BWI: Max New York Life Appoints Amitabh Bachchan as the Brand Ambassador for Max Vijay

Press release from Business Wire India
Source: Max New York Life Insurance
Monday, August 31, 2009 05:15 PM IST (11:45 AM GMT)
Editors: General: Consumer interest, People, Social issues; Business: Advertising, PR & marketing, Banking & financial services, Financial Analyst; Technology
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Max New York Life Appoints Amitabh Bachchan as the Brand Ambassador for Max Vijay


New Delhi, Delhi, India, Monday, August 31, 2009 -- (Business Wire India) -- Max New York Life, one of India's leading life insurance companies, today announced the appointment of Superstar Amitabh Bachchan as the brand ambassador for Max Vijay, a brand specifically targeted at providing financial inclusion to the underprivileged masses. Max Vijay is a unique product that has been designed keeping in mind the savings and protection needs of the common people.

Speaking on the occasion, Mr. Rajesh Sud, CEO & Managing Director, Max New York Life Insurance, said, "I am very pleased to announce the appointment of megastar Amitabh Bachchan as the brand ambassador for Max Vijay. In a number of his earlier movies, Amitabh Bachchan became synonymous with the name Vijay, a people's hero who fought for the cause of the common man by standing up for their rights. His appointment as the brand ambassador for Max Vijay, is a rebirth of the old Vijay, who is today propagating the cause of small savings and financial inclusion for the underserved masses of the country."

"We launched Max Vijay with a dream of providing financial inclusion to millions of underprivileged households across the country. Since the launch of Max Vijay in late 2008, our focus has been on testing the product in select markets and expanding distribution in a phased manner. I am pleased to announce that Max Vijay has already provided financial inclusion to over 65,000 households till date. The appointment of Mr. Bachchan marks our next phase of expansion and we believe that Max Vijay has the potential to touch the lives of over 10 million households in the next two years", Mr. Rajesh Sud added.

Max Vijay takes into account the unpredictability and uncertainty in income flows and the difficulties faced by the common man in saving small amounts. Max Vijay offers the benefit of stable investment returns along with insurance and savings, at low entry-level premiums of Rs. 1000, Rs. 1,500 and Rs. 2,500. This is the first product in the history of life insurance where customers can submit subsequent premiums of amounts between Rs. 10 - Rs. 2,500 per day, as per their convenience, and the policy does not lapse as long as there is sufficient value in policy account to cover charges, even if no subsequent premiums are paid. Max Vijay utilizes a number of hitherto unexplored channels in life insurance distribution, including MFI's, NGO's and companies involved in National E-Governance Programme (NeGP).

Max Vijay - The product

Max New York Life Insurance Co. Ltd has revolutionized the way insurance is procured, sold and serviced through its new and innovative business concept called - 'MAX VIJAY'. It not only fulfils the customers' primary need of protection, but also facilitates long-term savings. It has been designed specifically for the underserved segment of the society to meet the unique challenges of unpredictability in life and their income flow. A unique technology driven distribution and service model ensures reach of Max Vijay to the customers even in the remotest of places.

Affordable

Max Vijay available in three premium paying options of 'Rajat', 'Swarna' and 'Heera' enables the customer to enter the plan at a minimal initial premium amount of Rs. 1000, Rs. 1500 and Rs. 2500 respectively.

The Sum Assured is guaranteed. The investment returns once credited to the policyholder's account value are also guaranteed. In case of natural death the claimant receives the guaranteed sum assured and the account value. In case of an accidental death the claimant receives the account value and double the amount of Sum Assured.

Flexible

Max Vijay provides customers the flexibility in financial planning by offering a choice to invest any amount (Rs. 10/- Rs. 2500/-), anytime, anywhere.

Accessible - Insurance at the consumers' doorstep

The distribution approach adopted for this product is designed to make insurance available in the remotest areas of the country. Neither does the product require any financial and medical underwriting nor any supporting documents for age, etc. In terms of documentation, the customer is required to fill a simple one-page form and submit only an ID proof to own the policy.

Lapse-free

The policy will not lapse as long as there is sufficient value in the policy account to meet the charges.

Robust backend support through internationally renowned partner

The company has tied-up with IBM to provide end-to-end technology backbone for fulfillment.

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

Max New York Life is a joint venture between Max India Ltd., one of India's leading multi-business corporate and New York Life International, the international arm of New York Life, a Fortune 100 company. Max New York Life Insurance, incorporated in 2000, is one of India's leading and most admired life insurance companies. The company offers both individual and group life insurance solutions. It has established a wide distribution network across India. Through its wide network of highly competent life insurance agent advisors and flexible product solutions, Max New York life Insurance is creating a partnership for life with its customers in India to facilitate them to achieve more.

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Amitabh Bachchan as the Brand Ambassador for Max Vijay
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Surbhi Chandra, IPAN Hill & Knowlton, +91 9958448543, surbhi.chandra@ipan.com
Garima Arora, IPAN Hill & Knowlton, +91 9891221255, garima.arora@ipan.com

KEYWORDS
CONSUMER, PEOPLE, SOCIAL, MARKETING, BANKING, Financial Analyst, TECHNOLOGY

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