axa life have just added another traditional product to her stable with the launch of axa maxsaver.
what is axa maxsaver?
this is a participating endowment product that comes with 2 premium term options:
a. MaxSaver 8 – a limited pay regular premium plan with a premium term of 8 years and coverage of 15 years;
or
b. MaxSaver 60 – a regular premium plan that requires premium payment till age 60,
my comments:
in the current investment climate, with capital chasing yield and risks are expected to remain on the downside (at least over the short and medium term), axa maxsaver offers a guaranteed return at maturity of 100% of the sum assured.
for both plans (without supplementary benefit/s), axa life boasts of a simplified underwriting process and policy issuance is subject to one health declaration and on condition that the applicant has not been diagnosed by a doctor in the past 1 year to be terminally ill. the definition of terminal illness is the conclusive diagnosis of an illness that is expected to result in death of the life assured within 12 months. however, death benefit is equivalent to 101% of annualised premium* or total surrender value upon death, whichever is higher.
*The Annualised Premium used to compute the Death Benefit will be based on the last payment mode selected immediately before the death claim.
axa maxsaver must never be taken up for protection as this is primarily a savings vehicle and is another option in the vast range of participating endowments products currently available from all of our insurers.
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