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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

Features Max Life Fast Track Super
Minimum Entry Age of Life Insured
(Age as on Last Birthday)
18 years
Maximum Entry Age of Life Insured
(Age as on Last Birthday)
Premium Payment Term Maximum Entry Age (years)
Single Pay / 5 Pay 60
Regular Pay 50
Maximum Maturity Age
(Age as on Last Birthday)
70 Years
Premium Payment Term Single Pay/5 Years (5 Pay) / 20 Years (Regular Pay)
Policy Term 10 Years for Single Pay/5 Pay 20 Years for Regular Pay
Premium Payment Mode Annual, Semi-Annual, Quarterly & Monthly
Minimum Annualized Premium
Single Pay Rs. 1,00,000
5 Pay Rs. 50,000
Regular Pay Rs. 25,000
Maximum Annualized Premium No Limit, subject to underwriting, as per the Board approved underwriting policy of the Company
Fixed Sum Assured Multiple Single Pay 1.25 times the Single Premium  
5 Pay 10 times the Annualized Premium  
Regular Pay 10 times the Annualized Premium  
Minimum Sum Assured Single Pay Rs. 125,000  
5 Pay Rs. 500,000  
Regular Pay Rs. 250,000  
Maximum Sum Assured No Limit, subject to underwriting, as per the Board approved underwriting policy of the Company
Maturity Benefit Fund Value as on Date of Maturity, provided Settlement option has not been exercised

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
Death Benefit

(provided policy is in force)
On death of the Life Insured, higher of Sum Assured or Fund Value (as on Date of Death), subject to minimum of 105% of all premiums paid , shall be payable
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.

This Life Insurance Product Is Offered and Underwritten By Max Life Insurance Co. Ltd.

The Life Insurance contract is between the Proposer and Max Life Insurance Co. Ltd.

Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Mitsui Sumitomo Insurance Co. Ltd. Max Life Insurance Co. Ltd.11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurgaon - 122002 (Haryana). Corporate Agent License No: CA0069. For more details on risk factors, Terms and Conditions, please read the sales brochure carefully before concluding a sale. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in tax laws. Insurance is the subject matter of solicitation. For further details, call Toll free number 1800 200 4006

This Life Insurance Product Is Offered and Underwritten By Max Life Insurance Co. Ltd. Life Insurance Coverage Is Available In This Product. In This Policy The Investment Risk In Investment Portfolio Is Borne By The Policyholder. The Life Insurance contract is between the Proposer and Max Life Insurance Co. Ltd. Applicable Service Tax, Education Cess and any other taxes as imposed by the Government from time to time will be deducted from the premiums received.

Axis Bank Limited is the Corporate Agent of Max Life Insurance Co. Ltd. Axis Bank Limited, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025. IRDAI Corporate Agent License No: CA0069The purchase of a Max Life Insurance product by Axis Bank's customer is purely on a voluntary basis. As Axis Bank is not in the business of insurance, there is no link either direct or indirect between the banking services offered by the bank to its customers and use of the insurance products.

The Linked Insurance Products Do Not Offer any liquidity during the first five years. The policyholder will not be able to surrender/withdraw the monies invested in the Linked Insurance products completely or partially till the end of fifth year. Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. The premium paid in Unit Linked Insurance policies is subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the Proposer/Insured is responsible for his/her decisions. Max Life Insurance Company Limited is only the name of the company and Max Life Fast Track Super Plan is only the name of the Unit Linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects and returns.  Please know the associated risks and the applicable charges, from your insurance agent or the intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.


BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS

IRDAI clarifies to public that

  • IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums
  • IRDAI does not announce any bonus

Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.

ARN No.: Max Life/Axis/Website/Content/Fast Track Super/July 2016

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