Axis Max Life Insurance launches STAR ULIP plan for dual benefits of protection and wealth creation

Axis Max Life Insurance Ltd has introduced the Axis Max Life Smart Term with Additional Returns (STAR) ULIP. It is a new unit-linked, non-participating individual life insurance plan. According to the official release, the plan combines life insurance protection with market-linked returns, offering customers a dual benefit. 

Designed to support long-term wealth creation, it also provides coverage for accidental death and total and permanent disability, along with optional riders, said the company. Policyholders can tailor their investment strategy by choosing from a variety of market-linked funds, allowing them to align the plan with their unique financial goals and risk tolerance.

Key Features of the Axis Max Life Smart Term with Additional Returns (STAR) ULIP:

- High Sum Assured Multiple - The plan provides a sum assured multiple of up to 215 times the base annualized premium, ensuring significant financial support for families in the event of unforeseen circumstances.

- Comprehensive Shield - The product's 3D life Secure Variant provides a comprehensive shield, including Death, Critical Illness/ Dismemberment coverage.

- Funding of Premium: Up to 3 times (chosen by Policyholder) of due premiums funded in case of Death, Critical Illness or Dismemberment in 3D Life Secure Variant.

- Wealth Creation: Market-linked returns with high-performing funds

The Axis Max Life Smart Term with Additional Returns (STAR) ULIP comes with two unique Variants:

1. The Life Secure variant offers high death multiple (ranging from 10 - 215 times of annualized premium). Upon maturity, it pays out the total fund value, providing additional financial support during challenging times.

2. The 3D Life Secure Variant provides a lump sum death benefit along with a monthly payout of 20% of the base annualised premium as 'Income Benefit' for 10 years. Additionally, in case of death or critical illness or dismemberment, the solution will fund up to 3 times of all future outstanding premiums, and upon maturity, it pays out the total fund value, providing additional financial support during challenging times.

The customer has the choice to safeguard himself/herself by the addition of an optional rider for protection against death (all causes), accidental death, total or permanent disability due to accident.