Max New York to launch new products by June

Max New York Life Insurance is planning to launch health and pension products by June this year. It also intends to have specialised products for the low income group.

"We may launch pension and health products by the middle of this year. The regulator's approval is expected in two to three months. We also plan to extend our insurance policies to rural areas through specially-designed products that are easy to operate and have a low premium," said Kenneth Sannoo, senior vice president, Max New York Life, during an interactive session in Kolkata on Tuesday.

The company has embarked on an expansion programme called "Mission Everest", under which it plans to add 13 new offices across the country by the end of 2008. Max currently has 17 offices in the country.

"Mission Everest has picked up speed this year. We intend to expand our distribution network, enhance our relationships with banks through bancassurance and penetrate into the rural areas. We are also focussing on direct sales by expanding our offices," he said.

The company plans to employ two lakh distribution agents by 2011 against the current 30,000.

The company's paid-up capital was Rs 907 crore as on December 2007 and its total sum assured was Rs 62,150 crore.