Max New York Life Insurance

PROJECT ON

MAX NEWYORK LIFE INSURANCE COMPANY Ltd.

BACHELOR OF BANKING AND INSURANCE

ACADEMIC YEAR (2010-2011)

IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARDS OF DEGREE OF BACHELOR OF COMMERCE

BANKING AND INSURANCE

[UNIVERSITY OF MUMBAI]

SUBMITTED BY

SUDHA MANI

ROLL NO:- 54

PROJECT GUIDE

MRS. RIYA RUPANI

NES RATNAM COLLEGE OF ARTS, SCIENCE & COMMERCE

BHANDUP (W), MUMBAI – 400 078.

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DECLARATION

I, Ms. Sudha Mani, of the student of Bachelor of Banking & Insurance Sem- VI (2010- 2011) hereby

declare that I have completed the project on “MAX NEWYORK LIFE INSURANCE COMPANY

Ltd.”

The information submitted is true and original to the best of my knowledge.

SUDHA MANI ROLL NO:-54

ACKNOWLEDGEMENT

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The most awaited moment of the successful completion of the endeavor is always the result of efforts of the people involved or the implicitly in it and it is impossible without help and guidance. I take opportunity to express my gratitude each to an every person who gave me guidance and help in preparing report.

I am grateful to Prof. (Mrs.) Riya Rupani for giving me opportunity through this project under her guidance on such an informative project “MAX NEWYORK LIFE INSURANCE COMPANY Ltd.”

With a deep scene of gratitude, I owe my regards to the Liberian who helped me to issue books in time for preparing this project report.

Last but not least my heart fully gratitude to all those persons knowingly, directly or indirectly supported me and boosted my morale to make this project reality.

INDEX

Sr.No. TOPIC Pg.no.

1. INTRODUCTION OF INSURANCE, MEANING & DEFINITION

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2. PRINCIPLES OF INSURANCE 2-4

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3. TYPES OF INSURANCE 4-11

4. TYPES OF INSURANCE POLICY 12-13

5. INTRODUCTION OF MAX Ltd 14

6. INTRODUCTION OF NEWYORK LIFE INSURANCE

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7. COMPANY PROFILE OF MAX NEWYORK LIFE INSURANCE

16-17

8. SELECTED THE RIGHT DIRECTION

VISION

MISSION

CARING

HONESTY

EXCELLENCE

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9. MAX LIFE PLANS:-

INSURANCE PLAN

CORPORATE PLAN

NRI

20-54

55-57

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10. COMPETITORS OF MAX NEWYORK LIFE INSURANCE

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11. GUINNESS BOOKS OF WORLD RECORDS 60-61

12. LIFE INSURANCE FOR WOMEN 61-62

13. AWARDS AND RECOGNITIONS 63-64

14. CONCLUSION 65

15. INTERVIEW QUESTIONS 66-67

EXECUTIVE SUMMARY

MAX NEWYORK LIFE INSURANCE is a partnership between MAX INDIA Ltd & NEWYORK LIFE, A FORTUNE 100 Company.

MNYL is a 74:26 partnership between MAX INDIA Ltd & NEWYORK LIFE.

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Max NewYork Life Insurance is a first life insurance company to get ISO9001:2000 CERTIFICATION.

It has received the INDO-AMERICAN CORPORATE Excellence Award in August 2006.

Insurance solutions from MAX NEWYORK LIFE proven expertise to Indian life insurance. They bring innovative life insurance based on NEWYORK LIFE’s global experience of over 160years and MAX INDIA deep understands of Indian market.

Their agent advisors have been professionally trained to understand and evaluate people’s financial requirements, and recommend a policy, which meet their needs.

Finally, I hope this project turns to be a beneficial whenever it may concern.

INSURANCE

INTRODUCTION:-

The story of insurance is probably as old as the story of mankind. The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. They too sought to avert the evil consequences of fire and flood and loss of

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life and were willing to make some sort of sacrifice in order to achieve security. Though the concept of insurance is largely a development of the recent past, particularly after the industrial era – past few centuries – yet its beginnings date back almost 6000 years.

MEANING OF INSURANCE:-

Insurance is a policy from a large financial institution that offers a person, company, or other entity reimbursement or financial protection against possible future losses or damages.

DEFINITION OF INSURANCE:-

Insurance is defined as “form of contract or agreement under which one party agrees in return for a consideration to pay an agreed amount of money to another party to make good a loss, damage or injury to something value, as a result of some uncertain event in which the insured has pecuniary interest.”

PRINCIPLES OF INSURANCE

1. Utmost good faith2. Indemnity

3. Subrogation

4. Contribution

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5. Insurable Interest

6. Proximate Cause

1. Utmost Good Faith

As a client it is your duty to disclose all material facts to the risk being covered. A material fact is a fact which would influence the mind of a prudent underwriter in deciding whether to accept a risk for insurance and on what terms. The duty to disclose operates at the time of inception, at renewal and at any point midterm.

2. Indemnity

On the happening of an event insured against, the Insured will be placed in the same monetary position that he/she occupied immediately before the event taking place. In the event of a claim the insured must:

Prove that the event occurred Prove that a monetary loss has occurred

Transfer any rights which he/she may have for recovery from another source to the Insurer, if he/she has been fully indemnified.

3. Subrogation

The right of an insurer which has paid a claim under a policy to step into the shoes of the insured so as to exercise in his name all rights he might

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have with regard to the recovery of the loss which was the subject of the relevant claim paid under the policy up to the amount of that paid claim. The insurer’s subrogation rights may be qualified in the policy.

In the context of insurance subrogation is a feature of the principle of indemnity and therefore only applies to contracts of indemnity so that it does not apply to life assurance or personal accident policies. It is intended to prevent an insured recovering more than the indemnity he receives under his insurance (where that represents the full amount of his loss) and enables his insurer to recover or reduce its loss.

4. Contribution

The right of an insurer to call on other insurers similarly, but not necessarily equally, liable to the same insured to share the loss of an indemnity payment i.e. a travel policy may have overlapping cover with the contents section of a household policy. The principle of contribution allows the insured to make a claim against one insurer who then has the right to call on any other insurers liable for the loss to share the claim payment.

5. Insurable Interest

If an insured wishes to enforce a contract of insurance before the Courts he must have an insurable interest in the subject matter of the insurance, which is to say that he stands to benefit from its preservation and will suffer from its loss.

In non-marine insurances, the insured must have insurable interest when the policy is taken out and also at the date of loss giving rise to a claim under the policy.

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6. Proximate Cause

An insurer will only be liable to pay a claim under an insurance contract if the loss that gives rise to the claim was proximately caused by an insured peril. This means that the loss must be directly attributed to an insured peril without any break in the chain of causation.

TYPES OF INSURANCE

1. LIFE INSURANCE2. GENERAL INSURANCE3. HEALTH INSURANCE4. CREDIT INSURANCE5. PROPERTY INSURANCE6. LIABILITY INSURANCE7. TRAVEL INSURANCE8. AUTO INSURANCE

1. LIFE INSURANCE

“Fun is like life insurance ; the older you get, the more it costs.”

In 1818 the British established the first insurance company in India in Calcutta, the Oriental Life Insurance Company. First attempts at regulation of the industry were made with the introduction of the Indian

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http://thinkexist.com/quotation/fun_is_like_life_insurance-the_older_you_get-the/255428.html

http://thinkexist.com/quotation/fun_is_like_life_insurance-the_older_you_get-the/255428.html

Life Assurance Companies Act in 1912. A number of amendments to this Act were made until the Insurance Act was drawn up in 1938.

In the Act were the power given to the Government to collect statistical information about the insured and the high level of protection the Act gave to the public through regulation and control. When the Act was changed in 1950, this meant far reaching changes in the industry. The extra requirements included a statutory requirement of a certain level of equity capital, a ceiling on share holdings in such companies to prevent dominant control (to protect the public from any adversarial policies from one single party), stricter control on investments and, generally, much tighter control.

In 1956, the market contained 154 Indian and 16 foreign life insurance companies. Business was heavily concentrated in urban areas and targeted the higher echelons of society. “Unethical practices adopted by some of the players against the interests of the consumers” then led the Indian government to nationalize the industry. In September 1956, nationalization was completed, merging all these companies into the so- called Life Insurance Corporation (LIC). It was felt that “nationalization has lent the industry fairness, solidity, growth and reach.”

Some of the important milestones in the life insurance business in India are: 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.

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1956: The market contained 154 Indian and 16 foreign life insurance companies.

