Max New York Life Sees To Increase New Biz Premia

Ahmedabad: Max New York Life Insurance Company Ltd is eyeing to double its new business premium by the end of 2007, having attained a 100 per cent growth last year. The private insurance player is targeting at a new business premium of between Rs 2,000-2,500 crore and get a sum assured of Rs 55,000 crore as compared to Rs 37,000 crore achieved last year. The company has earned a new business premium of Rs 823 crore in the first eight months. They had reached a growth of 100 per cent last year in the business and will want to maintain the rate of growth in the coming years as well,.

With a paid-up capital of Rs 732 crore, Max New York Life Insurance claims to have sold over 1.75 million policies so far. Recently, the company also unveiled a new product SMART Steps Range of Unit Linked Children's Plans. The plans ensure that the child's recurring needs are taken care of by way of extra annual payouts on the death of the insured parent for rest of the policy term. Apart from protection and security of life, customers also look for using their savings majorly for funding their child's education and other pressing needs.