The Hindu Business Line : Max NY Life, NGO tie up for micro product

Hyderabad, Aug. 12 Max New York Life Insurance Company Ltd has launched a micro insurance product with a referral tie-up with the Confederation of NGOs for Rural India (CNRI).

The product, Max Vijay, is a micro insurance product bundling together savings and insurance components with an annual premium ranging between Rs 1,000 and Rs 2,500.

“We are seeing this initiative as a business within our business as we are investing Rs 450 crore in this,” Mr Analjit Singh, Chairman, Max New York Life, told newspersons here on Tuesday.

Open to the people in the age group of 10-50 years, Max India offers a sum assured five times of the premium paid. Partial withdrawals from the savings part of the policy are allowed after three years while the policy term is for 10 years.

“We are targeting three to four million customers and hope to break even in four years from now,” Mr Singh said.

CNRI, which has over 6,000 NGOs as its members, would refer corporate agents to Max New York Life.

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