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Max New York Life launches a new ULIP, Smart Assure

Max New York Life Insurance launches a new ULIP to provide customers with higher returns on investments.

Apnainsurance.com Research Bureau

01 Sep 2008

Max New York Life Insurance launches a new Unit-Linked Insurance Product (ULIP) targeted at customers who are expecting a higher returns on higher investments.

Smart Assure, the new product offers dual-benefit of protection of life and an opportunity to create wealth over a long-term. It also has unique features of flexibility which the customer can use to handle complex financial situations by switching funds.

The policy-holder has the option to allocate up to 100 per cent of premium paid beyond specified premium bracket. The allocation charges decrease with the increase in premium. There are no allocation charges levied on premiums upward of Rs. 3 lakhs.

It also offers an option of increasing premium option. The customer can increase the annual premium by 5 per cent of the initial premium on each policy year. Accordingly, the sum assured increases by 5 per cent per annum, without any additional underwriting.

The product is available to customers who are 91 days old to those who are aged 75 years. Flexible options are available for choosing the policy term. The policy term ranges between 10 years to 30 years with regular payment terms. The minimum premium which can be paid is Rs. 20,000.