Axis Max Life introduces STAR ULIP with dual focus on protection and wealth

STAR ULIP launched by Axis Max Life Insurance

Axis Max Life Insurance Ltd has launched Axis Max Life Smart Term with Additional Returns (STAR) ULIP, which is a unit-linked, non-participating individual life insurance plan that combines life insurance protection with the opportunity for market-linked returns, a release said on February 17.

The plan includes coverage for accidental death and total and permanent disability, with optional riders available for further customisation.

The plan provides policyholders with the flexibility to choose from various market-linked funds and investment strategies to match their personal risk preferences and financial goals.

According to the release, key features of the STAR ULIP include a high sum assured multiple that can reach up to 215 times the base annualised premium, providing significant financial support in unforeseen events.

The 3-D Life Secure Variant of the product offers an all-encompassing shield, covering death, critical illness, and dismemberment, and in these scenarios, up to three times the due premiums are funded. For wealth creation, the plan allows for market-linked returns through high-performing funds.

The STAR ULIP comes in two distinct variants. The Life Secure variant offers a high death multiple, from 10 to 215 times the annualised premium, and upon maturity, it pays out the total fund value. The 3D Life Secure Variant, on the other hand, not only provides a lump sum death benefit but also a monthly income benefit of 20 percent of the base annualised premium for 10 years, the release said.

This variant also ensures that in cases of death, critical illness, or dismemberment, future outstanding premiums are funded up to three times, with the total fund value paid out at maturity.

Customers can safeguard themselves further by opting for additional riders that cover death from all causes, accidental death, and total or permanent disability due to accidents, the release added.

The plan also offers flexibility through features like emergency withdrawals and loyalty additions, potentially returning up to three times the charges.

"STAR ULIP embodies Axis Max Life’s 'Double Bharosa' philosophy by combining robust financial protection with long-term wealth creation. In an evolving economic landscape, individuals seek financial instruments that provide security while enabling growth. By integrating market-linked opportunities with comprehensive coverage, we aim to empower customers with the confidence to navigate their financial journeys and secure their futures effectively," said Vaibhav Kumar, SVP and Head – Products and E-commerce at Axis Max Life Insurance.