Max Life Fast Track
Product Info
UIN
104L067V01
Status
Withdrawn
Launch Date
23/05/2011
Withdrawn Date
31/12/2013
Product Overview
This policy maximizes your savings, enabling you to lead a relaxed lifestyle. This policy helps you support to stand strong financially for the future of your family. It provide a Life insurance coverage. Choice of six well-managed funds for investors with different risk appetite is available.
Product Description
- Choice of protection cover basis age of life insured
- Life insurance coverage
- Option of short premium payment terms, enabling an early maturity and fast track accumulation
- Flexibility to make partial withdrawals to meet unplanned expenses
COMPARE & BUY SIMILAR PLANS
Unique Features
- The plan pays sum assured plus fund value in the event of death of life assured
- The fund value can be withdrawn completely after the completion of 5th policy year without any surrender charge
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Minimum / Maximum Age of Life Assured at Entry (Last Birthday) | 30 years to 60 years | ||||
| Maximum Age of Life Assured at Maturity |
70 years | ||||
| Premium Payment Term & Policy Term | |||||
| Single Pay | 10 year policy term | ||||
| 5 Pay | 10 Year policy term | ||||
| 10 Pay | 20 year policy term | ||||
| Premium Payment Mode | Annual, Semi-Annual, Quarterly & Monthly modes | ||||
| Minimum Annual Target Premium | All Variants: Rs 100,000 | ||||
| Minimum Single Premium | Rs 100,000 | ||||
| Maximum Annual Target Premium | No Limit | ||||
| Sum Assured Multiples | |||||
| Limited Pay | Single Pay (SP) | ||||
| Age 30 to 45 years | 10 or 20 times ATP | Age 30 to 45 years | 1.25 or 5 times SP | ||
| Age 46 to 60 years | 10 times ATP | Age 46 to 60 years | 1.25 times SP | ||
| Note:- At no point in time during the term of the policy, the death benefit will be less than; higher of the Sum Assured or 105% of total premiums paid to date. |
|||||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
- Maturity Benefit: Fund Value is paid as the maturity benefit
- Survival Benefit: NA
- Death benefit: Amount equal to Sum Assured plus Fund Value
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Surrender | ||||||
| Surrender within five years of the inception of the Policy | On surrender, this policy will close the unit account and credit the fund value to the Discontinued Policy Fund. | |||||
| On Completion of Five Policy Years, the Company shall pay the proceeds of the Surrendered Policy together with interest earned. | ||||||
| After five years of the inception of the Policy | The Company shall close the Unit Account and pay the Fund Value immediately. | |||||
| Partial Withdrawal: | you can make lump-sum partial withdrawals from your Funds at any time after the Policy has completed five years and within the Policy Term chosen. | |||||
| In case of Single Premium option, the maximum amount of partial withdrawal allowed in any particular year is 20% of the fund value subject to minimum Fund Value equal to 50% of the Single Premium after partial withdrawal of units. | ||||||
| Note:- The minimum amount of partial withdrawal allowed per transaction is Rs 5,000 A maximum of 12 partial withdrawals are allowed in a policy year and all are free of charge. |
||||||
| Switching | You may switch Units between available Funds at any time during the term of the Policy, subject to a minimum switch amount of Rs 5,000. | |||||
| Maximum 12 switches allowed in a Policy Year and these would be free of charge. | ||||||
| Premium Re-direction: | : You may redirect your future Premiums between available Funds at any time by giving Us 7 day’s prior written notice. | |||||
| Maximum 12 re-directions allowed in a policy Year and these would be free of charge. | ||||||
| Note:- *No Switch or Redirection is allowed to and from Secure Plus Fund under STP Option. | ||||||
| Investment Funds Available | ||||||
| Growth Fund (SFIN:ULIF00125/06/04 LIFEGROWTH104) |
Government Securities | 0%-30% | High | |||
| Corporate Bonds | 0%-30% | |||||
| Money Market and Cash Instruments |
0%-40% | |||||
| Equity &Equity related securities | 20%-70% | |||||
| Growth Super Fund (SFIN:ULIF01108/02/07 LIFEGRWSUP104) |
Government Securities | 0%-20% | High | |||
| Corporate Bonds | 0%-20% | |||||
| Money Market and Cash Instruments |
0%-30% | |||||
| Equity &Equity related securities | 70%- 100% |
|||||
| Balanced Fund (SFIN:ULIF00225/06/04 LIFEBALANC104 |
Government Securities | 20%-50% | Moderate | |||
