Press Release Summary = a Unit Linked Endowment Plan tailored for middle income groups A plan that offers investment options upto 100% in equity funds Max New York Life now offers a comprehensive Unit Linked portfolio across life stages for all income level groups
Press Release Body = Chennai, May 30 2007: Max New York Life (MNYL), one of India's leading life insurance companies, today launched LIFE MAKERT PREMIUM, a flexible Unit Linked Endowment Plan. The product is a powerful investment plan that provides customers protection with the flexibility to manage their financial needs.. Max New York Life is one of the few life insurance companies offering the investment choice of 100% in equity funds in this plan thereby enabling customers to maximize the growth prospects according to their needs and risk profile. With launch of Life Maker Premium and Life Maker Gold and Platinum, Max New York Life now has a comprehensive Unit Linked portfolio for different income levels at various life stages.
Choice of Protection Levels & Flexibility LIFE MAKERTM PREMIUM provides customers flexibility in premium payment offering a choice to decide proportion of investment and risk. The plan offers customers the death benefit of Level Insurance Cover. In the case of Level Insurance Cover, the nominee will receive higher of the sum assured or fund value. In addition, during the tenor of the plan, depending on his life events and lifestage needs, the customer has the flexibility to increase his insurance cover.
Investment Flexibility LIFE MAKERTM PREMIUM offers customers the choice of investing their premium in five investment funds offered by Max New York Life. The plan empowers the customer to manage their investments by switching between funds without any tax liability, re-directing future premiums and investing more through fund top-ups depending on availability of additional funds with the customers. The switch option offered by Max New York Life is one of the most flexible ones in the market where money from one fund can be switched to multiple funds in a single switch. The plan offers 6 free switches during the year. LIFE MAKERTM PREMIUM also offers flexibility in mode of premium payment depending upon the customer's cash flows.
Higher Returns Max New York Life allocates guaranteed Persistency Units to the customer's unit account on the 9th policy anniversary and on every 3rd anniversary thereafter. The persistency units will be calculated based on the fund values of the policyholder on the immediately preceding 36 monthiversaries. This increases the value of their fund value.
High quality of advice - Sold through certified agent advisors Max New York Life has always focused on high quality of advice. To help customers better understand and manage their needs, MNYL has developed a special training programme for its agent advisors and employees. This certification course enables agent advisors to better understand complex financial products, thus ensuring ethical selling and appropriate advice to customers based on their risk-return profile.
Gary Bennett, Managing Director & CEO, Max New York Life Insurance Company said, "Max New York Life products are designed after understanding customer needs across the market segments. This new product is an extension of our philosophy of offering a range of products designed to meet customers with diverse backgrounds and at different life stages. Our trained and certified agent advisors will ensure that this plan provides an appropriate balance between protection, investment and liquidity needs based on the life stages of their customers. "
LIFE MAKERTM PREMIUM offers a wide age eligibility spectrum from 91 days-65 years with maximum maturity age of 75 years and minimum maturity age of 18 years. The policy offers Limited Pay option of 5/10/15 years and regular pay which will be equal to the policy term with minimum premium of Rs. 20,000/-.
Speaking at the Press Conference, Debashis Sarkar, Director - Marketing, Product Management and Corporate Affairs, Max New York Life said, "The LIFE MAKERT PREMIUM is targeted at the middle income group customers who want to invest lower premiums but wish to harness the upside in the equity markets. With this launch, we now have a comprehensive Unit Linked portfolio for our customers with different financial risk profile and at different life stages."
Max New York Life also launched Life MakerT Gold a unit linked investment plan with level death benefits and Life MakerT Platinum with increasing death benefit. Both the products retain all other features of Life MakerT that will be replaced by these two products.
Max New York Life has sold well over 1.53 million policies with more than Rs. 46,000 crore in sum assured. It has more than 25,300 agents, who are widely recognized as among the best in the industry.
About Max New York Life (www.maxnewyorklife.com) Max New York Life, a joint venture between Max India Limited, a multi business corporate in India, and New York Life, a Fortune 100 company, is one of India's leading private life insurance companies. The company offers both individual and group life insurance solutions to meet the financial protection and long-term wealth creation needs of our customers. Max New York Life offers 28 products and eight riders that can be customised to over 700 combinations. It has established a wide agency distribution network with 172 offices and representatives across 120 cities in India. The company has established additional channel with 22 bancassurance relationships, corporate tie-ups and a strong Direct Sales Team. Through its wide network of highly competent life insurance agent advisors, flexible product solutions and strong customer focus, Max New York life is creating a partnership for life with its customers in India.
Media Contact: Archana Mohan | Anthony James +91 9899736857| +91 9884263397 archana.mohan@bm.com | anthony.james@bm.com
2022
