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:
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Type of Plan |
Regular “with-profits” savings plan offering a combination of optional Life Cover and Investment |
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Minimum Premiums |
Annually - €480
Half-Yearly - €240
Quarterly - €120
Monthly - €40 |
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Age at Entry |
Minimum 18 years, maximum 69 years |
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Additional Top-Ups |
Minimum €250. Number of Top-Ups unlimited. No top-ups allowed in the final year of the plan. |
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Applicant |
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:
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Death Benefit |
Payment of the Sum Insured or the Policy Account whichever is the greater when the Person Covered dies.
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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. |
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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. |
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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. |
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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. |
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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. |
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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:
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Accidental Death Benefit
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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. |
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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.
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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. |
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Permanent Total Disability Benefit
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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% |
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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. |
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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).
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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 |
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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.
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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
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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.