The Fast Track Super Plan from Max Life is an ultimate insurance product that helps you save as well as invest in funds. This insurance plan is a comprehensive product to take care of your financial needs so that you do not have to stress about your future.
Max Life Fast Track Super Plan offers 6 funds that customers can choose from and invest in through this insurance plan. Customers have the flexibility to choose premium payments term as well as policy term.
Significant features of Max Life Fast Track Super Plan
Max Life Fast Track Super plan is an insurance scheme that protects you against unforeseen events and helps you grow your money too. The plan is ideal if you wish to avail protection for your loved ones and also want to invest your money for financial growth.
- Sum Assured
Sum assured for Max Life Fast Track Super Plan is based on the annualized premium paid by you. The maximum sum assured has no limit and is subject to underwriting. Minimum sum assured is Rs.1,25,000 for single pay, Rs.5,00,000 for 5 pay and Rs.2,50,000 for regular pay.
Minimum annualized premium for single pay is Rs.1,00,000 for 5 pay it is Rs.50,000 and for regular pay the minimum annualized premium is Rs.25,000.
- Premium-paying Term
Premium paying frequency Single Pay/5 years (5 pay)/20 years (regular pay)
Max Life Fast Track Super Plan is a non-participating unit-linked endowment plan
- Policy validity
Max Life Fast Track Super Plan is available for 10 years for single pay and 5 pay and for 20 years for regular pay
- Floater/individual policy
The Max Life Fast Track Super Plan is an individual insurance policy
- Partial Withdrawals
After 5 years of availing policy, a maximum of two withdrawals per year can be made
Key advantages of Max Life Fast Track Super Plan
Max Life Fast Track Super Plan is loaded with superb benefits for customers.
- Death benefits
In the unfortunate event of death of the insured person, the higher of the applicable sum assured or fund value subject to a minimum of 105% of all premiums paid is payable to the nominee.
- Maturity benefits
Max Life Fast Track plan comes with maturity benefit equal to the fund value. This holds only if the settlement option has not been availed.
- Flexibility to choose funds
Enjoy better returns on your investment made through Max Life Fast Track insurance plan. Avail any of the seven unit linked funds offered by Max and earn great returns on your investment.
- Tax benefits on premiums paid
Tax benefits on the Max Life Fast Track plan are applicable under section 80C, 80D and 10(10D) of the Income Tax Act. These benefits are dependent on the tax laws prevailing at the time of payments of premium and receipt of benefit.
Minimum Entry Age – 18 years
Maximum Entry Age – 60 years for single pay and 5 pay and 50 years of age for regular pay
Maximum Maturity Age – 70 years
GST of 18% is applicable on life insurance effective from the 1st of July, 2017