Max New York Life eyes Rs 1 lakh cr business

Max New York Life Insurance is aiming for a Rs 1 lakh crore business by the end of December 2008. The total sum assured as of December 2007 stood at Rs 62,000 crore.

"To increase our business, we are expanding our network by adding new insurance advisers and opening new branches across the country," APS Bhalla, vice-president (south zone), Max New York Life Insurance, said.

Max New York has 233 branches in the country and plans to take this number to 570 by 2011 while it is looking at increasing the insurance advisers to about 55,000 from 30,000.

"With these expansion plans, we can easily reach our targets in the coming years," he said. The company on Friday launched its 'lifeline health Insurance plans' in Visakhapatnam.

"Only 1.2 per cent of the population purchase health insurance policies in the country, so there is a huge market for our new lifeline health insurance plans in the country," he added.