New Delhi  :  Max New York Life Insurance today, launched ‘FLEXI Fortune’, a unit-linked insurance plan that offers consumers the flexibility to customise the plan as per their needs through choice of policy tenure, life cover multiple and fund options. The customer value proposition of ‘FLEXI Fortune’ is further strengthened by its unique features of systematic transfer plan to benefit from market volatility, extended tenure to maximize returns by timing the exit and Progressive Auto Cover Enhancement ‘PACE’ to meet growing protection need.

Announcing the launch, Mr. Rajesh Sud, CEO& Managing Director, Max New York Life Insurance said, “We are excited to offer life insurance products that respond realistically to consumers needs. Max New York Life has designed FLEXI Fortune keeping in mind the varied needs of different people. The product offers the flexibility to choose policy tenure and protection multiple to the consumers which is best suited for their planned goal – be it savings, retirement or family security. At the same time it also offers tools to manage good returns without taking undue risk through 7 different fund options. With the growing need for adequate financial planning to meet requirements at different life stages it is important that people invest in instruments that are bundled with features which help in maximizing their returns.”

“Launching ‘FLEXI Fortune’ is a natural progression in our journey to offer the consumer a complete choice of growth oriented savings to suit their various needs,” he further added.

FLEXIBILITY

Wide Coverage- ‘FLEXI Fortune’ caters to a wide customer segment with flexibility to choose from a range of payment terms and sum assured limits. Depending on the customers ease of payment he may choose either a 5 pay 10 year term, 10 pay 15 year term or 15 pay 20 year term. He may also choose a protection multiple starting from 10 times to 30 times his annual premium amount making it ideal for all categories of investors.

GROWTH EFFICIENCY

Systematic Transfer of Funds – The systematic fund transfer feature ensures that the consumer’s investment hits the market in 12 equal installments. It works on the concept of ‘Rupee Cost Averaging’ and thus makes the volatile market work to ones advantage. This ensures the purchase of more units for same amount at lowered prices thus lowering average purchase price.

Settlement Option – The customer may choose to defer his maturity in adverse market condition by increasing his policy term to a maximum of 5 years with out paying any further premium. This also allows him to maximize his returns as it operates like a pure investment tool in the extended period. The percentage of the payout will then be equally divided in the number of years opted by the customer.

PROTECTION

PACE – A first of its kind offering by a life insurer which works towards progressive increase in life cover to beat inflation ensures a 10% enhancement of life cover each year with no increase in premium. This benefit is inbuilt in the product and is guaranteed over the policy term, subject to timely payment of all due premiums.