Ulip Plan: The plan combines protection and savings into a simple and flexible solution.

Ulips Mortality Charges: Max Life Insurance Company has announced the launch of Max Life Flexi Wealth Plus, a unit-linked non-participating individual life insurance plan. The plan combines protection and savings into a simple and flexible solution.

In Max Life Flexi Wealth Plus Plan, one can personalize their unit-linked insurance plan (ULIP) based on individual risk appetites and convenience. One can also design their premium payment and portfolio in line with individual demands, context, and moments in life.

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 are automated strategies which let the customers avail a hassle-free portfolio rebalancing based on a set and defined manner. They are lifecycle based portfolio strategy, trigger-based portfolio strategy, systematic transfer plan and dynamic fund allocation strategy.

Product Features

• Wealth variant where one has 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.
• ‘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

The plan comes with the feature of ‘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.

The mortality charges represent the cost of insurance which is deducted on a monthly basis out of the premium paid.

For providing liquidity, there are 12 free partial withdrawals within funds in a year after the lock-in period ends in the policy. Further, there are unlimited free switches without any charges being levied in the plan.

What to do

Ulips suits if you are unable to keep investments and protection needs separate. Once bought, it is better to link your savings in Ulips to your long term goal which are at least ten years away. Initially put your premiums in all-equity funds and nearing maturity shift them to less volatile debt funds to preserve the attained growth.