Max Life Insurance launches first Exclusive online ULIP product ‘Online Savings Plan’
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 & Policybazaar.com, 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 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:-
- Lumpsum payout of Sum Assured in case of death of the parent insured: To take care of immediate short term needs
- Monthly Family Income Benefit of 1% of Sum Assured: To take care of recurring expenses like school fees etc.
- 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 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.