The Hindu Business Line : Max New York Life unveils new unit-linked plan

Chennai May 30 Max New York Life Insurance Co Ltd has launched Life Maker Premium, a unit-linked endowment plan, which according to the company's Director - Additional Distribution and Marketing, Mr Debashis Sarkar, is tailored to the needs of the middle-income group.

At a press conference here on Wednesday to launch the insurance product, he said this was the fifth in Max New York Life's unit-linked portfolio and the first to have the option to invest fully in equity funds. This gives the customers an option to maximise growth prospects.

The features of Life Maker Premium are: flexibility in premium payment, investment flexibility with the customer choosing to invest in five investment funds offered by the company, higher returns and high quality of advice.

The staff of Max Life is trained to educate the customers to the pros and cons of investing in unit linked schemes, he said. For a life insurance company unit-linked schemes need to be addressed properly. The stock market boom is driving unit-linked products. Over 70 per cent of the its premium income and 60 per cent of its policies are related to unit-linked products, Mr Sarkar said.

South's Potential

Max New York Life conducted a year-long study in collaboration with NCAER, the India Finance Protection Survey, which brought out the importance of the southern States as a market for its insurance products, he said.

While the details of the study covering 23 States and 63,000 households are to be released later, the results show that South India is a high potential market, he said.

Among the top five States in insurance ownership are Tamil Nadu, Karnataka, Goa, Puducherry and Delhi.

Among the top five States that prefer insurance products as a form of saving are Tamil Nadu, Kerala, Karnataka, Puducherry and Chhattisgarh.

Max in South

To Max New York Life, this was an indication of the huge untapped potential for the company. As of now, the southern States contribute about 15 per cent (45,000) of its policies and 15 per cent of the premium income - over Rs 90 crore.

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