholder basis which the premium amount for the Policy is determined.

2. Policy Continuance Benefit –
All due premiums, if any, coinciding or following the date of death of the Life Insured shall be waived and the Policy will continue as is and the Survival and Maturity Benefit shall be payable to the beneficiary as and when due. Policy shall participate in future bonuses.

For more details, please refer to the detailed Prospectus available on
Settlement Option Nominee will have the following two settlement options to receive the Death Benefit:-
  1. Lump Sum Benefit: Nominee can choose to take the entire Death Benefit as lump sum payout
  2. Monthly Income for 135 months: Nominee can choose to take 1% of Death Benefit as monthly income which will be payable for 135 months
Survival Benefit Four (4) moneybacks each equal to 25% of Sum Assured are payable in the last four policy years.
Each moneyback 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)
Discounting and Deferment options The product offers the flexibility to discount and/or defer the moneyback payments.

Timing for exercising the option:
The Company shall send a communication to the Policyholder six months before the date of the first moneyback payment mentioning the schedule of his/her moneyback payments and the option to discount and/or defer moneyback payments. The Policyholder will then have the option to choose the timing of his/her moneybacks (discount / defer) and submit his/her choice to the Company at-least 3 months before the date of the first moneyback payment.

The schedule showing the timing of original moneybacks and the maximum number of months for which each moneyback payment can be discounted / deferred is given in the below table.
Moneyback Payment Default timing of moneyback (in years) Maximum Number of months by which moneyback can be Discounted Maximum Number of months by which moneyback can be Deferred
1st Policy Term – 3 NA 36
2nd Policy Term – 2 12 24
3rd Policy Term – 1 24 12
4th Policy Term 36 NA
Maturity Benefit On maturity, the following benefit will be paid:
  1. Accrued Paid Up Additions (if any) or Cash Bonus (if any), whichever is applicable, plus
  2. Terminal Bonus (if any)
Please note, the Accrued Paid Up Additions and Terminal Bonus are payable under the Policy only if they have accrued on the Maturity Date and these amounts are not guaranteed. Any installment of the Moneyback Payment which is due on the Maturity Date is guaranteed

The policy gets terminated after payment of the maturity benefit though monthly incomes remaining (if any) under settlement option shall continue, if not commuted.
Bonus Options The three bonus options available under the product are as below:-
  1. Paid In Cash - Bonus declared by the Company every year is paid out to the Policyholder as and when declared
  2. Premium Offset - Cash Bonus declared by the Company will be used to offset future premiums payable by the Policyholder.
  3. Paid Up Additions (PUA) - Bonus declared by the Company will be used to purchase Paid Up Additions (PUA). These PUA increase the Living and Death Benefits under the policy and will be payable in full on the earlier of Maturity. Also, these PUA will earn further bonuses to increase the value of the policy. In case of Surrender, surrender value of the PUA will be paid to the Policyholder
Paid Up Additions (PUA) withdrawal Option The Policyholder can take the surrender value of the accrued PUA (partially or in full). The remaining PUA will continue to participate in bonuses.

Minimum Withdrawal amount – Rs. 5,000

Maximum Withdrawal amount – Subject to maximum PUA cash value available
Terminal Bonus Terminal Bonus is an additional bonus paid only ONCE on the earlier of Surrender or Maturity provided the Policy has been in force for at least 5 years.
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
Charge Explanation
Premium Payment Term

Two premium payment term options available

a) 8 Pay variant - 8 years or
b) Limited Pay variant - Policy Term less 3 years

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 all applicable taxes, cesses and levies as imposed by the Government
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
Riders The following riders are available with this product:-
  1. Max Life Term Plus Rider (UIN - 104B026V02) provides additional Lump Sum Death Benefit in case of death of Life Insured.
    For further details please refer to the Max Life Term Plus Rider Prospectus, Rider Contract, Rider Rates & Rider Leaflet
  2. Max Life Accidental Death & Dismemberment Rider (

    UIN - 104B027V02) provides Lump Sum Benefit in case of death /dismemberment of the Life Insured due to accident. For further details, please refer to the Max Life Accidental Death and Dismemberment Rider Prospectus, Rider Contract, Rider Leaflet

  3. Max Life Waiver of Premium Plus Rider (

    UIN - 104B029V02) provides waiver of all future premiums in case of an eventuality. 

    Where the Policyholder is same as Life Insured, waiver of premiums is provided in case of dismemberment or diagnosis of critical illness of the Life Insured / Policyholder, however, where the Policyholder and Life Insured are different; waiver of future premiums is provided in case of dismemberment, diagnosis of critical illness or death of the Policyholder.For further details, please refer to the Max Life Waiver of Premium Plus Rider Prospectus, Rider Contract, Rider Rates & Rider Leaflet

Max Life Insurance Company Limited is a Joint Venture between Max. Financial Services Limited and Mitsui Sumitomo Insurance Co. Ltd. Max Life Insurance Co. Ltd.,11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram - 122002 (Haryana). IRDAI Registration No. – 104. 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. Life insurance coverage is available in this product.

Insurance is the subject matter of solicitation. For further details, call Toll free number 1800 200 4006.

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 

Axis Bank Limited is the Corporate Agent of Max Life Insurance Co. Ltd. 
Axis Bank Limited, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025. IRDAICertificate Regn. No: CA0069. The purchase of a Max Life Insurance product by Axis Bank's customer is purely on a voluntary basis. As Axis 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.

 Max Life/Axis/Website/Content/FGEP/ January 2018


IRDAI clarifies to public that

  • IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums
  • IRDAI does not announce any bonus
  • Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.


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