The promoters of Max New York Life (MNYL) will infuse Rs 50 crore equity in the next two months and another Rs 50 crore by the end of the next fiscal to hike the paid up capital to Rs 300 crore by the end of March 2003.
Speaking at the launch of new products, MNYL chief executive officer Anuroop Tony Singh said the life insurance company a 74:26 joint venture between Max India and New York Life would decide on giving bonuses on various schemes only after the end of three years of operations.
This company, which started operations in nine major cities in March last year, today launched three more products and two riders, taking the total to eight products and nine riders in the country. The three new products included children endowment at 18 years, children endowment at 24 years and endowment to 60 years, apart from payer benefit rider and five-year term renewable and convertible rider.
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"Our existing suite of flexible products, along with these new offerings, present a comprehensive range of over 200 product combinations to customers who address their specific life stage needs," Singh said.
The children endowment products would be offered in two variants of 18 and 24 years along with a payer benefit rider, which at a nominal charge, provided for waiver of future premiums upon death or disability of the parent or guardian paying the premium. Payer rider is a tool to protect insurance coverage in case of inability to pay premium in respect of a juvenile.
The entry age and maturity age for children endowment scheme would be 91 days to 13 years and the maturity age would be 18-24 years (depending on the variant) and the sum assured ranged from Rs 1 lakh to Rs 50 lakh and has a flexible premium payment option of monthly, quarterly, half-yearly or yearly basis.
For the endowment to 60 years, aimed at senior citizens, the entry age would be 91-days to 50 years and maturity age of 60 years for a sum assured of Rs 1 lakh to Rs 5 crore, Singh said.