Max New York Life to infuse capital over 3-4 yrs

Kolkata, Oct 12 (UNI) Leading life insurance company Max New York Life Insurance Co. Ltd. plans to infuse capital of around Rs 1000 crore in a phased manner over the next 3-4 years.

The company, a joint venture between Max India Limited and New York Life, has already infused Rs 617 crore capital till now, director-additional distribution &marketing Debashis Sarkar told reporters here today.

The company, which stands in the third position in terms of policy issued till date, hopes to garner around Rs 1000 crore as new premium income in 2006-07, Mr Sarkar said.

Max New York Life today launched "Life Invest", a flexible Unit Linked Investment Plan (ULIP), to offer its customers choice of protection levels and flexibility with higher returns.

The product could be purchased by anyone between the ages of 91 days to 70 years. The policy term can be 5 years to 75 years. The minimum premium payment is Rs 50,000.

"We will sell the product through certified agent advisors to ensure that the customers get the appropriate advice based on the risk return profile," he added.

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