AXA Equitable Life Insurance has enhanced its universal life policy, Athena Universal Life, by allowing its clients to pay a lower annual premium.

The key features of the Athena Universal Life include: cash accumulation potential and long-term no lapse guarantees often lasting beyond life expectancy.

The insurer has also removed the minimum premium and reduced the minimum policy face amount required to access the Cash Value Plus Rider (CVPlus Rider), a feature that helps individual clients finance life insurance and business owners offset the impact of premium outlay.

The CVPlus Rider was previously available only on policies carrying a face amount of $1m or greater.

With these enhancements, policyholders can select the rider on coverage of $250,000 per life for one or two lives insured, or $100,000 per life for three or more lives insured.

AXA Equitable executive vice president and head of Financial Protection David O’Leary said that in the last two years, market volatility has subsided and investor confidence has returned.

"Now was the right time to expand on an already strong product by placing more emphasis on providing clients greater access to features that offer protection and growth," O’Leary said.