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Max Life Fast Track Super Plan

Max Life Fast Track Super Plan is a Non Participating Unit Linked Insurance Plan that aims to provide to the insured, insurance options with a simplistic, realistic and safe approach to invest in the market with multiple fund options to choose from. It is a plan that helps the insured in managing their finances better so in the years ahead and ensure a solid financial platform for the insured and his/her family for the years ahead.
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Max life Insurance plans
Distribution - Number of branches pan India (March 2019)
239
Entry Age Minimum/Maximum (Years) - Term Plans
18/70
Sum Assured Minimum / Maximum - Term Plans
10 lacs / Unlimited
Policy Term Minimum / Maximum (Years) - Terms Plans
10/50
Solvency Ratio (FY 2018-19) *
2.42
Number of Policies Sold (Ind+Group) *
527,601
Number of Lives Covered (Ind+Group) **
6,438,358
Claims Settlement Ratio (Ind+Group) ***
98.95%
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20  |  *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

Max Life Fast Track Super Plan

  • Key Benefits
  • Eligibility
  • Investment Strategy
  • Benefit Description

Key Benefits of Max Life Fast Track Super Plan

Max Life Fast Track Super offers the following benefits:
  • Comprehensive Life insurance coverage is an inbuilt part of the plan.
  • Option to choose Policy and Premium Payment Terms as per the financial convenience of the insured.
  • Choice of 6 (six) Funds for investors to choose from depending on their risk appetites and investment philosophies.
  • Systematic Fund Transfer and Dynamic Fund Allocation mechanism to protect investments against market volatility.
  • Flexibility to make Partial Withdrawals to meet unplanned expenses.

Eligibility of Max Life Fast Track Super Plan

Eligibility Criteria
Minimum / Maximum Age of Life Insured at Entry (age as on last birthday Minimum Entry Age - 18 years
Maximum Entry Age - 5 Pay and Single Pay -60 years
Maximum Entry Age - Regular Pay -50 years
Maximum Maturity Age of the Life Insured (age as on last birthday) 70 years
Premium Payment Terms
  • Single Pay
  • 5 years (5 Pay)
  • 20 years (Regular Pay)
Policy Term
  • 10 years for Single Pay/5 Pay
  • 20 years for Regular Pay
Minimum Annualized Premium Single Pay - ₹100,000
5 Pay - ₹50,000
Regular Pay - ₹25,000
Fixed Sum Assured Multiple Single Pay - 1.25 times Single Premium
5 Pay - 10 times Annualized Premium
Regular Pay - 10 times Annualized Premium
Minimum Sum Assured Single Pay - ₹125,000
5 Pay - ₹500,000
Regular Pay - ₹250,000
Maximum Sum Assured No Limit, subject to underwriting, as per the underwriting policy of the Company
Death of Life Insured (provided policy is inforce) The product has Level Death Benefit. On death of the Life Insured, higher of Sum Assured or Fund Value (as on the date of death), subject to a minimum of 105% of all premiums paid, shall be payable.
Guaranteed Loyalty Additions 0.30% of fund value shall be added to the fund by creation of additional units, at the end of every policy year starting from 11th policy year. The loyalty additions increase by 0.02% (absolute) each year thereafter. The additional units shall be created in different funds in proportion of Fund Value at the time of credit.
Riders Not available in this plan
Top Up Not available in this plan
Policy Loan Provisions Not available in this plan

