Insurer: Max New York Life Insurance Company Limited
Category: Traditional Plan
Objective: Financial protection of family and returns on investment
Major USP of Max New York Life Whole Life Insurance
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Whole Life Cover
Many riders available
Loans available
Eligibility of Max New York Life Whole Life Insurance
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Minimum Entry Age: 91 Days
Maximum Entry Age: 70 Years
Maturity Age: 100 Years
Minimum Sum Assured: Rs 100,000 per annum
Premium Payment Mode: Yearly, Half Yearly, Quarterly or Monthly
What benefits does Max New York Life Whole Life Insurance offer?
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Death benefit:
Being a whole life plan, you get life cover till the age of 100. In case of unfortunate death of the life insured, Sum Assured will be paid.
Maturity Benefit:
At the end of policy term, Sum Assured will be paid along with bonuses will be paid.
Terminal Illness:
If the life insured is diagnosed with terminal illness with life expectancy of 6 months or less, life insured can access up to 50% of the Sum Assured subject to maximum of INR 500,000. The rest of the amount is provided on the occurrence of the unfortunate event.
Riders:
You can opt for personal accident rider, term rider, term renewable and convertible rider, waiver of premium rider, dread disease rider and payor rider with the plan.
Loans:
You can apply for loans against the policy after the policy acquires surrender value.
Are there any tax benefits?
--------------------------------------------------------------------------------
Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.
Under Section 10(10D) death claim is completely tax free.
What else should I know about?
--------------------------------------------------------------------------------Surrender Value: You can surrender the policy after 1st policy year. The guaranteed surrender value will be equivalent to 30% of all premiums paid less the first years’ premium.
Free Look Period: Whole Life Insurance plan can be cancelled within 10 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.
How can I buy Max New York Life Whole Life Insurance?
--------------------------------------------------------------------------------Policybazaar representatives will assist you in buying Whole Life Insurance.
CUSTAMER BENEFITSA
Consumer Life Insurance Needs Consumer FAQs about Life Insurance Quotes Policies from Life Insurance Wiz Quotes:
SOME THINGS TO REMEMBER!
Review your particular insurance needs and circumstances. Choose the kind of policy with benefits that most closely fit your needs. Ask an agent or company to help you.
Be sure that the premiums are within your ability to pay. Don't look only at the initial premiums, but take account of any later premium increase.
Ask about comparison index numbers and check several companies which offer similar policies. Remember, smaller index numbers generally represent a better buy when using the Net Payment Cost Comparison Indexes. But larger index numbers generally represent a better buy when using the Life Insurance Yield Comparison Indexes.
Don't buy life insurance unless you intend to stick with it. It can be very costly if you quit during the early years of the policy.
Read your policy carefully. Ask your agent or company about anything that is not clear to you.
Review your life insurance program with your agent or company every few years to keep up with changes in your income and your needs.
Life Insurance Costs Are the costs worth it? Most say, "Yes it is!" Life Insurance Wiz Quotes: The Costs of Life Insurance Policies and Whether They're Right for You!
Consider the total cost of your policy Quit smoking now! Standard vs. Preferred Risk First-to-die policies Consolidating policies Shop for a better deal now Consider The Total Cost Of Your PolicySome policies appear to cost more, but may, in fact, be cheaper when you look at the total cost of the policy. For example, annual renewable policies increase your premiums every year and thus may appear to be more expensive than level term policies where the premiums never increase (although the initial premiums for a level term policy will be higher). But, in fact, level premium policies may involve higher costs over the policy's full term, and become particularly expensive when you try to renew your policy at the end of the term.
Quit Smoking Now!The facts prove it: Tobacco users are twice as likely to die as non-tobacco users while they are insured. Insurance companies take this into account when they set their premium and cash benefits levels. You can save from 20% to 30% on premiums by quitting smoking. (*American Journal of Public Health, September 1995, Vol. 85 No. 9)
Standard Vs. Preferred Risk Many insurance companies offer lower, preferred rates to people who appear to be in better health and live a lifestyle that promotes a healthy, accident-free life. If you're in this category, you may be able to get a much better deal on your life insurance. See "Understanding Standard and Preferred Risks" for more information.
First-To-Die PoliciesFirst-to-die permanent life insurance policies pay cash benefits regardless of which spouse dies first. Covering both spouses with one policy can be cheaper than buying two policies.
Consolidating PoliciesIf you have a number of small life insurance policies, you can save money by consolidating your policies into one larger policy that offers the same coverage.
Shop For A Better Deal NowAre you getting the best deal on your life insurance? The only way to be sure is to shop around. But it is important that you do your shopping now while you are in good health, insurable and can qualify for a good rate. Remember, the longer you wait, the older you will be and the higher your rates may be. So, it's advisable to lock in your best rate now and stick with it!
SOME THINGS TO REMEMBER!
Review your particular insurance needs and circumstances. Choose the kind of policy with benefits that most closely fit your needs. Ask an agent or company to help you.
Be sure that the premiums are within your ability to pay. Don't look only at the initial premiums, but take account of any later premium increase.
Ask about comparison index numbers and check several companies which offer similar policies. Remember, smaller index numbers generally represent a better buy when using the Net Payment Cost Comparison Indexes. But larger index numbers generally represent a better buy when using the Life Insurance Yield Comparison Indexes.
Don't buy life insurance unless you intend to stick with it. It can be very costly if you quit during the early years of the policy.
Read your policy carefully. Ask your agent or company about anything that is not clear to you.
Review your life insurance program with your agent or company every few years to keep up with changes in your income and your needs.
Life Insurance Costs Are the costs worth it? Most say, "Yes it is!" Life Insurance Wiz Quotes: The Costs of Life Insurance Policies and Whether They're Right for You!
