Max Life Fast Track Super
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| Launch Date | UIN | Status |
| 18/3/2018 | 104L082V03 | Active |
About Max Life Fast Track Super
The Max Life Fast Track Super plan is a non-participating unit-linked insurance plan (ULIP) that invests in multiple funds for profits from the share market. It also works as a life insurance policy to cover the investor’s family in case of his/her untimely death. An additional benefit of the plan is the flexibility offered to make partial withdrawals to meet unplanned expenses. The plan helps finance your future needs.
Let’s understand this plan in brief before getting into its details:
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Modes of Payment |
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Claim Settlement Ratio of the insurer |
98.26 |
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USPs of the Policy |
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Illustration with Premium of INR 1 Lakh |
If a 40-year-old individual opts for an annualized premium of Rs 1,00,000 for premium payment term of 5 years and policy term of 10 years, the fund value at maturity with assumed 8% rate of return will be Rs 7,10,025. With 4% rate of return, the fund value will be Rs 5,11,825.
If a 40-year-old individual opts for an annualized premium of Rs 50,000 for premium payment term of 20 years and policy term of 20 years, the fund value at maturity with assumed 8% rates of return will be Rs 19,74,181. With 4% rates of return, the fund value will be Rs 12,53,008. |
How Does the Plan Work?
An individual is required to choose from single pay, 5-pay, and regular pay, which are the three premium payment term options available for the period you will invest in the policy. The single pay and 5-pay options can be selected for a policy term of 10 years and the regular pay option can be selected for a policy term of 20 years.
The minimum annualized premium for single pay is Rs 1,00,000. The minimum annualized premium for 5-pay is Rs 50,000. The minimum annualized premium for regular pay is Rs 25,000.
The premiums will be invested in one of the following funds or a combination of them:
- High Growth Fund:
- SFIN: ULIF01311/02/08LIFEHI GHGR104
- Government securities: 0% to 30%
- Corporate bonds: 0% to 30%
- Money market and cash instruments: 0% to 30%
- Equity and equity-related securities: 70% to 100%
- Risk rating: Very high
- Growth Super Fund:
- SFIN: ULIF01108/02/07LIFEG RWSUP104
- Government securities: 0% to 20%
- Corporate bonds: 0% to 20%
- Money market and cash instruments: 0% to 30%
- Equity and equity-related securities: 70% to 100%
- Risk rating: High
- Growth Fund:
- SFIN: ULIF00125/06/04LIFEG ROWTH104
- Government securities: 0% to 30%
- Corporate bonds: 0% to 30%
- Money market and cash instruments: 0% to 40%
- Equity and equity-related securities: 20% to 70%
- Risk rating: High
- Balanced Fund:
- SFIN: ULIF00225/06/04LIFEB ALANC104
- Government securities: 20% to 50%
- Corporate bonds: 20% to 40%
- Money market and cash instruments: 0% to 40%
- Equity and equity-related securities: 10% to 40%
- Risk rating: Medium
- Conservative Fund:
- SFIN: ULIF00325/06/04LIFEC ONSER104
- Government securities: 50% to 80%
- Corporate bonds: 0% to 50%
- Money market and cash instruments: 0% to 40%
- Equity and equity-related securities: 0% to 15%
- Risk rating: Low
- Secure:
- SFIN: ULIF00425/06/04LIFES ECURE104
- Government securities: 50% to 100%
- Corporate bonds: 0% to 50%
- Money market and cash instruments: 0% to 40%
- Equity and equity-related securities: Nil
- Risk rating: Low
- Secure Plus Fund (available with the systematic transfer plan only):
- SFIN: ULIF01628/04/09LIFESECPLS104
- Government securities: 50% to 100%
- Corporate bonds: 0% to 50%
- Money market and cash instruments: 0% to 40%
- Equity and equity-related securities: Nil
- Risk rating: Low
Maturity Benefits
The maturity amount will be equal to the fund value on the date of maturity. The fund value will be calculated as per the following equation:
Fund Value = Summation of accumulated units in the fund(s) * NAV of respective fund(s) as on the maturity date
Death Benefits
In the event of death, the nominee is offered the highest of the following:
- Sum assured, which is one the following, based on the premium paying mode:
- Fixed sum assured for the single pay mode is 1.25 times the single premium
- Fixed sum assured for the 5-pay mode is 10 times the annualized premium
- Fixed sum assured for the regular pay mode is 10 times the annualized premium
- Total fund value at time of the insured’s death
- 105% of all premiums paid till date
Tax Benefits
Tax benefits apply under Section 80(C), 80(D), 80(DD), 10(10D) in compliance with prevailing tax laws.
Guaranteed Additions
Additional benefits are paid annually as units. This starts from the 11th policy year. Under the regular pay option for premium payment, 0.3% of the fund value is the addition. Loyalty additions increase by 0.02% every year.
Why Should I Buy This Plan?
In addition to the benefits mentioned earlier, here are some more reasons to consider buying the Max Life Fast Track Super plan:
- Flexibility to invest in six funds with 12 free fund switches to match your risk appetite
- After five policy years, two partial withdrawals are allowed every year
- It is a safe method to invest in the share market
COMPARE & BUY SIMILAR PLANS
Who Should Buy This Plan?
The plan can be purchased by citizens of India with a minimum age of 18 years and maximum age of 60 years for the 5-pay and single pay modes; 50 years for the regular pay mode. The plan is a perfect investment option with a death cover. It is a safe and simple method to make profits from the share market.
Company Overview
Max Life Insurance Company is a joint venture between Max India Limited, an Indian multi-business corporate and Mitsui Sumitomo Insurance Company, a prominent insurance company from Japan. Max Life offers a wide range of long term savings and protection-oriented products and is one of the fastest growing Private life insurance companies in India. Max Life emphasizes on advice based sale process, customer centric approach, financial stability and investment expertise.
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