BWI: Max New York Life Launches UNIT BUILDER, A Unit Linked Insurance Plan

Press release from Business Wire India
Source: Max New York Life India
Thursday, March 05, 2009 02:30 PM IST (09:00 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Banking & financial services, Business services
Release no: 19401
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Max New York Life Launches UNIT BUILDER, A Unit Linked Insurance Plan
An Insurance Plan Tailored to Deliver Secure Returns during Volatile Market Conditions

New Delhi, Delhi, India, Thursday, March 05, 2009 -- (Business Wire India) -- In the backdrop of the prevailing volatility in capital markets, Max New York Life Insurance Co. ltd, one of India's leading life insurance companies launched the "Max New York Life Unit Builder" T, a flexible Unit Linked insurance Plan (ULIP) which offers secure returns even during market volatility. Unit Builder has been specially designed for the Partnership Distribution and Bancassurance channels and will initially be available across India through Max New York Life's distribution partners Peerless and Yes Bank. Moving forward the distribution rights will be spread across all partnership distribution relationships.

Commenting on the launch Mr. Debashis Sarkar, Sr. Director & Chief Marketing Officer, Max New York Life Insurance said, "Max New York Life has designed this product keeping in mind the financial goals and current risk perceptions of the majority of Indian consumers as a great protection cum long term wealth creation option that assures safety and optimum returns on investment. The policy is aligned along the long term financial goals and the risk appetite of an individual and provides the necessary corpus for fulfilling financial needs arising at various life stages."

Unit Builder ensures, up to 200% guaranteed loyalty additions at maturity or death. Fund Management Charges are adjusted in NAV whereas administration and mortality charges are adjusted in units.

The product offers 3 fund options - Secure, Balanced and Dynamic Opportunities Fund. One of the key features is availability of the Dynamic Opportunities Fund wherein the expert fund managers dynamically shift the investment between equities, bonds and money market instruments depending on the market conditions. This takes away the burden of investment decision from the policyholders and helps them protect against the downside while still being able to participate in upsides offered by the market. Unit Builder offers the option of 6 switches and 3 redirections free every year.

Unit Builder offers an optimum balance of protection and wealth creation. Sum Assured is 10 times of annual premium. From third policy year onwards the death benefit is higher of sum assured or fund value plus guaranteed loyalty additions. After 5 years, the product also offers partial withdrawals to meet the unplanned needs.

Applying for the Unit Builder has been made easy by simplifying the policy issuance process.

About Max New York Life Insurance Co. Ltd.(www.maxnewyorklife.com)

Max New York Life Insurance Co. Ltd. is a joint venture between Max India Ltd., a leading multi business corporation and New York Life, a Fortune 100 company. The company is one of India's leading private life insurance companies. Max New York Life is recognized for its claims management processes by international re-insurance major - Swiss Re. The Company offers both individual and group life insurance solutions. It has established a multi-channel distribution network across India. Through its wide network of highly competent life insurance agent advisors and flexible product solutions, Max New York life is creating a partnership for life with its customers in India.


CONTACT DETAILS
Arpan Basu, Max New York Life Insurance, +91 9818083556, arpan.basu@maxnewyorklife.com
Priya Badshah, Max New York Life Insurance, +91 9820248172, priya.badshah@maxnewyorklife.com
Aparna Sankaran, IPAN, +91 9899957559, aparna.sankaran@ipan.com

KEYWORDS
CONSUMER, MARKETING, BANKING, BUSINESS SERVICES

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