Consider the total cost of your policy Quit smoking now! Standard vs. Preferred Risk First-to-die policies Consolidating policies Shop for a better deal now Consider The Total Cost Of Your PolicySome policies appear to cost more, but may, in fact, be cheaper when you look at the total cost of the policy. For example, annual renewable policies increase your premiums every year and thus may appear to be more expensive than level term policies where the premiums never increase (although the initial premiums for a level term policy will be higher). But, in fact, level premium policies may involve higher costs over the policy's full term, and become particularly expensive when you try to renew your policy at the end of the term.
Quit Smoking Now!The facts prove it: Tobacco users are twice as likely to die as non-tobacco users while they are insured. Insurance companies take this into account when they set their premium and cash benefits levels. You can save from 20% to 30% on premiums by quitting smoking. (*American Journal of Public Health, September 1995, Vol. 85 No. 9)
Standard Vs. Preferred Risk Many insurance companies offer lower, preferred rates to people who appear to be in better health and live a lifestyle that promotes a healthy, accident-free life. If you're in this category, you may be able to get a much better deal on your life insurance. See "Understanding Standard and Preferred Risks" for more information.
First-To-Die PoliciesFirst-to-die permanent life insurance policies pay cash benefits regardless of which spouse dies first. Covering both spouses with one policy can be cheaper than buying two policies.
Consolidating PoliciesIf you have a number of small life insurance policies, you can save money by consolidating your policies into one larger policy that offers the same coverage.
Shop For A Better Deal NowAre you getting the best deal on your life insurance? The only way to be sure is to shop around. But it is important that you do your shopping now while you are in good health, insurable and can qualify for a good rate. Remember, the longer you wait, the older you will be and the higher your rates may be. So, it's advisable to lock in your best rate now and stick with it!
WHOLE LIFE INSURANCE
As the name implies, whole life insurance covers the policyholder for his or her whole life. There is no fixed end date for the policy, as there is with term life insurance. When the policy holder dies, the face value of the policy, known as a death benefit, is paid to the person or persons named in the life insurance policy (the beneficiary or beneficiaries).
The cost of a whole life insurance policy is spread out across many years, so the premium remains the same. This ensures that older people on a fixed income will not have to cope with rising premiums.
Unlike term life insurance, whole life insurance accrues cash value over time. If you cancel the policy after a certain amount of time has passed, the insurance company will surrender the cash value to you. The cash value is scheduled to equal the face value when the policyholder reaches the age of 100. If you live that long, the insurance company will likely pay the face value to you in a lump sum.
This is not the only way to use the cash value, however. You can also borrow some of the cash value as a loan. The money has to be paid back, but there is no approval process and no risk of being turned down. You are your own lender. Some whole life insurance pays dividends, so it can be used to supplement your retirement income.
policyholder for his or her whole life. There is no fixed end date for the policy, as there is with term life insurance. When the policy holder dies, the face value of the policy, known as a death benefit, is paid to the person or persons named in the life insurance policy (the beneficiary or beneficiaries).
The cost of a whole life insurance policy is spread out across many years, so the premium remains the same. This ensures that older people on a fixed income will not have to cope with rising premiums.
Unlike term life insurance, whole life insurance accrues cash value over time. If you cancel the policy after a certain amount of time has passed, the insurance company will surrender the cash value to you. The cash value is scheduled to equal the face value when the policyholder reaches the age of 100. If you live that long, the insurance company will likely pay the face value to you in a lump sum.
This is not the only way to use the cash value, however. You can also borrow some of the cash value as a loan. The money has to be paid back, but there is no approval process and no risk of being turned down. You are your own lender. Some whole life insurance pays dividends, so it can be used to supplement your retirement income.
Life Insurance Quotes Wiz is a FREE SERVICE dedicated to helping you with all of your needs for life insurance quotes. We offer access to a Nationwide network of life insurance, term life insurance, whole life insurance, and universal life insurance experts waiting to answer all your questions. Choose from 1000's of life insurance Apolicies available!
Life Insurance - Term Life Insurance - Whole Life Insurance - Life Insurance Quotes Life Insurance Quotes Wiz provides a place to shop in private with no hassles. With a policy in place today, you can:
1. Provide security for your family 2. Protect your home mortgage 3. Look at your estate planning needs 4. Look at other retirement saving & income vehicles People buy life insurance because too often most of their other plans fail. They buy it because they realize the need of protection for their families after their death; or for a reserve for emergencies and additional income for later years. "With premiums for term life insurance at their lowest in years, you can get the right protection and a great value." Consumer Reports. More on term life insurance information!Did you know that a life insurance policy can:
Provide cash and income needs on and immediately following death such as unpaid bills and taxes and other obligations.
Prevent a family's suddenly dropping from its accustomed standard of living after the death of the breadwinner.
1. Provide continuous flow of funds for the living spouse 2 . Allocate income funds for the children's education. 3. Provide a retirement income throughout old age. 4. Provide a reliable savings plan for the future. 5. Supplement income when earning power is destroyed by illness of accidents, such as covering medical expenses. 6. Furnish surplus earnings for the investors should disaster strike.The bottom line is this: While Life Insurance is not always the insurance product at the forefront of your thoughts, Life insurance is always a friend in time of need.
Life Insurance Wiz: Select the type of insurance quotes you're interested in and fill in the insurance quotes form. It takes less time than one phone call to an agent! Within seconds, you'll know the companies who have the best rates based on your profile.
The cost of a whole life insurance policy is spread out across many years, so the premium remains the same. This ensures that older people on a fixed income will not have to cope with rising premiums.
Unlike term life insurance, whole life insurance accrues cash value over time. If you cancel the policy after a certain amount of time has passed, the insurance company will surrender the cash value to you. The cash value is scheduled to equal the face value when the policyholder reaches the age of 100. If you live that long, the insurance company will likely pay the face value to you in a lump sum.
