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.

1
 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

2
 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, 1
MEANING & DEFINITION

3
2. PRINCIPLES OF INSURANCE 2-4

3. TYPES OF INSURANCE 4-11

4. TYPES OF INSURANCE POLICY 12-13

5. INTRODUCTION OF MAX Ltd 14

6. INTRODUCTION OF NEWYORK LIFE 15

INSURANCE
7. COMPANY PROFILE OF MAX 16-17
NEWYORK LIFE INSURANCE
8. SELECTED THE RIGHT DIRECTION 18-19

 VISION
 MISSION
 CARING
 HONESTY
 EXCELLENCE

9. MAX LIFE PLANS:-

 INSURANCE PLAN 20-54
55-57
 CORPORATE PLAN
58
 NRI
10. COMPETITORS OF MAX NEWYORK LIFE 59
4
 INSURANCE
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.
Max NewYork Life Insurance is a first life insurance company to get
ISO9001:2000 CERTIFICATION.

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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
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.
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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 faith

2. Indemnity
3. Subrogation
4. Contribution
5. Insurable Interest
6. Proximate Cause

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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.

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.
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
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.

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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.

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.

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.

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
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 1. LIFE INSURANCE
2. GENERAL INSURANCE
3. HEALTH INSURANCE
4. CREDIT INSURANCE
5. PROPERTY INSURANCE
6. LIABILITY INSURANCE
7. TRAVEL INSURANCE
8. 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
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
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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.

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

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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.

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
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“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
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

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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).

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.

14
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.

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.

15
 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.

16
Whether or not you need an auto insurance mostly depends on the type
of 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.

TYPES OF INSURANCE POLICIES:-

17
• 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.

• Joint life insurance policies: These policies are similar to

endowment policies in maturity benefits and risk cover, but joint life
18
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.

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 INTRODUCTION OF NEWYORK LIFE INSURANCE

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.

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 MAX NEWYORK LIFE INSURANCE
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
22
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

VISION
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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.
As the primary earning member, you need to make sure that your family
25
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.
With Platinum Protect, we will not only be able to bring the benefits of

26
life insurance to a larger segment of the market but also ensure adequate
protection for them at an affordable price.

FEATURES:-

Criteria Eligiblity
Minimum/ Maximum Age at
18 years / 60 years
Entry
Expiry Age 75 years
10 years, 15 years, 20 years, 25 years
Policy Term
or 30 years
Minimum: Rs. 25 lacs, subject to
minimum annual premium of Rs.
5,000
Sum Assured
Maximum: No Limit
The sum assured is available in
multiples of Rs. 5 lacs only.
Rs. 5,000 per annum for annual
premium paying mode. For non-annual
Minimum Premium
modes, the modal factors will be
applicable as given below
Premium Option Regular Level Premium
• Lower premium rate for Females
and non-smokers.

For Sum assureds Rs. 50 lacs and

above, there are two additional
Special Rates for special benefits:
customers • Special high sum assured
discount.

• Additional discount to healthier

policyholders who do not
consume tobacco in any form
27
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
production of evidence of insurability
28
 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.

29
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
retirement, Max New York Life's 20 year endowment plan is always
30
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
Entry age 20 years to 50 years
Maturity age 70 years
31
Minimum Sum Assured Rs. 100,000
Maximum Sum Assured Rs. 5 crore

Living Benefit
• Sum Assured plus accrued bonuses
Death Benefit
• Sum Assured plus accrued bonuses
Bonus Option
• 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
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
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.
32
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 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 bonuses
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
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
33
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
treatment and the balance of the sum assured will be payable to your
family on the occurrence of the insured event.
FEATURES:-
Criteria Eligibility
34
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
Bonus Options
• Paid in Cash
• 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
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
35
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.
Bonus Option
• Paid in Cash
• Premium Offset

• Paid up Additions
7. LIFE PAY™ MONEY BACK PLAN:-

36
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
60 years
Maturity age
Minimum Sum Assured Rs. 100,000
Maximum Sum Assured Rs. 5 crore