2. GENERAL INSURANCE:-

The General insurance business in India started with the establishment of Triton Insurance Company Limited in 1850 at Calcutta. In 1907, the first company, The Mercantile Insurance Ltd. Was set up to transact all classes of general insurance business. General Insurance Council, a wing of the Insurance Association of India in 1957, framed a code of conduct for ensuring fair conduct and sound business practices. In 1968 the Insurance Act was amended to regulate investments and to set minimum solvency margins. In the same year the Tariff Advisory Committee was also set up. In 1972, The General Insurance Business (Nationalization) Act was passed to nationalize the general insurance business in India with effect from 1st January 1973.For these 107 insurers was amalgamated and grouped into four company’s viz., the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd., and the United India Insurance Company Ltd. General Insurance Corporation of India was incorporated as a company. Some of the important milestones in the general insurance business in India are: 1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business.

1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices.

1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up.

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1972: The General Insurance Business (Nationalization) Act, 1972 nationalize the general insurance business in India with effect from 1st January 1973. 107 insurers amalgamated and grouped into four companies viz. the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd. GIC incorporated as a company.

3. HEALTH INSURANCE

“The thousand mysteries around us would not trouble but interest us, if only we had cheerful, healthy hearts.”

Health insurance, like other forms of insurance, is a form of collectivism by means of which people collectively pool their risk, in this case the risk of incurring medical expenses. The collective is usually publicly owned or else is organized on a non-profit basis for the members of the pool, though in some countries health insurance pools may also be managed by for-profit companies.

It is sometimes used more broadly to include insurance covering disability or long-term nursing or custodial care needs. It may be provided universally through government as a feature of social solidarity, as is typical in many industrial countries or as form of government charity such as the United States Medicaid program. It may

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http://en.wikipedia.org/wiki/Social_solidarity

http://en.wikipedia.org/wiki/Social_solidarity

http://en.wikipedia.org/wiki/Long_term_care_insurance

http://en.wikipedia.org/wiki/Disability_insurance

http://en.wikipedia.org/wiki/Collectivism

http://en.wikipedia.org/wiki/Insurance

be purchased privately on a group basis (e.g., by a firm to cover its employees) or purchased by an individual for himself or his family. In each case, the covered groups or individuals pay a fee, premium, or tax, to help protect themselves from health care expenses. Health insurance cover the expenditures associated to treatment and medical expenditures.

4. CREDIT INSURANCE

Credit insurance is a term used to describe both business credit insurance (a.k.a. trade credit insurance) and consumer credit insurance, e.g., credit life insurance, credit disability insurance (a.k.a. credit accident and health insurance), and credit unemployment insurance,

The easy way to differentiate between these two types of insurance is:

Business credit insurance is credit insurance that businesses purchase to insure payment of credit extended by the business (their accounts receivable).

Consumer credit insurance is credit insurance that consumers purchase to insure payment of credit extended to the consumer (insurance pays lender or finance company).

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http://en.wikipedia.org/wiki/Accounts_receivable

http://en.wikipedia.org/wiki/Trade_credit_insurance

Borrowers often fail to repay debts, loans and mortgages due to certain unavoidable circumstances, credit insurances can be of great help during such crisis.

5. PROPERTY INSURANCE Real estate property and hard assets are subject to accidental risks like theft, destruction due to natural disasters or fire accidents etc. with such huge investments gone into buying a real estate property like your home or office, the risk involved is a loss of large amount of money.

Home and property insurance helps you in managing and protecting against these risks. The cost of a real estate property and its insurance is mostly based upon the worth of the already insured hard assets and also the location in which the assets are situated.

6. LIABILITY INSURANCE

This covers negligent acts of an insured party with reference to a vehicle or a home. It protects the insured against legal claims and indemnification.

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There are various types of liability insurance such as professional indemnity insurance Environmental liability insurance and Prize indemnity insurance.

Professional indemnity insurance protects employees from malpractice suits (as in the medical profession), errors and omissions (by appraisers, home inspectors, realtors, insurance agents, notaries, and others), and other acts of unintentional workplace negligence.

7. TRAVEL INSURANCE

Travel insurance covers financial losses caused by trips abroad. Depending on the policy in question, in may cover lost luggage, theft of personal possessions, medical costs and delayed flights.

The internet has become an extremely popular means to find cheap holiday insurance.

8. AUTO INSURANCE

Any vehicle on road, no matter how safe its driver is, is bound to meet with an accident or two, which may leave it with just a few scratches, or crash it up totally. Most countries today require you to have an auto insurance while on road in your vehicles. If you have an accidental car crash, a total repair could cost you a fortune. On the other hand, a little scratch on your Land Cruiser might also soar up your bills to a high.

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Whether or not you need an auto insurance mostly depends on the typeof car you own.

If you have an expensive car and a little repair could wipe you out financially, you should very well go in for a buying an all-inclusive and crash insurance which could protect you against any and every harm done to your vehicle.

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TYPES OF INSURANCE POLICIES:-

• Endowment policies: This type of policy covers risk for a specified period, and at the end of the maturity sum assured is paid back to policyholder with the bonuses during the term of the policy.

• Money back policies: This type of policy is for periodic payments of partial survival benefits during the term of the policy as long as the policy holder is alive.

• Group insurance: This type of insurance offers life insurance protection under group policies to various groups such as employers-employees, professionals, co- operatives etc it also provides insurance coverage for people in certain approved occupations at the lowest possible premium cost. • Term life insurance policies: This type of insurance covers risk only during the selected term period. If the policy holder survives the term, risk cover comes to an end. These types of policies are for those people who are unable to pay larger premium required for endowment and whole life policies. No surrender, loan or paid up values are in such policies.

• Whole life insurance policies: This type of policy runs as long as the policyholder is alive and is covered for the entire life of the policyholder. In this policy the insured amount and the bonus is payable only to nominee on the death of policy holder.

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• Joint life insurance policies: These policies are similar to endowment policies in maturity benefits and risk cover, but joint life policies cover two lives simultaneously such as married couples. Sum assured is payable on the first death and again on the death of survival during the term of the policy.

• Pension plan: a pension plan or annuity is an investment over a certain number of years but does not provide any life insurance cover. It offers a guaranteed income either for a life or certain period.

• Unit linked insurance plan: ULIP is a kind of insurance plan which provides life cover as well as return on premium paid over a certain period of time. The investment is denoted as units and represented by the value called as net asset value (NAV).

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INTRODUCTION OF MAX INDIA LTD.

It was founded in 1985; Max India Ltd is a Public limited company listed on NSE and BSE of India with 30,000 shareholders. Max India Ltd is a multi-business corporate entity driven by the spirit of enterprise with a focus on people and service oriented business.

Prominent shareholders of company are Mr. Analjit Singh and a leading equity firm, Warburg Pincus. The balance shareholding is held by the public and Institutional Investors.

The company’s vision is “to be one of the India’s” most admired corporates for Service Excellence. It is driven by the spirit of Enterprise, focused on Knowledge, People and the Service-oriented businesses of Life Insurance, Healthcare and Clinical Research. Max India's other businesses are Specialty Plastic Products for the packaging industry and Healthcare staffing.

INTRODUCTION OF NEWYORK LIFE INSURANCE 20

New York Life Insurance Company (NYLIC) is the largest mutual life insurance company in the United States, and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings from all four of the major credit rating agencies.

Founded in 1845 and headquartered in New York City, New York Life maintains operations in all 50 states and eight overseas markets through a network of 17,000 employees and 104,000 licensed agents. New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments* provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.

The company ranks #64 on the 2010 Fortune 100 list, making it the highest privately held insurance company on that list. In 2007, NYLIC achieved the best possible ratings by the four independent rating companies (Standard & Poor's, AM Best, Moody's and Fitch). By June 2009, the same four rating companies reaffirmed New York Life's "superior" financial strength, which became a selling point in national TV ad campaigns that same year.

MAX NEWYORK LIFE INSURANCE

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http://en.wikipedia.org/wiki/Fortune_100

COMPANY PROFILE

Max New York Life Insurance Company Ltd. is a joint venture between New York Life, a Fortune 100 company and Max India Limited, one of India's leading multi-business corporations. 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. The strategy is to establish itself as a trusted life insurance specialist through a quality approach to business.

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 is Rs. 907.4 crore, which is more than the norm laid down by IRDA.

Max New York Life has identified individual agents as its primary channel of distribution. The Company places a lot of emphasis on its selection process, which comprises four stages - screening, psychometric test, career seminar and final interview. The agent advisors are trained in-house to ensure optimal control on quality of training.

