Max New York Life Insurance Company Limited (MNYL), a specialist life insurance joint venture of Max India Limited and New York Life, launched operations in Vijayawada on Wednesday by opening an office in the city, third one in Andhra Pradesh. | |
| The firm, which will soon open a branch in Visakhapatnam, has also a bancassurance partnership with Mahesh coop bank, in the state. |
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| Rajesh Sud, executive director-agency, bancassurance and direct sales distribution of MNYL, who inaugurated the office, said the company, which began its Andhra operations a year ago, sold policies worth around Rs 40 crore in 2005 (January-December) and has plans to increase the business by 100 per cent in 2006. The Vijayawada branch would give priority to tap insurance business from the surrounding wealthy rural areas. |
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| He said MNYL business in India was Rs 428 crore in 2005. With 58 offices and 218 branches, operating in 38 cities and covering 28 lakh customers in 100 cities, it emerged as the third largest issuer of new policies in private sector last year. |
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| Sud said the firm had so far sold about 8,00,000 policies with Rs 23,500 crore sum assured. The company sells 22 life insurance products with six riders or options, offering 400 possible product combinations. It has set up a Centre for Operational Excellence at its head office in Gurgaon, Haryana. |
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| He said that New York Life had pocketed 25 per cent of the insurance sold to the non-resident Indians in the US. The company could achieve this through Indian agent advisors, who formed 26 per cent of its staff. |
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| The company has been ranked 68 among Fortune 500. He said the company's paid up capital rose to Rs 527 crore from Rs 200 crore, with solvency margin at 10 per cent higher than that fixed by the IRDA. It achieved 53 per cent returns, 11 percentage points more than that of the stock market in 2005. |
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| He said the company's policies of multiple bonus options, 15-day free look period given to customers for deciding on a policy, need-based insurance, delivery of policy personally by agent advisors, service and maximum inclusions and minimum exclusions had made the company first among peers in insurance. |
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