BWI: Max New York Life re-structures its ULIP Portfolio

Press release from Business Wire India
Source: Max New York Life Insurance
Monday, January 04, 2010 02:00 PM IST (08:30 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Banking & financial services, Financial Analyst, Stock exchanges
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Max New York Life re-structures its ULIP Portfolio
Introduces 4 New Products; Greater Emphasis on Protection

New Delhi, Delhi, India, Monday, January 04, 2010 -- (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 re-structured its ULIP portfolio by announcing the launch of 4 new financial solutions. These solutions have been specially designed as a hallmark of guarantee and safety to address the consumers' need of protection growth as well transparency. All of these products are compliant to IRDA's regulation of capping of charge to reduce the reduction in net yield and will positively impact customer benefits.

Speaking at the launch of Max New York Life Secure Dreams Mr. Manik Nangia, Corporate Vice President & Head Product Management, 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 shifts in both global and Indian economic scenario in past 18 months, the customer is now looking for much more than just growth in product design. Our new offerings are built is an attempt to answer these concerns of the customer. All these 4 products are compliant with the new IRDA regulations and therefore will maximize positive impacts on the customer."

"The exclusion of mortality and morbidity charges from the cap has ensured that there is no compromise on life cover, which is of critical importance in a country like India where 96% of the households are vulnerable. The same sentiments are also reflective in our products where we have paid emphasis on the protection element and also introduces guaranteed loyalty bonuses which clearly indicates on life insurance being viewed as a long-term protection product." He further added.

ULIP Suite:

Fortune Builder

Max New York Life Fortune Builder is a unit linked endowment plan that provides a unique combination of protection with potentially higher returns to fulfill goals.

Features

-- Guaranteed Loyalty Bonus which can be as high as 290% of ATP*
-- Comprehensive protection through high sum assured multiples and inbuilt Family Income Benefit
-- Increasing premium option to counter inflation along with increasing sum assured benefit
-- Choice of Seven funds for investors of different risk profiles
-- Life Stage based Asset Allocation - Dynamic Fund Allocation
-- Flexibility to make partial withdrawals to meet unplanned expenses
-- Flexibility to opt for Personal Accidental Benefit and Dread Disease riders

Unit Builder Plus

Max New York Life Unit Builder Plus, is a limited pay ULIP, which is designed to not only give you guaranteed returns but, also has an annual income plan for that little extra income to enjoy life to the fullest.

Features

-- Guaranteed Loyalty Additions which injects 100% of Annual Target Premium to the Fund Value on the 10th Policy Anniversary, and Annual Income through which 25% of the Annual Target Premium returned back to you from 11th Policy Anniversary till the Maturity Date in form of addition to the fund value
-- Added Protection and inflation cover with increasing Sum Assured @ 5% with Increasing Premium Payment Option and in case of Level Premium Payment Option with Progressive Auto Cover Enhancement (PACE)
-- Policy issuance without any medical tests
-- Limited premium payment option for only 10 years to get covered for 20 years
-- Life Stage based Asset Allocation - Dynamic Fund Allocation

Smart Invest Pension Super

This premier ULIP pension plan, helps build retirement corpus makes retirement an event to look forward to.

Features

-- 100% Allocation of premium from Year 1
-- Guaranteed Loyalty Additions on completion of 11 years of the policy
-- Flexible premium paying terms through choice of Regular premium paying, 5 Pay Premium Paying term and single premium paying term.
-- Dynamic Fund Allocation
-- For the first time with pension plans protection against critical illnesses and accidents in form of Dread Disease and Personal Accidental Benefit rider
-- Increasing Premium payment Option

Smart Xpress

A flexible Unit Linked insurance Plan (ULIP), with Systematic Transfer Plan option, which offers secured returns even during market volatility. SMART Xpress has been specially designed to address the consumers' need of capital preservation and growth.

Features

-- 7 fund options including the Money Market Fund and one exclusive fund for STP
-- The systematic Transfer Plan to ensure that the consumer's investment hits the market in 12 equal installments.
-- Flexibility
- Premium payment options through 3 years, 5 years or single payment options
- 12 re-directions
- 12 switches
- 12 partial withdrawals
-- Protection through increased Sum Assured, which can stretch upto 30 times of annual premium. 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.


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

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

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