Skip to main content

Max NY Life looks at urban market

Max New York Life is looking at the urban population with a range of new micro life insurance policies that it plans to launch by June. According to the source, the life insurance policies will be aimed at the grassroot labour class with premiums as low as Rs 50-100. Even a rickshaw-puller can be a potential customer. The company already has a micro insurance product called 'Easy-term policy' aimed at the rural poor, which it sells through SHGs and NGOs and in tie-ups with Peerless and Nirmal Chhaya. Last year, the company had sold almost 17,000 such policies with premiums ranging from Rs 50 to Rs 500. Almost 20 per cent of the company's business comes from the rural market. The company has tie-ups with YES Bank, 12 district cooperative banks of Andhra Pradesh and one in Rajasthan, and is also looking to collaborate with cooperative banks in the eastern region to sell low-end products. The company is contemplating to asset up 100 new offices in the country by the end of the year, of which eight will be in the East. At present, it has 233 offices all over India, of which 39 are located in villages. Almost 17 per cent of the company's business comes from the East where it has 24 offices at present.

Comments

Popular posts from this blog

Story - ICICI Prudential's success story

ICICI Prudential's success story It is a real life story. A story of an insurer that has managed to hold on to its lead in the marketplace for seven years. ICICI Prudential, a joint venture between ICICI Bank   and Prudential UK, has been around ever since the private sector was allowed to sell life insurance policies.   Since then the tribe of life insurers has grown from 12 to 16, but ICICI still leads the private sector pack. With a portfolio of over 6.5 million policies, India's biggest private sector life insurer has not merely held on to its share but grown it; at the end of January 2008, the firm commanded 29 per cent of the share owned by private sector players. Quite some way below was Bajaj Allianz with 21 per cent, while State Bank of India   came in third with 10 per cent. How did ICICI achieve that? Says Ashvin Parekh, national leader, financial services, Ernst & Young, "Their strategy has been to grow the portfolio large enough so ...

Glossary-R

Rate: The pricing factor upon which the insurance buyer's premium is based. Rated Policy: Sometimes called an "extra-risk" policy, an insurance policy issued at a higher-than-standard premium rate to cover the extra risk where, for example, an insured has impaired health or a hazardous occupation. Ratemaking: The statistical process by which insurers determine risks and pricing for the basic classes of insurance. Rating Territory: A geographical grouping in which like hazards tend to equalize and permit the establishment of an equitable rate for the territory. Reasonable and Customary Charge: A charge for health care, which is consistent with the going rate or charge in a certain geographical area for identical or similar services. Rebating: Giving any valuable consideration, usually all or part of the commission, to the prospect or insured as an inducement to buy or renew. Rebating is prohibited by law. Recurring Claim Provision: A provision in some health in...

Annual Premium Rates-Term Plan

Term life insurance is the original form of life insurance and is considered pure insurance protection because it builds no cash value. Term life insurance provides coverage for a limited period, the relevant term. After that period, the insured can drop the policy or pay annually increasing premiums to continue the coverage. If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is often the most inexpensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis. This is purely risk protection. Below the comparative chart of premium (without return of premium Option) for a 25-Year-old person for a sum assured of 1000000 for a term of 20 years. Insurer (Insurance Provider) Premium Comments (Riders- Accidental death & Disability, Weaver of Premium, Critical Illness) Bharti AXA Life Insurance 2620 No Riders SBI Life Insurance...