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    Max Life Fast Track Super Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    Max Life Fast Track Super Plan is a non-participating unit linked insurance plan offered by Max Life Insurance. It is an individual policy that helps policyholders in planning their present finances in a way that ensures a financially secure future. The policy offers comprehensive life insurance cover with an option to select premium payment term and policy term. It aids policyholders in achieving their goals through various fund options and investment strategies. Policyholders can avail the following benefits from this plan:

    • Guaranteed Loyalty Additions.
    • Maturity benefit.
    • Death benefit.
    • Tax benefit.

    Apart from this, policyholders can choose to make Partial Withdrawals from this policy for their unplanned expenses. Premium for Single Pay variant starts from Rs.1,00,000*, premium for 5 Pay variant starts from Rs.50,000* and premium for Regular Pay variant starts from Rs.25,000*.

    *Premiums vary based on age, location, plan term and other factors.

    Eligibility - Who is the Max Life Fast Track Super Plan for?

    Max Life Fast Track Super Plan can be availed only by people who fulfil the eligibility requirements. The eligibility criteria for this Max Life ULIP policy is mentioned below:

    Type Individual, non-participating unit linked insurance plan
    Minimum Age at Entry (age as on last birthday) 18 years
    Maximum Age at Entry (age as on last birthday) 60 years for 5 Pay and Single Pay variants 50 years for Regular Pay variant
    Maximum Age at Maturity (age as on last birthday) 70 years.

    Sum Assured and Premium Range – What you Get and What it Costs?

    The guaranteed amount that you get from the policy is called Sum Assured. There is no limit on the maximum Sum Assured of Max Life Fast Track Super Plan. The Fixed Sum Assured Multiple for 5 Pay variant and Regular Pay variant is 10 times of the Annualised Premium and for Single Pay variant, it is 1.25 times of the Single Premium. The minimum and maximum Sum Assured offered by this policy is mentioned in the table below:

    Minimum Sum Assured Rs.1,25,000 for Single Pay variant. Rs.5,00,000 for 5 Pay variant. Rs.2,50,000 for Regular Pay variant.
    Maximum Sum Assured No Limit

    Max Life Fast Track Super Plan offers the following 3 Premium Payment Term options to all the policyholders:

    • Single Pay Variant.
    • 5 Pay Variant – 5 years.
    • Regular Pay Variant – 20 years.

    The premium payment term is not the same as policy term. Policy Term is 10 years for Single Pay and 5 Pay variants and 20 years for Regular Pay variant. Policyholders can choose the term that best suits their requirements. The premium can be paid using Annual, Semi-Annual, Quarterly or Monthly payment modes. The minimum and maximum Annualised Premium for Max Life Fast Track Super Plan is mentioned in the table below:

    Minimum Annualised Premium Rs.1,00,000 for Single Pay variant. Rs.50,000 for 5 Pay variant. Rs.25,000 for Regular Pay variant.
    Maximum Annualised Premium No Limit

    *Premiums vary based on age, location, plan term and other factors.

    Plan Coverage – What the Max Life Fast Track Super Plan Covers?

    Max Life Fast Track Super Plan is a comprehensive life insurance plan that helps people plan their finances and achieve their goals. It offers the following benefits:

    Benefit Details
    Maturity Benefit On maturity date, owners of Max Life Fast Track Super Plan will get an amount equal to the Fund Value, provided they have not used their settlement option. Fund Value in this case will be calculated using the following formulae: Fund Value = Sum of Units Accumulated in Fund(s) X NAV of respective Fund(s) on the date of maturity. *If date of maturity is not a working day for the company, then NAV of the next working day will be applicable.
    Death Benefit In case the Life Insured dies during the policy term, then the company will pay higher of the Fund Value (as on date of demise) or Sum Assured. A minimum of 105% of all the paid premiums will be payable. The policyholder and the Life Insured does not have to be the same person.
    Guaranteed Loyalty Additions 0.3% of the Fund Value will be added to the Fund at the end of every policy year after the end of the 10th Policy year (from the 11th year) by creating additional units. The loyalty additions shall increase by 0.02% per year after that. The additional Units will be created in various Funds in the same proportion as Fund Value at time of credit. The loyalty additions are paid in case of Regular Pay variants. *Loyalty additions will be paid according to the terms and conditions of the company.

