Max New York Life to launch universal policies in India

Max New York Life Insurance is looking to introduce universal life insurance policies in India.

Rajesh Sud, chief executive officer and managing director, Max New York Life Insurance, said the company was planning to launch a universal life policy, a first-of-its-kind in India, and a health insurance product in this financial year.

Max New York Life recently introduced Max Vijay, an insurance product aimed at rural masses, on the lines of universal policies, as it comes with flexible premium amounts with an element of savings.

Universal life policies also provide death benefit, incorporates a savings vehicle, and a certain interest is credited to the policy holders account periodically.

Max New York Life is also exploring new distribution channels like retail stores, micro finance institutions (MFIs) and non-government organisations (NGOs) for Max Vijaya.

The company has also tied up with Reliance Fresh, for distributing the product through the stores. It was also in talks with the Tata Group for a similar tie-up, said Sud.

This apart, Max New York Life is also in talks with the insurance regulatory and development authority (Irda) for promoting Max Vijay as a micro-insurance product.

“In the next five years, we hope that at least 20 per cent of our business comes from micro-insurance products,” said Sud.

At present, the paid-up capital of the company is Rs 1,782 crore, which would be increased to Rs 3,600 crore in the next two-three years, said Sud.