Max New York Life Fast Track Plan

 

 

Max New York Fast Track Plan is a unit-linked insurance policy which allows entry age up to 60 years. The policy offers a limited premium payment term in addition to the option of a single premium to the customer. Like in all other ULIPS, here too the risk of investment is borne by the policyholder and not the insurance company.  

 

 

 

• Option of short premium payment terms
• Entry age of Life Insured upto 60 years
• Systematic investment through STP option to manage market volatilities
• Choice of add on covers like Personal Accidental Benefit and Dread Disease rider

 

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Death Benefit – In case of death of the Life Insured before maturity of Policy, amount equal to Sum Assured plus Fund Value will be paid to the nominee.

 

Maturity Benefit – On maturity the Policyholder will be eligible to an amount equal to Fund Value. The Fund Value will be calculated as:

Fund Value = Accumulated Units x NAV prevailing at that time

 

Income Tax Benefit – The premiums paid by customers towards this policy are exempted under section 80C and the policy proceeds on maturity are exempted under section 10(10D) under section 80C of Income Tax Act

 

 

 

 

	Minimum		Maximum
Sum Assured (in Rs.)	Limited Pay Age 30 to 45 years = 10 or 20 times ATP Age 46 to 60 years = 10 times ATP   Single Pay (SP) Age 30 to 45 years = 1.25 or 5 times SP Age 46 to 60 years = 1.25 times SP
Annual Premium (in Rs.)	Rs.100,000	No limit
Policy Term (in years)	10	20
Premium Payment Term (in years)	1	10
Entry Age of Policyholder	30	60
Age at Maturity	-	70
Single premium (in Rs.)	Rs.100,000	No limit
Payment modes	Single, Annual, Semi-Annual, Quarterly and Monthly

 

 

 

Premium = Rs.1,00,000

Age = 30 years

Policy Term = 20 years

Premium Paying Term = 10 years

Fund Value = Rs.33,25,214 at an assumed rate of 10% per annum and Rs.18,04,180 at an assumed rate of 6% per annum

 

 

 

Riders – There are 2 riders available in this policy

• Personal Accidental Benefit is paid in case the insured’s death or total and permanent disability is caused by an accident.  The rider can be opted for ages between 30 to 55 years and expires at life insured age 60
• Dread Disease can be opted for ages between 30 to 50 years, and expires at life insured age 60. It gives you an additional coverage from 10 specified dread diseases which, in case insured is diagnosed with any of the below mentioned diseases, an additional benefit will be paid to the insured. Diseases like Heart Attack, Cancer, Stroke, Corornary Artery Bypass Graft, Multiple Sclerosis, Kidney Failure, Major Organ Transplant, Paralysis, Coma, Heart Valve Replacement/Repair are covered.

 

Investment Fund Options

There are 6 Investment Funds available to the customer under this policy

1. Growth Fund

2. Growth Super Fund

3. Balanced Fund

4. Conservative Fund

5. Money Market Fund

6. Secure Fund

 

For customers, who wish to leave the hassles of investment to the insurance company can choose the Systematic Transfer Plan (STP). The option of STP is available only to those customers who have chosen to pay through annual mode or in case of Single Premium

 

Top-up - There is no option of top up premiums in this policy.

 

Switching - A minimum switch amount of Rs.5,000 is allowed anytime during the policy term. Switches are free of charge and a maximum of 12 switches will be allowed in a Policy Year

 

Partial Withdrawal - A maximum of 12 partial withdrawals allowed in a policy year and all are free of charge. Minimum partial withdrawal amount is Rs 5,000 per transaction.

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You want to surrender the policy – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.

 

If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.