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The financial goals in life may include a variety of investments, for some. Fortunately, there are Unit Linked Insurance Plans (ULIPs) that offer a combination of investment and life coverage to policyholders within a single plan. Max Life Fast Track Super is one such plan.
What is Max life Fast Track Super?
For every hard-working individual, managing their income to get the most out of it is a priority. Some financial decisions, such as purchasing an insurance policy, is necessary for most people to live a peaceful life. Apart from securing life coverage, you may have investment objectives that require you to choose different financial instruments.
Max Life Fast Track Super (UIN: 104L082V04; A Unit Linked Non Participating Individual Life Insurance Plan) is specifically designed to make it easier for policyholders to invest money and enjoy life coverage together. While life coverage is a priority for most, many people feel comfortable making investments that are subject to market risks to get high returns.
Keeping that in mind, Max Life Fast Track Super Plan offers a convenient and safer approach to market investments. If you are planning to invest in a ULIP, choose Max Life Fast Track Super plan and enjoy maximum benefits over the long term. You can also calculate premium payable as per your financial profile.
Benefits of Max life Fast Track Super Plan
It is crucial to be well informed about a policy's terms to evaluate its suitability for your financial objectives. If your goal is to find a policy that provides investment and coverage facilities, it will be helpful to know more about benefits of ULIPs and then invest in Max Life Fast Track Super plan.
1. Death Benefit
Max Life Fast Track Super plan offers a death benefit to the nominee in case of the policyholder's demise. They are liable to receive the higher of sum assured (10x of you annualised premiums) or total fund value (on the Date of intimation of Death), subject to a minimum of 105% of all total premiums paid.
2. Maturity Benefit
In case the policy term ends without a claim towards settlement, the policyholder is eligible to receive a maturity benefit under Max Life Fast Track Super plan. The total value of the policy, i.e., the fund value on the date of maturity, is the amount that makes up the maturity benefit.
Another Max Life Fast Track plan benefit is that the policy holder can choose to receive the maturity benefit in different payouts under the settlement option. You can either convert it into a monthly income source or opt for a lump-sum amount.
2. Maturity Benefit
In case the policy term ends without a claim towards settlement, the policyholder is eligible to receive a maturity benefit under Max Life Fast Track Super plan. The total value of the policy, i.e., the fund value on the date of maturity, is the amount that makes up the maturity benefit.
Another Max Life Fast Track plan benefit is that the policy holder can choose to receive the maturity benefit in different payouts under the settlement option. You can either convert it into a monthly income source or opt for a lump-sum amount.
3. Maturity Benefit
In case the policy term ends without a claim towards settlement, the policyholder is eligible to receive a maturity benefit under Max Life Fast Track Super plan. The total value of the policy, i.e., the fund value on the date of maturity, is the amount that makes up the maturity benefit.
Another Max Life Fast Track plan benefit is that the policy holder can choose to receive the maturity benefit in different payouts under the settlement option. You can either convert it into a monthly income source or opt for a lump-sum amount.
4. Tax Benefits
Like most insurance policies, Max Life Fast Track Super comes with tax benefits specified by the Income Tax Act, 1961. For every earning individual, it is relieving to reduce tax liability in whichever way applicable.
If you purchase Max Life Fast Track Super plan, you may be eligible for tax deductions under Section 80C and Section 10 (10D) of the Income Tax Act, 1961. You are advised to check the recent government regulations and assess the applicable tax deductions to optimize the benefits.
5. Comprehensive Solution
A unit-linked insurance plan has several advantages over a standard insurance plan. With Max Life Fast Track Super, you can achieve diverse financial goals without the hassle of keeping up with several standalone plans. It allows you to create a portfolio that is efficient and convenient.
Features of Max life Fast Track Super Plan
Some Max Life Fast Track plan features make them a suitable choice for many policyholders. Let us discuss them in detail to have an inclusive understanding.
1. Withdrawal Flexibility
Some people are hesitant to make investments because they feel that the money becomes out of their reach. It is a concern that stops them from making long-term investments. There may even be some charges applicable upon withdrawal within some policies.
However, Max Life Fast Track Super plan allows the policyholders to make two free partial withdrawals every year after completing the lock-in period of 5 years. The withdrawal flexibility is one of the practical Max Life Fast Track features that make them desirable to policyholders.
