Max Life Fast Track Super Plan

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How Does Plan Work

Let’s look at some examples - Below mentioned premium rates and benefits are assumed for a Standard Life, Male

Premium Payment Mode: Annual; Standard Life; Fund Chosen: Balanced Fund

Please note that 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


 

Key Features

  • Growth For Your Fund: This plan offers you an opportunity to grow your Fund to meet your goals.
  • Options Of Premium Payment Term And Policy Term To Cater To Your Need: Choose Single Pay or 5 Pay for 10 years Policy Term or Regular Pay for 20 years Policy Term as per your need.
  • Financial Security For Your Family: The plan offers a Maturity Value equal to Fund Value, Death Benefit equal to higher of (Fund Value, Sum Assured, 105% of all Premiums Paid) and also provides Partial Withdrawal Flexibility.
  • Investment Flexibility To Choose From 5 Fund Options: The plan offers you 5 Fund Options that you can choose from, basis your risk appetite.
  • Safeguarding Your Fund Against Market Volatilities With Systematic Transfer Plan And Dynamic Fund Allocation: Choose from the two investment strategies to protect your Fund against market volatilities.
  • Tax Benefits: You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. It is advisable to seek an independent tax consultation.


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Key Benefits

  • Maturity Benefit: Fund Value as on Date of Maturity, provided Settlement Option has not been exercised. Please Note: In case the Maturity Date is a non - working day for the Company or markets then next working day’s NAV will be applicable.
  • Death Benefit (provided policy is in force): On Death of the Life Insured, higher of Sum Assured or Fund Value (as on the Date of Death), subject to a minimum of 105% of all premiums paid, shall be payable.
Fixed Sum Assured Single Pay 1.25 times Single Premium
5 Pay 10 times Annualised Premium
Regular Pay 10 times Annualised Premium
Assured Single Pay Rs. 125,000
5 Pay Rs. 500,000
Regular Pay Rs. 250,000
Maximum Fixed Sum Assured No Limit, subject to underwriting  
Guaranteed Loyalty Additions 0.30% of Fund Value shall be added to the fund by creation of additional units, at the end of every policy year starting from 11th policy year. The loyalty additions increase by 0.02% (absolute) each year thereafter. The additional units shall be created in different funds in proportion of Fund Value at the time of credit.  
 


Eligibility conditions and other restrictions

Entry ages Minimum - 18 years
Maximum Entry Age - 5 Pay and Single Pay 60 years
Maximum Entry Age -  Regular Pay 50 years
Maximum maturity Age 70 years
Minimum Premium Single Pay ------Rs. 100,000
5 Pay          -------Rs. 50,000
Regular Pay -----Rs. 25,000
Maximum Premium No Limit, subject to underwriting
Policy Term 10 years for Single Pay/5 Pay and  20 years for Regular Pay
Premium Payment Term 7 years, 10 years, 15 years or 20 years
 


What happens if

SURRENDER
  • Surrender within the Lock in Period
    • If You surrender the Policy within the Lock in Period, We will credit the Fund Value by creation of Units into the Discontinuance Policy Fund after deducting applicable Discontinuance/Surrender Charges.
    • On the expiry of the Lock in Period, We will close the Unit Account and the value of Units in the Discontinuance Policy Fund as at that date shall be paid to You.
    • Until the expiry of the Lock in Period, only the Fund Management Charge applicable on the Discontinuance Policy Fund shall be levied and no other Charges will be levied by Us.
    • If the Life Insured dies after the Fund Value has been transferred to the Discontinuance Policy Fund, We will close the Unit Account and the value of Units in the Discontinuance Policy Fund on the date of death of Life Insured shall be paid to You or the Nominee.
  • Surrender after the completion of the Lock in Period
    • If You surrender the Policy after the completion of the Lock in Period, We shall close the Unit Account and pay the Fund Value prevailing on the date of receipt of a valid request for surrender.

LOANS

You are not entitled to any loan under this Policy

Discontinuance of Payment of Regular Premium: If the Regular Premium is not received by the expiry of the Grace Period, We will, within 15 (Fifteen) days of the expiry of the Grace Period, give a written notice to You to exercise one of the following options in writing within 30 (Thirty) days of the receipt of such notice (“Notice Period”):
  • revive the Policy within the Revival Period;
  • complete withdrawal (i.e. surrender) of the Policy without any risk cover. 

REVIVAL OF POLICY

Max Life will revive the Policy, subject to the following conditions:
  • You give Us a written request to revive the Policy; and
  • Life Insured produces an evidence of insurability at Your own cost, acceptable to Us as per Our board approved underwriting policy; and
  • You pay Us all overdue Regular Premiums in full.
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