This is not the only way to use the cash value, however. You can also borrow some of the cash value as a loan. The money has to be paid back, but there is no approval process and no risk of being turned down. You are your own lender. Some whole life insurance pays dividends, so it can be used to supplement your retirement income.
policyholder for his or her whole life. There is no fixed end date for the policy, as there is with term life insurance. When the policy holder dies, the face value of the policy, known as a death benefit, is paid to the person or persons named in the life insurance policy (the beneficiary or beneficiaries).
The cost of a whole life insurance policy is spread out across many years, so the premium remains the same. This ensures that older people on a fixed income will not have to cope with rising premiums.
Unlike term life insurance, whole life insurance accrues cash value over time. If you cancel the policy after a certain amount of time has passed, the insurance company will surrender the cash value to you. The cash value is scheduled to equal the face value when the policyholder reaches the age of 100. If you live that long, the insurance company will likely pay the face value to you in a lump sum.
This is not the only way to use the cash value, however. You can also borrow some of the cash value as a loan. The money has to be paid back, but there is no approval process and no risk of being turned down. You are your own lender. Some whole life insurance pays dividends, so it can be used to supplement your retirement income.
Life Insurance Quotes Wiz is a FREE SERVICE dedicated to helping you with all of your needs for life insurance quotes. We offer access to a Nationwide network of life insurance, term life insurance, whole life insurance, and universal life insurance experts waiting to answer all your questions. Choose from 1000's of life insurance Apolicies available!
Life Insurance - Term Life Insurance - Whole Life Insurance - Life Insurance Quotes Life Insurance Quotes Wiz provides a place to shop in private with no hassles. With a policy in place today, you can:
1. Provide security for your family 2. Protect your home mortgage 3. Look at your estate planning needs 4. Look at other retirement saving & income vehicles People buy life insurance because too often most of their other plans fail. They buy it because they realize the need of protection for their families after their death; or for a reserve for emergencies and additional income for later years. "With premiums for term life insurance at their lowest in years, you can get the right protection and a great value." Consumer Reports. More on term life insurance information!Did you know that a life insurance policy can:
Provide cash and income needs on and immediately following death such as unpaid bills and taxes and other obligations.
Prevent a family's suddenly dropping from its accustomed standard of living after the death of the breadwinner.
1. Provide continuous flow of funds for the living spouse 2 . Allocate income funds for the children's education. 3. Provide a retirement income throughout old age. 4. Provide a reliable savings plan for the future. 5. Supplement income when earning power is destroyed by illness of accidents, such as covering medical expenses. 6. Furnish surplus earnings for the investors should disaster strike.The bottom line is this: While Life Insurance is not always the insurance product at the forefront of your thoughts, Life insurance is always a friend in time of need.
Life Insurance Wiz: Select the type of insurance quotes you're interested in and fill in the insurance quotes form. It takes less time than one phone call to an agent! Within seconds, you'll know the companies who have the best rates based on your profile.
ABOUT COMPANY NEWS
Max New York Life H1 FY 2012 Net Up 8 times to Rs. 375 crore Posts impressive all-round performance outperforming industry: Gross Premium up 8% to Rs. 2,873 crore Market Share amongst private life insurers up 291 bps to 9.7% on Adjusted Individual FYPRecords 20% growth in AUM to Rs. 14,708 croreSolvency Margin 456%
Mumbai, November 9, 2011: Max New York Life Insurance, India's leading life insurance specialist today announced its unaudited half yearly results for the Financial Year 2011 -12. The company recorded 8% growth in gross revenue to Rs. 2,873 crore, profit increased 8 times to Rs. 375 crore. The Company also performed well on other parameters like sum assured which increased by 3% and asset under management crossing the Rs. 14,500 crore mark recorded a growth of 20% over H1 FY 2010 while solvency margin increased to 456%.
Commenting on the performance of the company, Mr. Rajesh Sud, CEO & Managing Director, Max New York Life Insurance said "I am happy with our performance in the first half of the financial year. In spite of significant challenges in the market, we responded extremely well and demonstrated superior all round performance. This has been made possible due to our continued focus on building a successful and differentiated life insurance business to deliver the core value of long-term savings and protection in a Life Insurance contract. We have outperformed the industry since the regulatory changes came into effect from September 2010 and represent an extremely strong and stable performance on financial front. The Company does not require additional Capital with solvency margin at 456%".
"We are confident of a sustained profitable growth for Max New York Life as we continue to differentiate in the market place basis our advice based sales, balanced product portfolio, multi-channel distribution and superior customer experience through superior claims and complaint management. Max New York Life has now one of the lowest customer complaints incidence ratio. Our customer complaints incidence ratio was just 0.32 per thousand as on 30th September 2011. At Max New York Life 89% of the customer complaints are resolved within specified time frame and 94% of the new policies are issued within 10 days of receipt of documents. Our Outstanding Claims Ratio has come down to 6.89% as on 30th September 2011." he further added
Half Yearly (H1 FY) 2011-12 (April 2011 – September 2011) compared with H1 FY 2010-11 (April 2010 – September 2010)
(30 Sept'11)(Rs. Crs)
(30 Sept'10)(Rs. Crs)
Change %
Premium Income
2,873
2,665
8%
Sum Assured in force
1,47, 625
142,873
3%
Asset Under Management
14,708
12,229
20%
Profit after tax
375
(50)
854%
Solvency Margin %
456%
282%
17,400 bps
Revenue The Total Revenue for H1 FY 2011-12 increased by 8% to Rs. 2,873 crore with new business premium growing (13)% to Rs. 843 Crore and the renewal premium recording a growth of 20% to Rs. 2,030 crore.
In the investor community Adjusted Individual First Year Premium is the true indicator of new business success. Post 1st September 2010, after the new ULIP guidelines came into force, Max New York Life Insurance has outperformed the industry every month. Cumulatively, in this 13 month period the total industry and private insurers recorded a decline of 26% and 39% respectively while Max New York Life declined by 3%.
