Forex

uly 24 Max New York Life Insurance on Thursday launched “Max Vijay”, an insurance-cum-savings product aimed at the underserved segment of society.

Announcing the launch, the company’s Chairman, Mr Analjit Singh, said “Max Vijay empowers millions of Indians, who may not be a part of the economic growth scenario that the country is witnessing today, to participate in this revolution and realise their dreams. The business model leverages innovation at every step — be it product design, technology, distribution or service delivery — to ensure a comprehensive offering for the common man.”

Max Vijay has been designed keeping in mind the lifestyle, income patterns and needs of the rural and semi-urban population. It empowers millions of Indians to benefit from the economic boom in financial services that was hitherto denied to them, company officials said.

The minimum premium payable under the product will be Rs 1,000 and the policy will not lapse as long as there is sufficient value in the account. The company has tied-up with IBM to provide end-to-end technology backbone for fulfilment. Apart from this, they will facilitate the handheld terminal, which enables data transfer to the back-end through GPRS and hence facilitates on-the-spot policy receipt

Meanwhile, Mr Singh told newspersons that it would be business as usual for Max New York Life even though there are indications of the Government pushing for legislative changes to increase the sectoral cap on insurance from 26 per cent to 49 per cent. The company was not looking at a listing for the moment, he said, and added that the joint venture partners have committed to raise the paid-up capital from Rs 1,300 crore to about Rs 3,600 crore in the next two years.