Max Life Fast Track Super Plan

What is the Max Life Fast Track Super Plan?

Max Life Fast Track Super Plan is a Unit Linked Non Participating Individual Life Insurance Plan that offers a unique combination of life insurance coverage and investment opportunities. This investment plan is designed to cater to individuals who desire both financial security and potential wealth growth.

While life insurance provides a safety net for your loved ones in case of unforeseen events, many people also seek avenues to grow their wealth through investments. The Max Life Fast Track Super Plan addresses this dual need by offering a platform to invest in market-linked funds while enjoying the benefits of life insurance.

Features of Max Life Fast Track Super Plan 

Below are the features of the Max Life Fast Track Super Plan: 

• 14 Fund Options: Choose from a diverse range of 14 fund options to align your investments with your risk appetite.

• Free Fund Switches: Enjoy the freedom to switch between funds up to 12 times a year at no extra cost.

• Partial Withdrawals: Once the 5-year lock-in period ends, you can make two partial withdrawals per year to meet your financial needs.

• Tax Benefits: Get tax benefits on your premium payments as per prevailing government tax laws.

• Flexible Payout Options: Choose to receive the entire fund value at maturity or opt for a monthly income for five years after maturity.

• Comprehensive Protection: In case of the unfortunate demise of the policyholder, the nominee receives the higher of life cover or the total fund value (subject to a minimum of 105% of total premiums paid).

• Reward for Staying Invested: Earn additional benefits in the form of Guaranteed Loyalty Additions, equivalent to 0.30% of the fund value, starting from the 11th policy year.

Also Check: Max Life Investment Plans

Eligibility Criteria for Max Life Fast Track Super Plan

Benefits of Max Life Fast Track Super Plan

Below are the benefits of the Max Life Fast Track Super Plan:

• Maturity Benefit: Max Life Fast Track Super is a Unit-Linked Insurance Plan (ULIP). This means your investment grows based on the performance of the chosen funds. At the end of the policy term, you will receive the total value of your investment, known as the fund value, as your maturity benefit.

• Death Benefit: In the unfortunate event of the policyholder's demise, the nominee will receive the highest of the following:

  • Sum Assured: This is the guaranteed amount based on your premium.

  • Fund Value: The total value of your investment at the time of death.

  • Minimum Guarantee: A sum equal to 105% of the total premiums paid.

• Tax Benefits: You may be eligible for tax benefits on your premiums and the policy proceeds. However, tax laws are subject to change, and it's advisable to consult with a tax professional to understand your specific situation.

Riders Under Max Life Fast Track Super Plan

Enjoy comprehensive coverage with the Max Life Smart Ultra Protect Rider. This optional rider offers multiple benefits to safeguard your future:

• Term Booster with Accelerated Terminal Illness: Financial support in case of critical illness.

• Accidental Death Benefit: Protection for unexpected accidents.

• Accidental Total & Permanent Disability: Coverage for life-changing disabilities.

• Payor Benefit: Secure your family's future in case of the payor's demise. 

Policy Details of Max Life Fast Track Super Plan

• Free Look Period: You have 15 days (or 30 days if the policy was acquired through distance marketing) from the receipt of the policy to review and return it if you disagree with the terms. If returned, you will receive a refund of the non-allocated premium, cancellation charges, and the fund value minus any deductions for mortality, rider benefits, medical expenses, and stamp duty.

• Grace Period: A grace period of 30 days (15 days for monthly mode) is provided for premium payment. During this time, the insurance coverage continues.

• Switching Funds: You may switch between available funds anytime, with a minimum switch amount of ₹5,000. Up to 12 switches are allowed per policy year, free of charge. Switching is not allowed during the first five years if the policy is discontinued, but it is permitted during the settlement period.

• Premium Redirection: You can redirect future premiums among available funds up to six times a year, free of charge. Notice must be given before the premium due date.

• Partial Withdrawals: Allowed after the first five policy years, with a maximum of two withdrawals per year. The minimum withdrawal amount is ₹5,000, and the maximum is 50% of the fund value, provided the remaining fund value is at least one annualized premium or 25% of the single premium.

• Settlement Option: You can opt for a settlement option up to 15 days before the maturity date, allowing you to receive payouts over a maximum of five years. Mortality and fund management charges continue during this period, with a risk cover of 105% of total premiums paid. Partial withdrawals are not allowed during this period, but fund switches are.

• Option to Reduce Premium Post Lock-In: After the five-year lock-in period, you can reduce the premium by up to 50%, subject to a minimum premium limit. This option can be exercised only once, and the sum assured will be reduced proportionately.

• Revival Period: If the policy lapses due to unpaid premiums, you have three years to revive it. To revive, you must submit a written request, provide proof of insurability, and pay overdue premiums. Upon revival, the risk cover is restored, and the fund value is credited back to the chosen funds. If the policy is not revived within three years, it will be deemed surrendered.

• Policy Termination: The policy will terminate upon the earlier of the following events:

  • Death of the life insured.

  • Maturity date if no settlement option is chosen.

  • Complete withdrawal (surrender) after five policy years.

  • Failure to revive the policy within the revival period.

  • If the fund value becomes zero.

Exclusions Under Max Life Fast Track Super Plan

Suicide Exclusion

If the Life Insured commits suicide within 12 months from the policy start date or revival, the policy will terminate. Only the Fund Value as on the death date, plus other charges deducted, will be paid to the beneficiary.