Micro Insurance in Urban market by MAX New YorkThe micro insurance project by Max New York Life Insurance is in the initial stage. The premiums required to be paid would be a minuscule amount in the range of Rs.50-Rs.100.
Apnainsurance.com Research Bureau
09 Sep 2008
The micro-insurance project by Max New York Life Insurance is in the initial stage and will be sending the proposal to Insurance Regulatory and Development Authority of India (IRDA).
The policies are designed in a fashion which can satisfy the requirements of the target customers. The target customers are the financially weaker segments of our society. The premiums required to be paid would be a minuscule amount in the range of Rs.50-Rs.100.
The micro insurance product 'Easy-Term Policy' is designed for the rural people. They are able to reach the needy through the Self Help Groups (SHGs) and the Non-Government Organizations (NGO). The company has done a business of 20 per cent from the rural market. The company sold 17,000 polices with the premium range of Rs.50 to Rs.500. They are planning to increase their network by building 100 more branches. The company has 39 branches in the villages out of their total strength of 233 branches.