Max Life Insurance launches ‘Flexi Wealth Plus plan’, a ULIP with a range of flexible solutions

With options to personalize your investments basis different risk appetites

• Power to personalize the investment strategy and funds basis specific risk appetites
• Option to customize premium payment and policy terms as per convenience
• Multiple additions to enhance the fund value and return of mortality charges at maturity

 New Delhi, 23 June: Max Life Insurance Company Ltd. (“Max Life” / “Company”), has announced the launch of Max Life Flexi Wealth Plus, a unit linked non-participating individual life insurance plan, that combines protection and savings into a simple and flexible solution. Packaged to have the “best of all” into one single product for the customer – ‘Flexi’ corresponds to the range of flexible options the product offers, ‘Wealth’ signifies the financial growth prospects, and ‘Plus’ captures the essence of added extra benefits as sought by the customer.

Commenting on the product, Aalok Bhan, Director & Chief Marketing Officer, Max Life said, “At Max Life Insurance, we believe it is important to rapidly adapt to a future more aligned with the ever-evolving expectations of our customers. The future will not only require insurance products to become more innovative but take personalization and customization to a new level.

With Max Life Flexi Wealth Plus Plan, the customer has the power to personalize their unit linked insurance plan (ULIP) basis individual risk appetites and convenience. They can also design their premium payment and portfolio in line with individual demands, context, and moments in life. The innovative product is an ideal combination of protection and savings rolled into a simple and flexible solution that allows one to fulfill their goals, be it short-term wealth accumulation or long-term wealth creation, in a manner most suited to them.”

Under Max Life Flexi Wealth Plus Plan, a range of 10 funds and 5 investment strategies are available to choose from. Customers can choose one amongst the five available investment strategies, at no extra cost. While one of these is a self-managed strategy that lets the customer choose any of the fund(s) in any proportion, the other four [lifecycle based portfolio strategy, trigger-based portfolio strategy, systematic transfer plan and dynamic fund allocation strategy] are automated strategies which let the customers avail a hassle-free portfolio rebalancing based on a set and defined manner.

Appealing to a larger set of customers through funds with a wider risk-return framework, the Flexi Wealth Plus Plan offers more choices in self-managed/automated investment portfolio strategies. Being the ‘New’ in new ULIP, the product is aimed at offering enriched returns along with innovative engagement initiatives to tap the unexplored needs in the market. Flexi Wealth Plus Plan is a rich value-add to the bouquet of products available with Max Life, that makes it an important instrument to address the specific desires of today’s investment-savvy ULIP customers.

Product Features include:

• Two variants
  • Wealth variant where customers have the option to choose from multiple options of single, limited, and regular pay in different combinations to grow wealth while securing their family
  • Whole life variant that allows choice from multiple limited pay options (between 7 to 20 years), with death cover for whole life.

 Two types of fund value enhancers

• • ‘Guaranteed Loyalty Additions’ and ‘Guaranteed Wealth Boosters’ which are added as a percentage of Fund Value at specified years during the policy

• Additional feature at maturity

• • ‘Return of Mortality Charges’ where all the mortality charges (in terms of absolute amount and excluding any extra mortality charge or any applicable taxes, cesses and levies) deducted during the term are added to the fund value at maturity 

• 12 free partial withdrawals within funds in a year (subject to the request placed after lock-in period and the amount being in accordance of the terms and conditions of the policy)

 Unlimited free switches without any charges being levied

 Additional optional features

• • Settlement option of 5 years beyond maturity which helps in receipt of periodic instalments of maturity value of units as per the prevailing NAV
  • Increase or decrease in the premium payment term and policy term and an option to decrease premium up to 50% of original annualised premium, both of which are subject to all due premiums being paid, completion of lock-in period and the options available under the chosen variant and subject to the minimum limit as approved by the IRDAI under the plan.