Max New York Life invests significantly in its training programme and each agent is trained for 152 hours as opposed to the mandatory 100

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hours stipulated by the IRDA before beginning to sell in the marketplace. Training is a continuous process for agents at Max New York Life and ensures development of skills and knowledge through a structured programmed spread over 500 hours in two years. This focus on continuous quality training has resulted in the company having amongst the highest agent pass rate in IRDA examinations and the agents have the highest productivity among private life insurers.

337 agent advisors have qualified for the Million Dollar Round Table (MDRT) membership in 2007. MDRT is an exclusive congregation of the world’s top selling insurance agents and is internationally recognized as the standard of excellence in the life insurance business.

Having set a best in class agency distribution model in place, the company is spearheading a major thrust into additional distribution channels to further grow its business. The company is using a five-pronged strategy to pursue alternative channels of distribution. These include the franchisee model, rural business, direct sales force involving group insurance and telemarketing opportunities, bancassurance and corporate alliances.

Max New York Life offers a suite of flexible products. It now has 43 life insurance products and 8 riders that can be customized to over 800 combinations enabling customers to choose the policy that best fits their need.

SELECTED THE RIGHT DIRECTION FOR COMPANY

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VISION To become one of the most admired life insurance company of India.

MISSION Become one of the top quartile life insurance companies in India Be a national player Be the brand of first choice Be the employer of choice Become principal of choice for agents

VALUES

Knowledge: Knowledge leads to expertise; and our expertise is in helping people protect themselves. Perfectly combining global expertise with local knowledge, we are India's life insurance specialist. Max New York Life believes that for knowledge to be of value it must be focused, current, tested and shared.

Caring: Max New York Life is redefining the life insurance paradigm by focusing on customers first. The service process is responsive, personalized, humane and empathetic. Every individual who represents the company is for us our brand champion.

Honesty: Honesty is the heart of the life insurance business. It is all about trust. Transparency, integrity and dependability form the cornerstones of the Max New York Life experience. The company ensures that everyone who represents the brand carries a promise : we care — in word as well as deed.

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Excellence: Excellence at Max New York Life implies the ability to perform at a consistently high level. Focused on the value of continuous improvement in people, processes and the organization, the company strives for the highest standards of quality in every aspect of its business.

MAX NEWYORK LIFE INSURANCE PLANS

INSURANCE PLANS:-1. LIFE PLAN

2. CHILDERN PLAN

3. HEALTH PLAN

4. GROWTH PLAN

5. RETIREMENT PLAN

CORPORATE:-1. GROUP PLAN:-

a. GROUP CREDIT LIFE

b. GROUP GRATUITY CUM TERM ASSURANCE

c. GROUP TERM LIFE

d. EMPLOYEE DEPOSIT LINKED INSURANCE

e. MAX SUPER LIFE

NRI CORNER

1. LIFE PLAN:- Life is full of surprises. Unexpected events that strike without warning can disrupt the smooth rhythm of life. You must be prepared at all times.

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As the primary earning member, you need to make sure that your family is never lacking in anything even if you are taken away from them forever. Do your best today to ensure that your family can always enjoy a comfortable lifestyle. In double income families, both spouses should get adequate life covers especially if there are dependent children involved. We have plans that guarantee maximum protection at a low cost.

1. MAX NEWYORK LIFE PLATNIUM PROTECT:-

Max New York Life Insurance, one of India’s leading life insurance companies, today launched ‘Platinum Protect’, a novel term plan, thereby enhancing its product portfolio of risk protection solutions. Through this term plan, Max New York Life Insurance has for the first time introduced a unique feature of ‘Reduced Insurance Cover’ in the Indian market. In longer duration plans of more than 20 year policy term, policyholders will now be able to enjoy continued protection coverage from the 16th year onwards even if they chose to not make further premium payments.

“India is an under insured market with low per capita spend on life insurance. People are increasingly becoming aware of the true value of life insurance but need a solution that bridges the gap between their Life’s Economic Value and their propensity to spend on the product.

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With Platinum Protect, we will not only be able to bring the benefits of life insurance to a larger segment of the market but also ensure adequate protection for them at an affordable price.

FEATURES:-

Criteria EligiblityMinimum/ Maximum Age at Entry

18 years / 60 years

Expiry Age 75 years

Policy Term 10 years, 15 years, 20 years, 25 years or 30 years

Sum Assured

Minimum: Rs. 25 lacs, subject to minimum annual premium of Rs. 5,000 Maximum: No Limit The sum assured is available in multiples of Rs. 5 lacs only.

Minimum Premium

Rs. 5,000 per annum for annual premium paying mode. For non-annual modes, the modal factors will be applicable as given below

Premium Option Regular Level Premium

Special Rates for special customers

Lower premium rate for Females and non-smokers.

For Sum assureds Rs. 50 lacs and above, there are two additional benefits:

Special high sum assured discount.

Additional discount to healthier policyholders who do not consume tobacco in any form

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Reduced Insurance Cover If Premiums have been paid for at least 15 consecutive Policy Years beginning with the Effective Date and the Policyholder discontinues payment of further Premium(s), the Policy will continue with a “Reduced Insurance Cover” as per the formula shown below.

Reduced Insurance Cover = [((Policy Year* – 1) / Policy Term) – 25%] * Sum Assured.

* Policy Year refers to the year of discontinuance of premiums

Example – Male aged 30 takes Platinum Protect plan for Rs. 50 Lac sum assured and a 20year term. If he stops paying premium 16th policy year onwards, he will be eligible for 50% of sum assured as Reduced Insurance Cover for the remainder of the policy term.

Under Reduced Insurance Cover facility no rider benefit will be made available.

If the Policyholder chooses to resume payment of Premium within six months from the discontinuance of Premium, then the original sum assured may be restored at the discretion of the Company on

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production of evidence of insurability and payment of premiums

For complete details please refer to the Benefit Illustration and Policy Contract.

Benefits:- Death Benefit: Equal to Sum Assured of the policy

Current Tax Benefits : This insurance plan may entitle you certain tax benefits on your premiums as well as on the benefits received under this policy U/s 80 C of the Income Tax act 1961 on the annual premium of your policy.

2. WHOLE LIFE PARTICIPATING PLAN

Whole Life Participating Plan is designed to provide you a lifetime of security. The good times that you and your family lead should last a lifetime. However one cannot avoid unpleasant surprises and misfortunes in life. The Whole Life Plan provides you with the comfort that your near and dear ones will continue to live their lives in comfort without financial worries even when you are not around.

The Whole Life Plan provides an insurance cover that is guaranteed for life. The policy also builds cash value, which you can use to fund any unforeseen needs. In addition, the policy is also eligible for bonuses. Max New York Life’s savings plans are designed to provide the customer the dual benefits of protection along with the potentially higher returns.

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This plan also allows you to purchase additional benefits in the form of bonuses that will be paid on maturity of the Base policy or in the unfortunate event of the death of the Life Insured. Additionally, you can also continue to invest more funds without having to provide any further evidence of insurability.

FEATURES:-

Criteria Eligibility Entry age 91 days to 70 years Maximum Maturity Age 100 years Premium Payment Term Regular Minimum Sum Assured Rs. 100,000 Maximum Sum Assured Rs. 10 Crore Benefits:- Maturity Benefit We will pay an amount equal to Sum Assured along with accrued bonus (if any)

Death Benefit We will pay an amount equal to Sum Assured along with accrued

bonus (if any)

If death occurs before life insured reaches age 10 , the company will refund all the premiums paid along with interest.

3. 20 year ENDOWMENT PLAN:-

Whether it's your child's marriage, their higher education, buy a home for your family, pay off a housing loan or create a fund for your

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retirement, Max New York Life's 20 year endowment plan is always there to provide you financial support. It is a perfect money-saver solution. On its maturity at the end of 20 years, this Policy not only gives you a guaranteed sum but also any bonus it accumulates. In case of unfortunate death, this plan also provides sum assured plus additional insurance coverage purchased from bonuses for first 5 years and then doubles the same afterwards.

You can also customize your policy to meet your specific needs. We offer you the flexibility to enhance the value of your policy by using various rider options available. In addition, you are also eligible for bonuses and terminal illness benefits, where you can use 50% of your sum assured at the time of your treatment and the balance of the sum assured will be payable to your family on the occurrence of the insured event. Under this policy, you can access any cash surrender value that accumulates in the policy, in case you have any unforeseen expenses during the policy term.

