Hyderabad, Aug 12 (UNI) Max New York Life Insurance Chairman Analjit Singh today announced the company's tie up with the Confederation of NGOs of Rural India (CNRI) to promote new 'Max Vijay' Insurance Scheme targetting low income group in the villages.
Addressing the press here, Mr Singh said the ten-year-policy would be available with three-premium payment options at a minimum enrolment premium of Rs 1000.
The Mass Institute of Rural Development (MIRD) would take up the insurance business in Andhra Pradesh which has around 300 NGOs.
Stating it targets ten million policies in the next three years in the State, he said 14 per cent commission would be given to the NGO and one per cent to the referral agency CNRI.
''The Max Vijay would work like a savings account in which the customers can consolidate their loose change for ten years,empowering them at every step,'' Mr Singh said, adding the policy would not lapse so long as the policy account was sufficient to cover changes. The sum assured was guaranteed.
CNRI Co-Chairman LV Saptharshi said ''the referral tie up with Max gives us an opportunity to promote the new insurance scheme. It is a unique concept designed to provide better service to the customers.'' UNI AP VA GM 1749