BWI: Max New York Life Slashes Fund Management Charges to 1.25% for all its ULIP Policyholders

Press release from Business Wire India
Source: Max New York Life Insurance
Thursday, December 03, 2009 02:30 PM IST (09:00 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Banking & financial services, Financial Analyst, Stock exchanges
--------------------------------------------------
Max New York Life Slashes Fund Management Charges to 1.25% for all its ULIP Policyholders


New Delhi, Delhi, India, Thursday, December 03, 2009 -- (Business Wire India) -- Max New York Life Insurance Company Limited, one of India's leading life insurance companies, today announced reduction in its Fund Management Charges (FMC), on all its equity oriented ULIP funds to 1.25%.

The reduction in FMC to 1.25%, which is lower than the IRDA's guidelines of capping FMC at 1.35%, will provide increased Fund value and returns thereon. This benefit will be extended not only to the new customers but to all of our existing customers on renewal premiums as well.

Reduced FMC will be applicable on Growth Super Fund and Dynamic Opportunities Fund from 1st December 2009 whereas on High Growth Fund and Pension Fund - Growth Super Fund it will be applicable from 1st January 2010.

Mr. Prashant Sharma, Chief Investment Officer, Max New York Life Insurance Co Ltd, said, "Our investment philosophy is focused on optimizing reward while managing risk. The move to reduce Fund Management Charges for all existing and prospective policyholders is in line with our constant endeavour to be fair to all our policyholders by providing uniform benefits. Our approach to maximize policyholders' returns over long-term has enabled us to consistently outperform benchmark in all fund categories over the last 5 years."

Customer Centricity has always been our focus and is reflective not just in our innovative product and service offerings but also in our fair and transparent approach in providing the best benefits to all our customers. Our passion and commitment has enabled us to achieve a pre - eminent position in the life insurance industry," he further added.

Max New York Life has recently completed 5 years of its ULIP funds and currently holds a portfolio of Rs. 8152 crores. As on 30th October 2009, 59% was invested in debt and 41% in equity, 90% of the company's debt portfolio is invested in Government Securities and AAA rated corporate bonds whereas 80% of equity investment is in large caps. The funds are managed by an in-house team of dedicated and highly specialized investment analysts and fund managers. During the last 5 years the company's ULIP funds have consistently outperformed the benchmarks on risk-reward parameters. This consistent performance ensures that the company provides superior return to its customers over the long-term.

Last year Outlook Money also recognized the company's efforts and ranked Max New York Life Insurance No.1 in Slow (up to 20% in equity), Medium (up to 40% in equity) and Quick fund (up to 60% in equity) categories. This was also reflective of the company's investment management capabilities to act as per changing market conditions and constantly maximize returns to the policyholders.

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, 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.


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
Ajith Henry, IPAN, +91 9540011399, ahenry@ipanhillandknowlton.com
Garima Arora, IPAN, +91 9891221255, garora@ipanhillandknowlton.com

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

If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.

Submit your press release at http://www.businesswireindia.com