BWI: Max New York Life – The Only Indian Life Insurer to offer ‘Universal Life’ Plan

Press release from Business Wire India
Source: Max New York Life Insurance
Tuesday, October 27, 2009 04:03 PM IST (10:33 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Banking & financial services, Business services, Financial Analyst, Stock exchanges
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Max New York Life - The Only Indian Life Insurer to offer 'Universal Life' Plan
Introduces 'Secure Dreams' a Plan with 5 Star Guarantees

New Delhi, Delhi, India, Tuesday, October 27, 2009 -- (Business Wire India) -- Continuing a tradition of delivering products with strong customer value, Max New York Life Insurance Co. Ltd, one of India's leading life insurance companies launched the "Max New York Life Secure Dreams, the only Universal Life product in the Indian market which offers the best of Traditional as well as Unit Linked Life insurance Products. Secure Dreams has been specially designed as a hallmark of guarantee and safety to address the consumers' need of capital preservation and growth as well as provide transparency. The product provides an alternative investment option for those who do not want to bear risk pertaining to the inherent volatile nature of the stock market.

Universal Life is a Life insurance plan where premiums are deposited into a fund and charges for insurance and other expenses are deducted from these funds. A universal life plan addresses the twin factors of the investment risk being borne by the policyholder in the unit linked solutions and lack of transparency and flexibility in traditional products. Given the transparent nature of charges in a universal life design customers are likely to find such products as complementary to traditional participating products. A minimum guaranteed interest rate applicable throughout the term of the policy would serve as a viable alternative for a consumer with a conservative risk profile.

Addressing a press conference at the launch of Max New York Life Secure Dreams Mr. Rajesh Sud, CEO & Managing Director, Max New York Life Insurance Co. Ltd. said, "We at Max New York Life are dedicated towards understanding the changing needs of our consumers and satisfying them by offering specially designed products to meet their requirements. With dramatic shift in both global and Indian economic scenario in past 18 months, the customer is now looking for guarantees on investment, reasonable return and transparency in product design. Our new offering 'Secure Dreams', built on Universal Life platform, is an attempt to answer these concerns of the customer. Universal Life insurance is the fastest growing product today globally and constitutes a majority of the product portfolio in advanced insurance markets like USA."

"Secure Dreams keeps in mind the current risk perceptions of the majority of Indian consumers. It is a great protection cum wealth creation option that assures safety and guaranteed returns on investment. With this offering we are now the only life insurers to introduce Universal Life policies in India. For the first three months from the date of launch, we are providing the customers with a minimum guaranteed interest of 6.5%," he further added.

'Secure Dreams' features - 5 star guarantee

Guaranteed Return - Secure Dreams offers the customer a guaranteed return of at least 3.5% per annum ensuring increase in their account value irrespective of market volatilities. The return is credited to the account value on a monthly basis. The amount once credited is guaranteed through the life of the policy. Guaranteed interest rate will be announced at the beginning of every quarter.

Guaranteed Policy Continuance - Through a unique feature of premium funding the policy continues and takes care of the customer's family's needs even in the unfortunate event of the policyholder's demise. This ensures that the family of policyholder gets sum assured and funds as per the plan till the end of policy tenure.

Guaranteed Hassle Free Issuance of Policy - There is no medical check up required to purchase a Secure Dream policy. A hassle free policy issuance process has been put in place to ensure quick policy issuance.

Guaranteed benefits - Through this policy the policyholder will also receive 10% of his annual premium as loyalty additions in the last 5 years of his policy term subject to conditions.

Guaranteed Life Cover - The policyholder will get up to 10 times of his premium as life insurance cover. The minimum annual premium is Rs.15, 000 while maximum annual premium could be Rs.200, 000.

Secure Dreams also allows partial withdrawals from the account value after the third policy anniversary. The policyholder also has a choice of regular top-ups with a maximum limit of 25% of cumulative annual premium paid till date. 98% of the top-up amount will be credited to account value.

Policyholders money collected through Secure Dreams will largely be invested in fixed income bearing instruments such as government securities and AAA corporate bonds.

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.


CONTACT DETAILS
Arpan Basu, Max New York Life Insurance Company Ltd., +91 9818083556, arpan.basu@maxnewyorklife.com
Priya Badshah, Max New York Life Insurance Company Ltd., +91 9820248172, priya.badshah@maxnewyorklife.com
Aparna Sankaran, IPAN Hill & Knowlton, +91 9899957559, asankaran@ipanhillandknowlton.com
Garima Arora, IPAN Hill & Knowlton, +91 9891221255, garora@ipanhillandknowlton.com

KEYWORDS
CONSUMER, MARKETING, BANKING, BUSINESS SERVICES, Financial Analyst, STOCK EXCHANGES

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