MAX LIFE INSURANCE LAUNCHES ITS FIRST EXCLUSIVE ONLINE ULIP PRODUCT ‘ONLINE SAVINGS PLAN’

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MAX LIFE INSURANCE LAUNCHES ITS FIRST EXCLUSIVE ONLINE ULIP PRODUCT ‘ONLINE SAVINGS PLAN’
MAX LIFE INSURANCE LAUNCHES ITS FIRST EXCLUSIVE ONLINE ULIP PRODUCT ‘ONLINE SAVINGS PLAN’

MAX LIFE INSURANCE LAUNCHES ITS FIRST EXCLUSIVE ONLINE ULIP PRODUCT ‘ONLINE SAVINGS PLAN’

  • Zero Premium Allocation charge and Zero Policy Admin charge to maximize benefits.
  • One Plan for all needs Insurance coverage, Long Term Wealth Creation, Saving for Child’s Future, Build Corpus for Retirement Needs.
  • Freedom to Increase Life Insurance Cover, Choose Payment & Maturity Term.
  • Choice of Investment Funds basis Risk appetite.Triple Protection Benefit in variant 2 focusing on child solution.

NEW DELHI, MAX LIFE INSURANCE, one of the leading life insurance companies in India, launched an online ULIP plan- MAX LIFE ONLINE SAVINGS PLAN. With this, Max Life marks its entry into the evolving online ULIP space.The product has been designed basis extensive consumer research undertaken by Max Life Insurance &  , India’s leading online web aggregator. The new age customer is more concerned about life goals like retirement, child education, child’s marriage etc, after the primary expectation of money growth from their investment in insurance. Max Life believes that today’s digital savvy customers are independent and believe in not just researching online but also comfortable buying a serious financial product on their own which can give them flexibility of deciding their own investment strategy. MAX  LIFE ONLINE SAVINGS PLAN has been designed in a way that it provides complete freedom to the customer for taking informed decisions basis their changing life stage needs and future goals.

TWO VARIANTS TO HELP CONSUMERS PLAN FOR LONG TERM WEALTH CREATION OR BUILD CORPUS FOR RETIREMENT NEEDS AND SAVE FOR THEIR CHILD’S FUTURE.

Max Life is offering two variants of the product -VARIANT 1 and VARIANT 2 and aims at achieving maximum return for its customers with Zero Premium Allocation and Zero Policy Administration charge.

These variants of the online ULIP product from Max Life Insurance have several unique propositions that give the customers freedom to choose any combination of the premium payment term and the policy maturity term
(minimum 5 years to maximum 30 years) and decide the sum assured in the Wealth Solution. The Child Solution variant offers inbuilt benefits for the child in case of the death of the insurer.

VARIANT 1 –Maximises long term wealth creation while offering various benefits including tax exemption on premiums paid and maturity proceeds (as per the prevailing tax laws). This variant offers a unique
flexibility to choose a higher life insurance [1] cover.

VARIANT 2 – In addition to creating long term corpus this variant offers a triple protection benefit to ensure that the financial future of the child is secure even in case of death of the parent insured.

Variant 2 offers:-

i)Lumpsum payout of Sum Assured in case of death of the parent insured: To take care of immediate short term needs.

ii)Monthly Family Income Benefit of 1% of Sum Assured: To take care of recurring expenses like school fees etc.

iii)All future premiums will be funded by Max Life Insurance: To ensure that policy continues even after the death of the parent Insured so that the corpus planned for child’s future continues to grow.

MR. MANIK NANGIA, DIRECTOR MARKETING AND CHIEF DIGITAL OFFICER OF MAX LIFE INSURANCE [2] said, _”We at Max Life Insurance have been making continuous efforts to understand the changing needs of individuals and
have thus incorporated them into our product offerings. Embarking on the digital evolution, we are offering the first online ULIP product in order to make it more relevant for the digital customers. We believe that the new Online ULIP from Max Life Insurance will live up to the expectations of customers of various age groups and equip them for a
better future.” _

MR. YASHISH DAHIYA, CEO & CO-FOUNDER OF POLICYBAZAAR.COM said, _”The
latest generation of Ulips have emerged as a very strong
investment-cum-insurance product. We are very proud to provide our inputs in designing of Max Life Online Savings Plan. The product has some great features that ensures liquidity and provides for more flexibility for consumer in planning their long-term savings.”_