FEATURES:-

Criteria Eligibility

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Entry age 20 years to 50 yearsMaturity age 70 yearsMinimum Sum Assured Rs. 100,000Maximum Sum Assured Rs. 5 crore Living Benefit

Sum Assured plus accrued bonusesDeath Benefit

Sum Assured plus accrued bonusesBonus Option

Paid in Cash

Premium Offset

Paid up AdditionsNon-Forfeiture OptionsIn case you are unable to pay your premiums, your policy will lapse and we will utilize your cash value to buy you insurance coverage in one of the following ways :-

Reduced Paid Up : A lower Sum Assured for the remaining term of your policy.

Extended Term Insurance: The same Sum Assured for part of the remaining terms of your policy.

In case you do not want either of the above, you can choose to take the cash value by cheque.

4. ENDOWMENT AT AGE 60 PLAN:-

There comes an age in life, when all one needs is peace of mind and security after retirement, then your sources of income reduce but your

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expenses don't. From medical costs to children's marriage expenses, all seems to touch the sky. So it makes great sense to plan well in advance for secured life after retirement.

Max New York Life's Endowment to age 60 Participating Insurance is a policy that helps you to save primarily for your retired life. It will mature on the policy anniversary after your 60th birthday, and enables you to use the maturity proceeds in many ways such as, purchase a pension from any life insurance company, purchase that house in your hometown where you want to lead your retired life or pay for your child's higher education or marriage. This plan also provides you with an insurance cover to protect your family from financial uncertainties in case of your untimely death before reaching age 60. Till age 60, this policy also builds cash value, and is eligible for bonuses.

FEATURES:-

Criteria EligibilityEntry age 91 days to 50 yearsMaturity age 60 yearsMinimum Sum Assured Rs. 100,000 Maximum Sum Assured Rs. 5 crore Living Benefit

Sum Assured plus accrued bonusesDeath Benefit

Sum Assured plus Sum Assured of Paid Up Additions, if any (without deducting any money back installments, if already paid).

However on death before age 10 we will refund the premiums with interest

Bonus Options Paid in Cash

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Premium Offset

Paid up AdditionsNon-Forfeiture OptionsIn case you are unable to pay your premiums, your policy will lapse and we will utilize your cash value to buy you insurance coverage in one of the following ways :-

Reduced Paid Up: A lower Sum Assured for the remaining term of your policy.

Extended Term Insurance: The same Sum Assured for part of the remaining terms of your policy.

In case you do not want either of the above, you can choose to take the cash value by cheque.

5. LIFE GAIN™ PLUS 20 PARTICIPATING PLAN:-

Life Gain™ plus 20 participating plan provides you with an insurance cover that is guaranteed for 20 years down the line. It builds cash value, which you can use during your lifetime to fund any unforeseen needs either by surrendering accumulated PUAs or taking a loan. You can enjoy the full benefits of an endowment plan with life insurance that requires you to pay premiums only over a very limited period, while you get cover for the entire tenure! Also, your money grows quickly, resulting in a substantial lump sum on maturity. In case of unfortunate death, this plan also provides sum assured plus additional insurance coverage purchased from bonuses for first 5 years and then doubles the same afterwards.

In addition, you are also eligible for bonuses and terminal illness benefits, where you can use 50% of your sum assured at the time of your

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treatment and the balance of the sum assured will be payable to your family on the occurrence of the insured event.

FEATURES:-

Criteria Eligibility Entry age 18 years to 55 years Maturity age 75 years Premium Payment Term 6 / 10 years Minimum Sum Assured Rs. 50,000 Maximum Sum Assured No limits, subject to underwriting Living Benefit

Sum Assured plus accrued bonus plus Guaranteed Additions @ 10% of Sum Assured.

Death Benefit In the first five years - Sum Assured plus additional insurance

coverage purchased from bonuses.

After five years - Double the Sum Assured plus additional insurance coverage purchased from bonuses


Premium Offset

Paid up Additions

6. LIFE GAIN™ PLUS 25 PARTICIPATING PLAN:-

Max New York Life’s – Life Gain™ Plus 25 is a limited pay endowment plan to meet your financial goals to ensure your complete peace of mind. You can enjoy the full benefits of an endowment plan

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with life insurance that requires you to pay premiums only over a very limited period, while you get cover for the entire tenure! Also, your money grows quickly, resulting in a substantial lump sum on maturity.

In case of unfortunate death, this plan also provides sum assured plus additional insurance coverage purchased from bonuses for first 5 years and then doubles the same afterwards.You can also customize your policy to meet your specific needs. We offer you the flexibility to enhance the value of your policy by using various rider options available. In addition, you are also eligible for bonuses and terminal illness benefits, where you can use 50% of your sum assured at the time of your treatment and the balance of the sum assured will be payable to your family on the occurrence of the insured event.

FEATURES:-

Criteria Eligibility Entry age 18 years to 50 years Maturity age 75 years Premium Payment Term 6 / 10 / 15 years Minimum Sum Assured Rs. 50,000 Maximum Sum Assured No limits, subject to underwriting Living Benefit

Sum Assured plus accrued bonus plus Guaranteed Additions @ 10% of Sum Assured.

Death Benefit In the first five years - Sum Assured plus additional insurance

coverage purchased from bonuses.

After five years - Double the Sum Assured plus additional insurance coverage purchased from bonuses.

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Bonus Option Paid in Cash

Premium Offset

Paid up Additions7. LIFE PAY™ MONEY BACK PLAN:-

Life Pay™ Money Back (Participating Plan) will keep paying you a part of the Sum Assured at regular intervals, to take care of your periodic foreseen needs, and the balance keeps growing to take care of your long term saving needs, as well as provides insurance coverage till maturity. And in case of any unforeseen event also, this plan helps you provide for your family's protection needs by paying an amount equal to the sum assured plus bonuses, if any.In addition this policy is also eligible for bonuses. The Company may declare bonuses, from time to time, and these will be paid out to you, based on your choice of bonus options. This plan also provides various benefits on death of the life insured, where sum assured plus sum assured of paid up additions, bought out of your bonuses, will paid out immediately to the beneficiary. Further, with the customized options, you can enhance the value of your plan or customize it to suit your individual needs by adding various rider options available under this plan.

FEATURES:-

Criteria Eligibility Entry age 91 days to 50 years

Maturity age 60 years

Minimum Sum Assured Rs. 100,000 Maximum Sum Assured Rs. 5 crore Living Benefit

Sum Assured plus accrued bonuses37

Death Benefit Sum Assured plus Sum Assured of Paid Up Additions, if any

(without deducting any money back installments, if already paid).

However on death before age 10 we will refund the premiums with interest.


Premium Offset

Paid up AdditionsNon-Forfeiture Options In case you are unable to pay your premiums, your policy will lapse and we will utilize your cash value to buy you insurance coverage in one of the following ways:

Reduced Paid Up: A lower Sum Assured for the remaining term of your policy

Extended Term Insurance: The same Sum Assured for part of the remaining term of your Policy. In case you do not want either of the above, you can choose to take the cash value by cheque.

8. LIFE GAIN™ ENDOWMENT PLAN:-

Life Gain™ Endowment (Participating Plan) provides you with an insurance cover that is guaranteed during the tenure of the policy. This policy also builds cash value, which you can use during your lifetime to fund any unforeseen needs either by surrendering accumulated PUAs or taking a loan. This plan not only takes care of your savings and investment needs but also guarantees you a life cover protection. In addition, this policy is also eligible for bonuses. The Company may

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declare bonuses, from time to time, from the third policy year and these will be paid out, based on your choice of bonus options.

FEATURES:-


Entry age

91 days – 65 years (10 year plan)91 days – 60 years (15 year plan)91 days – 55 years (20year plan)91 days – 50 years (25 year plan)91 days – 50 years (to Age 60 plan)

Maturity Age 75 Years

Minimum Sum Assured Rs. 50,000 Maximum Sum Assured No Limit (subject to underwriting) Living Benefit

Sum Assured plus Guaranteed Addition @ 10% of Sum Assured plus accrued bonus plus terminal bonus (if any)

Death Benefit Sum Assured plus accrued bonus

However, in the case of death before the age of 10 we will refund the premiums with interest.

Bonus Options

Paid in Cash

Premium Offset

Paid up Additions

Non-Forfeiture Options In case you are unable to pay your premiums, your policy will lapse and the cash value will be used to buy you insurance coverage in one of the

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following ways:

Reduced Paid Up: A smaller Sum Assured for the remaining term of your policy

Extended Term Insurance: The same Sum Assured is for part of the remaining term of your policy

In case, you do not want either of the above then you can opt to take the cash value by cheque.