The company’s conservation ratio which is amongst the highest at 80% is testimony to its commitment towards customers. Our 13th month persistency at 72% is amongst the best in the industry.
Cost ManagementDuring the financial year 2010 – 2011 the company undertook cost management initiatives which had its impact during the first half of the financial year 2012 and its further impact would be visible in the second half of the financial year. The cost ratio improved 11 percentage points as compared to September 2010 to 31% in September 2011.
Net ProfitDuring the H1 FY 2011-12, Max New York Life Insurance, recorded the Net Profit of Rs. 375 crore, from a negative 50 crore in H1 FY 2010 - 11. This impressive rise in net profit was a result of continued revenue growth coupled with better productivity and cost efficiency.
Solvency Margin & CapitalThe solvency margin of the company stood at 456% for H1 FY 2012 as compared to 282% for the corresponding period previous year. Max New York Life maintained more than 2 times solvency margin as compared to the margin mandated by IRDA.
The company’s paid up capital (including share premium) as on September 30th 2011 was at Rs. 1,976 crore.
Sum Assured and Assets Under ManagementThe total sum assured increased to Rs. 1,47, 625 crore recording a growth of 3%. This increase in sum assured is an outcome of the company’s enhanced focus on long-term savings and protection.
During the first half of the financial year 2011-12 the Assets Under Management recording a growth 20% to Rs. 14,708 crore.
About Max New York Life Insurance Co. Ltd. (www.maxnewyorklife.com)Max New York Life Insurance Company Ltd. is a joint venture between Max India Ltd., one of India’s leading multi-business corporations and New York Life International, the international arm of New York Life, a Fortune 100 company. Max New York Life Insurance, incorporated in 2000, is one of India’s leading private life insurance companies. The company offers both individual and group life insurance solutions. It has established a wide 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 Insurance is selling life insurance for it core value of Long-term savings and protection
Mumbai, November 9, 2011: Max New York Life Insurance, India's leading life insurance specialist today announced its unaudited half yearly results for the Financial Year 2011 -12. The company recorded 8% growth in gross revenue to Rs. 2,873 crore, profit increased 8 times to Rs. 375 crore. The Company also performed well on other parameters like sum assured which increased by 3% and asset under management crossing the Rs. 14,500 crore mark recorded a growth of 20% over H1 FY 2010 while solvency margin increased to 456%.
Commenting on the performance of the company, Mr. Rajesh Sud, CEO & Managing Director, Max New York Life Insurance said "I am happy with our performance in the first half of the financial year. In spite of significant challenges in the market, we responded extremely well and demonstrated superior all round performance. This has been made possible due to our continued focus on building a successful and differentiated life insurance business to deliver the core value of long-term savings and protection in a Life Insurance contract. We have outperformed the industry since the regulatory changes came into effect from September 2010 and represent an extremely strong and stable performance on financial front. The Company does not require additional Capital with solvency margin at 456%".
"We are confident of a sustained profitable growth for Max New York Life as we continue to differentiate in the market place basis our advice based sales, balanced product portfolio, multi-channel distribution and superior customer experience through superior claims and complaint management. Max New York Life has now one of the lowest customer complaints incidence ratio. Our customer complaints incidence ratio was just 0.32 per thousand as on 30th September 2011. At Max New York Life 89% of the customer complaints are resolved within specified time frame and 94% of the new policies are issued within 10 days of receipt of documents. Our Outstanding Claims Ratio has come down to 6.89% as on 30th September 2011." he further added
Half Yearly (H1 FY) 2011-12 (April 2011 – September 2011) compared with H1 FY 2010-11 (April 2010 – September 2010)
(30 Sept'11)(Rs. Crs)
(30 Sept'10)(Rs. Crs)
Change %
Premium Income
2,873
2,665
8%
Sum Assured in force
1,47, 625
142,873
3%
Asset Under Management
14,708
12,229
20%
Profit after tax
375
(50)
854%
Solvency Margin %
456%
282%
17,400 bps
Revenue The Total Revenue for H1 FY 2011-12 increased by 8% to Rs. 2,873 crore with new business premium growing (13)% to Rs. 843 Crore and the renewal premium recording a growth of 20% to Rs. 2,030 crore.
In the investor community Adjusted Individual First Year Premium is the true indicator of new business success. Post 1st September 2010, after the new ULIP guidelines came into force, Max New York Life Insurance has outperformed the industry every month. Cumulatively, in this 13 month period the total industry and private insurers recorded a decline of 26% and 39% respectively while Max New York Life declined by 3%.
The company’s conservation ratio which is amongst the highest at 80% is testimony to its commitment towards customers. Our 13th month persistency at 72% is amongst the best in the industry.
Cost ManagementDuring the financial year 2010 – 2011 the company undertook cost management initiatives which had its impact during the first half of the financial year 2012 and its further impact would be visible in the second half of the financial year. The cost ratio improved 11 percentage points as compared to September 2010 to 31% in September 2011.
Net ProfitDuring the H1 FY 2011-12, Max New York Life Insurance, recorded the Net Profit of Rs. 375 crore, from a negative 50 crore in H1 FY 2010 - 11. This impressive rise in net profit was a result of continued revenue growth coupled with better productivity and cost efficiency.
Solvency Margin & CapitalThe solvency margin of the company stood at 456% for H1 FY 2012 as compared to 282% for the corresponding period previous year. Max New York Life maintained more than 2 times solvency margin as compared to the margin mandated by IRDA.
The company’s paid up capital (including share premium) as on September 30th 2011 was at Rs. 1,976 crore.
Sum Assured and Assets Under ManagementThe total sum assured increased to Rs. 1,47, 625 crore recording a growth of 3%. This increase in sum assured is an outcome of the company’s enhanced focus on long-term savings and protection.
