The Hindu : Business : Need for more awareness of insurance

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Thursday, Feb 28, 2008
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Need for more awareness of insurance

Staff Reporter

27 per cent have life insurance cover

KOCHI: A study conducted by Max New York Life Insurance Company Limited in Kerala has revealed that only 27 per cent of households in the State own life insurance policies though 91 per cent are aware of life insurance.

While 56 per cent prefer to keep savings in bank deposits, only 2 per cent prefer to invest in life insurance.

Further, 94 per cent of urban households are aware of life insurance, but only 39 per cent own it. The rural scenario is that though 89 per cent are aware of life insurance, only 23 per cent own it. This was disclosed by Rajesh Sud, executive director, distribution, Max New York Life Insurance.

He said the State was an important market for the company. An office was opened in Kochi on Wednesday.

The company is opening offices in Kottayam, Thrissur, Kannur, Kozhikode, Thiruvananthapuram and Kollam shortly. The company has 233 offices in 155 cities across the country. It has sold 21 lakh policies with sum assured of over Rs.62,000 crore. The company has more than 30,000 insurance agent advisers.

Mr. Sud said out of a billion people in the country, only 24 per cent owned life insurance policies. The picture presents a robust insurance growth scenario.

Private insurance companies enjoy 35 per cent of the market in the country, according to him.

Max New York Life is a joint venture between Max India Limited and New York Life, a Fortune 100 company. The company offers both individual and group life insurance policies.

Rajender Sud, senior vice-president (Agency west and south), and Karun Menon, head of Kochi office, were present.

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