Max New York Life launches an Unit Linked Insurance Plan
Insurance companies are trying to tap the market where investors are looking for good and secured return in a volatile market. Given the prevailing volatility in capital markets, Max New York Life Insurance launched the "Unit Builder", a flexible Unit Linked insurance Plan (ULIP) which offers secure returns even during market volatility.
Unit Builder has been specially designed for the Partnership Distribution and Bank assurance channels and will initially be available across India through Max New York Life's distribution partners Peerless and Yes Bank.
Speaking on the occasion Mr. Debashis Sarkar, Sr. Director & Chief Marketing Officer, Max New York Life Insurance said, "Max New York Life has designed this product keeping in mind the financial goals and current risk perceptions of the majority of Indian consumers as a great protection cum long term wealth creation option that assures safety and optimum returns on investment. The policy provides the necessary corpus for fulfilling financial needs arising at various life stages."
The product offers 3 fund options i.e.secure, balanced and dynamic opportunities fund. One of the key features is availability of the Dynamic Opportunities Fund wherein the expert fund managers dynamically shift the investment between equities, bonds and money market instruments depending on the market conditions.
This takes away the burden of investment decision from the policyholders and helps them protect against the downside while still being able to participate in upsides offered by the market. Unit Builder offers the option of 6 switches and 3 redirections free every year.
Unit Builder offers an optimum balance of protection and wealth creation. Sum Assured is 10 times of annual premium. From third policy year onwards the death benefit is higher of sum assured or fund value plus guaranteed loyalty additions. After 5 years, the product also offers partial withdrawals to meet the unplanned needs.
The company says applying for the policy has been made very easy by simplifying the process.
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