Max Life Flexi Fortune Plan is a unit linked insurance plan (ULIP) where the risk of investment is borne by the policyholder. This is a Non-Traditional Plan without Bonus Facility.
How the plan works – In this plan, premium needs to be paid till the end of the Premium Paying Term. The policy continues for another 5 years after the Premium Paying Term is over. Thus, it is a Limited Payment Policy. In this plan, the Sum Assured keeps increasing automatically every year by 10% of base Sum Assured till it becomes double the Sum Assured.
The Fund Value is paid to the Life Insured when the Policy matures as Maturity Benefit. However, if the Life Insured dies within the Policy Tenure, the Fund Value along with the Sum Assured would be paid as Death Benefit since this is a Double Death Benefit ULIP Plan.
The life cover can also be enhanced by additional protection through Personal Accident Benefit rider and Critical Illness Benefit rider.
Key Features of Max Life Flexi Fortune Insurance Plan
This is a Unit Linked Insurance Plan without Bonus facility.
This plan offers Progressive Auto Cover Enhancement feature where the Sum Assured keeps increasing by 10% of the Sum Assured every year till it becomes double.
The Policy Term is 5 years more than the Premium Paying Term
The Fund Value is paid to the Life Insured when the Policy matures as Maturity Benefit.
If the Life Insured dies within the Policy Tenure, the Fund Value along with the Sum Assured would be paid as Death Benefit.
There are 2 additional riders available with this plan: Critical Illness rider and Personal Accident Benefit rider.
There is an option of Systematic Transfer Plan available with this policy.
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Benefits you get from Max Life Flexi Fortune Insurance Policy
Death Benefit – In case of death of the Life Insured, the nominee would get Sum Assured + Fund Value as Death Benefit.
Maturity Benefit – If the Life Insures survives the policy term, then he gets the Fund Value as Maturity Benefit.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility conditions & other restrictions in Max Life Flexi Fortune Policy
Sum Assured (in Rs.)
Up to age 30 years: 10/20/30 times ofATP
Age 31 years to 40 years: 10/20 times ofATP
Age 41 years to 50 years: Fixed 10 times ofATP
Policy Term (in years)
10 / 15
Premium Payment Term (in years)
5 Pay for PT=10 year, 10 Pay for PT=15 year,
15 Pay for PT= 20 year
Entry Age of Policyholder (in years)
Age at Maturity (in years)
Annual Premium (in Rs.)
5 pay / 10 year term: Rs. 50,000
10 / 15 pay: Rs. 24,000 for Annual mode and
Rs. 36,000 for other modes
Yearly, Half-Yearly, Quarterly and Monthly
Sample illustration of Returns in Max Life Flexi Fortune Plan
Premium = Rs.24,000
Policy Term = 20 years Total Investment = Rs. 24,000 x 20 years = Rs.4,80,000
Additional Features and Benefits of Max Life Flexi Fortune Plan
Riders – There are 2 riders available in this policy
Personal Accident Benefit rider
Critical Illness Benefit rider
Investment Fund Options - Under this plan the policy holder gets 7 Fund Options:
Growth Super Fund
Money Market Fund
Secure Fund and
Secure Plus Fund- available only under Systematic Transfer Plan
Top-up - Not Applicable
Switching - Minimum switch amount is Rs 5,000. There are 12 free switches in a policy year.
Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years. The minimum amount is Rs 5,000 and maximum is 20% of the Fund Value subject to the fund value immediately after partial withdrawal being at least equal to 1.5 times of the annual premium.
A maximum of 12 partial withdrawals are allowed in a policy year for free.
What happens if?
You stop paying the premium before 5 years - If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
You stop paying the premium after 5 years – If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
You want to surrender the policy – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.
You want a loan against your policy – No information