Max New York launches 'College Plan' in Gujarat

Max New York Life Insurance today launched its 'College Plan' in Gujarat, a money-back scheme to help parents secure a corpus to meet children's educational costs.

"The plan has been designed with an objective to help parents secure their child's higher education needs in particular, as education is the primary concern for parents when it comes to child's future," Max New York Life Insurance's Chief Marketing Officer Anisha Motwani said.

It will help parents start planning for their children from 0-8 years, and provide risk-free guaranteed returns from the age of 18 to 21, the college years.

The company has also proposed to launch a web-based programme -- College Planner -- soon in 180 schools across seven states, to popularise the plan.

"We have 23 offices across Gujarat and acquired close to 75,000 new customers in the state during the last calendar year," Motwani said.

"Gujarat has been a critical market for us. Now we shall be focusing more on penetration among 'mass affluents' (Rs 2 to 25 lakh per annum income group) customer segment and high networth investors (above Rs 25 lakh per annum) in the state," she said.

Max insurance has been ranked third in Gujarat by Irda after SBI and ICICI, a company official said.