2. CHILD PLAN:-

1. MAX NEWYORK LIFE COLLEGE PLAN:-

College education is the most critical juncture of your child’s life; it’s the first time that your child moves out from the sheltered school life into the real world. It is most important that this college education experience is the very best for your child as it will be the defining phase that will shape their future.

Therefore it is essential that you start planning for your child’s professional education at the earliest, as the earlier you start, the better it will be towards meeting the needs of your child’s higher education. The best time to start planning is during the age group of 0-8 years as it gives you the maximum time period to be able to build a sizeable corpus till your child reaches college-going age i.e. 18 years.

FEATURES:-

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Features Specification Minimum/Maximum Entry Age of Life Assured (Last Birthday)

91 Days to 8 Years

Life Insured ChildOn child attaining the age of 18 the policy shall be vested to the child

Policy Term 21 - Age at Entry of the Life Assured (Child)

Premium Payment Term 18- Age at Entry of the Life Assured (Child)

Minimum Sum Assured

Rs. 100,000 for Corporate Agents (excluding Axis Bank) and Rural Agency Channel Rs. 200,000 for Agency and other channels

Maximum Sum Assured No limit subject to underwriting. Bonus Reversionary Bonus: The bonus

option in this plan is "compound reversionary bonus"*. Reversionary Bonuses are declared every year from end of year 2 onwards and once declared are guaranteed for the life of the contract.. The reversionary bonus in any year is a percentage of the base sum assured of the policy and previously declared cumulative reversionary bonuses in previous policy years Terminal Bonus: The Company may declare a Terminal Bonus after the 10th Policy Anniversary as a percentage of Reversionary Bonus and is payable only once during the policy lifetime. The amount of terminal bonus

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paid will be based on the terminal bonus rate prevailing at the date of claim, which is the earlier of death, surrender or maturity. The rate of terminal bonus can vary from time to time and may even become zero. * Compound Reversionary Bonus means that the previously declared bonuses will also participate in successive bonus declarations.

Benefits Death Benefits: On death during the term of the policy the following benefits will be paid immediately:

If attained age of the life assured < 7 yearsTotal premiums paid (accumulated with interest @ 3.5% p.a. compounded annually) plus accrued reversionary bonuses (if any) will be paid and the policy will be terminated.

If attained age of the life assured >= 7 years Sum assured plus accrued reversionary bonuses and terminal Bonus (if any) would be paid and the policy will be terminated.

o The death benefit will not be reduced by the amount of already paid survival benefits. The policy will terminate immediately after paying the death benefit and the rest of the survival benefits payments will not paid.

o During the grace period, the insurance coverage continues but if the Life Insured dies during the grace period, the Company will deduct the unpaid Premium from the Death Benefits (as mentioned above) payable under the Policy.

Living and Maturity Benefit: Guaranteed cash backs every year from child’s age 18 to 21:

Child's Age Money Back (% of S.A.)

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18 40% 19 20% 20 20%

21

40% + (Accrued Reversionary Bonus + Terminal Bonus, if any)

Total guaranteed money back / payout = (40%+20%+20%+40%) = 120% of Sum AssuredPayor Rider is mandatory.

Surrender Value: The policy acquires a surrender value from end of 3rd policy year subject to the payment of three full years’ premiums.The surrender value will be equal to higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).The Guaranteed Surrender Value will be equal to 30% of all premiums paid excluding first year’s premium and rider premiums.The Special Surrender Value* will be non-guaranteed but higher than guaranteed surrender value and is approved by the Regulator.

Reduced Paid Up Value: Once the policy acquires a surrender value, in case of premium discontinuance the policy will offer Reduced Paid Up Sum Assured and will not lapse.Reduced Paid Up Sum Assured = Sum Assured * (Total premiums paid / Total premiums payable)The Reduced Paid Up policies are also participating but will be entitled to only Terminal Bonus and not Reversionary Bonus.

2. MAX NEWYORK LIFE’s SHIKSHA PLUS II:-

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It was all about focusing on education and ensuring that the children get the best opportunities for their education. Now it goes beyond that. Its more about having a multi-faceted personality, being an all-rounder and excelling in various fields.

We understand this desire that every parent has for their child. Therefore, our child plan is designed specifically to ensure that your child not only gets the best of education but also can explore and develop his/her hidden talent.

Max New York Life Shiksha Plus II is a 360 degree child plan that provides for over all development of your child in all the circumstances.

FEATURES:-

Particulars Features

Eligibility

Life insured should have a child (which may include legally adopted child) between age 0 to 18 years, to propose for this plan

Minimum/ Maximum Age of Life Assured at Entry (Last Birthday)

Regular pay: 21 years to 50 years Limited Pay: 21 years to 55 years Also, you must have a child.

Policy Term 5 pay - 10 years term or 15 to 20 years, pick a term, Regular Pay

Maximum Age of Life Assured at Maturity

65 years (For both Regular and Limited Pay option)

Premium Payment Term Regular pick a term from 15 to 20 years or 5 pay for 10 year term

Premium payment Mode Annual, Semi Annual, Quarterly or Monthly Non-annual mode through ECS

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only

Minimum Annual Target Premium

Regular Pay Annual Mode: Rs. 24,000 Non-annual mode: Rs. 30,000 Limited PayAll modes minimum Premium is Rs. 50,000

Sum Assured Annual Premium X Cover Multiple Cover multiple: 20 (fixed)

Maturity Benefit: University Education Pool On maturity, you will be eligible for an amount equal to prevailing Fund Value where the Fund Value will be calculated as:

Fund Value = (Accumulated Units * prevailing NAV) Death Benefit: The following benefits shall apply:

Immediate Family Support: 100% of applicable Sum Assured is paid immediately to the nominee on the death of Life Insured.

University Education Support: All future Premiums are funded by the Company on the due dates to boost the University Education Pool. These Premiums will be directly credited to the policy.

School Fee Support: 10% of Base Sum Assured is paid out every year to provide for school expenses, subject to a maximum of 100% of the Base Sum Assured till the Policy Year immediately preceding the Maturity Date. The first installment of 10% of Sum

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Assured will be paid immediately along with the “Immediate Family Support” and then subsequently on each policy anniversary.

University Education Pool: On the original Policy Maturity date, the prevailing Fund Value is paid out for higher education.

3. GROWTH PLAN:-

1. MAX NEWYORK LIFE FLEXI FORTUNE:-

When it comes to a plan that will help you plan for your financial goals be it a car, your dream home, a holiday abroad or the protection and comfort of your family, you want to trust the best. Invest in the Max New York Life Flexi Fortune, a unit linked Life Insurance plan, which offers a unique combination of protection with returns to fulfill your goals.

FEATURES:-

Particulars Features Minimum/ Maximum Age of Life Insured at Entry (Last Birthday)

7 – 50 years

Premium payment term / Policy Term

5 pay - 10 years term10 pay – 15 years term15 pay – 20 years term

Maximum Age of Life Assured at Maturity

70 years

Premium payment Mode Annual, Semi Annual, Quarterly or 46

Monthly Quarterly or Monthly mode through ECS only

Minimum Annual Target Premium

5 pay – 10 years term All modes minimum Premium is Rs. 50,000 Other VariantsAnnual Mode: Rs. 24,000Non-annual mode: Rs. 36,000

Maximum Annual Target Premium Rs. 100,000 for all variants

Sum Assured

Annual Premium X Cover MultipleUpto age 30 : 10/20/30 times of ATPAge 31 to 40: 10/ 20 times of ATPAge 41 to 50: Fixed 10 times of ATP

Minimum Sum Assured: 2,40,000Maximum sum assured : 30,00,000

Maturity Benefit: On maturity, you will be eligible for an amount equal to prevailing Fund Value where the Fund Value will be calculated as:

Fund Value = (Accumulated Units * prevailing NAV)

Death Benefit: In case of Death of the Life Insured before maturity of Policy, your nominees will be eligible for an amount equal to Sum Assured + Fund Value

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Progressive Auto Cover Enhancement: The unique feature of PACE will automatically increase your sum assured every year by 10% of base initial sum assured starting year 2 till end of policy term. This benefit is inbuilt and will be provided to you without any further increase in premium or additional underwriting.

