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:
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.
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.|
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:
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.
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:
|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:
Max Life Fast Track Super Plan does have any Add-on plans.
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.
Max Life Fast Track Super Plan policy has many other important features. Some of them are as follows:
|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.|
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.
Section 80C or 80CCC says that:
If your policy is terminated within 2 years from inception, then the benefits under this Section will be reversed.
*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.
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.|
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.
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)|
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|
Mortality Charge is a fee that is imposed by the company for offering risk cover during the policy term to the Life Insured.
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|
A. The company does not charge anything for Premium Redirection. A maximum of 6 Premium Redirections are allowed in a policy year for free.
A. The company does not charge anything for using the Switch option. A maximum of 12 switches are allowed in a policy year.
A. Partial Withdrawal is allowed from the 6th policy year for free. Policyholders can use this feature twice in a year.
A. No, policyholders are not allowed to use partial withdrawal and switch options during the settlement period.
A. No, Max Life Fast Track Super Plan does not provide loan facility, Top Up Option and Riders.
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:
The claim documents can be downloaded from the website of Max Life Insurance.