Max New York Life launches ULIP 'Life Invest T'

New Delhi, Oct 15: Max New York Life (MNYL), India's leading life insurance company, has launched 'Life Invest T', a flexible Unit Linked Investment Plan (ULIP), offering the choice of two death benefit options entailing customisation according to one's needs.

The product provides the customer with the flexibility to manage their financial needs, including protection, investment and liquidity.

LIFE INVEST can be purchased by anyone between the ages of 91 days-70 years. The policy term can be 5 years to 75 years with payment terms of 1, 3, 5, 7, 10 and regular pay. The minimum premium is Rs 50,000.

The plan offers the customer a choice from two death benefits -- Level Insurance cover and Increasing Insurance cover. In the case of Level Insurance cover, the nominee will receive higher of the sum assured or fund value.

While in the case of Increasing Insurance cover, the nominee will receive the sum assured plus the fund value. In addition, during the tenure of the plan, depending on his life events and lifestage needs, the customer has the flexibility to increase his insurance cover by switching from one option to the other.

The plan empowers the high net worth customer to manage their investments by switching between funds without any tax liability, re-directing future premiums, investing more through fund top-ups based on their cash flows. It also offers premium payment flexibility whereby the customer has the option to pay their premiums based on their cash flows.

MNYL allocates guaranteed persistency units to the customer's unit account on the 9th policy anniversary and on every 3rd anniversary thereafter. These units will be equal to 1 per cent of weighted average of your fund values on the immediately preceding 36 monthiversaries. This increases the value of the investments.

''The plan is designed to provide long term wealth creation and valuable life insurance for high net worth individuals. With this launch, we will now offer our customers the flexibility to manage their own investments actively based on their changing financial needs. Our trained and certified agent advisors will ensure that this plan provides an appropriate balance between protection, investment and liquidity needs based on the lifestage of their customers,'' CEO and MD Gary Bennett said.

Max New York Life has sold well over one million policies with more than Rs 32,000 crore in sum assured. It has more than 18,000 agents, who are widely recognised as among the best in the industry.

Max New York Life, a joint venture between Max India Limited and New York Life, a Fortune 100 company, is one of India's leading private life insurance companies. The company offers 24 products and eight riders that can be customised to over 400 combinations. It has established a wide distribution network with 104 offices and representatives across 74 cities in India.

UNI