Press release from Business Wire India
Source: Max New York Life Insurance
Monday, February 27, 2012 01:27 PM IST (07:57 AM GMT)
Editors: General: Consumer interest; Business: Banking & financial services, Business services, Financial Analyst
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Max New York Life Introduces Affordable yet Comprehensive 'Premium Return Term Plan'
The only premium return term plan with inbuilt accidental death benefit
New Delhi, Delhi, India, Monday, February 27, 2012 -- (Business Wire India) -- Max New York Life Insurance today announced the launch of "Premium Return Term Plan," an extremely affordable yet the most comprehensive protection plans available in the market today. The "Premium Return Term Plan" is a limited premium payment term plan that not only provides financial security for the family but also a refund of 100% of all premiums on policyholder's survival, but is also the first such plan to have an inbuilt accidental death benefit rider.
Speaking on the launch, Mr. Rajesh Sud, CEO and Managing Director, Max New York Life Insurance said, "Life Insurance is the foundation of a sound financial plan and at Max New York Life Insurance we keep the consumer needs at the forefront when designing our products.
India is an underinsured market with low per capita spends on life insurance. Research indicates that while people are increasingly becoming aware of the true value of life insurance and willing to secure their financial future, they are also not willing to forego the premium paid in case of survival. In addition, as per data published by State Crime Records Bureaux (SCRBx), it is also been noted that the incidence of accidental deaths has increased to 50% in the year 2010 as compared to 2000. The Max New York Life Premium Return Term Plan has been designed keeping in mind these very requirements of consumer needs".
With this product being targeted towards the mass affluent category, we complete our gamut of protection offering. Premium Return Term Plan is a transparent and simple plan, which guarantees satisfaction and security to every policyholder." He further added.
Key Features & Benefits
-- Comprehensive protection along with inbuilt accidental death benefit: This plan offers base sum assured as death benefit and 50% of base sum assured as an inbuilt accidental death benefit.
-- Return of premiums: On survival at the end of the policy term, 100% of the premiums paid are returned to the policyholder.
-- Short term payment for long term coverage: The plan offers flexibility to choose the period of protection. One can choose the period for which he/she needs cover (20/25/30 years) and pay only for 11 years.
details
About Max New York Life (www.maxnewyorklife.com)
Max New York Life Insurance Co. Ltd. is a joint venture between Max India Ltd., one of India's leading multi-business corporations and New York Life Enterprises, LLC, a subsidiary 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 multi-channel distribution network across India. Through its wide network of highly competent life insurance agent advisors and intermediaries and comprehensive product portfolio, Max New York Life is providing life insurance solutions for its core value of Long-term Savings and Protection.
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CONTACT DETAILS
Arpan Basu, Max New York Life Insurance Company Ltd., +91 9818083556
Megha Somani, IPAN Hill & Knowlton, +91 9650179898
KEYWORDS
CONSUMER, BANKING, BUSINESS SERVICES, Financial Analyst
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