Max New York Life to open 150 branches
July 13, 2007

Firm eyes 100% growth in new assured premium biz.

With an aim to extend its reach, Max New York Life Insurance Company Ltd (MNYL), a leading life insurance company and a joint venture between ‘Max India Ltd’- one of India’s leading multi-business corporations and ‘New York Life’- a Fortune 100 company, is planning to open 150 new branches in major cities across the country during the present fiscal 2007-08.

The company is also eyeing 100 per cent growth in the new assured premium business in the current fiscal year.

Speaking to Business Standard, Rajender Sud, Senior Vice-President (West & South), MNYL, said, “We are planning to target those Indian cities where we have still no presence or not reached. As part of this, the company is planning to open 150 new branches in major cities across the country during the current fiscal year 2007-08. In Maharashtra, we will open branches in Jalgaon, Solapur, Sangli and Nanded.”

In 2006-07, MNYL sold 5.52 lakh policies in the country with the premium business of Rs 970 crore.

Out of which, 70,000 policies were sold in Maharashtra with Rs 146 crore premium business. In 2005-06, the company had sold 4.23 lakh policies in the country with Rs 536 crore premium income.

Informing about the company’s new products, Sud said, “The company has introduced 28 products so far. In the current fiscal, we are planning to launch new products for children’s education and for long-term wealth creation for old age. With an aim to make the working system more effective and facilitate both agents and customers, we are investing on the technology.”

Accordingly, our agents will not need to come to office. They will do work through Internet and get necessary official information through company's portal and we will make a separate portal for agents for the purpose. Our customers will also get the information they want about the products through Internet,” Sud said, but he avoided divulge financial details.