Living Benefit
• Sum Assured plus accrued bonuses
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.
Bonus Options
37
 • 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
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
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:-
Criteria Eligibility
Entry age 91 days – 65 years (10 year plan)
91 days – 60 years (15 year plan)
91 days – 55 years (20year plan)
38
 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
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:-
39
 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:-
Features Specification
Minimum/Maximum Entry Age
91 Days to 8 Years
of Life Assured (Last Birthday)
Child
Life Insured On child attaining the age of 18 the
policy shall be vested to the child
21 - Age at Entry of the Life Assured
Policy Term
(Child)
18- Age at Entry of the Life Assured
Premium Payment Term
(Child)
Minimum Sum Assured Rs. 100,000 for Corporate Agents
40
 (excluding Axis Bank) and Rural
Agency Channel
Rs. 200,000 for Agency and other
channels
Maximum Sum Assured No limit subject to underwriting.
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
Bonus 10th Policy Anniversary as a
percentage of Reversionary Bonus and
is payable only once during the policy
lifetime. The amount of terminal bonus
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.

41
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 years

Total 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:
Money Back (%
Child's Age
of S.A.)
18 40%
19 20%
20 20%
40% + (Accrued
Reversionary
21
Bonus + Terminal
Bonus, if any)

Total guaranteed money back / payout = (40%+20%+20%+40%) =

120% of Sum Assured
Payor Rider is mandatory.
42
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:-

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.

43
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
Life insured should have a child
(which may include legally
Eligibility
adopted child) between age 0 to
18 years, to propose for this plan
Regular pay: 21 years to 50 years
Minimum/ Maximum Age of Life
Limited Pay: 21 years to 55 years
Assured at Entry (Last Birthday)
Also, you must have a child.
5 pay - 10 years term or
Policy Term 15 to 20 years, pick a term, Regular
Pay
Maximum Age of Life Assured at 65 years (For both Regular and
Maturity Limited Pay option)
Regular pick a term from 15 to 20
Premium Payment Term years or
5 pay for 10 year term
Annual, Semi Annual, Quarterly or
Monthly
Premium payment Mode
Non-annual mode through ECS
only
Regular Pay
Annual Mode: Rs. 24,000
Non-annual mode: Rs. 30,000
Minimum Annual Target Premium
Limited Pay
All modes minimum Premium is
Rs. 50,000
Annual Premium X Cover
Sum Assured Multiple
Cover multiple: 20 (fixed)

44
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
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:-

45
 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
7 – 50 years
Insured at Entry (Last Birthday)
5 pay - 10 years term
Premium payment term / Policy
10 pay – 15 years term
Term
15 pay – 20 years term
Maximum Age of Life Assured at
70 years
Maturity
Annual, Semi Annual, Quarterly or
Monthly
Premium payment Mode
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 Variants
Annual Mode: Rs. 24,000
46
 Non-annual mode: Rs. 36,000
Maximum Annual Target Premium Rs. 100,000 for all variants
Annual Premium X Cover Multiple
Upto age 30 : 10/20/30 times of
ATP
Age 31 to 40: 10/ 20 times of ATP
Sum Assured Age 41 to 50: Fixed 10 times of
ATP

Minimum Sum Assured: 2,40,000

Maximum 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

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:-

47
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
21 years to 50 years
Assured at Entry (Last Birthday)
Policy Term 15 years
Maximum Age of Life Assured at
65 years
Maturity
Premium Payment Term Regular pay
Premium payment Mode Only Annual
Minimum Annual Target Premium Rs. 15,000
Maximum Annual Target Premium Rs. 24,000
For ages 21 to 29 : Fixed 30 times
of ATP
Cover multiple
For ages 30 to 50 : Fixed 20 times
of ATP
Annual Premium X Cover
Sum Assured
Multiple
12 free partial withdrawals allowed
in a policy year
Partial Withdrawal

Benefits:-

MaturityBenefit The Fund value that will be applicable on the

48
 original maturity of the policy
Death Benefit Sum Assured + Fund Value
The Company will pay following Dread Disease
Benefit :
1. 50% of Base Sum Assured.
Dread Disease 2. The Dread Disease benefit shall not reduce the
Benefit 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?

