Max New York Life looks to double new biz premia

Max New York Life Insurance Company Ltd is looking to double its new business premium by the end of 2007, having achieved a 100 per cent growth last year.

The private insurance player is aiming at a new business premium of between Rs 2,000-2,500 crore and get a sum assured of Rs 55,000 crore as compared to Rs 37,000 crore achieved last year.

According to Max New York Life Insurance senior vice president agency (west & south) Rajendar Sud, the company has earned a new business premium of Rs 823 crore in the first eight months.

"We had achieved a growth of 100 per cent last year in the business and would want to maintain the rate of growth in the coming years as well," Sud said.

Declining to comment on the number of policy holders the company is looking to attract, Sud said that were consolidating their distribution network. With a paid-up capital of Rs 732 crore, Max New York Life Insurance claims to have sold over 1.75 million policies so far.

Recently, the company also launched a new product SMART Steps Range of Unit Linked Children's Plans.

The plans ensure that the child's recurring needs are taken care of by way of extra annual payouts on the death of the insured parent for rest of the policy term.

"Apart from protection and security of life, customers also look for using their savings majorly for funding their child's education and other pressing needs. SMART Steps Range of Unit Linked Child Plan is aimed at fulfilling these needs of the customers," he added.