1. Withdrawal Flexibility
Some people are hesitant to make investments because they feel that the money becomes out of their reach. It is a concern that stops them from making long-term investments. There may even be some charges applicable upon withdrawal within some policies.
However, Max Life Fast Track Super plan allows the policyholders to make two free partial withdrawals every year after completing the lock-in period of 5 years. The withdrawal flexibility is one of the practical Max Life Fast Track features that make them desirable to policyholders.
2. 6-Fund Options
There are some market risks associated with different types of investments. The extent of such risks, however, varies from fund to fund.
Max Life Fast Track Super allows investors to choose from 6 different fund options based on their risk appetite. On top of that, you can make 12 free fund switches in a year to meet your investment objective.
3. Guaranteed Loyalty Additions
When you enter into the 11th year of Max Life Fast Track Super plan, an additional benefit of 0.30% of your Fund Value is given by creating other units. The additional benefit is applicable every year after that, and they also increase by 0.02% annually.
The guaranteed loyalty additions are applicable if you opt for the regular premium payment option. It is in your best interest to read the policy terms carefully and make the best use of it.
Reasons To Invest in Max life Fast Track
In life, it is crucial to make smart investment decisions while you have a steady income source. It can prove to be incredibly valuable in a time of need later in life. It can help fulfill long-term goals such as marriage and a child's higher education without putting a substantial burden on your pocket.
The wide range of Max Life Fast Track features and benefits are intended to make it an uncomplicated and safer choice for policyholders. It is an investment choice that gives you the satisfaction of wealth-creation on more straightforward terms and provides financial support to your loved ones.
In life, it is crucial to make smart investment decisions while you have a steady income source. It can prove to be incredibly valuable in a time of need later in life. It can help fulfill long-term goals such as marriage and a child's higher education without putting a substantial burden on your pocket.
The wide range of Max Life Fast Track features and benefits are intended to make it an uncomplicated and safer choice for policyholders. It is an investment choice that gives you the satisfaction of wealth-creation on more straightforward terms and provides financial support to your loved ones.
How Does Max life Fast Track Super Work?
Similar to most insurance policies, Max Life Fast Track Super is a long-term plan that is subject to premium payment by the policyholder. The policy term can be 10 or 20 years, depending on your choice. There are different life cover and premium payment options with varying policy terms.
The minimum age of entry for the Max Life Fast Track Super Plan is 90 days. The maximum age of entry for 5 Pay and Single Pay option is 60 years while it is 50 years for Regular Pay. The maximum maturity age for it is 70 years.
Premium Payment Options
Max Life Fast Track Super offers three different premium payment term options to the policyholders. The premium payment term is the period for which you invest in the policy. Depending on the policy duration of 10 or 20 years, the annualized premium changes.
Premium Payment Term |
Policy Term |
Minimum Annualized Premium |
Maximum Annualized Premium |
Single Pay |
10 Years |
Rs. 1,00,000 |
No Limit, subject to underwriting, as per the Board approved
|
5 Pay |
10 Years |
Rs. 50,000 |
|
Regular Pay |
20 Years |
Rs. 25,000 |
Moreover, there are options for the frequency of premium payment as well. You can choose to pay them on a monthly, quarterly, half-yearly, or annual basis.
Frequently Asked Questions (FAQs)
Q. What Are The Types Of Funds In ULIP Investments?
A. There are typically equity and debt funds, cash funds, balanced funds and income, fixed interest, and bond funds. Different types of policies will include investment options for a specific set of funds.
Q. What Is Fund Value?
A. Fund Value refers to the total value of premiums invested in several funds of your choice.
Fund Value = Accumulated Units in Fund(s) x Net Asset Value of respective Fund(s)
Q. What is Net Asset Value (NAV)?
A. Net Asset value of the ULIPs' holdings in the market is their total value on any given day, subject to market conditions. Insurance websites display the NAV of each fund.
Q. What Is The Switch Fund Option?
A. The switch fund option allows investors to move their money between funds. Most policies allow a specific number of switches, beyond which it may be chargeable. Under Max Life Fast Track Super, there are 12 free switch funds permitted in a year.
Q. How Much Of The Premium Is Used For Investment?
A. A portion of the premium paid towards Max Life Fast Track Super goes into securing life coverage. The remaining part is distributed among funds of the investor’s choice. The amount of premium used for investment varies from product to product.
ARN No: Oct21/Bg/08A
