Max Life Fast Track Super Plan

To assess a policy’s suitability for your financial goals, you must be well-informed on its terms. It will be beneficial to learn more about the advantages of ULIPs and then invest in the Max Life Fast Track Super plan if your objective is to find a policy that offers investment and coverage facilities.

1. Death Benefit

If the policyholder passes away, the Max Life Fast Track Super plan provides a death benefit to the nominee. They are entitled to the greater of the sum assured (10 times your annualized premiums) or the entire fund value (as of the date of notice of death), but only if the sum assured is at least 105% of all premiums paid.

2. Maturity Benefit

The policyholder is eligible to receive a maturity benefit under the Max Life Fast Track Super plan if the policy term expires without a claim being made for settlement. The maturity benefit is calculated as a percentage of the policy’s total value, or the fund value, on the day of maturity.

The opportunity for the policyholder to pick how the maturity benefit is paid out under the settlement option is another advantage of the Max Life Fast Track plan. You have the option of making it a monthly income source or choosing a flat sum.

3. Tax Benefits

Max Life Fast Track Super has tax advantages outlined under the Income Tax Act of 1961, similar to the majority of insurance contracts. Reducing tax liability in whatever way that is possible is soothing for every earner.

You might qualify for tax deductions if you acquire the Max Life Fast Track Super plan under Sections 80C and 10 (10D) of the Income Tax Act of 1961. To maximize the benefits, it is essential that you review the most recent government laws and evaluate the relevant tax deductions.

4. Comprehensive Solution

Over a traditional insurance plan, a unit-linked insurance plan has many benefits. You can accomplish a variety of financial objectives with Max Life Fast Track Super without having to worry about managing numerous separate programs. It enables you to make an effective and practical portfolio.

5. Guaranteed Loyalty Additions

The creation of other units provides an additional benefit of 0.30% of your Fund Value when you join the Max Life Fast Track Super plan’s eleventh year. The increased benefit is then applicable each subsequent year, and it also grows by 0.02% each year.

If you choose the regular premium payment option, guaranteed loyalty additions are applied. It is to your best advantage to thoroughly read the policy terms and utilise it as intended.

6. Withdrawal Flexibility

After the 5-year lock-in period is up, the Max Life Fast Track Super plan enables policyholders to take two free partial withdrawals each year. One of the useful aspects of Max Life Fast Track that makes them appealing to policyholders is the withdrawal flexibility.

7. 6-Fund Options

Depending on their level of risk tolerance, Max Life Fast Track Super offers investors a choice of six distinct fund options. In addition, you can change 12 free funds in a year to achieve your investing goal.

8. Grace Period

If the premium is not paid by the due date, a Grace Period of 30 days (15 days for monthly mode) from the first unpaid premium’s due date will be allowed. Throughout this grace period, the risk will be covered, and the insurance will continue to charge the applicable fees.