Max New York Life Insurance, a joint venture between Max India and New York Life Insurance, on Tuesday announced a referral tie-up for its micro insurance product Max Vijay with Confederation of NGOs of Rural India (CNRI).
The latter will refer corporate agents to the insurance company. About 6,000 NGOs will be engaged as agents, chairman Analjit Singh said.
The company targets to sell 10 million policies in three years including 4 million policies in the first year itself.
Max Vijay, a product combining insurance and savings, will be available with three premium payment options — Rs 1,000, 1,500 and Rs 2,500 and the tenure will be ten years.
Max New York, which pumped in about Rs 450 crore for the product, will invest 95 per cent of the premium earned in fixed return instruments and five per cent in the equity market.
