Max Life Insurance is one of India's top private sector life insurance providers. The company has a reputation of being in the list of top insurance companies that are not affiliated to and promoted by any major banks in India. Max Life Insurance has managed to gain a foothold in different regions of the country with the help of a diverse range of products. The company offers a number of products, including term plans, savings plans, child plans, group plans, retirement plans, etc.
Max Life Fast Track Super Plan is a non-participating , unit-linked insurance policy offered by Max Life Insurance. It is an individual plan that helps policyholders to plan their present finances in a way that ensures a financially secure future. Fast track Super Plan offers a comprehensive life insurance cover with an option to choose the policy term and premium payment term. The policy aims to help policyholders in achieving their financial goals through different fund options and investment strategies. Policyholders get the following benefits from this plan:
Maturity benefits
Death benefits
Tax benefits
Guaranteed Loyalty Additions
Apart from this, policyholders can partially withdraw funds from the policy for any unplanned expenses. Premiums for single pay option starts from Rs. 1,00,000, premium for five pay option starts with Rs. 50,000 and premium for regular pay option start from Rs. 25,000.
Fast Track Super Plan from Max Life is a comprehensive life insurance cum investment policy that helps people to plan their finances and achieve goals in the long run. The policy offers the following benefits:
Maturity benefit: On maturity, policyholders will get the amount equal to the fund value, provided they have not settled the policy before maturity. The fund value will be calculated using the formula:
Fund value = sum of units accumulated in fund x net asset value of the respective fund on the date of maturity.
Death benefit: In case the policyholder dies during the policy term, the company will pay the sum assured or the fund value, whichever is higher as on the date of demise. A minimum of 105% of all the premiums paid by the policyholder will be paid to the nominee. It is important to note that the life insured and the policyholder does not have to be the same person.
Guaranteed loyalty units addition: 0.30% of the fund value will be added to the fund at the end of each policy year after the end of the 10th policy year. The policyholder is offered additional units from the 11th year. The loyalty addition shall increase by 0.02% each year after that. The additional units will be allotted in the same proportion as fund value at the time of unit allotment. The loyalty units are given in case of regular payment option. The additions will be paid as per the terms and conditions of the company.
Tax benefits: Policyholders of Max Life Fast Track Super Plan can enjoy tax deductions and exemptions under the Income Tax Act, 1961. Tax deductions can be claimed under Section 80C, and exclusions can be claimed under Section 10(10D) of the same act. Max Life Fast Track Super Plan allows policyholders to invest in the following six funds:
Max Life Fast Track Super Plan offers policyholders two investment strategies. They can select any one of them to secure their funds from market volatilities. The strategies are as explained below:
Dynamic Fund Allocation: In this strategy, the initial part of the policy term will include equity-oriented fund investment, and by the end of the term, the investment will move towards the conservative fund. The policyholder can opt this investment strategy at the time of policy purchase. The asset management will be held in a pre-decided proportion amongst growth super fund and secure fund, and it may change depending on the maturity years.
Systematic Transfer Plan (STP): The annual premium or single premium is allotted to secure plus fund, and every month, the fund value units will be transferred to growth super fund automatically. This investment strategy can be selected by the policyholders who have chosen the annual premium payment mode and for those who have chosen a single pay policy option.
People who meet the eligibility requirements can avail the plan. The eligibility criteria for Max Life Fast Track Super Plan is mentioned below:
| Parameter | Eligibility criteria |
|---|---|
| Minimum age at entry | 18 years |
| Maximum age at entry | 60 years for five pay and single pay option, 50 years for regular pay option |
| Maximum age at entry | 70 years |
Annual premium details in rupees and benefit illustration for premium payment term of 20 years.
| Age | Premium | Fund value @ 4% | Fund value @ 8% |
|---|---|---|---|
| 35 years | Rs. 40,000 | Rs. 10,07325 | Rs. 15,87,263 |
| Rs. 12,55,726 | Rs. 50,000 | Rs. 12,55,726 | Rs. 19,78,696 |
Sum assured and premium range of Max Life Fast Track Super Plan
The sum assured is a guaranteed amount that you receive from the policy. There is no maximum limit on the sum assured under this plan. The fixed sum assured is the multiple for five pay option, and regular pay option is 10 times of the annualised premium. In case of single pay option, it is 1.25 times of the single premium. The minimum and maximum sum assured offered under this policy are mentioned in the table below:
| Term | Premium |
|---|---|
| Minimum sum assured | Rs. 1,25000 – Single pay option Rs. 5,00,000 – 5 pay option Rs. 2,50,000 – Regular pay option |
| Minimum sum assured | No limit |
Max Life Fast Track Super Plan offers three options for premium payment term to all policyholders.