2. MAX NEWYORK LIFE SHUBH INVEST:-

The first step marks a new beginning and with Max New York Life Shubh Invest, you can take the first step towards achieving your financial goals. Max New York Life Shubh Invest is a simple yet powerful solution for you, and is an ideal plan to start your journey towards financial independence. It not only gives you the chance to invest with its low entry premium amount, it also gives you risk-cover to safeguard your family’s future.

FEATURES:-

Particulars Features Minimum/ Maximum Age of Life Assured at Entry (Last Birthday)

21 years to 50 years

Policy Term 15 years Maximum Age of Life Assured at Maturity

65 years

Premium Payment Term Regular pay Premium payment Mode Only Annual Minimum Annual Target Premium Rs. 15,000 Maximum Annual Target Premium Rs. 24,000

Cover multiple

For ages 21 to 29 : Fixed 30 times of ATP For ages 30 to 50 : Fixed 20 times of ATP

Sum Assured Annual Premium X Cover

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Multiple

Partial Withdrawal

12 free partial withdrawals allowed in a policy year

Benefits:-

MaturityBenefit The Fund value that will be applicable on the original maturity of the policy

Death Benefit Sum Assured + Fund Value

Dread Disease Benefit

The Company will pay following Dread Disease Benefit : 1. 50% of Base Sum Assured.2. The Dread Disease benefit shall not reduce the other benefits payable under the Policy. 3. The Policy will continue subject to receipt of premium and recovery of all the charges except morbidity charges.

4. RETIREMENT PLAN:-

1. IMMEDIATE ANNUITY:-

The Immediate Annuity Plan from Max New York Life Insurance Co Ltd is a powerful plan to meet your post retirement financial needs, ensuring you a complete peace of mind in the golden years of your life

How does the plan work?

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You will give us a lump-sum amount called the Purchase Price. These may be either the accumulations you have made in our deferred annuity plans, or may be accumulations you have made with any other life insurance / pension company, or your accumulated savings.

We will offer you a choice between different annuity options we offer as on that date. Currently we offer the following annuity options:

o Annuity for Life

o Annuity Certain plus Life thereafter

o Annuity for Life with return of your Purchase Price

Depending upon your age, the annuity option chosen by you and the frequency of payment that you decide, we will determine your annuity as per our prevalent annuity rates. These annuity rates will be as approved by Insurance Regulatory & Development Authority (IRDA).

We will pay you this amount at the end of the frequency period you have chosen i.e. in case of a monthly annuity, the annuity will be paid to you at the end of every month.

FEATURES:-

Particulars Features Entry Age (age as at last birthday) Any age between 50 to 70 years Minimum Purchase Price

Rs. 1,00,000

Currently we offer 3 annuity options: Annuity for Life - We will pay you the annuity amount for as long

as you live. Annuity Certain plus Life thereafter - We will pay you an

annuity for a fixed (i.e. certain) period. We offer a choice from 4

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guaranteed minimum periods viz. 5 years/ 10 years/ 15 years/ 20 years as chosen by you. In case of your death during this period, we will continue paying the annuity to your beneficiary till the end of this fixed period. On your survival at the end of this period, we will continue to pay you the same amount for as long as you live.

Annuity for Life, with return of annuity purchase price - We will pay you an annuity for as you long as you live. On your death, we will refund the original annuity purchase price to your beneficiaries.

We would also like to inform you that: All these annuity options mentioned above are “for as long as you

live” You may also choose from any other annuity options offered by us

at the time of purchasing this annuity.

In case you do not choose any annuity option in the proposal form, we will pay you an Annuity for Life on an annual basis.

Please note that the Annuity plan once chosen by you cannot be altered thereafter.

2. LIFE PARTNER PLUS TM :-

Max New York Life’s Life Partner Plus™ Plan (Limited Pay Endowment to Age 75), a life insurance plan that offers you protection for life, cash bonuses, and multiple options to utilize these cash bonuses to meet all your individual requirements. This plan offers you triple benefits. It gives you maturity benefits at the age of 75, provides you a life coverage insurance and fulfill the financial needs of your family members, in case of your untimely death and offers you money back feature as well, where we will pay you a part of the sum assured at regular intervals to take care of your periodic foreseen needs. You can also customize your policy to meet your specific needs.

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We offer you the flexibility to enhance the value of your policy by using the various rider options available. FEATURES:-


Entry age

91 days to 55 years20 year to 55 years (for all riders except Term Renewable and Convertible rider where the maximum entry age is 50)

Maturity age 75 years Sum Assured Rs. 50,000 onwards Premium payment term 3,7,10,20 years Living Benefit

Money backs @ 7.5% of the Initial Sum Assured will be paid on each policy anniversary from age 61 to 75.

Sum Assured with Sum Assured of Paid Up Additions, if any on maturity

Death Benefit On death of life insured , we will pay an amount equal to Sum

Assured plus accrued bonuses (if any)

If death occurs before life insured reaches age 10 the company will refund all the premiums paid along with interest


Premium Offsett

Paid up AdditionsNon-Forfeiture Options In case you are unable to pay your premiums, your policy will lapse and we will utilize your cash value to buy you insurance coverage in one of

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the following ways:

Reduced Paid Up: A lower Sum Assured for the remaining term of your policy

Extended Term Insurance: The same Sum Assured is for part of the remaining term of your policy.

In case, you do not want either of the above then you can opt to take the cash value by cheque.

5. HEALTH PLAN:-

“Happiness is nothing more than good health and a bad memory”

1. LIFE LINE MEDICASH TM PLUS PLAN:- In your long and interesting journey of life, it's always better to be prepared to face any unforeseen incidents that may take place in one's life. People normally insure their home, child's education, car, and even their retirement. However, many a times they forget to insure their health. It's a proven fact that illnesses strike without warning, which again can affect one's finances. Thus, it's important to have a good health cover that would take into account the diverse set of needs at times of an individual's ill health. Sound health insurance planning ensures that you receive direct medical expenses and indirect expenses, as soon as the situation arises.

Max New York Life health insurance schemes can act as a catalyst in safeguarding your peace of mind and eliminating all worries about your future treatment expenses. Presenting Lifeline - MediCash™ Plus health

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Insurance plans from MNYL that provide you support by giving you hospital cash benefit, whenever you are hospitalized. Through this plan you will get a fixed benefit towards hospitalization, ICU and recuperation (post hospitalization). And the surgical expenses of a fixed Lump-sum amount will be paid under LifeLine – MediCash™ Plus for more than 400 listed surgeries that you may undergo.

FEATURES:-

Criteria EligibilityMinimum / Maximum Age At Entry

18 years to 55 years (Age At Last Birthday)

Policy Term 10 yearsMaximum Age at Maturity 65 yearsPremium Guarantee 5 years Premium Table (Sample*) Units 3

Age (yrs) Male Female20304050

5886 6429 842413194

5328 6078 8169 11922

Premium Payment Frequency Half Yearly and Yearly

Reinstatement after LapseAllowed only till 180 days from Lapse Date

Premium LimitsMinimum: Rs. 2,500 (Yearly Mode)and Rs. 1,300 (Half Yearly Mode)

Waiting Period 90 days from policy commencement apart from hospitalization due to accidents.

2. LIFE LINE WELLNESS TM Plus PLAN:-

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All of us aim for a long and illness-free life. However, as human beings we are prone to various illnesses and may contract various diseases. Though there are innumerable medical facilities and technologies available today to cure almost every illness, the cost attached to it quite high. These are the times you may need the assistance of a health insurance plan to manage these unforeseen situations and expenses. Illnesses strike without prior warning and that's the reason why you should possess a good health cover, which would insure you against various illnesses and guarantee financial security should you require any treatment. The health covers would provide you peace of mind and allow you to focus your time energy on other important things in life.

Max New York Life's LifeLine-Wellness™ Plus health plan provides a wonderful benefit system in terms of long tenure of coverage, coverage for 38 critical illnesses and tax benefit.

FEATURES:-

Criteria EligibilityAge At entry 18 years to 60 yearsOption for policy term 10, 15 or 20 years Maximum age at maturity 75 years

Premium Guarantee

5 Years i.e subject to the revision with IRDA approval. Premium is renewed every 5 years through the term of your plan

Premium LimitsMinimum: Rs. 2,500 (Yearly Mode) and Rs. 1,300 (Half Yearly Mode)

Waiting Period 180 days from policy commencement

Reinstatement after LapseAllowed only till 6 months based on declaration of good health

Waiting Period after Reinstatement

90 days from policy revival date

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3. LIFE LINE-SAFETY NET TM Plus:-

It is important to insure one's health to live a peaceful life. Ironically, it is a well- known fact that lot of individuals are either uninsured or not insured at all. In spite of the rapid advancement of medical science, the expenses attached to various treatments are quite high. Everybody definitely needs health insurance coverage because illnesses if contracted can seriously impact finances and devour precious savings due to the absence of a good health cover. Therefore, it's important to get your health insured at the earliest and enjoy a hassle-free life. There is a vast variety of affordable health insurance plans in the market. However, it's up to you to choose the best possible health cover, which would suit your budget.

