Max NY Life and NGO tie up for micro productMax New York Life along with Confederation of NGOs for Rural India (CNRI) has launched a micro insurance product.
Apnainsurance.com Research Bureau
13 Aug 2008
Max New York Life along with Confederation of NGOs for Rural India (CNRI) has launched a micro insurance product. The name of the product is Max Vijay. It is a micro insurance product bundling together savings and insurance components with an annual premium ranging between Rs 1,000 and Rs 2,500.
As per reported by Business Line, Mr Analjit Singh, Chairman, Max New York Life said, "We are seeing this initiative as a business within our business as we are investing Rs 450 crore in this."
People in the age group of 10-50 years can take the policy. The policy a sum assured five times of the premium paid.
Partial withdrawals from the savings part of the policy are allowed after three years while the policy term is for 10 years.
"We are targeting three to four million customers and hope to break even in four years from now," Mr Singh said.
CNRI, which has over 6,000 NGOs as its members, would refer corporate agents to Max New York Life.