in line with the recent spate of insurance plan launches max new york life has introduced a new ulip unitlinked insurance plan flexi fortune in the marketpremium paying termthe limitedpay plan offers three choices in terms of premium paying tenure one can opt for either a 5pay10year term 10pay15yearterm or 15pay20year term in simple words what this means is that you can choose to pay premiums for five years while the policy continues till 10 years in the first optionprotection coverthe sum assured or the protection cover will depending on your choice and age range from 10 to 30 times your annual premium there is also a provision to increase the sum assured by 10 every year but additional mortality charges as applicable will be leviedsystematic transfer planunder this option which is available only to those who choose the annual payment mode your annual premium will after deduction of premium allocation charges be initially directed to the secure plus fund subsequently on each monthly anniversary 112th of the initial units purchased in the secure fund will be switched to the growth super fund however this shifting will not be considered as a switchchargesthe premium allocation charge works out to 5 in the first year and 4 in the subsequent years policy administration charges in the first amount to rs 960 for a 10year policy and rs 600 for policies with tenures of 15 and 20 years second year onwards this charge will go up by 5 per annum compoundedother featuresthe policy also offers two riders namely personal accident and dreaded disease benefits minimum age of entry for the policyholder under this ulip is seven years while the maximum is 50 years under the 5pay10yearterm option the minimum premium payable is rs 50000 in case of the 10pay and 15pay variants the minimum premium under the annual mode is rs 24000 the policy places an upper limit of rs 1 lakh for all premium payment modesupsidethe feature where the sum assured goes up every year and systematic transfer plan that ensures disciplined investing while reducing the risks by spreading the investment over a period of yeardownsidehigh policy administration charges rs 600960 in the first year depending on the premium paying term more importantly this fee will increase at the rate of 5 every year