Recognizing the need for a complete all round financial protection for you and your family, Max New York Life Insurance Company offers you a term cum health insurance – Life Line-Safety Net™ , the new age insurance covering death, disability, disease and accident under one single plan.

FEATURES:-

Criteria EligibilityMinimum/ Maximum Age At entry

18 years to 60 years

Policy Term 10, 15, 20, 25 or 30 yearsMaximum Cover Ceasing Age 75 yearsMinimum Sum Assured Rs. 200,000Maximum Sum Assured Rs. 40,00,000

Premium Guarantee5 Years Premium is renewed every 5 years through the term of your plan

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BenefitsDeath BenefitIn case of unfortunate event of the death of the life insured, the company shall pay the sum assured as specified in the schedule of the policy subject to deduction of Critical illness benefit if paid any. Critical illness benefit

On the diagnosis of any of the critical illnesses (Cancer, Coma, Kidney Failure, Multiple Sclerosis, Heart Attack, Paralysis / Paraplegia and Stroke) or

On the actual undergoing of the surgery of Major organ transplant, Coronary artery , bypass surgery , Heart valve surgery, the company shall advance 50 % of the sum assured as specified in the schedule of the policy document, subject to the survival of the life insured for at least 28 (Twenty Eight ) days after the happening of the such insured event

As this is an accelerated benefit, availing this will reduce the death benefit to be paid on death of Life Insured by 50%.Total and Permanent Disability Benefit –During the Policy term if the life insured meets with an accident which results in total and permanent disability within 180 days of the accident, the company shall pay an additional benefit of 50 % of the sum assured. This is an additional benefit over and above of other benefits.

If the life insured is engaged in any of the occupation which require to spend significant time being exposed to the risk factors associated with the type of occupation/ industry, the cover in respect of total and permanent disability shall immediately cease to apply irrespective of the fact whether

The life insured informed the company of the change in his occupation or industry or

A total and permanent disability was not caused as a result of such exposure to risk factors associated with the type of occupation/

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industry where the life insured was working.Accidental Death BenefitIf the life insured dies due to an accident, the Company shall pay an additional benefit equal to 100% of the sum assured as specified in the schedule.

4. MAX NEWYORK LIFELINE FAMILY TM PLUS:-

The core of any happy family is a healthy family. However, demanding lifestyles, high stress levels and deteriorating environmental conditions are increasing the probability of diseases and consequently, treatment for the same. The need of the hour is for a plan that not only takes care of your health, but also takes care of your family. Taking care of this need Max New York Life presents Life Line Healthy Family™ - the Most Comprehensive Health Insurance Plan.

FEATURES:-

Criteria EligibilityMinimum / Maximum Age for Adults

18 years / 65 years

Minimum / Maximum Age for Children

0 days / 18 years

Policy Term 10 yearsMaximum Age at Maturity 75 yearsPremium Guarantee 5 years rate guarantee Premium Payment Mode Anuual, Semi-annual, Quarterly and

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Monthly

Family benefit is extended to

Self

Spouse

Children (existing and future additions)

Parents Benefit is extended to Policyholder's parents only Benefits structure for : 1 unit for FamilyCategory/Benefit (Rs.) Self Spouse Children

Hospitalization Benefit:Daily Cash / per diem 1,000ICU Cash / per diem 2,000Post hospitalization care benefit

3,000

Surgical Cash (lump-sum)

2,00,000

Critical Illness (lump-sum)

4,00,000 2,00,000 NA

Maximum Hospitalization days (limit)Policy Year 100Policy Term 500*Congenital Surgical Correction (only for children under 18 years of age) For benefit corresponding to unit, multiply all benefits except number of days into number of units chosen

Choice of units: 1 to 5 There are 5 categories of Surgeries under Surgical Cash Benefit:

Supramajor: 50% of the surgical cash limit Major: 17.5% of the surgical cash limit

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Intermediate: 7.5% of the surgical cash limit

Minor: 5% of the surgical cash limit

Others: Lower of 10,000 or 2.5% of surgical cash benefit, whichever is lower

CORPORATE PLAN

1. GROUP PLAN:-

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Group Plans People are the most valuable asset of any organization. Organizations have to innovate newer forms of compensation to retain talented employees. Pay and perks are all very fine but an organization needs to show employees that it cares. Ensuring the financial well being of employees and their families will earn an organization their enduring trust and loyalty. Our Group Plans offer a three-in-one advantage, as they are a powerful tool for motivation, reward and retention, in these times of high attrition.

2. GROUP CREDIT LIFE Max New York Life offers Group Credit Life plan, which provides life cover for a group of employees who are borrowers from the same employer, (or some credit institution, bank, finance provider etc.) by paying a lump sum towards repayment of loan amount on the death of employee. The premiums can also be adjusted every year according to the reducing loan balance amount. This plan will make sure that customers have the desired freedom to enjoy a hassle-free life without having to worry about the repayment of the loans.

Features:-The plan can be conveniently structured in a way such that the entire loan amount or the balance loan amount is paid up in case of the untimely demise of the borrower. The premiums can also be adjusted every year according to the reducing loan balance amount.

3. GROUP GRATUITY CUM TERM ASSURANCE Max New York Life's Group Gratuity cum Term Assurance plan is especially designed to enable you to fund your gratuity obligation in an

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organized and convenient manner while enjoying tax benefits at the same time.Features:-

Eligibility: All employees (members) above the age of 18 are eligible for this plan.

Existing fund approved by the Income Tax Commissioner should be administered through Trustees under a Trust.

Contribution: The Trust will make the contribution to the fund. Contribution can be made

quarterly, half-yearly or yearly.

Surrender Fee: In case a Policyholder wants to surrender the policy, a surrender fee is

applicable. This fee is based on the realizable market value of the assets and dependents on the duration of the association with Max New York Life.

Term Insurance Cover Term insurance cover equal to future service gratuity Premium for term insurance cover will be computed separately.

The insurance cover will also form part of Group Gratuity policy.

Insurance cover will be paid only on the death of the member.

4. GROUP TERM LIFE Max New York Life presents one such solution to facilitate employee wellbeing and retention. A single master policy for all employees, Group Term Life is the mainstay of our employee benefit platform. This easy and convenient policy is valid for one year and can be renewed annually. In case of death of an employee, due to natural or accidental reasons, the entire sum assured amount is paid to the employer.

Features:- Group size of at least 25 employees. No upper limit on membership. Policy is valid for one year and can be renewed annually.

Uniform or a graded cover can be provided on any basis chosen by you

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subject to a maximum of three years of salary per employee.

5. EMPLOYEE DEPOSIT LINKED INSURANCE Employees normally work with utmost commitment when they believe their organization sincerely cares for their future and wellbeing. Max New York Life offers a suite of Group Insurance plans, which would provide you and your employees with a multitude of benefits. Max New York Life's Group Term Insurance Scheme is a unique, simple and flexible scheme, which is considered a better alternative to the Employee Deposit Linked Insurance Scheme (EDLI) because of the benefits it offers to both the employer and the employees.Features:-Under Section 17 (2-A) of the Provident Fund Act, the Central Provident Fund Commissioner may, if requested to do so by the employer, by notification in the Official Gazette, exempt, whether prospectively or retrospectively.Max New York Life Insurance Co. Ltd offers Group Term Insurance Scheme, a unique, simple and flexible scheme, which is a far better alternative to the Employee Deposit Linked Insurance Scheme (EDLI) because of the benefits it offers to both the employer and the employee.

6. MAX SUPER LIFE

Max New York Life presents one such solution to facilitate employee wellbeing and retention. A single master policy for all employees, Max Super Life is the mainstay of our employee benefit platform. This easy and convenient policy is valid for one year and can be renewed annually. In case of death of an employee, due to natural or accidental reasons, the entire sum assured amount is paid to the employer. Features:-Group size of at least 50 employees. No upper limit on membership. Policy is valid for one year and can be renewed annually. Uniform or a graded cover can be provided on any basis chosen by you subject to a maximum of 3 yrs of salary per employee.

