Max New York to roll out two new products in Jan

Max New York Life Insurance Ltd plans to roll out two new insurance products, a traditional child plan and ULIP (Unit Linked Insurance Plan), in January 2011.

"We will be coming out with a traditional child plan and a ULIP in January 2011. We would like to reach out to more and more consumers and also focus more on training of our agents”, Abhinav Rahul, vice president (corporate communications) told media persons.

The insurance firm recorded a pan-India turnover of Rs 4860 crore in calendar year 2009. Rahul declined to comment on the revenue projection for 2010.

It is also mulling to introduce products which can be sold online.

"The buying of insurance products online is at a very nascent stage in the country but we are definitely working on products that can be sold on the online mode. The products designed to be sold online should be simple and hassle free for the customers”, he stated.

He said that the company's focus was now on the eastern region which currently accounts for 15 per cent of the company's overall turnover and has registered a higher growth in premium collection in the past two years compared to other regions.

Orissa contributes four per cent to Max Insurance's turnover.

"The Orissa market is largely unexplored but it has a very good potential for growth in the insurance sector.

We have a network of around 5000 insurance agents in the state and have opened offices in locations like Bhubaneswar, Puri, Rourkela, Berhampur and Cuttack”, said Rahul.

He stressed on the need to scale up insurance penetration in the country.

Only 25 per cent of the households in India have insurance compared to more than 90 per cent in USA, he stated.