During the first half of the financial year 2011-12 the Assets Under Management recording a growth 20% to Rs. 14,708 crore.
About Max New York Life Insurance Co. Ltd. (www.maxnewyorklife.com)Max New York Life Insurance Company Ltd. is a joint venture between Max India Ltd., one of India’s leading multi-business corporations and New York Life International, the international arm of New York Life, a Fortune 100 company. Max New York Life Insurance, incorporated in 2000, is one of India’s leading private life insurance companies. The company offers both individual and group life insurance solutions. It has established a wide 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 Insurance is selling life insurance for it core value of Long-term savings and protection
BEST TERM INSURANCE
Max New York Life Insurance today announced the launch of “Premium Return Term Plan,” an extremely affordable yet the most comprehensive protection plans available in the market today. The “Premium Return Term Plan” is a limited premium payment term plan that not only provides financial security for the family but also a refund of 100% of all premiums on policyholder’s survival, but is also the first such plan to have an inbuilt accidental death benefit rider.
Speaking on the launch, Mr. Rajesh Sud, CEO and Managing Director, Max New York Life Insurance said, “Life Insurance is the foundation of a sound financial plan and at Max New York Life Insurance we keep the consumer needs at the forefront when designing our products.
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MoreIndia is an underinsured market with low per capita spends on life insurance. Research indicates that while people are increasingly becoming aware of the true value of life insurance and willing to secure their financial future, they are also not willing to forego the premium paid in case of survival. In addition, as per data published by State Crime Records Bureaux (SCRBx), it is also been noted that the incidence of accidental deaths has increased to 50% in the year 2010 as compared to 2000. The Max New York Life Premium Return Term Plan has been designed keeping in mind these very requirements of consumer needs
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Infighting in UP Congress after poll debacle
MoreIndia is an underinsured market with low per capita spends on life insurance. Research indicates that while people are increasingly becoming aware of the true value of life insurance and willing to secure their financial future, they are also not willing to forego the premium paid in case of survival. In addition, as per data published by State Crime Records Bureaux (SCRBx), it is also been noted that the incidence of accidental deaths has increased to 50% in the year 2010 as compared to 2000. The Max New York Life Premium Return Term Plan has been designed keeping in mind these very requirements of consumer needs”.
With this product being targeted towards the mass affluent category, we complete our gamut of protection offering. Premium Return Term Plan is a transparent and simple plan, which guarantees satisfaction and security to every policyholder.” He further added.
Key Features & Benefits
1. Comprehensive protection along with inbuilt accidental death benefit: This plan offers base sum assured as death benefit and 50% of base sum assured as an inbuilt accidental death benefit.
2. Return of premiums: On survival at the end of the policy term, 100% of the premiums paid are returned to the policyholder.
3. Short term payment for long term coverage: The plan offers flexibility to choose the period of protection. One can choose the period for which he/she needs cover (20/25/30 years) and pay only for 11 years.
Product Feature
Premium Return Term Plan
Type of plan
A Non Linked, Non-participating limited pay endowment plan
Policy terms
20/25/30 years
Premium Payment Term
11 years (only one term is applicable to policy)
Available tenures for different age groups (Age last birthday)
For 20 year policy term – 21 to 55 years
For 25 year policy term – 21 to 50 years
For 30 year policy term – 21 to 45 years
Maximum Maturity age (Age last birthday)
75 years
Minimum and maximum sum assured
Minimum: Rs. 5 Lacs, subject to a minimum annual premium of Rs. 8,500
(excluding service tax or modal factors)
Maximum: Rs. 1 Cr
Note: The sum assured can only be chosen in multiple of Rs. 50,000
Premium Modes
All modes available,
Note: Semi-Annual, Quarterly & Monthly mode are available
Feature
Advantages
Benefit
Limited Premium Payment Term
Short premium payment term of 11 years
You get peace of mind for much longer than the years you pay premium for.
Option of 3 policy terms
Choice of policy term - 20/25/30 years
Flexibility to choose policy term based on your lifestyle needs.
Inbuilt Accidental death benefit
Additional 50% of sum assured paid to nominee in case of accidental death of policyholder.
Higher protection at no extra cost.
Return of Premium
Refund of all premiums paid on survival of policyholder at the end of policy term.
Free Protection.
Speaking on the launch, Mr. Rajesh Sud, CEO and Managing Director, Max New York Life Insurance said, “Life Insurance is the foundation of a sound financial plan and at Max New York Life Insurance we keep the consumer needs at the forefront when designing our products.
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MoreIndia is an underinsured market with low per capita spends on life insurance. Research indicates that while people are increasingly becoming aware of the true value of life insurance and willing to secure their financial future, they are also not willing to forego the premium paid in case of survival. In addition, as per data published by State Crime Records Bureaux (SCRBx), it is also been noted that the incidence of accidental deaths has increased to 50% in the year 2010 as compared to 2000. The Max New York Life Premium Return Term Plan has been designed keeping in mind these very requirements of consumer needs
-
Infighting in UP Congress after poll debacle
MoreIndia is an underinsured market with low per capita spends on life insurance. Research indicates that while people are increasingly becoming aware of the true value of life insurance and willing to secure their financial future, they are also not willing to forego the premium paid in case of survival. In addition, as per data published by State Crime Records Bureaux (SCRBx), it is also been noted that the incidence of accidental deaths has increased to 50% in the year 2010 as compared to 2000. The Max New York Life Premium Return Term Plan has been designed keeping in mind these very requirements of consumer needs”.
With this product being targeted towards the mass affluent category, we complete our gamut of protection offering. Premium Return Term Plan is a transparent and simple plan, which guarantees satisfaction and security to every policyholder.” He further added.
Key Features & Benefits
1. Comprehensive protection along with inbuilt accidental death benefit: This plan offers base sum assured as death benefit and 50% of base sum assured as an inbuilt accidental death benefit.