The premium payment term is different from the policy term. The policy term is 10 years for single pay and 5 pay options, and 20 years for regular pay option. Policyholders have an option to choose the term as per their requirements. The premium can be paid using monthly, quarterly, half-yearly, and yearly payment modes. The minimum and maximum annual premium for Fast Track Super Plan is as mentioned below:
| Term | Premium |
|---|---|
| Minimum annualised premium | Rs. 1,00,000 for single pay option Rs. 50,000 for 5 pay option Rs. 25,000 for regular pay option |
| Maximum annualised premium | No limit |
Max Life Fast Track Super Plan at a glance:
| Features | <Max Life Fast Track Super Plan | |
|---|---|---|
| Coverage | All individuals in accordance with board approval and the company’s underwriting policy | |
| Minimum entry age | 18 years | |
| Maximum entry age | Premium payment term Single pay and 5 pay Regular pay |
Maximum entry age 60 years 50 years |
| Maximum maturity age | 70 years | |
| Premium payment terms | Single pay, 5-years (5 pay), regular pay (20 years | |
| Policy term | 10 years for single pay / 5 pay 20 years for regular pay |
|
| Premium payment mode | Yearly, half-yearly, quarterly, monthly | |
| Minimum annualised premium | Single pay 5 pay Regular pay |
Rs. 1,00,000 Rs. 50,000 Rs. 25,000 |
| Maximum annualised premium | No limit | |
| The fixed sum assured multiple | Single pay - 1.25 times the single premium Five pay – 10 times the annual premium Regular pay – 10 times the annual premium |
|
| Minimum sum assured | Single pay – Rs. 1,25,000 Five pay – Rs. 5,00,000 Regular pay – Rs. 2,50,000 |
|
| Maximum sum assured | No limit | |
Switch option: The plan has the provision of minimum switch amount of Rs. 5000 and up to 12 switches are allowed in a policy year free of charge. Premium redirection: The plan gives the policyholders an option to redirect the future premiums among the available fund options through a written notice.
Grace period: If the policyholder fails to pay the premium amount on time, a grace period of 30 days from the due date of first unpaid premium is available. During the grace period, the policy remains in force and covers the risk as specified in the policy document.
Partial withdrawals: In the first five years of the policy term, no partial withdrawals are allowed. After that, a maximum of 2 partial withdrawals is allowed in a policy year. The minimum amount allowed for partial withdrawals is Rs. 5000 per transaction. Policyholders have an option to choose to partially withdraw a maximum of 50% of the total fund value as on the date of withdrawal in one policy year. However, the fund value after withdrawal must be equal to or more than 25% of single premium or one annualised premium.
Free-look period: The Company offers a free-look period of 15 days if the policyholders are not satisfied with the policy terms and features. They have an option to cancel the policy by providing a verbal notice to the company with a reason for cancellation. The company may deduct the stamp duty and other charges. The grace period of 30 days is given if the policy is sold via distance marketing channels.
Settlement option: The settlement can be done at least 15 days before the maturity date of the policy, after which the company will manage the funds on behalf of the policyholders for a maximum of five years from the maturity date. The company will make periodic payments as specified. Policyholders are required to inform the company about the settlement period and the frequency of payout they would like to receive. As per this option, the balanced units that are available in the fund at the beginning of the settlement period will be decided in equal parts. It is important to note that during the settlement period, the company will not provide a risk cover, and policyholders will have to pay the fund management charges.
Policy revival: When policyholders fail to pay the premium within the specified grace period the policy lapses and policyholder can revive the same within two years from the date of first unpaid premium. Policy revival is subject to the board’s approval and underwriting policy of the company. Upon approval, the plan will be restored with effect from the date of revival.
Nomination: Nomination of Max Life Fast Track Super Plan is allowed as per Section 38 of the Insurance Act, 1938.
Assignment: Assignment of Max Life Fast Track Super Plan is allowed under Section 39 of the Insurance Act, 1938. Surrender/discontinuing the policy: Surrender or discontinuation of Max Life Fast Track Super Plan is allowed before the maturity. The company charges the following amount on surrender or discontinuation of the plan.
| Policy year | Surrender charges for five pay and regular pay option |
|---|---|
| 1st year | Rs. 6000, 6% of the total fund value, or 6% annualised premium, whichever is lower. |
| 2nd year | 4% of the fund value, 4% of the annualised premium, or Rs. 5000, whichever is lower. |
| 3rd year | 3rd year 3% of the fund value, Rs. 4000, or 3% of the annualised premium, whichever is lower. |
| 4th year | Rs. 2000, 2% of the annualised premium, or 2% of the fund value, whichever is lower. |
| 5th year and above | Nil |
| Policy year | Surrender charges for single pay |
|---|---|
| 1st year | Rs. 6000, 1% of the fund value, or 1% of single pay premium, whichever is lower. |
| 2nd year | Rs. 6000, 1% of the fund value, or 1% of single pay premium, whichever is lower. |
| 3rd year | Rs. 4000, 0.25% of the fund value, or 0.25% of single pay premium, whichever is lower. |
| 4th year | Rs. 2000, 0.1% of the fund value, or 0.1% of single pay premium, whichever is lower. |
| 5th year and above | Nil |
Online payment facility: Paying a premium for Max Life Insurance Policy is easy as policyholders can pay the premium online on the official website of Max Life.
