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Life Insurance

Max Life Fast Track Super Plan

Achieve your goals and plan finances better with the right portfolio strategies and fund options

Flexible Premium Payment Term and Policy Term

Options of Premium Payment Term and Policy Term to cater to your need

Guaranteed Loyalty Additions

Option to increase your funds with Guaranteed Loyalty Additions

Flexible investments

Choose from 5 Fund Options

Safeguard Funds

Against market volatilities with STP and Dynamic Fund Allocation

Features and Benefits

Charge Explanation
Premium Allocation Charge The Premium Allocation charge expressed as a percent of premium paid, is depicted in the table below.
Allocation charge (as a % of Single/Annualized Premium)
Policy Year Single Pay 5 Pay Regular Pay
1 4% 4% 4%
2 – 5 Not Applicable 3% 3%
6 – 10 Not Applicable Not Applicable 3%
11 – 20 Not Applicable Not Applicable 0%
 
Fund Management Charges This is a charge levied as a percentage of the value of assets and shall be appropriated, usually daily, by adjusting the Net Asset Value of the Fund. The rate to be levied will be equal to the annual rate, as given above, divided by 365 and multiplied by the number of days that have elapsed since the previous unit valuation date. The annual rate of Fund Management Charge is as below:
Name of Fund Charge (per annum) as % of Fund Value Risk Rating
Growth Super Fund
(SFIN: ULIF01108/02/07LIFEGRWSUP104)
1.25% High
Growth Fund (SFIN: ULIF00125/06/04LIFEGROWTH104) 1.25% High
Balanced Fund (SFIN: ULIF00225/06/04LIFEBALANC104) 1.10% Medium
Conservative Fund
(SFIN: ULIF00325/06/04LIFECONSER104)
0.90% Low
Secure Fund
(SFIN: ULIF00425/06/04LIFESECURE104)
0.90% Low
Secure Plus Fund
(SFIN: ULIF01628/04/09LIFESECPLS104)
- only available with Systematic Transfer Plan
0.90% Low
Discontinuance Policy Fund
SFIN : ULIF002021/06/13/LIFEDISCON104)
- only available in case of policy discontinuance in first five policy years
0.50% Low
 

Policy Administration Charge

This is a charge expressed as a percentage of premiums paid for all variants and is levied at each monthly anniversary by cancelling proportionate Units starting from the date of commencement of policy.

Policy Administration Charge (% of Annualized/ Single Premium)
Premium Payment Term Policy Administration Charge (% of Annualized/ Single Premium)
Single Pay 0.05% p.m. compounding at 3% p.a. from second year onwards up to a maximum of Rs. 200 per month
5 Pay and Regular Pay- Annual mode 0.33% p.m. compounding at 4% p.a. from second year onwards up to a maximum of Rs. 500 per month
5 Pay and Regular pay- Non Annual modes 0.24% p.m. compounding at 4% p.a. from second year onwards up to a maximum of Rs. 500 per month
 
Mortality Charge Mortality charge is levied for providing risk cover to the Life Insured during the Policy Term. This charge is unisex and is levied on the attained age of the Life Insured on the Sum at Risk and. On each monthly anniversary, appropriate number of Units are cancelled from the Unit Account at their Unit Price starting from the date of commencement of the policy. Sum at Risk = Maximum [Maximum (Sum Assured, 105% of Total Premiums Paid) - Fund Value, 0] Please refer to the below mortality rates per thousand sum at risk for some sample ages (standard lives) are as below:
Age Mortality charge (per Rs. 1,000 Sum at Risk)
25 0.98
30 1.06
35 1.28
40 1.80
45 2.87
50 4.95
   
Surrender / Discontinuance Charge
 
This charge shall be levied on the Fund Value at the time of Discontinuance of Policy or effecting Complete Withdrawal (Surrender) whichever is earlier, as per the following table:
For 5 Pay and Regular Pay
Policy Year Surrender Charge
1 Lower of 6% of Annualized Premium or 6% of Fund Value or Rs.  6,000
2 Lower of 4% of Annualized Premium or 4% of Fund Value or Rs. 5,000
3 Lower of 3% of Annualized Premium or 3% of Fund Value or Rs. 4,000
4 Lower of 2% of Annualized Premium or 2% of Fund Value or Rs. 2,000
5 & above Nil
For Single Pay
Policy Year Surrender Charge
1 Lower of 1% of Single pay premium or 1% of Fund Value or Rs  6,000
2 Lower of 0.5% of Single pay premium or 0.5% of Fund Value or Rs  5,000
3 Lower of 0.25% of Single pay premium or 0.25% of Fund Value or  Rs 4,000
4 Lower of 0.1% of Single pay premium or 0.1% of Fund Value or Rs  2,000
5 & above Nil
 
Switch Charge A maximum of twelve Switches are allowed in any policy year and all are free of charge
Premium Redirection Charge A maximum of six Premium Redirections are allowed in each policy year and all are free of any charge.
Partial Withdrawal Charge

After the first five policy years, a maximum of two Partial Withdrawals are allowed in a policy year and both are free of any charge.

The minimum amount of Partial Withdrawal allowed per transaction is Rs. 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., you 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%.

Sum Assured payable on death shall be reduced to the extent of the partial withdrawals made during the two year period immediately preceding the date of death of the Life Insured. However, on attainment of 58 years of age, all partial withdrawals made thereafter will be adjusted out of the Sum Assured to determine the actual sum payable on death.


Service Tax and Education Cess are applicable on all charges as per the prevailing law. Any further taxes and cess shall be passed on to the Policyholder.









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