NRI CORNER:-

Max New York Life is a joint venture between Max India Limited, one of India's leading multi-business corporations and New York Life

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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.

Apart from providing services to the Indian diaspora based all over the world, Max New York Life is equally focused on welcoming the Returning Global Indians with open arms. Our pension plans registered in UK with Her Majesty’s Revenue and Customs (HMRC), gives a unique opportunity for returned Indians from UK to transfer their Pension corpus accumulated in UK. This undoubtedly makes their homecoming sweeter by helping them participate in the India Growth story & savour the golden years of their life with dignity & respect.

COMPETITORS OF MAX NEWYORK LIFE

The insurance sector in India has come a full circle from being an opencompetitive market to nationalization and back to a liberalized market

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again.It is known to all that now a day’s Insurance sectors are going to boom in the Indian as well as International market, so it is natural that there will be a great competition among all the companies.Similarly, Max New York Life has also many competitors, some of them are as follows:

• ICICI prudential• Bajaj Allianz• SBI Life• HDFC Standard• Reliance Life• Birla Sunlife• Aviva Life• Tata AIG• Kotak Mahindra Old Mutual• ING Vysya• Met Life

MAX NEW YORK LIFE ENTERS “THE GUINNESS BOOK OF WORLD RECORDS”

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Creates world record for the world’s largest umbrella

New Delhi, December 09, 2010: Max New York Life Insurance, one of India’s leading life insurance companies, today announced that it has earned its place in the Guinness Book of World Records. The recognition was bestowed upon the company for creating the ‘World’s largest umbrella’.

This record setting collapsible umbrella is almost as wide as the dome of Taj Mahal and as high as a three stories building. With a 54 feet diameter and 32 feet height it could provide cover to around 200 people. A team of 20 people worked for 24 days to construct this award-winning umbrella and was unveiled on 14 August 2010 at Ishanya Mall in Pune.

On this achievement Ms. Anisha Motwani, Chief Marketing Officer, Max New York Life Insurance, said “We are delighted with this recognition. The largest umbrella in the world justifies Max New York Life’s tagline line of "Karo Zyaada Ka Iraada". It also signifies protection from uncertainties of weather; just like life insurance which

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provides protection from uncertainties of life.

This innovative initiative was undertaken as a part of our efforts to build higher visibility for the Max New York Life brand. We will continue to work on similar high impact programs which are aimed at making Max New York one of the most admired brands in the country.”

The new record has been set against the previous record of 53 ft 2 inches in diameter and 31 ft 6 inches height by Sun City Umbrella Ind. Ltd in Jin Jiang city, Fujian Province, China during October 2005.

LIFE INSURANCE FOR WOMEN

Nature has created men and women differently but their reason to buy life insurance remains broadly the same. Both men and women buy life insurance to protect their family, replace lost income in case he / she dies, provide for own retirement, fund long-term needs such as children’s education and marriage and to pay off mortgages. But here comes the difference. Though the needs are the same, men and women think and behave differently in many aspects of life, including financial planning and protection. The financial needs of women become different because they have higher life expectancy than men, which results in more women living alone after their partner is gone.

Of the life insurance owners in India only 14% are women. Is that women do not require life insurance or is it lack of awareness of the need for life insurance for women? Even in a highly developed market like US, it has been found that though 59% of the women own life insurance as compared to 64% of the men, the average death benefit on men is nearly double that for women.

Homemaker is one large group of women in India. Let me focus first on the needs of this most important group. Many a time it is argued that homemakers do not require life insurance as they are not the earning members and their loss would not result in financial stress. However, it

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has been found that it is not true. In fact, it has been found that it adds up to significant cost to get the services of homemakers through third party and hence require life insurance for homemaker women also.

A modern woman, who is an earning member and an equal partner in managing the finances of the household, requires life insurance as much as the earning male members. It has been found that when it comes to planning for long-term needs like children education, marriage and other social events, women are better planners and take the lead in the household. But to meet such need the instruments opted by them are not appropriate. Women should consider bundled life insurance products that offer both protection and wealth creation to meet such needs. Unit Linked Insurance Policies (ULIP) and other endowment policies are found to be the best tools for such needs.

The women in two income households should also consider taking financial protection cover. She should consider if anything happens to her and the income she generates, would her family be able to maintain the standard of living. Would her children be able to achieve their education goals? They should consider taking protection cover through a combination of term and bundled products, so that if anything happens to her, the life could go on as earlier.

AWARDS & RECOGNITIONS

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The company has received recognition by winning awards such as:

1. Awarded the Asia Insurance Industry ‘Innovation of the Year’ Award 2009

2. Among the top 25 companies to work for in India, according to Business world 2003 ‘Great Workplaces of India’

3. Ranked 7th in BT-Mercer-TNS Best Companies to Work For Survey 2008

4. Among the top five most respected insurance companies in India as per Business world 2004 & 2006 survey

5. Won Indo-American Corporate Excellence Award for Best Indo-US company in Financial Services Category in 2006

6. Received ‘Best Six Sigma Project’ award at Sakal Six Sigma Excellence Awards – 2006

7. Among top 3 in Asia Life Insurance Company of the Year Award 2007 instituted by Asia Insurance Review

8. Golden Peacock Award for Excellence in Product Innovation for Max

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Vijay

9. CIO 100 Technology Award 2008

10. CII – Exim Bank Commendation Certificate for Strong Commitment to Excel’ for the year 2008

11. Awarded the Gallup Great Work Place Award 2009

12. MNYL is the first company to provide Freelook period of 15 days to the customer. This was later made mandatory by the regulator.

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CONCLUSION

Our exhaustive research in the field of Life Insurance threw up some interesting trends, which can be seen in the above analysis. A general impression that we gathered during Data collection was the immense awareness and knowledge among people about various companies and their insurance products.

People are beginning to look beyond LIC for their insurance needs and are willing to trust private players with their hard earned money.

People in general have been impressed by the marketing and advertising campaigns of insurance companies. A high penetration of print, radio and Television Ad campaigns over the years is beginning to have its impact now.

Another heartening trend was in terms of people viewing insurance as a tax saving and investment instruments as much as a protective one.

A very high number of respondents have opted for insurance for such purposes and it shows how insurance companies have been successful to attract public money in recent times.

The general satisfaction levels among public with regards to policy and agents still requires improvement. But therein lies the opportunity for a relative player like Max New York Life. LIC has never been known for prompt service or customer oriented methods and Max New York Life can build on these factors.

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INTERVIEW QUESTIONS

NAME : - UMA IYER

OCCUPATION: - FINANCIAL ADVISOR

Tell me about your experience of work? How you feel while working as a financial advisor?

My experience is it helped me to improve my communication skills, how to convince customers, how to do their need analysis, and it gives me immense pleasure and happiness in doing this work as I consider it as a social cause of securing people's life and planning for their future needs and safety.

As a financial advisor what benefits you get?

I get to know the market well about the competitor’s product trainings on various topics.

Describe the services you have offered?

We are dealing with life insurance products so there are variety of products which cover family’s protection, children’s future education and marriage plan investment plan retirement plan.

What are the skills that allow you to be a successful advisor?

The training which is provided by the company is so good that it creates a confident in our self and good knowledge of all the products it also polishes our skills from time to time and make sure we are updated last it depends upon how you talk with our customers and handle their queries.

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How to you attract new corporate clients?It depends upon customer to customer and how we pitch the product to them.

How important you think team work as an advisor?

In our work the team work goes only at company level for achieving targets for contacting customers and closing targets is all on individual level.

Describe a situation in which you were faced with difficult customer? How did you handle the customer?

There are different kinds of customers having different queries and now a day’s people are aware of insurance so it’s very rare that we face any such difficult situation. It happens only with high net worth clients and I have still not faced such a difficult situation.

As a financial advisor how would you prepare financial plan?

It depends upon customer’s age his need and his paying capacity.

Tell about your future goals?

My future goal is to secure more lives with adequate insurance and with good investment plan covering their future needs.

What licenses do you hold?Life insurance after giving online exam as per IRDA guidelines.

Describe the services you have offered?

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I have given many life insurance products like life invest, life maker premium, whole life term insurance, shiksha plus, life partner plus, life gain participating plus.

WEBLIOGRAPHY

www.google.com

www.maxnewyorklifeinsurance.com

BIBOLOGRAPHY

Innovation of banking &insurance

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http://www.maxnewyorklifeinsurance.com/

http://www.google.com/

Max New York Life Insurance

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