Max New York Life eyes UP, Uttarakhand

Max New York Life Insurance Co Ltd, one of India's leading insurance companies, is set to expand its customer base in Uttar Pradesh and Uttarakhand. It aims to sell over 1,000 policies in another one month for its newly launched SMART Invest Pension plan.

"UP is a very important market for us. The insurance awareness in the state is about 77 per cent while ownership in terms of any policy is about 18 per cent, which certainly indicates ample opportunities that exist to be exploited," informed Anil Misra, regional manager (Delhi and UP), Max New York Life Insurance Co.

Elaborating on the company's process plan, Vipul Jain, managing partner, Max New York Life Insurance, told Business Standard that the driving force for them were their trained agents.

"We have about 359 trainers to train the agents in the right direction. In the process, the company penetrates in various segments of the society," he added.

Talking about the 'SMART Invest Pension', the official said it was a unit linked pension plan that was affordable, efficient and flexible. "The plan is structured to meet the retirement needs of the evolving Indian consumer".

The plan has a unique premium indexation feature. It enables the customer to take the plan at a lower premium and subsequently increase the premium by five per cent.

This ensures that the customer is able to start retirement planning early and reach retirement goals in a smoother way based on life stages and income.

In case the customer decides to change to level or fixed premium, he can do so after the policy completes three years by informing the company and can continue payment of fixed premium every year.