| Corporate Bonds | 20%-40% | |||||
| Money Market and Cash Instruments |
0%-40% | |||||
| Equity &Equity related securities | 10%-40% | |||||
| Conservative Fund (SFIN:ULIF00325/06/04 LIFECONSER104) |
Government Securities | 50-80% | Low | |||
| Corporate Bonds | 0-50% | |||||
| Money Market and Cash Instruments |
0-40% | |||||
| Equity &Equity related securities | 0%-15% | |||||
| Money Market Fund (SFIN:ULIF01528/04/09 LIFEMONEYM104) |
Government Securities | Nil | Capital Preservation | |||
| Corporate Bonds | Nil | |||||
| Money Market and Cash Instruments |
100% | |||||
| Equity &Equity related securities | Nil | |||||
| Secure Fund (SFIN:ULIF00425/06/04 LIFESECURE104) |
Government Securities | 50-100% | Low | |||
| Corporate Bonds | 0-50% | |||||
| Money Market and Cash Instruments |
0-40% | |||||
| Equity &Equity related securities | Nil | |||||
| Systematic Transfer Plan (STP) | ||||||
| Secure Plus Fund (SFIN:ULIF01628/04/09 LIFESECPLS104 |
Government Securities | 60-100% | Low | |||
| Corporate Bonds | 0-40% | |||||
| Money Market and Cash Instruments |
0-40% | |||||
| Equity &Equity related securities | Nil | |||||
Add-ons
- Max Life Dread Disease Rider:
Opted for ages between 30 to 50 years and expires at life insured age 60 years. Coverage from 10 specified dread diseases which is incase Insured is diagnosed with any of the below mentioned diseases, an additional benefit will be paid to the insured. (Heart Attack, Cancer, Stroke, Coronary Artery Bypass Graft, Multiple Sclerosis, Kidney Failure, Major Organ Transplant, Paralysis, Coma, and Heart Valve Replacement/Repair.) - Max Life Personal Accident Benefit Rider:
Paid in case the insured’s death or total and permanent disability caused by an accident. The rider can be opted for ages between 30 to 55 years, and expires at life insured age of 60 years.
Charges
| Charges | |||||
|---|---|---|---|---|---|
| PREMIUM ALLOCATION CHARGE (as a % of ATP) |
The premium allocation charge will be 4% of annual premium throughout the premium payment term in case you opt for a 5 pay or 10 pay option. | ||||
| The premium allocation charge for Single Pay option is 2%. | |||||
| FUND MANAGEMENT CHARGES | |||||
| Name of The Fund | Charge p.a. | ||||
| Growth Fund | 1.25% | ||||
| Growth Super Fund | 1.25% | ||||
| Balanced Fund | 1.10% | ||||
| Conservative Fund | 0.90% | ||||
| Money Market Fund | 0.90%* | ||||
| Secure Fund | 0.90% | ||||
| Secure Plus Fund | 0.90% | ||||
| Note:- Under this fund the declared NAV will not be less than the previous day declared NAV for which a cost of guarantee charge of 0.15% p.a. is levied and is included within the FMC of 0.90% p.a. |
|||||
| Policy Administration Charge | fixed amount of Rs 900 p.a. (Rs 75 per month) for single pay & Rs 1,500 p.a. (Rs 125 per month) for 5 pay / 10 pay variants and is levied at each monthly anniversary by cancelling proportionate units starting from first policy year | ||||
| This charge will inflate @5%p.a. compounded annually starting from the 2nd Policy Year | |||||
| Mortality Charge | Mortality rates applicable in this plan are mentioned below(Rs per 1000) | ||||
| Age Years | 20 | 30 | 35 | 40 | |
| Mortality charge | 1.61 | 1.82 | 2.49 | 3.55 | |
| Switching Charge | 12 switches are allowed in a policy year | ||||
| Redirection Charge |
12 redirections are allowed in a policy yea | ||||
| Partial Withdrawal Charge |
12 partial withdrawals are allowed in a policy year | ||||
| Surrender/Discontinuance Charge shall be lower of the following |
|||||
| If Policy is surrendered/discontinued | As a percentage of Annual Premium | As a percentage of Fund Value | Fixed amount Rs | ||
| In 1st Policy Year | 6% | 6% | 6,000 | ||
| In 2nd Policy Year | 4% | 4% | 5,000 | ||
| In 3rd Policy Year | 3% | 3% | 4,000 | ||
| In 4th Policy Year | 2% | 2% | 2,000 | ||
Exclusions
Suicide: The company pays fund value in case of suicide
Tax Benefits
Service Tax and education cess will be charged extra as per applicable rates
Claim Process
Know claim process of Max Life Fast Track Plan
Company Overview
Max Life Insurance, one of the leading life insurers, is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max India is a leading Indian multi-business corporate, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the top general insurers in the world.
BENEFITS OF BUYING FROM ONEINSURE
OneInsure is owned by Robinhood Insurance Broker Pvt. Ltd.
Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.
