Max Life Fast Track Super Plan

What are the Key Features?

What are the Fund Investment Options?

The insured has an option to invest the premium in the following investment funds which are:

The customer may also have the option to opt for Systematic Transfer Plan (STP) or Dynamic Fund Allocation to keep the fund value safe from market volatility with a safe investment strategy. Discontinuance Policy Fund is only available in case policy is discontinued in first 5 years.

What are the Plan Benefits?

Death Benefit

On the death of the Life Insured, the nominee is entitled to receive higher of Sum Assured or Fund Value (as on the Date of Death), subject to a minimum of 105% of all premiums paid. The policy terminated thereafter.

Maturity Benefit

Fund Value as on Date of Maturity is paid to the life insured as maturity benefit (provided Settlement Option has not been exercised). Fund value is equivalent to the number of units multiplied by the Net Asset Value (NAV) of the chosen investment fund/funds.

Guaranteed Loyalty Additions

Starting from 11th policy year, additional units of 0.30% of the Fund Value will be allocated to the policy fund at the end of every policy year. The loyalty additions increase by 0.02% (absolute) annually thereafter. Loyalty additions will be payable only on Regular Pay policies.

Partial Withdrawal

After completion of 5 policy years, maximum of 2 Partial Withdrawals is allowed in a policy year to take care of some financial exigencies.

Switching

The policyholder may switch from one fund to another via written request. The minimum amount to be switched is Rs 5,000. 12 switches can be done in a policy year under this plan.

Premium Redirection

The policyholder may redirect the premium between the funds via written request.6 Premium Redirections can be done in a policy year under this plan.

Revival Benefit

The policy shall be revived within the Revival Period only on fulfillment of the specific conditions and on payment of all the overdue Regular Premiums.

Loan Benefit

No Loan benefits under this plan.

Surrender Value

If the surrender of the Policy is done after the completion of the Lock in Period, the Co, will close the Unit Account and pay the Fund Value prevailing on the date of receipt of a valid request for surrender. If the surrender of the Policy is done within the Lock in Period, Co. will credit the Fund Value by creation of Units into the Discontinuance Policy Fund after deducting applicable Discontinuance/Surrender Charges.

Who can Buy the Plan?

Factor	Minimum	Maximum
Age (as on last birthday)	18 Years	50 years – For Regular Pay, 60 years- For Single pay & 5 Pay
Maturity Age	-	70 Years
Policy Tenure	10 Years –For Single Pay & 5 Pay	20 Years- For Regular Pay
Premium Paying Term	Single Pay, 5 Pay or Same as policy term	-
Premium Paying Mode	Monthly, Quarterly, Semi Annually & Annually	-
Sum Assured	Rs 2.5 Lacs - For Regular Pay, Rs 1.25 Lacs- For Single Pay, Rs 5 Lacs-For 5 Pay	No Limit (subject to underwriting)
Premium	Rs 1 Lac – For Single PayRs 50,000- For 5 PayRs 25,000- For Regular Pay	No Limit (subject to underwriting)
Freelook Period	15 days/ 30 days (for distance marketing channel) from the receipt of the policy document	-
Grace Period	30 days & 15 days (for monthly mode)	-
Plan Type	Offline	-

Is any Rider Available with this Plan?

No Riders are available under this plan.

What are the Plan Charges?

Premium Allocation Charge: It is 4% of the premium for 1st year for both 5 pay, Single Pay and regular pay. Premium allocation charges are nil for single ay from 2nd year onwards.3% of the premium for 2nd to 5th policy year for both 5 pay and regular pay. For 5 pay , charges are nil from the 6th year onwards.3% of the premium for 6th to 10th policy years. 3% of the premium charge for 6th to 10th policy year for regular pay and subsequently the charge is nil for regular pay.

Fund Management Charge: The Fund Management Charge is 1.25% for the Growth Super and Growth Fund.1.10% for the balanced fund and 0.90% for the Conservative,Secure and Secure plus fund types.

Policy Administration Charge: For Single pay the charge is 0.05% per month compounding @ 3% p.a from 2nd policy year onwards subject to a maximum of Rs 200 per month. For 5 pay and the regular pay – annual Modes, the charge is 0.33% per month compounding @ 4% p.a from 2nd policy year onwards subject to a maximum of Rs 500 per month. For 5 pay and the regular pay – Non annual Modes, the charge is 0.24% per month compounding @ 4% p.a from 2nd policy year onwards subject to a maximum of Rs 500 per month.

Mortality Charge: It is levied as per the risk cover provided to the insured during the policy term and the age of the insured. For more details, refer to the policy brochure.

Surrender/Discontinuance Charge: The applicable surrender charges depending upon the year of surrender and are applicable if the policy is discontinued in first 4 policy years. 5th year onwards the charges are nil. For more details, refer to the policy brochure.

Switching/Premium Redirection/Partial Withdrawal: No charges are applicable for Switching/Premium Redirection/Partial Withdrawal

Is the Plan, eligible for Tax Benefit?

Premiums paid, qualify for the tax benefits as per Section 80C and the death benefit qualify for tax benefits under section 10 (10D) of the Income Tax Act.

(Subject to the provisions stated therein.)

How the Plan Works?

Let’s look at some examples - Below mentioned premium rates and benefits are assumed for :

Insured: Standard Life, Male

Premium Payment Mode: Annual

Fund Chosen: Balanced Fund

(Note: 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).