Max New York Life insurance company is holding talks with a general insurance company for a tie up to foray into microinsurance. | |
| "We are in discussions with a general insurance company on the product package, pricing and the distribution model after which we will present the proposal for the Board's approval," said Gary Bennett, CEO and managing director of Max New York Life. |
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| Micro insurance is the process of delivering affordable insurance products to people in rural areas. Irda regulations permit a life insurance company to tie up with one general insurance company for offering a composite product, that is, a combination of life cover along with a cover for health, personal accident, hut and dwellings, livestock and weather insurane. |
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| As per Irda regulations on micro insurance, the products should be low premium (from Rs 5,000 to Rs 30,000 or Rs 50, 000) easily comprehensible plans, with frequent modes of payment. Such products will be offered in partnership with NGOs and self help groups. |
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| "The next phase of development of the life insurance industry will be in rural areas," he added. |
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| "India is becoming a focussed destination showing value of investments and growth in business. Our size of business from 2002 has grown rapidly. We had one lakh customers in 2002 and are 1.2 million customers in a span of four years. We had 600 employees in 2002 and have 2500 employees today. We were in 9 cities then and are in 81 cities, 109 offices in the country. Every month 50,000 policies are sold." |
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| "We are targetting 500,000 new customers by December, a new business premium of Rs 1000 crore by March 2007 and a 100 per cent growth year on year, besides will have 38,000 agents by 2008 from the current 19,000," informed Bennett. |
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| The company has 25 products that can be used in 400 combinations and will be launching 10-12 products focussing on protection, investments, wealth creation and pensions. |
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| Our sum assured is 35,000 crores as of now. We have the third largest capital base of Rs 617 crore, 19000 advisors and a productive agency force with each agent selling 3 policies in a month. We have a tie up with seven co-operative banks. |
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| Our relationship with Yes Bank is growing strongly and in six months we are knocking aggressively. Skills picked up with co-operatives and Yes Bank is running at 300 per cent bancassurance business. |
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| Sy Sternberg, chairman of New York Life Insurance is visiting India to look at the insurance market and strengthening the company's operations. Sternberg will meet with 60 advisors of MNYL. |
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