Max New York Life Insurance has announced a strategic partnership with 3i Infotech to market its Max Vijay Insurance Savings box. The tie-up with 3i Infotech will enable Max Vijay to expand its reach to consumers in remote rural areas, via the 12,500 I-SERV Stores across 9 states - Haryana, Uttar Pradesh, Madhya Pradesh, Gujarat, Maharashtra, Goa, Andhra Pradesh, Tamil Nadu and Delhi.
A unique product aimed at providing financial security to the underserved masses of India, Max Vijay provides insurance and savings benefits, for investments starting at as low as Rs. 1000, Rs. 1500 and Rs. 2500. Unlike conventional savings and insurance products, Max Vijay offers people the option to save how much they want, when they want and where they want. With flexible top-ups starting at just Rs. 10, Max Vijay truly allows people to save the small change they would have normally spent, in order to provide a more financially secure future for their families.
Speaking on the occasion, Mr. Rajit Mehta, Chief Operating Officer, Max New York Life Insurance Company said, ’Max Vijay’ is a one of its kind business model that has revolutionized the way insurance is procured, sold and serviced. Our association with 3i Infotech is a part of our strategy to strengthen our presence across the country and help the underserved, to work towards building a financially secure nation. We are pleased to partner with 3i Infotech, which has provided a unique platform through its I-SERV stores to help expand our reach significantly amongst the rural, and less developed parts of the country.”
Mr. Anirudh Prabhakaran, Executive Director and President, South Asia, 3i Infotech said, “We have taken care to align with organizations that have having similar commitment to use technology as a tool to enrich lives and to empower Rural India. The wide reach of our I-SERV stores coupled with the experience and expertise that these organizations bring to this relationship, will benefit Rural India”. “It’s a www, i.e. win-win-win for the Rural Consumers, the Partners as well as the I-SERV stores”, he added
MAX VIJAY – PRODUCT
Cash and Carry
Max Vijay breaks away from the fixed premium policy contract to offer an affordable, low-ticket product. A customer has to fill up a one-page proposal form, provide a basic identity proof and pay an enrollment premium for the policy to be issued. The 10-year tenure policy is available with three premium payment options with a minimum enrollment premium of Rs. 1,000. Subsequent premiums are optional, flexible and affordable. Investment returns once credited at the end of each year are guaranteed.
The policy will not lapse so long as the policy account is sufficient to cover charges. The sum assured is guaranteed. In the case of natural death, the claimant receives the guaranteed sum assured and the account value. In the case of accidental death, the claimant receives the account value and double the amount of sum assured.
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MAX VIJAY – DISTRIBUTION CHANNEL
Doorstep Delivery
The delivery model will empower the customer to purchase policies in the remotest places of the country. Max Vijay will leverage multiple channels to sell Max Vijay including microfinance institutions, NGOs and others. Every subsequent premium payments will be acknowledged through instant receipts. Insurance is not a step away; it is now at the doorstep.
MAX VIJAY – SERVICE MODEL
Click and Serve
The service model has been designed to ensure simple, fair and transparent service. The last mile will be the shortest route to quality customer care with even claims being filed at collection points. Wireless handheld devices will enable the immediate capture of customer details and transfer data via GPRS to back-end systems, and issue an instant premium receipt.
The service proposition is built around a technology platform customized by IBM. Real time flow of information and instant confirmation will add to the confidence of the customer, as the process is quick, fair and transparent and cost-effective at every step.
MAX VIJAY - MARKETING MIX
Insurance in a Box
The policy pack will be made available in a box to the customer. ‘Max Vijay’, “Jeevan Bima Gullak”, combines the best of insurance and savings. This is symbolic of the safety net that a customer’s family can fall back on in difficult times.
Max Vijay works like a savings account in which the customers can consolidate their loose change for 10 years, empowering him at every step. This loose change, which otherwise disappears in our day-to-day living, can be saved for a better future.
Mass media campaigns in local languages will deliver the customer value proposition across the country. For the first time, the customer will be able to choose the amount of premium and frequency of payment as per his ability to pay.
About Max Vijay (www.maxvijay.com)
‘Max Vijay’ is an innovative insurance business model with a pioneering life insurance product design. It also leverages the power of technology, the distribution reach of various insurance distribution channels and the services paradigm developed for retail to make insurance accessible to the financially under-served masses of the country.
About Max New York Life Insurance Company Ltd. (www.maxnewyorklife.com)
Max New York Life is a joint venture between Max India Ltd., one of India’s leading multi-business corporate and New York Life, a Fortune 100 company. Max New York Life Insurance, incorporated in 2000, is one of India’s leading and most admired private life insurance companies. The company offers both individual and group life insurance solutions. It has established a wide distribution network across India. Through its wide network of highly competent life insurance agent advisors and flexible product solutions, Max New York Life Insurance is creating a partnership for life with its customers in India.
About 3i Infotech:
3i Infotech is one of India’s leading IT companies and among the top 4 Indian Software Products Companies.* The Company provides software products and IT services (Managed IT Services, Application Software Development & Maintenance, Payment Services, Business Intelligence, Document Imaging & Digitization, Operations Outsourcing (BPO) and IT Consulting) for the Insurance, Banking, Capital Markets, Mutual Funds, Wealth Management and Government verticals. The Company services customers in over 50 countries across 5 continents.
3i Infotech is SEI CMMi Level 5 compliant for its Software Services, ISO 9001:2000 for its BPO Services and ISO 27001:2005 certified for its Infrastructure Services.