BWI: Max New York Life Launches ‘SMART Xpress’

Press release from Business Wire India
Source: Max New York Life India
Thursday, May 07, 2009 04:12 PM IST (10:42 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Banking & financial services, Business services
Release no: 19885
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Max New York Life Launches 'SMART Xpress'
ULIP with NAV Guarantee Fund and Systematic Transfer Plan, for a Smooth Ride Through Volatile Markets

Pune, Maharashtra, India, Thursday, May 07, 2009 -- (Business Wire India) -- In the backdrop of the prevailing volatility in capital markets, Max New York Life Insurance Co. ltd, one of India's leading life insurance companies launched the "Max New York Life SMART Xpress" T, a flexible Unit Linked insurance Plan (ULIP) which offers secure returns even during market volatility. SMART Xpress has been specially designed to address the consumers' need of capital preservation and growth

Addressing a press conference at the launch of Max New York Life SMART Xpress Mr. Rajender Sud, Director & Head - Agency Distribution said, "Max New York Life has designed this product keeping in mind the financial goals and current risk perceptions of the majority of Indian consumers as a great protection cum wealth creation option that assures safety and guaranteed returns on investment. The policy is aligned along financial goals and the risk appetite of an individual and provides the necessary solution to address the objective of Capital preservation and growth."

"With this offering we have also introduced the Money Market Fund which is a first of its kind offering by a life insurer and works on the fundamentals of low risk along with moderate returns primarily through a portfolio of treasury bills of short duration. We as a company believe that, it may not be efficient to lock customer savings into a long term guaranteed proposition when the belief is that the customer sentiment of seeking guarantees is based on current market situation, which is temporary in nature. He further added.

The product offers 8 fund options including the Money Market Fund, which is a new introduction and a first of its kind fund to be introduced by a life insurance company to ensure capital preservation. One of the key features of the Money Market fund is to guarantee protection of NAV regardless of the date of entry, switches & redirection and no exit barrier. The customer can ensure steady and safe returns on his investments in this fund during volatile markets as it guarantees NAV higher than the previous day and a lock in at the highest NAV thus ensuring that the NAV of the fund never falls. Investments from this fund can also be switched to any other funds of his choice depending on his risk appetite.

The systematic fund transfer feature of SMART Xpress ensures that the consumer's investment hits the market in 12 equal installments. It works on the concept of 'Rupee Cost Averaging' and thus makes the volatile market work to ones advantage. Data and experience suggests that this ensures the purchase of more units for same amount at lowered prices thus lowering average purchase price.

SMART Xpress also offers flexibility in premium payment options through 3 years, 5 years or single payment options. The customer is also given flexibility with partial withdrawals, switch and redirections. The product pays equal importance to protection thus creating a balance between wealth creation and protection. The Sum Assured can stretch upto 30 times of annual premium. Additionally the policyholder is also entitled to wealth creation through persistency units during last 5 policy years.

About Max New York Life Insurance Co. Ltd. (www.maxnewyorklife.com)

Max New York Life Insurance Co. Ltd. is a joint venture between Max India Ltd., a leading multi business corporation and New York Life, a Fortune 100 company. The company is one of India's leading private life insurance companies. Max New York Life is recognized for its claims management processes by international re-insurance major - Swiss Re. The Company offers both individual and group life insurance solutions. It has established a multi-channel distribution network across India. Through its wide network of highly competent life insurance agent advisors and flexible product solutions, Max New York life is creating a partnership for life with its customers in India.

To view the Photograph, click the link below:

Launch of 'SMART Xpress'
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PIC1(57).JPG


CONTACT DETAILS
Arpan Basu, Max New York Life India, +91 9818083556, arpan.basu@maxnewyorklife.com
Priya Badshah, Max New York Life India, +91 9820248172, priya.badshah@maxnewyorklife.com
Surbhi Chandra, IPAN, +91 9958448543, surbhi.chandra@ipan.com
Garima Arora, IPAN, +91 9891221255, garima.arora@ipan.com

KEYWORDS
CONSUMER, MARKETING, BANKING, BUSINESS SERVICES

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