Max New York Life Insurance Flexi Fortune

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The Flexi Fortune from Max New York Life Insurance is a plain-vanilla unit-linked insurance policy (Ulip) with customised options for life cover, policy term and investment choices. It also has an in-built feature where the life cover is enhanced every year by 10 per cent from the second year of the policy term with no increase in premium rates.

Death benefit. It's a Type II policy, where nominees are paid an amount equal to sum assured plus fund value.

Systematic transfer plan. ­­­Under this option, 1/12 of initial units purchased are transferred from the Secure Plus Fund to Growth Super Fund every month to even out the volatility of the stockmarket.

Cost. For a 35-year-old male paying an annual premium of Rs 50,000 for 15 years for a sum assured of Rs 10 lakh (20 times the premium), the policy will pay Rs 8,81,193 and Rs 12,49,467, respectively, at the end of 15 years at an assumed rate of 6 per cent and 10 per cent, respectively. The net yield comes to 2 per cent and 6.15 per cent, respectively.

Comparison. For similar plans such as ICICI Pru LifeTime Premier and HDFC ProGrowth II, the net yield comes to 7.43 per cent and 7.07 per cent, respectively, at an assumed rate of 10 per cent.

Conclusion. Overall, the policy price is high, resulting in a low yield. The policy, however, has certain good features such as inflation-linked life cover and systematic transfer plan to keep pace with the changing conditions. Compared to other high-yield products available in the market, you can give the policy a pass.

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

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