BWI: Max New York Life Launches ‘Fast Track Plan’

Press release from Business Wire India
Source: Max New York Life Insurance
Wednesday, June 08, 2011 01:30 PM IST (08:00 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 'Fast Track Plan'
A Unit Linked Life Insurance Plan that enables you to catch up on lost time through Faster Accumulation, Faster Growth and Faster Service

New Delhi, Delhi, India, Wednesday, June 08, 2011 -- (Business Wire India) -- Max New York Life Insurance today, launched 'Fast Track Plan', a highly customizable unit-linked life insurance plan that offers consumers the opportunity to catch up on lost time for those life needs they may have de-prioritised for more immediate needs. Fast Track helps plan their savings in a faster and more efficient manner to fulfil their goals. The plan provides faster accumulation through choices of shorter policy tenure, faster and safer growth through fund options and an added feature of 'Systematic Transfer Plan to benefit from market volatility. The customer value proposition of 'Fast Track Plan' is further strengthened by its unique feature of wide range of protection multiple ranging from 1.25 times to 20 times of the annual premium depending on the payment term and age.

Announcing the launch, Mr. Rajesh Sud, CEO & Managing Director, Max New York Life Insurance said, "We are excited to offer life insurance products that respond realistically to consumers needs. For all those who in today's busy and demanding life style have not had the time to plan for their finances in an effective and efficient manner, Max New York Life has designed 'Fast Track Plan' keeping in mind the need to expedite their savings and fulfill their dreams with out loosing any further time.

The product therefore allows an entry age of up to 60 years with coverage upto age 70, and the flexibility to choose policy tenure and protection multiple to the consumers which helps in faster wealth accumulation - be it for savings, retirement or family security."

FAST ACCUMULATION

Max New York Life Fast Track Plan caters to a wide customer segment with flexibility to choose from a range of payment terms and sum assured limits. Depending on the customers savings need he may choose either a Single pay, 5 pay or a 10 pay term making it ideal for early maturity and fast track accumulation.

FAST GROWTH

Max New York Life Fast Track Plan offer customers the choice of investing premiums in seven investment funds offered by Max New York Life with the option of 'Systematic Fund Transfer' feature which ensures that the consumer's investment hits the market in 12 equal installments. It works on the concept of 'Rupee Cost Averaging' and thus makes the volatile market work to ones advantage. This ensures the purchase of more units for same amount at lowered prices thus lowering average purchase price.

FAST SERVICE

Max New York Life Fast Track customers are automatically entitled to 'Gold circle' Services consisting of service on priority and dedicated service cell amongst other benefits,

ADEQUATE PROTECTION

The consumer may also choose a protection multiple starting from 1.25 times to 20 times his annual premium amount. He may also choose added protection through Personal Accident Benefit Rider and Dread Disease Rider.

FLEXIBILITY AND LIQUIDITY

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 partial withdrawal feature allows the customers to withdraw from the fund value for any planned or unplanned expenses, once the policy completes 5 years.

About Max New York Life Insurance Co. Ltd. (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 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 Insurance is selling life insurance for it core value of Long-term savings and protection.


CONTACT DETAILS
Arpan Basu, Max New York Life Insurance Company Ltd., +91 9818083556, Arpan.basu@maxnewyorklife.com
Garima Arora, IPAN Hill & Knowlton, +91 9891221255

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

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