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MAPFRE MSV Life Flexi Plan
The MSV Flexi Plan is a flexible solution for your savings needs.
Terms & Conditions
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In today’s world, flexibility is key. At Bank of Valletta, we understand the importance of being flexible and the value of your hard-earned money. With the MAPFRE MSV Life Flexi Plan you can save regularly into the MAPFRE MSV Life With Profits Fund. Concurrently, you have the option to include additional life insurance.

Why should you opt for an MAPFRE MSV Life Flexi Plan?

·         It provides you with a medium to long-term tax-efficient investment and a tax-free cash sum at the end of the selected term of your Plan.

·         It pays a Death Benefit to you, your estate or a designated beneficiary upon the death of the Person Covered.

These are the main features of an MAPFRE MSV Life Flexi Plan:

Type of Plan

Regular “with-profits” savings plan offering a combination of optional Life Cover and Investment

Minimum Premiums

Annually - €480

Half-Yearly - €240

Quarterly - €120

Monthly - €40

Age at Entry

Minimum 18 years, maximum 69 years

Additional Top-Ups

Minimum €250. Number of Top-Ups unlimited. No top-ups allowed in the final year of the plan.


Single or Joint

Interested in knowing more about the MAPFRE MSV Life Flexi Plan? Learn more about the benefits it will offer you by clicking on the next tab. You may also request a quote by clicking on
Apply Now.

With an MAPFRE MSV Life Flexi Plan, you get all this:


Death Benefit

Payment of the Sum Insured or the Policy Account whichever is the greater when the Person Covered dies.


Terminal Illness Benefit

Payment of up to 50% of the Death Benefit as a pre-payment of the Death Benefit if the Person Covered is diagnosed to be terminally ill.

Funeral Expenses Benefit

Payment of the cost of funeral expenses (subject to a maximum of €2,500) in the form of a partial pre-payment of the Death Benefit.

Designation of Beneficiaries

You can appoint one or more beneficiaries to receive the benefit under the Plan, when this is due. There is no charge for this arrangement to be implemented and it requires only the completion of a simple form. The appointment of a beneficiary (and acceptance thereof) under a life insurance contract does not need to be confirmed in a will and it also supersedes the provisions of a will if there is any conflict between the two.

Cash Surrender Benefit

Option to surrender the Plan in full before maturity. The surrender amount is calculated by applying the surrender charge (and MVR if applicable) to the Policy Account.

Policy Loan Benefit

Option to apply for a loan from us, up to 85% of the Cash Surrender Value of the Plan, using only the Plan as security.

Maturity Benefit

Payment of the Policy Account upon maturity of the Plan.


And there is more. Against payment of an additional premium, you get even more benefits into your plan:


Accidental Death Benefit

Payment of an additional amount equal to the Sum Insured if death occurs as a result of an accident. The annual cost of this Benefit is calculated at the rate of 0.10% of the Sum Insured.

Injury Benefits

Catastrophic Injury Benefit (Loss of both eyes OR loss of 2 or more limbs OR loss of 1 eye and 1 limb)

Severe Injury Benefit (Loss of 1 eye OR loss of 1 limb OR loss of hearing or speech)

Moderate Injury Benefit (Loss of thumb or index finger)

Payment of a percentage of the Sum Insured in the event of accidental injury.

Payment of 100% of the Sum Insured.  

Payment of 50% of the Sum Insured. 

Payment of 10% of the Sum Insured.

Any payment made under any of the Injury Benefits will be in the form of a pre-payment of the Sum Insured which is then reduced by the amount of the Injury Benefit paid. The annual cost of this Benefit is calculated at the rate of 0.2% of the Sum Insured.

Waiver of Premium Benefit

We will waive the premium due under the Plan if the Person Covered is totally disabled and unable to work. The waiver of premium will continue for as long as the disability continues subject to a waiting period of 6 months and payable up to a maximum age of 65 years. The annual cost of this Benefit is calculated at the rate of 3.75% of the premium payable under the Plan.

Permanent Total Disability Benefit


Payment of the Sum Insured if the Person Covered becomes permanently and totally disabled and the disability lasts at least 24 months. The Plan will be terminated after this benefit has been paid. The annual cost of this Benefit is determined by your age when you take the policy at:

Age (years)                 Rate (% of death benefit)

18-39                                0.15%

40-49                                0.30%

50-59                                0.60%

Critical Illness Benefit

Payment of 75% of the Sum Insured (subject to a maximum of €25,000) if the Person Covered suffers either heart attack or stroke or coronary artery surgery or cancer or kidney failure or paraplegia. This benefit is available in one of two forms - either “pre-payment” or “additional payment” of the Sum Insured. The annual cost of this Benefit is calculated by us on the basis of the personal circumstances of the Person Covered.

Policy Fee

€2.50 if premium paid monthly (or proportionate multiples thereof if premium paid quarterly, half-yearly or annually e.g. €7.50 if premium paid quarterly).


Top Ups - Allocation Charge

A percentage deduction from the Top Up premium paid will be made in accordance with the following allocation bands:

 Allocation Band  Allocation charge  Premium Paid
 1  3.0%  Up to €69,999
 2  2.0%  Between €70,000 and €114,999
 3  1.5%  Between €115,000 and €229,999
 4  1.0%  Over €230,000

Death Benefit Charge

A variable charge to pay for the Sum Insured that you select. No charge is made if you choose the Minimum Sum Insured.


Surrender Charge

100% in the first 3 years of the Plan. In the remaining years of the Plan the charge is calculated at the rate of 1.5% multiplied by the number of years remaining till maturity of the Plan. For example, if the Plan is surrendered 10 years before maturity, the surrender charge is 15%.

The following surrender charges apply to any Top Up Premiums paid:

  • Surrender within 1 year of Top up - 3.0% 
  • Surrender after 1 year but before the end of 2 years - 2.0%
  • Surrender after 2 years but before the end of 3 years - 1.0%
  • Surrender after 3 years - No Surrender Charge


Market Value Reduction

If you cash in your Plan before its maturity date, we retain the right to effect a MVR and increase the surrender charge. MVR cannot be applied

·                     upon maturity of the Plan

·                     in the event of the payment of the Death Benefit.

This reduction is designed to protect investors who remain invested and its application means that you get a fair share of the with-profits fund in which your savings are invested.

 All charges are reviewable by MAPFRE MSV Life p.l.c. and may be changed after the Plan has started, subject to them providing you with at least 90 days notice if they are changed.

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If you require more details about the range of life policies from MAPFRE MSV Life, you may:
• check out the other MAPFRE MSV Life policies on this site
• call our Customer Service Centre on 356 2131 2020
• send us an e-mail at [email protected]
• click on the ‘Get in Touch’ icon at the top (right hand corner) and submit your query and contact details. We’ll contact you as soon as possible.
• You may also contact any BOV Branch or our BOV Customer Service Centre on 2131 2020 for additional information.
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Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking and investment services in terms of the Banking Act (Cap. 371 of the Laws of Malta) and the Investment Services Act (Cap.370. of the Laws of Malta).