2. Return of premiums: On survival at the end of the policy term, 100% of the premiums paid are returned to the policyholder.
3. Short term payment for long term coverage: The plan offers flexibility to choose the period of protection. One can choose the period for which he/she needs cover (20/25/30 years) and pay only for 11 years.
Product Feature
Premium Return Term Plan
Type of plan
A Non Linked, Non-participating limited pay endowment plan
Policy terms
20/25/30 years
Premium Payment Term
11 years (only one term is applicable to policy)
Available tenures for different age groups (Age last birthday)
For 20 year policy term – 21 to 55 years
For 25 year policy term – 21 to 50 years
For 30 year policy term – 21 to 45 years
Maximum Maturity age (Age last birthday)
75 years
Minimum and maximum sum assured
Minimum: Rs. 5 Lacs, subject to a minimum annual premium of Rs. 8,500
(excluding service tax or modal factors)
Maximum: Rs. 1 Cr
Note: The sum assured can only be chosen in multiple of Rs. 50,000
Premium Modes
All modes available,
Note: Semi-Annual, Quarterly & Monthly mode are available
Feature
Advantages
Benefit
Limited Premium Payment Term
Short premium payment term of 11 years
You get peace of mind for much longer than the years you pay premium for.
Option of 3 policy terms
Choice of policy term - 20/25/30 years
Flexibility to choose policy term based on your lifestyle needs.
Inbuilt Accidental death benefit
Additional 50% of sum assured paid to nominee in case of accidental death of policyholder.
Higher protection at no extra cost.
Return of Premium
Refund of all premiums paid on survival of policyholder at the end of policy term.
Free Protection.
New York Life to exit Indian insurance JV
The US insurer has agreed to pay around one-third of the sale proceeds to its local partnNEW DELHI: New York Life Insurance Company plans to sell its near-26% stake in Max New York Life Insurance in a transaction that could see it sharing about one-third of its sale proceeds with Analjit Singh-led Max India, its local partner in the joint venture.
According to a person familiar with the development, New York Life, the US-based insurer, is in talks with a few European and Japanese companies as it seeks to exit India as part of its strategy to withdraw from Asia and focus on its home market of North America. As part of the strategy, New York Life has divested its stake in operations in Thailand, Hong Kong, South Korea and China since last year.er for its contribution in building the business and creating its valuation as well as for giving consent for the deal, even though Max India is not selling any shares itself.
New York Life's stake in the Indian insurance JV is estimated to be worth around Rs 3,500 crore and Max India could end up earning Rs 1,000-1,100 crore on the basis of this valuation.
"Our JV is a highly successful operation that provides important insurance products to the people of India. We do not comment on rumours," said a New York Life spokesman. Max India did not respond to an emailed query. Max New York Life, the country's largest non-banking private insurer, was incorporated in 2000 and is one of the earliest joint venture companies involving a foreign partner.
In addition to New York Life, Max India has a 70% stake in the company and Axis Bank holds the remaining 4%. The money earned by Max India from the transaction will be used to make good its accumulated losses in the insurance business and also scout for inorganic growth opportunities, said the person quoted above.
According to a person familiar with the development, New York Life, the US-based insurer, is in talks with a few European and Japanese companies as it seeks to exit India as part of its strategy to withdraw from Asia and focus on its home market of North America. As part of the strategy, New York Life has divested its stake in operations in Thailand, Hong Kong, South Korea and China since last year.er for its contribution in building the business and creating its valuation as well as for giving consent for the deal, even though Max India is not selling any shares itself.
New York Life's stake in the Indian insurance JV is estimated to be worth around Rs 3,500 crore and Max India could end up earning Rs 1,000-1,100 crore on the basis of this valuation.
"Our JV is a highly successful operation that provides important insurance products to the people of India. We do not comment on rumours," said a New York Life spokesman. Max India did not respond to an emailed query. Max New York Life, the country's largest non-banking private insurer, was incorporated in 2000 and is one of the earliest joint venture companies involving a foreign partner.
In addition to New York Life, Max India has a 70% stake in the company and Axis Bank holds the remaining 4%. The money earned by Max India from the transaction will be used to make good its accumulated losses in the insurance business and also scout for inorganic growth opportunities, said the person quoted above.
THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY
The Insurance Regulatory and Development Authority (IRDA) is a national agency of the Government of India, based in Hyderabad. It was formed by an act of Indian Parliament known as IRDA Act 1999, which was amended in 2002 to incorporate some emerging requirements. Mission of IRDA as stated in the act is "to protect the interests of the Policyholders, to regulate, promote and ensure orderly growth of the Insurance industry and for matters connected therewith or incidental thereto."
In 2010, the Government of India ruled that the Unit Linked Insurance Plans (ULIPs) will be governed by IRDA, and not the market regulator Securities and Exchange Board of India.[1]
Contents
1 Expectations
1.1 Duties,Powers and Functions of IRDA
2 Advisory committee
3 Chairman selection process
4 References
5 External links. The law of India has following expectations from IRDA:
To protect the interest of and secure fair treatment to policyholders.
To bring about speedy and orderly growth of the insurance industry (including Annuity and Superannuation payments), for the benefit of the common man, and to provide long term funds for accelerating growth of the economy.
To set, promote, monitor and enforce high standards of integrity, financial soundness, fair dealing and competence of those it regulates.
To ensure that insurance customers receive precise, clear and correct information about products and services and make them aware of their responsibilities and duties in this regard.
To ensure speedy settlement of genuine claims, to prevent insurance frauds and other malpractices and put in place effective grievance redressal machinery.
To promote fairness, transparency and orderly conduct in Financial markets dealing with insurance and build a reliable management information system to enforce high standards of financial soundness amongst market players.
To take action where such standards are inadequate or ineffectively enforced.
To bring about optimum amount of Self-regulation in day to day working of the industry consistent with the requirements of prudential regulation.
