BWI: Max New York Life Launches SHIKSHA Plus

Press release from Business Wire India
Source: Max New York Life Insurance
Monday, January 11, 2010 03:40 PM IST (10:10 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Banking & financial services, Business services, Financial Analyst
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Max New York Life Launches SHIKSHA Plus
A Wholesome Plan to Max your Child's Potential; A Unit Linked Plan to Secure Your Child's Future

New Delhi, Delhi, India, Monday, January 11, 2010 -- (Business Wire India) -- To facilitate your child's aspirations and goals Max New York Life, one of India's leading life insurance companies, today launched SHIKSHA Plus a Unit Linked Child Plans. Max New York Life Shiksha Plus is a 360-degree child plan that provides resources for over all development of your child under all uncertain circumstances. Along with addressing the increasing cost of education, the plan also provides an option to secure the future of your second child also once he/she is born.

Speaking at the Launch, V Viswanand, Director, Max New York Life said, "While in the yesteryears, it was all about focusing only on children's education to ensure their good career, in today's day and age of ever evolving needs, development of an all round personality of children and supporting them in areas beyond education is of utmost importance. Max New York Life conducted an extensive ethnographic consumer study to understand these deep-rooted behavioral aspects of parents which have helped us formulate this solution. This offering is targeted at parents who aspire to develop their children as all-rounders while also be absolutely sure about a secure future of their children whether they are there or not there. It provides control over uncertainties of life and inflation."

"For the first time with SHIKSHA Plus an effort has also been made in the life insurance industry to brand the features of the product, to help consumers better understand its utility. This offering further strengthens our comprehensive Unit Linked portfolio for customers with different financial risk profile and life stages," he further added.

Complete surety for a secure future for your child

University Education Pool: On maturity of the policy, the Fund Value is paid out to the policyholder to take care of expenses on higher education for their child.

University Education Pool Booster: In the last 6 Policy Years, the policyholder is benefited with Guaranteed Loyalty Additions to the fund value to further boost the higher education pool when it matters the most.

School Fee Support: In case of unfortunate event of death of the parent (the life insured) the nominee/beneficiary is entitled to receive 10% of initial Sum Assured every year, subject to a maximum of 100% of initial Sum Assured, to provide for the yearly education expenses of the child.

University Education Support: In case of unfortunate event of death, in addition to the School Fee Support, Max New York Life will continue to operate the Unit Account until maturity of the policy. Max New York Life will fund all future premiums, on behalf of the life insured until policy maturity to boost the education fund thereby ensuring that the purpose for which the policy was originally purchased is accomplished.

Talent Enhancement Withdrawal: The product offers the advantage of withdrawing specified amount as partial withdrawal from the fund value for aiding skill enhancement of any special talents that the child may possess and require further nurturing.

Upgrade Premium for Sibling: This is a unique feature which is being introduced for the first time in the industry where, on the birth or adoption of second child, the policyholder can upgrade the premiums by 50%, which will also increase the sum assured by the same percentage. This will support additional expenses and offer adequate protection to enhanced responsibilities the family will have to undertake to support education of second child. This will also ensure that through a single investment vehicle parents are able to provide similar benefits to both the children.

Increasing Premium option: To beat inflation the policyholder can opt for the Increasing premium option. Through this feature the ATP and Sum Assured both increases by 5% (of the base premium) per annum, and thereby ensuring that one keeps pace with time increasing liabilities.

Investment Flexibility

SHIKSHA Plus offer customers the choice of investing premiums in seven investment funds offered by Max New York Life with an option of Dynamic Fund Allocation which frees the policyholders from selecting the investment funds manually since this function enables them to plan investments basis their life stage. This investment strategy endeavours to safeguard their fund from any capital erosion, as the policy progresses and nears maturity.

The plan also empowers customers to manage their investments by free switching upto 12 times a year. It also offers premium redirection flexibility free of cost upto 12 times a year that enables the customer to proactively manage their investments and redirect their future premiums into new funds of their choice. The plans offer a top-up facility wherein a customer can invest lump-sum money into the policy as and when the funds are available.

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

Max New York Life Insurance Company Ltd. is a joint venture between Max India Ltd., one of India's leading multi-business corporations 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 private 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.


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
Garima Arora, IPAN Hill & Knowlton, +91 9891221255, garora@ipanhillandknowlton.com
Komal Kakkar, IPAN Hill & Knowlton, +91 9810609567, kkakkar@ipanhillandknowlton.com

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

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