• 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
49
 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
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:

50
 • 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.
TM
2. LIFE PARTNER PLUS :-
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. We
offer you the flexibility to enhance the value of your policy by using the
various rider options available.
FEATURES:-
Criteria Eligibility
91 days to 55 years
20 year to 55 years (for all riders
Entry age 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
51
 • 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
Bonus Options
• Paid in Cash
• Premium Offsett

• Paid up Additions
Non-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 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:-

52
 “Happiness is nothing more than good health and a bad
memory”

1. LIFE LINE MEDICASHTM 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
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 Eligibility
Minimum / Maximum Age At 18 years to 55 years (Age At Last
Entry Birthday)
Policy Term 10 years
Maximum Age at Maturity 65 years
Premium Guarantee 5 years
Premium Table (Sample*) Units 3
Age (yrs) Male Female
53
 20 5886 5328
30 6429 6078
40 8424 8169
50 13194 11922
Premium Payment Frequency Half Yearly and Yearly
Allowed only till 180 days from
Reinstatement after Lapse
Lapse Date
Minimum: Rs. 2,500 (Yearly Mode)
Premium Limits
and Rs. 1,300 (Half Yearly Mode)
90 days from policy commencement
Waiting Period apart
from hospitalization due to accidents.

2. LIFE LINE WELLNESSTM Plus PLAN:-

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:-

54
Criteria Eligibility
Age At entry 18 years to 60 years
Option for policy term 10, 15 or 20 years
Maximum age at maturity 75 years
5 Years i.e subject to the revision
with IRDA approval. Premium is
Premium Guarantee
renewed every 5 years through the
term of your plan
Minimum: Rs. 2,500 (Yearly Mode)
Premium Limits
and Rs. 1,300 (Half Yearly Mode)
Waiting Period 180 days from policy commencement
Allowed only till 6 months based on
Reinstatement after Lapse
declaration of good health
Waiting Period after
90 days from policy revival date
Reinstatement

3. LIFE LINE-SAFETY NETTM 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
55
insurance covering death, disability, disease and accident under one
single plan.
FEATURES:-
Criteria Eligibility
Minimum/ Maximum Age At
18 years to 60 years
entry
Policy Term 10, 15, 20, 25 or 30 years
Maximum Cover Ceasing Age 75 years
Minimum Sum Assured Rs. 200,000
Maximum Sum Assured Rs. 40,00,000
5 Years Premium is renewed every 5
Premium Guarantee
years through the term of your plan

Benefits
Death Benefit
In 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 –

56
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/
industry where the life insured was working.
Accidental Death Benefit
If 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 FAMILYTMPLUS:-

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
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Max New York Life presents Life Line Healthy Family™ - the Most
Comprehensive Health Insurance Plan.
FEATURES:-
Criteria Eligibility
Minimum / Maximum Age for
18 years / 65 years
Adults
Minimum / Maximum Age for
0 days / 18 years
Children
Policy Term 10 years
Maximum Age at Maturity 75 years
Premium Guarantee 5 years rate guarantee
Premium Payment Mode Anuual, Semi-annual, Quarterly and
Monthly
• Self
• Spouse
Family benefit is extended to
Children (existing and future
•
additions)
Parents Benefit is extended to Policyholder's parents only

Benefits structure for : 1 unit for Family

Category/Benefit (Rs.) Self Spouse Children
Hospitalization Benefit:
Daily Cash / per diem 1,000
ICU Cash / per diem 2,000
Post hospitalization care
3,000
benefit
Surgical Cash (lump-
2,00,000
sum)
Critical Illness (lump-
4,00,000 2,00,000 NA
sum)
Maximum Hospitalization days (limit)
Policy Year 100
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Policy 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
• 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

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CORPORATE PLAN

1. GROUP PLAN:-

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
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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
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
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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
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
62
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
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.

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COMPETITORS OF MAX NEWYORK LIFE

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

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

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.
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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
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

66
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
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.

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AWARDS & RECOGNITIONS

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

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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

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
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prompt service or customer oriented methods and Max New York Life
can build on these factors.

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?

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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.

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.

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Describe the services you have offered?

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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