    The plan allows policyholders to invest in the following 5 Funds:

    Fund Name Corporate Bonds Government Securities Equity and Equity related securities Objective Risk Rating Cash   Instruments and Money Market
    Secure Fund (SFIN: ULIF00425/06/ 04LIFESECURE104) 0% to 50% 50 to 100% Nil Investments in debt instruments. No equity investments. Low 0% to 40%
    Growth Super Fund (SFIN: ULIF01108/02/ 07LIFEGRWSUP104) 0% to 20% 0% to 20% 70% to 100% 70% of corpus invested in equities. 30% in debt instruments. High 0% to 30%
    Balanced Fund (SFIN: ULIF00225/06/ 04LIFEBALANC104) 20% to 40% 20% to 50% 10% to 40% Investments are primarily in debt instruments such as government securities, corporate bonds and money market instruments. Medium 0% to 40%
    Growth Fund (SFIN: ULIF00125/06/ 04LIFEGROWTH104) 0% to 30% 0% to 30% 20% to 70% Investments across corporate bonds, equities, government securities and money market instruments. High 0% to 40%
    Conservative Fund (SFIN: ULIF00325/06/ 04LIFECONSER104) 0% to 50% 50 to 80% 0% to 15% Primarily invests in debt instruments. Low 0% to 40%

    Max Life Fast Track Super Plan offers two investment strategies to policyholders. They can select any one of these to secure their funds from market volatilities. These strategies are:

    • Dynamic Fund Allocation – Here, the initial part of the policy term will have Equity Oriented Fund investments, which will move to conservative fund by end of term. This investment strategy can be selected by policyholders at the time of purchase only. The assets under management will be held in a pre-decided proportion amongst Secure Fund and Growth Super Fund and it will change depending on the maturity years.
    • Systematic Transfer Plan – The Annualised Premium or Single Premium is allocated to a secure plus fund and on the monthly anniversary the Fund Value Units will be switched to Growth Super Fund automatically. This strategy can be selected by policyholders who have chosen the annual premium payment mode. This strategy is also available for Single Pay policy.

    Add-On Plans – Additional coverage under the Max Life Fast Track Super Plan:

    Max Life Fast Track Super Plan does have any Add-on plans.

    Exclusions - What the Max Life Fast Track Super Plan Doesn’t Cover?

    Suicide Exclusion – If the Life Insured dies by suicide within a period of 12 months from the policy start or revival date, then his/her policy will terminate and his/her nominee or beneficiary will receive only the Fund Value on the date of demise.

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    Max Life Fast Track Super Plan policy has many other important features. Some of them are as follows:

    Particulars Details
    Switch Minimum Switch amount is Rs.5,000. A maximum of 12 switches are allowed in a policy year.
    Premium Redirection Future premiums can be redirected among the available funds through written notice.
    Grace Period 15 days for monthly payment mode. 30 days for all other payment modes.
    Partial Withdrawal First 5 years – No Partial Withdrawals allowed. Thereafter – A maximum of 2 Partial Withdrawals per policy year. Minimum amount permitted for Partial Withdrawal – Rs.5,000 per transaction. Policyholders can choose to partially withdraw a maximum of 50% of the Fund Value (value as on the date of withdrawal) in 1 policy year, provided the Fund Value after withdrawal is equal to or more than 25% of Single Premium or 1 Annualized Premium.
    Freelook Period 15 days. *30 days, if the policy has been bought via direct marketing channels
    Settlement Option Can be exercised at least 15 days before the maturity date, after which the company will manage funds on behalf of the policyholders for a maximum of 5 years (from maturity date). The company will also make periodic payments. Policyholders have to inform the company about the settlement period and payout frequency. Under this option, the balance Units that is present in the Fund at the beginning of the settlement period will be divided in equal parts. *During this period, risk cover will not be provided and policyholders have to pay only the Fund Management Charge.
    Policy Revival Within 2 years from date of discontinuance.
    Nomination Nomination is allowed.

