Max New york Life Insurance to expand business in Orissa

Bhubaneswar, Nov 13 (UNI)The Max New York Life Insurance Company has planned to expand their business through aggressive marketing in Orissa, Company's Zonal Vice-President Sibaranjan Patnaik said here today.

Mr Patnaik said during the last one year of its operation in the state, business of the company was very good and it has planned to open two more offices one at Rourkela and the other at Berhampur soon in addition to the existing two office at Bhubaneswar and Cuttack to expand its business.

He said the economy of the state was growing at a fast rate.'' We want to take advantage of it and penetrate deep into smaller cities and do business.'' Mr Patnaik was here in connection with the launching of the Smart Invest Pension, a unit linked pension plan in the state.

He hoped that the new plan would meet the post retirement needs of the customers.

Smart invest allows customer to enter the plan at a lower premium and subsequently keep increasing the premium by 5 per cent every year over the policy term.

The minimum annual premium allowed in SMART Invest pension is Rs 10,000 under regular pay and Rs 1,50,000 under single pay.There were multiple premium bands and as the customer decides to pay a higher premium, the allocation charge reduces.

The plan also allows customers free switching up to six times a year,Mr Patnaik said.

UNI