Max New York Life Insurance Company (MNYL) is planning to invest Rs 1,818 crore in the country by March 2012, of which Rs 350 crore will be infused by the end of this fiscal. The fresh investments will raise its paid-up capital to Rs 3,600 crore from Rs 1,782 crore at present. The company plans to add 9,800 employees and 2,88,500 agent advisors during the period, raising its employee strength to 25,000 and agency base to 350,000.Additionally, MNYL plans to unveil its small ticket insurance product Max Vijay on a pan-India basis in the next six to nine months.
The policy is currently sold in 15,000 retail outlets in Uttar Pradesh and Andhra Pradesh. The innovative policy designed for the underserved urban and rural population may also be replicated by the foreign stakeholder New York Life for emerging markets such as China and Mexico, he said. Max New York Life is a 74:26 joint venture between Max India and New York Life. For its health insurance business, Max India plans to invest an initial capital of Rs 100 crore along with its partner the UK-based BUPA Finance Plc in the joint venture company Max Bupa, Ms Kirti Madhok Sud, Director, Corporate Support, Max India, said, adding the investments could increase to Rs 400-450 crore over the next three years.
The policy is currently sold in 15,000 retail outlets in Uttar Pradesh and Andhra Pradesh. The innovative policy designed for the underserved urban and rural population may also be replicated by the foreign stakeholder New York Life for emerging markets such as China and Mexico, he said. Max New York Life is a 74:26 joint venture between Max India and New York Life. For its health insurance business, Max India plans to invest an initial capital of Rs 100 crore along with its partner the UK-based BUPA Finance Plc in the joint venture company Max Bupa, Ms Kirti Madhok Sud, Director, Corporate Support, Max India, said, adding the investments could increase to Rs 400-450 crore over the next three years.
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