    Tax Benefits – How you can Save with the Max Life Fast Track Super Plan?

    Owners of Max Life Fast Track Super Plan can enjoy tax benefits under the Income Tax Act of 1961 in the form of Deductions and Exemptions. Deductions can be claimed under Sections 80C, 80CCC, 80D and 80DD of the IT Act and Exemptions can be claimed under Section 10 (10D) of the IT Act.

    • Deductions under Section 80C or 80CCC – Individuals and Hindu Undivided Families can avail benefits under this Section. The maximum amount that can be claimed is Rs.1,50,000.

    Section 80C or 80CCC says that:

    • If you pay 20% more premium than the actual capital Sum Assured in a year, then you can claim deductions only for premiums up to 20% of the sum assured.
    • If your policy was issued on or after 1st April, 2012, then you can claim deduction for only so much of the premiums payable as does not exceed 10% of the actual capital Sum Assured (15% if you have severe disability or specified ailment).

    If your policy is terminated within 2 years from inception, then the benefits under this Section will be reversed.

    • Deductions under Section 80D – Individuals and Hindu Undivided Families can avail benefits under this Section. The eligible amount for deduction is a maximum of Rs.25,000 for an individual, his/her spouse and children. An additional deduction of up to Rs.25,000 is allowed for parents. If parents are senior citizens, then deduction of up to Rs.30,000 can be claimed. Assessees are allowed to pay a maximum of Rs.5,000 for preventive health check-ups within the prescribed overall limit.
    • Deductions under Section 80DD – Under this Section, every year policyholders can claim up to Rs.75,000 worth premiums that they pay for their disabled dependent. A high deduction of Rs.1,25,000 will be permitted in case the dependent suffers from severe disability.
    • Exemptions under Section 10 (10D) – The amount policyholders receive from a life insurance policy (includes bonus) is exempted from tax. This rule is not applicable on the following:
      • Sum received under Section 80DD (3).
      • Sum received under a Keyman Insurance Policy.
      • Sum received other than as death benefit from a policy that was issued on or after 1st April, 2003 and if the premium payable during the term is not more than 20% of the sum assured. If the policy was issued on or after 1st April, 2012, exemption will be available only if the premium payable does not exceed 10% of the actual capital sum assured.

    *Tax Benefits are dependent on the tax laws and may change at any time. It is advisable to consult someone who is an expert in tax matters.

    Other Benefits – How you can Save with the Max Life Fast Track Super Plan?

    Max Life Fast Track Super Plan has many other benefits to offer other than the ones mentioned above. Some of these benefits are as follows:

    Online Payment Facility Paying premium for any Max Life Insurance policy is very easy as policyholders can make the payment online on the website of the company.
    SMS Updates Policyholders can activate this facility and receive all updates related to their policy via SMS.
    Download Premium Receipt Facility Premium receipts of Max Life Fast Track Super Plan can be availed easily as the company allows people to download it online from its website.
    Customer Care The company provides 24x7 customer care service. Customers can get in touch with the customer service team by contacting on toll-free number, by email, letter or SMS.

    Why you should Buy the Fast Track Super Plan from Max Life Insurance?

    Max Life Insurance is a leading and award winning life insurance company in India. It has more than 2,000 branches across the country. The company has an excellent customer care team, which customers can access 24x7 from any part of the world. Out of the 15 life insurance products offered by the company, Max Life Fast Track Super Plan is the most popular because it does not only provide life coverage, but also helps people in managing their finances.

    FAQs about Max Life Fast Track Super Plan:

    1. What is Policy Administration Charge for Max Life Fast Track Super Plan?

      A. Policy Administration Charge for Max Life Fast Track Super Plan is charged on every monthly anniversary for all variants.