SMS Update: Policyholders can receive all the updates regarding their Max Life Insurance policy by activating SMS facility.
Download premium receipt: Policyholders can download the premium receipts online from the company website.
Customer care: Policyholders can get in touch with the customer service team of the company by contacting via helpline number, email, or SMS.
Customers are required to fill up an application form with all the required information and submit the below mentioned self-attested KYC documents:
Age proof: Any one of these can be submitted as a valid age proof – Passport, PAN card, Driving license, School/college certificate, Birth Certificate.
Identity proof: Aadhaar card, PAN card, driving license, or voter ID can be submitted as an identity proof.
Address proof: Aadhaar card, Utility bill, or bank account statement can be submitted as a proof of address.
Suicide exclusion: In case the policyholder commits suicide within12 months from the date of policy inception, the policy will terminate, and the nominee(s) will get the fund value as on date of the demise.
If the policyholder commits suicide within 12 months from the Effective Date of Policy or date of policy revival, the nominee(s) will receive the fund value as on the date of demise.
Fast Track Super Plan from Max Life is an ultimate insurance cum investment product that provides protection as well as helps you to invest in funds. This is a comprehensive plan to take care of your financial needs in the long run. The policy offers six fund options that policyholders can choose from and invest in through the insurance plan. Policyholders have the flexibility to choose the policy term as well as premium payment term.
Fast Track Super Plan is a non-participating, unit-linked endowment plan. The sum assured offered by the policy is based on the annualised premium paid by the policyholders. There is no maximum limit on the sum assured and is subject to the underwriting policy of the company. The minimum sum assured is Rs. 1,25,000 for single pay, Rs, 5,00,000 for five pay, and Rs, 2,50,000 for regular pay. Policyholders are given a choice to select a premium payment frequency.
In the unfortunate event of the demise of the life insured, the higher of the fund value or sum assured is payable to the nominee. The maturity benefit offered is equal to the fund value. Maturity benefits are provided only if the settlement option has not been availed. Tax benefits can be availed under Section 80C, and 10(10D) of the Income Tax Act, 1961.
Max Life Fast Track Super Plan is an insurance product that protects you against unforeseen events and helps you to grow your money. The plan is ideal for those who wish to avail protection and also want to invest money for financial growth.
Who can buy Max Life Fast Track Super Plan?
Any Indian national from the age of 18 to 60 years (for 5 pay and single pay option) and 18 to 50 years (for regular pay option) can buy Max Life Fast Track Super Plan. It is an insurance cum investment plan, suitable for those who want to avail insurance cover and also want to grow money by investing in funds.
Can I take a loan against Max Life Fast Track Super Plan?
Loan facility is not available under Max Life Fast Track Super Plan.
What is the process to cancel the Max Life Fast Track Super Plan?
If you are unsatisfied with the policy features and terms, you have an option to cancel the plan within 15 days from the policy issue date (this period is extended to 30 days if the policy is purchased via distance marketing).
Is it possible to use partial withdrawal and switch option during policy settlement period?
No, policyholders are not allowed to make a partial withdrawal or use the switch option during the policy settlement period.
How much does the company charge for premium redirection?
Max Life Insurance does not charge any fees for premium redirection. Policyholders are allowed up to 6 premium redirections in a policy year for free.
Does the company charge for using switch option?
The company does not charge anything to policyholders if they use a switch option. However, a maximum of 12 switches is allowed during a policy year.
Does the policy offer any optional riders?
Fast Track Super Plan does not offer any optional riders.
How can I claim my Max Life Fast Track Super Plan?
If you want to claim Max Life Fast Track Super Plan, you need to submit the following documents to Max Life Insurance.
What are the charges for using the partial withdrawal feature?
Partial withdrawals are allowed from the 6th policy year for free. Policyholders can withdraw funds partially twice in a year.
Why should I purchase Max Life Fast Track Super Plan?
What are the fund options available under Max Life Fast Track Super Plan?
The policyholder has an option to choose from the below-listed funds to invest the premium amount.
