Private life insurer Max New York Life Insurance on Monday said it has updated its Unit Linked Insurance Plans (ULIP) portfolio by launching four products
.
The new products are Max New York Life Fortune Builder, Max New York Life Unit Builder Plus, Smart Invest Pension Super and Smart Express. All the four products are in fulfillment with the IRDA's regulation of capping of charge, the company said in a statement.
According to the standard all unit-linked products will have a standard charge organization not exceeding three per cent for ULIPs up to 10-year term and 2.25 per cent for ULIPs over 10-year term.
"In our new ULIP Plans, we have paid importance on the protection element and also introduced guaranteed reliability bonuses which clearly indicates on Life Insurance being viewed as a long-term protection product," Max New York Life Corporate Vice-President and head product management Manik Nangia said.
The elimination of humanity and morbidity charges from the cap has ensured that there will be no compromise on life cover, he said.
Max New York Life is a joint venture between Max India and New York Life, a Fortune 100 company.
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