      Premium Payment Term Policy Administration Charge
      Single Pay 0.05% per month of Single premium compounding at 3% p.a. from the 2nd policy year. (Maximum – Rs.200 per month)
      5 Pay and Regular Pay – Annual mode 0.33% per month of Annualized premium compounding at 4% p.a. from the 2nd policy year. (Maximum – Rs.500 per month)
      Regular/Limited Pay – Non-Annual mode 0.24% per month of Annualized premium compounding at 4% p.a. from the 2nd policy year. (Maximum – Rs.500 per month)
    2. What is Premium Allocation Charge for Max Life Fast Track Super Plan?

      A. Premium Allocation Charge for Max Life Fast Track Super Plan is displayed below:

      Premium Allocation Charge
      Policy Year Single Pay 5 Pay Regular Pay
      1 4% 4% 4%
      2-5 NA 3% 3%
      6-10 NA NA 3%
      11-20 NA NA 0%
      • Define Mortality Charge.

      Mortality Charge is a fee that is imposed by the company for offering risk cover during the policy term to the Life Insured.

    3. How much does the company charge for surrendering or discontinuing Max Life Fast Track Super Plan?

      A. The company charges the following amount for Surrender/Discontinuance of Max Life Fast Track Super Plan:

      Policy Year Surrender Charge for 5 Pay and Regular Pay
      1 It is the lower of the following: Rs.6,000. 6% of Fund Value. 6% of Annualised Premium.
      2 It is the lower of the following: 4% of Fund Value. 4% of Annualised Premium. Rs.5,000.
      3 It is the lower of the following: 3% of Fund Value. Rs.4,000. 3% of Annualised Premium.
      4 It is the lower of the following: Rs.2,000. 2% of Annualised Premium. 2% of Fund Value.
      5 and above Nil
      Policy Year Surrender Charge for Single Pay
      1 It is the lower of the following: Rs.6,000. 1% of Fund Value. 1% of Single Pay Premium.
      2 It is the lower of the following: Rs.5,000. 0.5% of Fund Value. 0.5% of Single Pay Premium.
      3 It is the lower of the following: Rs.4,000. 0.25% of Fund Value. 0.25% of Single Pay Premium.
      4 It is the lower of the following: Rs.2,000. 0.1% of Fund Value. 0.1% of Single Pay Premium.
      5 and above Nil
    4. What is the charge for Premium Redirection?

      A. The company does not charge anything for Premium Redirection. A maximum of 6 Premium Redirections are allowed in a policy year for free.

    5. What is the charge for using Switch option?

      A. The company does not charge anything for using the Switch option. A maximum of 12 switches are allowed in a policy year.

    6. What is the charge for using the Partial Withdrawal feature?

      A. Partial Withdrawal is allowed from the 6th policy year for free. Policyholders can use this feature twice in a year.

    7. Can policyholders use partial withdrawal and switch options during the settlement period?

      A. No, policyholders are not allowed to use partial withdrawal and switch options during the settlement period.

    8. Does Max Life Fast Track Super Plan provide loan facility, Top Up Option and Riders?

      A. No, Max Life Fast Track Super Plan does not provide loan facility, Top Up Option and Riders.

    9. How can I make a claim on my Max Life Fast Track Super Plan?

      A. If you want to make a claim on your Max Life Fast Track Super Plan, you have to submit the following to Max Life Insurance:

      • Written claim request.
      • Original policy document.
      • Claimant’s statement in the form that has been prescribed by the company.
      • Valid ID and address proof of the Nominee(s) or claimant. These documents should be self-attested.
      • Death certificate given by the municipal or local authority. (To be submitted for claiming death benefit only.)
      • Valid succession order or certificate issued by the court. It should specify that the claimant can receive any amount that is due under the Policy. Required only if policyholder is not alive and has no nominees or all the nominee(s) died before him/her.
      • Other documents requested by the company.

      The claim documents can be downloaded from the website of Max Life Insurance.