A Unit Linked Investment Plan tailored for Mass – Affluent individuals
[ClickPress, Fri Oct 13 2006] Max New York Life (MNYL), one of India’s leading life insurance companies, today launched LIFE INVEST, a flexible Unit Linked Investment Plan (ULIP). The product is a powerful investment plan that provides the customer with the flexibility to manage their financial needs, including protection, investment and liquidity. Max New York Life is one of the few life insurance companies offering the choice of two death benefit options in this plan thereby enabling the customers to customize the plan according to their needs.
LIFE INVEST offers the customer a choice from two death benefits – Level Insurance Cover and Increasing Insurance Cover. In the case of Level Insurance Cover, the nominee will receive higher of the sum assured or fund value. While in the case of Increasing Insurance Cover, the nominee will receive the sum assured plus the fund value.
LIFE INVEST offers customers the choice of investing their premium in four investment funds offered by MNYL. The plan empowers the high net worth customer to manage their investments by switching between funds without any tax liability, re-directing future premiums, investing more through fund top-ups based on their cash flows. The switch option MNYL offers is one of the most powerful and flexible ones in the market where money from one fund can be switched to multiple funds in a single switch. MNYL allocates guaranteed Persistency Units to the customer’s unit account on the 9th policy anniversary and on every 3rd anniversary thereafter.
Gary Bennett, Managing Director and CEO, Max New York Life Insurance Company says, “LIFE INVEST is designed to provide long term wealth creation and valuable life insurance for high net worth individuals. With this launch, we will now offer our customers the flexibility to manage their own investments actively based on their changing financial needs. Our trained and certified agent advisors will ensure that this plan provides an appropriate balance between protection, investment and liquidity needs based on the lifestage of their customers.”
LIFE INVEST can be purchased by anyone between the ages of 91 days-70 years. The policy term can be 5 years to 75 years with payment terms of 1, 3, 5, 7, 10 and regular pay. The minimum premium is Rs. 50,000/-. Max New York Life has sold well over one million policies with more than Rs. 32,000 crore in sum assured.
Max New York Life, a joint venture between Max India Limited and New York Life, a Fortune 100 company, is one of India’s leading private life insurance companies. The company offers both individual and group life insurance solutions. Max New York Life offers 24 products and eight riders that can be customized to over 400 combinations. It has established a wide distribution network with 104 offices and representatives across 74 cities in India.
For further information, please contact:
Ms. Latika Taneja
Genesis Burson Marsteller
09811760200
latika.taneja@bm.com
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