Duties,Powers and Functions of IRDA
Section 14 of IRDA Act, 1999 lays down the duties, powers and functions of IRDA:
Subject to the provisions of this Act and any other law for the time being in force, the Authority shall have the duty to regulate, promote and ensure orderly growth of the insurance business and re-insurance business.
Without prejudice to the generality of the provisions contained in sub-section (1), the powers and functions of the Authority shall include,
issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration;
protection of the interests of the policy holders in matters concerning assigning of policy, nomination by policy holders, insurable interest, settlement of Insurance claim, surrender value of policy and other terms and conditions of contracts of insurance;
specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents;
specifying the code of conduct for surveyors and loss assessors;
promoting efficiency in the conduct of insurance business;
promoting and regulating professional organisations connected with the insurance and re-insurance business;
levying fees and other charges for carrying out the purposes of this Act;
calling for information from, undertaking inspection of, conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organisations connected with the insurance business;
control and regulation of the rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business not so controlled and regulated by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938);
specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other insurance intermediaries;
regulating investment of funds by insurance companies;
regulating maintenance of margin of solvency;
adjudication of disputes between insurers and intermediaries or insurance intermediaries;
supervising the functioning of the Tariff Advisory Committee;
specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organisations referred to in clause (f);
specifying the percentage of life insurance business and general insurance business to be undertaken by the insurer in the rural or social sector; and
exercising such other powers as may be prescribed from time to time,
Advisory committee
IRDA consists of a Chairman and some permanent as well as part time members. The regulations, however, are enacted under the guidance of a statutory advisory committee. The advisory committee consists of following individuals and ex-officio authorities:
Chairman: Hari Narayan J is the current Chairman of IRDA.
Full-time Members: Currently, they are Mr M. Ramaprasad (Nonlife Member), Sri G Prabhakara (Life Member), Dr R Kannan(Member, Actuary) and Sri R.K. Nair (Member, F & I). There is provision for a panel of other members and part time members. IRDA formed a high powered Insurance Law Reforms Committee known as KPN Committee with important insurance advisors like Mr N Govardhan and Dr K C Mishra as its members. There were also a few non-advisory committee members like Mr Liaquat Khan and Mr T Viswanathan etc.
Full force and utility of various institutions like Advisory Committee and self-regulatory organizations are not yet realized as the regulator seems to be in a long learning mode. Due to over delegations, Individual incumbents decide the pace and extent of utilization of prudential and statutory bodies. Research is limited to opinion seeking through legacy channels. Market waits for revision of insurance act and establishment meaningfully functioning regulatory organs devoid of excess delegation and subjective localization of development agencies.
IRDA Journal is available as soft copy in its website.[2] Unlike other Indian administrative Regulatory Agencies IRDA is perceived as a silent regulator with activities confined to its local existence.
Chairman selection process
Government of India has circulated to broadbase IRDA chairman selection process. It is felt in the market that placing of retired civil servants as IRDA Chairman has served the purpose of administrative fiefdom of the regulator. Mostly, the regulator has become passive to market realities and most of the original public policy intentions have been systematically replaced by personal preferences. There seems to be no oversight of public policy erosions. Taking advantage of the completion of term of current incumbent, there seem to be an attempt to correct the future course but people do not perceive any outcome to result as the market does not seem to throw up candidates of the stature of Howard Davies for Indian market. But a right leadership is the solution to the requirement of this booming market.
In 2010, the Government of India ruled that the Unit Linked Insurance Plans (ULIPs) will be governed by IRDA, and not the market regulator Securities and Exchange Board of India.[1]
Contents
1 Expectations
1.1 Duties,Powers and Functions of IRDA
2 Advisory committee
3 Chairman selection process
4 References
5 External links. The law of India has following expectations from IRDA:
To protect the interest of and secure fair treatment to policyholders.
To bring about speedy and orderly growth of the insurance industry (including Annuity and Superannuation payments), for the benefit of the common man, and to provide long term funds for accelerating growth of the economy.
To set, promote, monitor and enforce high standards of integrity, financial soundness, fair dealing and competence of those it regulates.
To ensure that insurance customers receive precise, clear and correct information about products and services and make them aware of their responsibilities and duties in this regard.
To ensure speedy settlement of genuine claims, to prevent insurance frauds and other malpractices and put in place effective grievance redressal machinery.
To promote fairness, transparency and orderly conduct in Financial markets dealing with insurance and build a reliable management information system to enforce high standards of financial soundness amongst market players.
To take action where such standards are inadequate or ineffectively enforced.
To bring about optimum amount of Self-regulation in day to day working of the industry consistent with the requirements of prudential regulation.
Duties,Powers and Functions of IRDA
Section 14 of IRDA Act, 1999 lays down the duties, powers and functions of IRDA:
Subject to the provisions of this Act and any other law for the time being in force, the Authority shall have the duty to regulate, promote and ensure orderly growth of the insurance business and re-insurance business.
Without prejudice to the generality of the provisions contained in sub-section (1), the powers and functions of the Authority shall include,
issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration;
protection of the interests of the policy holders in matters concerning assigning of policy, nomination by policy holders, insurable interest, settlement of Insurance claim, surrender value of policy and other terms and conditions of contracts of insurance;
specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents;
specifying the code of conduct for surveyors and loss assessors;
promoting efficiency in the conduct of insurance business;
promoting and regulating professional organisations connected with the insurance and re-insurance business;
levying fees and other charges for carrying out the purposes of this Act;
calling for information from, undertaking inspection of, conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organisations connected with the insurance business;
control and regulation of the rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business not so controlled and regulated by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938);
specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other insurance intermediaries;
regulating investment of funds by insurance companies;
regulating maintenance of margin of solvency;
adjudication of disputes between insurers and intermediaries or insurance intermediaries;
supervising the functioning of the Tariff Advisory Committee;
specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organisations referred to in clause (f);
specifying the percentage of life insurance business and general insurance business to be undertaken by the insurer in the rural or social sector; and
exercising such other powers as may be prescribed from time to time,
Advisory committee
IRDA consists of a Chairman and some permanent as well as part time members. The regulations, however, are enacted under the guidance of a statutory advisory committee. The advisory committee consists of following individuals and ex-officio authorities:
Chairman: Hari Narayan J is the current Chairman of IRDA.
