Press release from Business Wire India
Source: Max New York Life Insurance
Thursday, February 17, 2011 02:00 PM IST (08:30 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Banking & financial services, Business services, Education & training
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Max New York Life introduces 'College Plan'
A Guaranteed Money Back Life Insurance Plan designed to Meet the Rising Cost of College Education of your Child
New Delhi, Delhi, India, Thursday, February 17, 2011 -- (Business Wire India) -- Max New York Life Insurance today announced the launch of "Max New York Life College Plan', a guaranteed money back child plan to help parents create a corpus and meet the fast increasing cost of higher education of their children. The plan provides peace of mind as it ensures a guaranteed pay out when the child reaches 18 years of age. The plan also provides an assured amount every year till the child attains 21 years of age. Max New York Life College Plan ensures that the parents do not have to compromise on their child's career due to lack of funds.
Max New York Life College Plan has been developed after a detailed understanding of consumer needs. Researches were conducted among consumers to get a better understanding of how consumers chose and purchased life insurance policies. A specialized research technique called "Conjoint Analysis" was used to understand consumer choice. This research revealed an important aspect of consumer behavioural pattern where parents were averse to taking risk and prefer guaranteed returns while planning for their child's education. Similarly, researches have also revealed that 82% of Indians save for children education. However, due to fast increasing cost of higher education, children's education in preferred institutions may still be out of reach of many Indians. It becomes critical that today's parents start saving early for their children's higher education and let the power of compounding help in accumulating sufficient corpus. Max New York Life College Plan provides an edge to its customers by helping them start planning from age 0 to 8 years of their child and provide risk free guaranteed returns from the age of 18 to 21 , the college going years.
Speaking on the launch, V Viswanand, Director & Head - Products & Persistency, Max New York Life Insurance said, "At Max New York Life Insurance, we design products keeping in the mind the future needs of our customers. The rising cost of education is clearly a concern. College Plan was designed with an objective of securing your child's needs, higher education in particular as education is the primary concern for parents when it comes to their child future."
"Seamless customer satisfaction has always been our mainstay focus and the launch of College Plan is in alignment with this. We have also collaborated with Career Launcher to launch Future Map through which we would be providing our prospective customers a scientific analysis which would give them information on future career of the child. This would help parent take a more informed decision" , added Mr. Viswanand.
College Plan - Features & Benefits
Ensuring your child's aspiration
Guaranteed Returns: The Max New York Life College Plan provides a guaranteed returns pegged at 120% of sum assured. It is an ideal product for those who do not want to take any risk while saving for their child's higher education, as it is a traditional money back plan.
Timely Money Back: The plan offers guaranteed money back aligned towards your child's college education. The plan ensures that the premium payment term is completed during the school days and money backs start at the age of 18, 19, 20 and 21 when it is needed the most for higher education. Not only are the payouts made in the college going years , the payouts are made in a manner which is reflective of the real experience of the customer. As the expenses are the highest during the first and the last year of college hence 40% of the Sum Assured in year 18 and 21 while in the middle years of 19 and 20 20% of the Sum Assured is given.
Reversionary & Terminal Bonus: The product is bundled with dual bonuses - Reversionary Bonus and Terminal Bonus. Guaranteed additional terminal bonus is paid if the policy has been in force for 10 years. The option of revisionary bonus ensures that the corpus is not used for other purposes during the tenure of the policy.
Guaranteed secure future - With or with out you
Funding of premium through Payor rider coverage - In case of unfortunate event of death of the payor, Max New York Life will continue to operate the policy 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.
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
Bhaswati Chakravorty, Max New York Life Insurance Company Ltd., +91 9650060929
Garima Arora, IPAN Hill & Knowlton, +91 9891221255
KEYWORDS
CONSUMER, MARKETING, BANKING, BUSINESS SERVICES, EDUCATION
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