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18-02-2011, 10:43 AM

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Max New York Life Insurance Company Ltd. is a joint venture between Max India Limited, one of India's leading multi-business corporations and New York Life International, the international arm of New York Life, a Fortune 100 company. The company has positioned itself on the quality platform. In line with its vision to be “the most admired life insurance Company in India”, it has developed a strong corporate governance model based on the core values of excellence, honesty, knowledge, caring, integrity and teamwork. It is the first Life Insurance Company to be awarded the ISO 9001 certification. Max New York Life Insurance covered 139.43 lacs lives providing a total insurance cover of around Rs. 1,40,000 crores to its customers. The total Capital injected by shareholders till date stood at Rs 1,973 crores. The asset under management is Rs. 10,960 crores.
Incorporated in 2000, Max New York Life started commercial operation in April 2001. In line with its values of financial responsibility, Max New York Life has adopted prudent financial practices to ensure safety of policyholder's funds. The Company's paid up capital as on 31st August, 2010 is Rs 1,973 crore. It is one of the leading private sector life insurance companies in India
Max New York Life offers a suite of flexible products. It now has 25 products covering both life and health insurance and 8 riders that can be customized to over 800 combinations enabling customers to choose the policy that best fits their need. Besides this, the company offers 6 products and 7 riders in group insurance business. Some of the products available and its detail description are as follows,
Life Plans
1. Max New York Life Platinum Protect – It is a comprehensive solution that fulfils all the protection needs for a family.
2. Whole Life Participating Plan : Is a policy which can avail till the age of 100years. It’s a lifetime security plan.
3. 20year Endowment (Par) Plan : Is an endowment plan where on its maturity at the end of 20 years, this policy gives a guaranteed sum also any bonus it accumulates.
4. Endowment to age 60 (Par) Plan : is a policy that helps to save mainly for retired life. The policy matures after 60th birthday and can use the funds in any way as insured’s wish.
5. Life Gain Plus 20 participating plan : Is a plan that provides with an insurance cover that is guaranteed for 20 year.
6. Life Gain Plus 25 : is a limited pay endowment plan to meet financial goal and save for any need after 25years.
7. Life Pay Money Back Plan : Is a plan where it keeps paying part of the Sum Assured at regular intervals and the balance keeps growing to take care of long term saving needs. Besides it also provides insurance coverage till maturity.
8. Life Gain Endowment Plan: Is a plan which provides an insurance cover that is guaranteed during the tenure of the policy.
Growth Plans
1. Max New York Life Shubh Invest – It is a simple yet powerful solution, and is an ideal plan to start the journey towards financial independence.
Health Plans
1. Max New York Life Lifeline Medicash Plus – It is provide the support by giving hospital cash benefit, whenever the person is hospitalized.
2. Max New York Life LifeLine Safety Net – Its offers a term cum health insurance - LifeLine-Safety Net , the new age insurance covering death, disability, disease and accident under one single plan.
3. Max New York Life LifeLine Healthy Family - The Most Comprehensive Health Insurance Plan.
4. Max New York Life LifeLine Wellness Plus – It’s provide a wonderful benefit system in terms of long tenure of coverage, coverage for 38 critical illnesses and tax benefit.
Children Plans
1. Max New York Life Shiksha Plus II – It is a 360 degree child plan that provides for over all development of the child in all the circumstances.
2. Max New York Life Smart Bond - The smartest way to ensure maximum protection for the family with minimum investment.
3. Smart Steps : Is a regular premium unit linked life insurance children plan.
4. Smart Steps Plus : A regular premium unit linked life insurance plan to fulfil for the children’s future requirements.
5. SMART Steps Single Premium : Is a policy which will help you plan for the child's future in an orderly manner.
6. Children's Endowment Participating Insurance to age 18 : Is a life insurance plan where it helps the insured to provide for the child’s higher education.
7. Children's Endowment Participating Insurance to age 24 : This plan helps to provide for various events in the child’s life such as a marriage and other needs.
Retirement Plan
1. Life Partner plus Plan: Is a limited pay endowment plan to Age 75. The benefits of this plan are gives the maturity benefits at the age of 75, provides a life coverage insurance and helps in financial needs to the family of the policyholder in case of his death.
2. Easy Life retirement (par) Plan: Is a plan with regular premium or single premium policy to meet the future needs that is at the time of retirement.
3. Smart Invest Pension Plan: Is a comprehensive unit linked pension plan to meet the post retirement financial needs.
Group Plans
1. Group Credit Life.
2. Max Super Life.
3. Group Gratuity cum Term Assurance.
4. Unit Linked Group Gratuity Plan.
5. Unit Linked Superannuation Plan.
6. Group Term Life.
7. Employee Deposit Linked Insurance.

The premium is calculated differently for different policies like traditional, ULIP and health policies. The calculation is based on the customer’s requirements and it will be invested in government securities and investment bonds. Unit link insurance plan can be divided as 50% equity and 50% bond or 100% equity or 100% bond. The payment of the premium can be done in different ways. The following shows the different ways of paying the premium.
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