Investment Strategy of Max Life Fast Track Super Plan

The insured may choose to invest in following six (6) Funds available in this plan. Alternatively, one may also opt for either Systematic Transfer Plan or Dynamic Fund Allocation strategy, but not both.
Choose the Investment Strategy
High Growth Fund High Growth Fund is a multi-cap fund with a focus on mid cap equities, where predominant investments are equities of companies with high growth potential in the long term (to target high growth in capital value assets). At least 70% of the Fund corpus is invested in equities at all times. However, the remaining is invested in government securities, corporate bonds and money market instruments; hence the risk involved is relatively higher.
Growth Super Fund Growth Super Fund is primarily equity oriented by ensuring at least 70% of the Fund corpus is invested in equities at all times. The remaining is invested in debt instruments across Government, corporate and money market papers.
Growth Fund Growth Fund invests in various asset classes such as Equities, Government Securities, Corporate Bonds and Money Market Instruments. The equities exposure in the Fund will at all times be at a minimum of 20% but not more than 70%. The Fund invests the remaining Fund corpus in debt instruments across Government, corporate and money market papers.
Balanced Fund Balanced Fund invests primarily in debt instruments such as Government Securities, Corporate Bonds, Money Market Instruments etc. issued primarily by Government of India/State Governments and to some extent in Corporate Bonds and Money Market Instruments. The Fund invests minimum of 10% and up to maximum of 40% of Fund corpus in equities.
Conservative Fund Conservative Fund invests primarily in debt instruments such as Government Securities, Corporate Bonds, Money Market Instruments etc. issued primarily by Government of India/State Governments and to some extent in Corporate Bonds and Money Market Instruments. The Fund invests up to 15% of Fund corpus in equities.
Secure Fund Secure Fund invests in debt instruments such as Government Securities, Corporate Bonds, Money Market Instruments etc. issued primarily by Government of India/State Governments, corporate and banks. The Fund also invests in money market instruments as prescribed by IRDA. No investment is made in equities.

Benefit Description of Max Life Fast Track Super Plan

Death Benefit In case of Death of the Life Insured anytime during the term of the Policy, higher of Sum Assured or Fund Value (as on the date of death), subject to a minimum of 105% of all premiums paid, shall be payable. The Policyholder can be different from the Life Insured and the same shall be governed by the applicable insurance laws and/or principles of insurable interest.

Maturity Benefit On maturity, the insured will be eligible to receive an amount, provided settlement option has not been exercised, equal to the Fund Value, where the Fund Value will be calculated as: Fund Value = Summation of [Accumulated Units in Fund(s) X NAV of respective Fund(s) as on the Maturity Date]

Please Note: In case the Maturity Date is a non working day for the Company or markets then next working day‟s NAV will be applicable.

Flexibilities Offered

  • Switch – The insured may Switch between available Funds at any time during the Policy Term, subject to a minimum Switch amount of ₹5,000. Maximum of twelve (12) Switches are allowed in a Policy Year and they are free of charge. Following receipt of a written notice from the insured, the insurer will redeem the Units from the existing fund and purchase Units in the Fund the insured wishes to switch to.
  • Premium Redirection – The insured may redirect future Premiums between available Funds at any time by giving a written notice before the premium due date. The notice must quote the Policy Number and it must specify precisely the Fund(s) along with the percentage of premium allocation against each Fund to which the redirection of premium is sought. A maximum of six (6) Premium Redirections are allowed in a policy year and all are free of charge.
  • Partial Withdrawal - No Partial Withdrawals are allowed in the first five policy years and thereafter a maximum of two (2) Partial Withdrawals are allowed in a policy year. There is no charge on Partial Withdrawals. The minimum amount of Partial Withdrawal allowed per transaction is ₹5,000. In a policy year, the maximum amount that can be partially withdrawn is 50% of the Fund Value as on the date of partial withdrawal, subject to the Fund Value immediately after Partial Withdrawal being at least equal to 1 (One) Annualized Premium or 25% of Single Premium, as the case maybe, i.e., one may make two partial withdrawals in a policy year such that the summation of percentage of Fund Value withdrawn, is less than or equal to 50%.
  • Settlement Option – The insured may, at least fifteen (15) days prior to the Maturity Date, opt for a Settlement Option, pursuant to which the Company will continue to manage the Funds for a maximum period of five (5) years from the Maturity Date and make periodic payments. While opting for settlement option the insured will have to instruct the insurer on settlement period (up to 5 years) and the frequency (monthly, quarterly, semi-annual or annual) of payouts. Under settlement option, the balance number of Units in the Fund at the start of the settlement period will be divided in equal instalments for payout over the settlement period. During the settlement period, only Fund Management Charges shall continue to be levied and there shall be no risk cover. During the settlement period, the insured will not be entitled to affect Partial Withdrawal or exercise Switch options. In case of the death of the Life Insured during the settlement period, the Fund Value, prevailing as on the date of intimation of death, will be paid. The insured may, at any time, opt out of the Settlement Option pursuant to which the Company shall close the Unit Account on the date of receipt of such request and pay the prevailing Fund Value.

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CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2025