Max Life's Online Savings Plan is aimed at tech-savvy customers who can invest based on their own research.
The Ulip comes in two variants. Under the first plan, you can opt for a higher sum assured of up to 20-times the annual premium, while the second one is more child-focussed.
The Ulip offers a monthly 'Family Income Benefit' of 1% of sum assured that will be paid out to meet a child's recurring expenses like school fees in the event of the parent-policyholder's death. It will also fund the future premiums. The overall expense ratio of this product is low at 1.35% (without mortality charges, assuming an 8% return), while the minimum premium payable is ₹36,000. However, it is meant for wellheeled customers —the insurance company does not recommend this product for lower income groups.
While it does offer the option of higher cover under variant 1, someone paying an annual premium of ₹1 lakh will be eligible for a life cover of only ₹20 lakh. The policyholder will have to look at a term cover to boost her protection portfolio. Also, more features leave scope for complications and confusion, thus necessitating robust research beforehand. You cannot exit a Ulip as easily as a regular equity fund scheme.
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