Axis Max Life Fast Track Super Plan

What is the Axis Max Life Fast Track Super Plan?

Axis Max Life Fast Track Super Plan is a Unit Linked Non Participating Individual Life Insurance Plan that offers a unique combination of life insurance coverage and investment opportunities. This investment plan is designed to cater to individuals who desire both financial security and potential wealth growth.

While life insurance provides a safety net for your loved ones in case of unforeseen events, many people also seek avenues to grow their wealth through investments. The Axis Max Life Fast Track Super Plan addresses this dual need by offering a platform to invest in market-linked funds while enjoying the benefits of life insurance.

Features of Axis Max Life Fast Track Super Plan 

Below are the features of the Axis Max Life Fast Track Super Plan: 

• 15 Fund Options: Choose from a diverse range of 15 fund options to align your investments with your risk appetite.

• Free Fund Switches: Enjoy the freedom to switch between funds up to 12 times a year at no extra cost.

• Partial Withdrawals: Once the five-year lock-in period ends, you can make two partial withdrawals per year to meet your financial needs.

• Tax Benefits: Get tax benefits on your premium payments as per prevailing government tax laws.

• Flexible Payout Options: Choose to receive the entire fund value at maturity or opt for a monthly income for five years after maturity.

• Comprehensive Protection: In case of the unfortunate demise of the policyholder, the nominee receives the higher of life cover or the total fund value (subject to a minimum of 105% of total premiums paid).

• Reward for Staying Invested: Earn additional benefits in the form of Guaranteed Loyalty Additions, equivalent to 0.30% of the fund value, starting from the 11th policy year.

Also Check: Axis Max Life Investment Plans

Eligibility Criteria for Axis Max Life Fast Track Super Plan

Benefits of Axis Max Life Fast Track Super Plan

Below are the benefits of the Axis Max Life Fast Track Super Plan:

• Maturity Benefit: Axis Max Life Fast Track Super is a Unit-Linked Insurance Plan (ULIP). This means your investment grows based on the performance of the chosen funds. At the end of the policy term, you will receive the total value of your investment, known as the fund value, as your maturity benefit.

• Death Benefit: In the unfortunate event of the policyholder's demise, the nominee will receive the highest of the following:

  • Sum Assured: This is the guaranteed amount based on your premium.

  • Fund Value: The total value of your investment at the time of death.

  • Minimum Guarantee: A sum equal to 105% of the total premiums paid.

• Tax Benefits: You may be eligible for tax benefits on your premiums and the policy proceeds. However, tax laws are subject to change, and it's advisable to consult with a tax professional to understand your specific situation.

Riders Under Axis Max Life Fast Track Super Plan

Enjoy comprehensive coverage with the Axis Max Life Smart Ultra Protect Rider. This optional rider offers multiple benefits to safeguard your future:

1. Axis Max Life Critical Illness and Disability Secure Rider: 

   If the policyholder is diagnosed with a serious illness like cancer, heart attack, or kidney failure (or any illness covered under the plan), the rider pays them a lump sum amount to help with medical expenses, recovery, or income loss.

2. Axis Max Life Smart Ultra Protect Rider: 

   This rider has four benefit options. You can choose based on what extra protection you want:

   Variant 1: Term Booster with Accelerated Terminal Illness

   Under Term Booster with Accelerated Terminal Illness variant, the policyholder receives an extra lump sum payout if diagnosed with a terminal illness (where life expectancy is less than 12 months), or in the event of death, whichever occurs first.

   Variant 2: Accidental Death Benefit

   If the policyholder passes away due to an accident, their family will receive an additional lump sum payout on top of the regular death benefit.

   Variant 3: Accidental Total & Permanent Disability Benefit

   If an accident causes a permanent disability (such as loss of limbs or eyesight) and the policyholder is unable to work, the rider pays a lump sum amount to help cover living expenses and medical treatment.

   Variant 4: Payor Benefit

   If the policyholder dies or is diagnosed with a terminal illness, the rider waives all future premium payments for the main policy and any attached riders.

Note: These riders are optional, you can choose the ones that best suit your protection needs.

Policy Details of Axis Max Life Fast Track Super Plan

• Free Look Period: You have a 30-day Free Look period from the date you receive the policy document (whether received physically or electronically) to review the terms and conditions of your policy.If you disagree with any of the terms and wish to cancel the policy, you can return it within this 30-day window by stating your reasons. No claims should have been made during this time.

• Grace Period: A grace period of 30 days (15 days for monthly mode) is provided for premium payment. During this time, the insurance coverage continues.

• Switching Funds: You may switch between available funds anytime, with a minimum switch amount of ₹5,000. Up to 12 switches are allowed per policy year, free of charge. Switching is not allowed during the first five years if the policy is discontinued, but it is permitted during the settlement period.

• Premium Redirection: You can redirect future premiums among available funds up to 6 times a year, free of charge. Notice must be given before the premium due date.

• Partial Withdrawals: Allowed after the first five policy years, with a maximum of two withdrawals per year.

• Settlement Option: You can opt for a settlement option up to 15 days before the maturity date, allowing you to receive payouts over a maximum of five years. Mortality and fund management charges continue during this period, with a risk cover of 105% of total premiums paid. Partial withdrawals are not allowed during this period, but fund switches are.

• Option to Reduce Premium Post Lock-In: After the five-year lock-in period, you can reduce the premium by up to 50%, subject to a minimum premium limit. This option can be exercised only once, and the sum assured will be reduced proportionately.

• Investment Strategies: Protect your fund from market volatility by choosing one of two investment strategies: the Systematic Transfer Plan or Dynamic Fund Allocation. The first strategy spreads your investment value over time to mitigate market risk, while the second one automatically shifts your funds from high-risk to low-risk options as your policy nears maturity.

Exclusions Under Axis Max Life Fast Track Super Plan

Suicide Exclusion

If the Life Insured commits suicide within 12 months from the policy start date or revival, the policy will terminate. Only the Fund Value as on the death date, plus other charges deducted, will be paid to the beneficiary.