Private sector life insurer Max New York Life, which launched a universal life product called ’Secure Dreams’, today said it would infuse Rs 200 crore in the next six months.
“We would be making capital infusion of Rs 200 crore by the end of March 2010 for meeting expansion needs,” said Max New York Life Insurance CEO and Managing Director Rajesh Sud.
Currently, the paid up capital of the company stands at Rs 1,782 crore, he said, adding, “post capital infusion it would go up close to Rs 2,000 crore.”
About Max New York Life Secure Dreams, Sud said, it addresses the twin factors of the investment risk being borne by the policyholder in the unit linked solutions and lack of transparency and flexibility in traditional products.
Secure Dreams features a five star guarantee that includes guaranteed return, benefits, life cover, policy continuance and hassle free issuance of policy.
“With this offering we are now the only life insurers to introduce Universal Life policies in India. For the first 3 months from the date of launch, we are providing the customers with a minimum guaranteed interest of 6.5 per cent,” he said.
The product also allows partial withdrawals from the account value after the third policy anniversary.
The policyholder also has a choice of regular top-ups with a maximum limit of 25 per cent of cumulative annual premium paid till date. 98 per cent of the top-up amount will be credited to account value.