Full-time Members: Currently, they are Mr M. Ramaprasad (Nonlife Member), Sri G Prabhakara (Life Member), Dr R Kannan(Member, Actuary) and Sri R.K. Nair (Member, F & I). There is provision for a panel of other members and part time members. IRDA formed a high powered Insurance Law Reforms Committee known as KPN Committee with important insurance advisors like Mr N Govardhan and Dr K C Mishra as its members. There were also a few non-advisory committee members like Mr Liaquat Khan and Mr T Viswanathan etc.
Full force and utility of various institutions like Advisory Committee and self-regulatory organizations are not yet realized as the regulator seems to be in a long learning mode. Due to over delegations, Individual incumbents decide the pace and extent of utilization of prudential and statutory bodies. Research is limited to opinion seeking through legacy channels. Market waits for revision of insurance act and establishment meaningfully functioning regulatory organs devoid of excess delegation and subjective localization of development agencies.
IRDA Journal is available as soft copy in its website.[2] Unlike other Indian administrative Regulatory Agencies IRDA is perceived as a silent regulator with activities confined to its local existence.
Chairman selection process
Government of India has circulated to broadbase IRDA chairman selection process. It is felt in the market that placing of retired civil servants as IRDA Chairman has served the purpose of administrative fiefdom of the regulator. Mostly, the regulator has become passive to market realities and most of the original public policy intentions have been systematically replaced by personal preferences. There seems to be no oversight of public policy erosions. Taking advantage of the completion of term of current incumbent, there seem to be an attempt to correct the future course but people do not perceive any outcome to result as the market does not seem to throw up candidates of the stature of Howard Davies for Indian market. But a right leadership is the solution to the requirement of this booming market.
PENTION PLAN BENEFITS
Always compare to get maximum pension after Retirement.
Cover your living cost, choose best monthly pension plan.
Compare quotes from all leading insura
Provides maturity benefits at the age of 75 years, life coverage insurance and money back feature.
KEY FEATURES:
Guaranteed Payouts* : 7.5% of sum assured as guaranteed payout from age 61 to 75 years annually.
Maturity Benefit: Guaranteed 112% of Sum Assured as Maturity Benefit at age 75.
Premium Payment Term: Flexibility to choose premium term of 3, 7, 10 and 20 years.nce companies in just 1 step
Cover your living cost, choose best monthly pension plan.
Compare quotes from all leading insura
Provides maturity benefits at the age of 75 years, life coverage insurance and money back feature.
KEY FEATURES:
Guaranteed Payouts* : 7.5% of sum assured as guaranteed payout from age 61 to 75 years annually.
Maturity Benefit: Guaranteed 112% of Sum Assured as Maturity Benefit at age 75.
Premium Payment Term: Flexibility to choose premium term of 3, 7, 10 and 20 years.nce companies in just 1 step
PLANS IN MAX NEW YEARK INSURANCE
3.GROWTH PLANS ; Luxury car, Foreogn holiday or, dreem house, great your
own wish list and make it come true.
Our Growth Plans will let you live the life you deserve.
4. PROTECTION PLANS: As the Primarry Earning member, make sure that your
family is never lacking even if you are not around.
Explere our Protection Plans that guarantee maximum
protection at a low cost.
5. HEALTH PLANS : The Health of every member of the family or need to
safe guard it on Priority.
Use our Health Plans to make sure your family stays fit and fine.
6. SAVINGS PLANS : Insurance Acts as assure tool to maximmize your savings
and offer that much -- needed protection. Savings Plan takes
care of market conditions and secures your investments,
It. is a systematic and sure way of fulfilling dreams.
own wish list and make it come true.
Our Growth Plans will let you live the life you deserve.
4. PROTECTION PLANS: As the Primarry Earning member, make sure that your
family is never lacking even if you are not around.
Explere our Protection Plans that guarantee maximum
protection at a low cost.
5. HEALTH PLANS : The Health of every member of the family or need to
safe guard it on Priority.
Use our Health Plans to make sure your family stays fit and fine.
6. SAVINGS PLANS : Insurance Acts as assure tool to maximmize your savings
and offer that much -- needed protection. Savings Plan takes
care of market conditions and secures your investments,
It. is a systematic and sure way of fulfilling dreams.
PLANS IN MAX NEW YEARK LIFE INSURANCE
1. CHAILD PLANS 4. PROTECTION PLANS
2. RETIREMENT PLANS 5. HEALTH PLANS
3. GROWTH PLANS 6. SAVINGS PLANS.
7. FIXED DIPOSITES
!. CHAILD PLANS ; As Parents you would never let money come in the
way of ful fillment of your Children's true potential.
Our Child Plans allow your Children to dream
Big and so Hogh.
2. RETIREMENT PLANS : Let your Goldenyears be the most precious of your
life, full of Freedom and Choice.
Our Retirement Plans will let you live the Life
you deserve.
2. RETIREMENT PLANS 5. HEALTH PLANS
3. GROWTH PLANS 6. SAVINGS PLANS.
7. FIXED DIPOSITES
!. CHAILD PLANS ; As Parents you would never let money come in the
way of ful fillment of your Children's true potential.
Our Child Plans allow your Children to dream
Big and so Hogh.
2. RETIREMENT PLANS : Let your Goldenyears be the most precious of your
life, full of Freedom and Choice.
Our Retirement Plans will let you live the Life
you deserve.
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