The new ULIP plan allows the policyholder to choose from the five Fund options or Fund strategy, which includes equity oriented funds, debt funds and balanced funds. At the inception of the policy, the policy holder can opt for the Dynamic Fund Allocation. If this option is in force, then Max Life will automatically allocate the Premiums received
on the later of the date of receipt of the Premium or the due date of Premium payment and switch Units in the Funds on each Policy Anniversary, in a pre-determined proportion The policyholder may opt out of the Dynamic Fund Allocation at any time during the policy term, which will then be effective from the next policy anniversary, however the option of opting in for it can only happen prior to the inception of the policy. Once opted out, the policyholder cannot again opt for the Dynamic Fund Allocation.

KEY PRODUCT FEATURES

#

DESCRIPTION

DETAILS

2.1

MINIMUM ENTRY AGE (AGE AS ON LAST BIRTHDAY)

18 years

2.2

MAXIMUM ENTRY AGE (AGE AS ON LAST BIRTHDAY)

Variant 1: 60 years

Variant 2: 54 years

2.3

BACKDATING OF POLICY

Not allowed

2.4

MAXIMUM MATURITY AGE OF THE LIFE INSURED _(AGE AS ON LAST BIRTHDAY)_

Variant 1: 70 Years

Variant 2: 64 years

_* Entry/Exit age table in Annexure 1_

2.5

MINIMUM ANNUALISED PREMIUM

Annual Mode:            36,000/-

Semi Annual mode:  18,000/-

Quarterly mode:        9,000/-

Monthly mode:          3,000/-

2.6

MAXIMUM ANNUALISED PREMIUM

There is no limit on the maximum premium and the same shall be subject to the limits determined in accordance with the Board approved underwriting policy of Max Life.

2.7

POLICY TERM

5 years to 30 years (pick a term)

2.8

PREMIUM PAYMENT TERM

5 years to 30 years (pick a PPT); max. upto selected term

2.9

PREMIUM PAYMENT MODE

Annual Mode; Monthly Mode; Quarterly Mode;Semi-annual Mode

2.10

SUM ASSURED

Variant 1: Cover multiples allowed –

AGE

COVER MULTIPLE ALLOWED

18 – 45

10x, 15x, 20x

46 – 55

10x, 15x

56 & above

10x

Variant 2: Cover multiple is fixed at 10x

2.11

MINIMUM FACE AMOUNT / BASIC SUM ASSURED

Rs. 3,60,000/-

2.12

MAXIMUM FACE AMOUNT / BASIC SUM ASSURED

There is no limit on the maximum Sum Assured and the same shall be subject to the limits determined in accordance with the Board approved underwriting policy of Max Life.

ABOUT MAX LIFE INSURANCE CO. LTD                               ( WWW.MAXLIFEINSURANCE.COM )

Max Life Insurance, one of the leading life insurers, is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is part of the Max Group, which is a leading Indian multi-business corporation, while Mitsui Sumitomo
Insurance is a member of MS&AD Insurance Group, which is amongst the leading insurers in the world. Max Life Insurance offers comprehensive life insurance solutions for long term savings, protection and retirement through its high quality agency distribution and multi-channel distribution partners. A financially stable company with a
strong track record over the last 17 years, Max Life Insurance offers superior investment expertise. Max Life Insurance has the vision ‘To be the most admired life insurance company by securing the financial future
of our customers’. Max Life has a strong customer-centric approach focused on advice-based sales and quality service delivered through its superior human capital.

During the Financial Year 2016-17, Max Life Insurance achieved gross written premium of Rs.10,780 crore and had sum assured in force of Rs.3,77,572 crore. As on 31st March 2017, Max Life had Rs.44,370 crore of Assets Under Management. As on 31st March 2017, Max Life had
39,13,000 policies in-force which were procured and now services through its 9,446 employees,  54,283 agent advisors at its 210 own offices across the country.

Links:
——
[1] https://www.maxlifeinsurance.com
[2] https://www.maxlifeinsurance.com/about-us/about-us.aspx?utm_source=press%20-%20release&utm_medium=article&utm_campaign=CII%20-%20MLI
[3] https://www.maxlifeinsurance.com/?utm_source=press%20-%20release&utm_medium=article&utm_campaign=CII%20-%20About%20MLI
[4] http://www.ketchumsampark.com/

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