The Hindu Business Line : Max NY Life to hike capital by Rs 100 cr

"We will have to raise our authorised capital to Rs 500 crore. We will take it up in the next board meeting," Mr Anuroop Tony Singh, Vice-Chairman, MNYL, said on Tuesday.

Mr Singh was addressing a press conference to launch a flexible unit-linked investment plan — Life Maker. The plan would help customers manage their financial needs, including protection, investment and liquidity. He said that the company would soon introduce a pension product.

"With Life Maker, we are offering customers the flexibility to actively manage their own investments with a balance between protection, investment and liquidity needs," Mr Singh said.

Life Maker provides the customer a choice from two terminal benefits — Level Insurance Cover and Increasing Insurance Covers. In the former case, the nominee will receive the higher of the insurance cover or value of units while in the case of latter, the nominee will receive the insurance cover plus the value of units in the plan.

In addition, during the tenor of the plan, the customer can switch from Increasing Insurance Cover to Level Insurance Cover.

Pointing out that the customer also has the flexibility of increasing or decreasing their sum assured during the tenor of the plan, Mr Singh said Life Maker can be further customised using two riders — personal accident rider and dread disease rider.

Besides, it offers the choice of investing the premium in four investment funds, which are used to purchase assets such as government securities, investment grade corporate bonds, money market instruments and equities.