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Max Life Fast Track Super Plan is non participating Unit Linked Plan, which enables you to achieve the goals of your life by providing you with numerous investment fund options. This plan provides you an opportunity to enhance your fund corpus as per your risk appetite to meet your goals and providing financial security for your family in the event of unfortunate death.
Offer growth of your Funds
Option to choose desired premium payment term & Policy Term
Offers financial security for your family
Multiple Fund Options to choose from
STP & Dynamic fund Allocation –Safe Investment strategy against market volatility
Tax Benefits as per the IT Act
The insured has an option to invest the premium in the following investment funds which are:
Growth Super Fund
Secure Plus Fund (available only under Systematic Transfer Plan)
The customer may also have the option to opt for Systematic Transfer Plan (STP) or Dynamic Fund Allocation to keep the fund value safe from market volatility with a safe investment strategy. Discontinuance Policy Fund is only available in case policy is discontinued in first 5 years.
On the death of the Life Insured, the nominee is entitled to receive higher of Sum Assured or Fund Value (as on the Date of Death), subject to a minimum of 105% of all premiums paid. The policy terminated thereafter.
Fund Value as on Date of Maturity is paid to the life insured as maturity benefit (provided Settlement Option has not been exercised). Fund value is equivalent to the number of units multiplied by the Net Asset Value (NAV) of the chosen investment fund/funds.
Guaranteed Loyalty Additions
Starting from 11th policy year, additional units of 0.30% of the Fund Value will be allocated to the policy fund at the end of every policy year. The loyalty additions increase by 0.02% (absolute) annually thereafter. Loyalty additions will be payable only on Regular Pay policies.
After completion of 5 policy years, maximum of 2 Partial Withdrawals is allowed in a policy year to take care of some financial exigencies.
The policyholder may switch from one fund to another via written request. The minimum amount to be switched is Rs 5,000. 12 switches can be done in a policy year under this plan.
The policyholder may redirect the premium between the funds via written request.6 Premium Redirections can be done in a policy year under this plan.
The policy shall be revived within the Revival Period only on fulfillment of the specific conditions and on payment of all the overdue Regular Premiums.
No Loan benefits under this plan.
If the surrender of the Policy is done after the completion of the Lock in Period, the Co, will close the Unit Account and pay the Fund Value prevailing on the date of receipt of a valid request for surrender. If the surrender of the Policy is done within the Lock in Period, Co. will credit the Fund Value by creation of Units into the Discontinuance Policy Fund after deducting applicable Discontinuance/Surrender Charges.
|Age (as on last birthday)||18 Years||50 years – For Regular Pay, 60 years- For Single pay & 5 Pay|
|Maturity Age||-||70 Years|
|Policy Tenure||10 Years –For Single Pay & 5 Pay||20 Years- For Regular Pay|
|Premium Paying Term||Single Pay, 5 Pay or Same as policy term||-|
|Premium Paying Mode||Monthly, Quarterly, Semi Annually & Annually||-|
|Sum Assured||Rs 2.5 Lacs - For Regular Pay, Rs 1.25 Lacs- For Single Pay, Rs 5 Lacs-For 5 Pay||No Limit (subject to underwriting)|
|Premium||Rs 1 Lac – For Single PayRs 50,000- For 5 PayRs 25,000- For Regular Pay||No Limit (subject to underwriting)|
|Freelook Period||15 days/ 30 days (for distance marketing channel) from the receipt of the policy document||-|
|Grace Period||30 days & 15 days (for monthly mode)||-|
No Riders are available under this plan.
Premium Allocation Charge: It is 4% of the premium for 1st year for both 5 pay, Single Pay and regular pay. Premium allocation charges are nil for single ay from 2nd year onwards.3% of the premium for 2nd to 5th policy year for both 5 pay and regular pay. For 5 pay , charges are nil from the 6th year onwards.3% of the premium for 6th to 10th policy years. 3% of the premium charge for 6th to 10th policy year for regular pay and subsequently the charge is nil for regular pay.
Fund Management Charge: The Fund Management Charge is 1.25% for the Growth Super and Growth Fund.1.10% for the balanced fund and 0.90% for the Conservative,Secure and Secure plus fund types.
Policy Administration Charge: For Single pay the charge is 0.05% per month compounding @ 3% p.a from 2nd policy year onwards subject to a maximum of Rs 200 per month. For 5 pay and the regular pay – annual Modes, the charge is 0.33% per month compounding @ 4% p.a from 2nd policy year onwards subject to a maximum of Rs 500 per month. For 5 pay and the regular pay – Non annual Modes, the charge is 0.24% per month compounding @ 4% p.a from 2nd policy year onwards subject to a maximum of Rs 500 per month.
Mortality Charge: It is levied as per the risk cover provided to the insured during the policy term and the age of the insured. For more details, refer to the policy brochure.
Surrender/Discontinuance Charge: The applicable surrender charges depending upon the year of surrender and are applicable if the policy is discontinued in first 4 policy years. 5th year onwards the charges are nil. For more details, refer to the policy brochure.
Switching/Premium Redirection/Partial Withdrawal: No charges are applicable for Switching/Premium Redirection/Partial Withdrawal
Premiums paid, qualify for the tax benefits as per Section 80C and the death benefit qualify for tax benefits under section 10 (10D) of the Income Tax Act.
(Subject to the provisions stated therein.)
Let’s look at some examples - Below mentioned premium rates and benefits are assumed for :
Insured: Standard Life, Male
Premium Payment Mode: Annual
Fund Chosen: Balanced Fund
(Note: The above assumed rates of return, 4% and 8%, are only scenarios at these rates after recovering all applicable charges. These are not guaranteed and they are not the upper or lower limits of returns of the Funds selected in your policy, as the performance of the Funds is dependent on a number of factors including future investment performance.For more information, please request for your policy specific benefit illustration).