Description : Corporate
Date : Aug-12-2010
Max New York Life Insurance rolled out the 'Platinum Protect.
It is a term plan which enhances the company's product portfolio of risk protection solutions.
Meanwhile, as part of the term plan, Max New York Life Insurance introduced 'Reduced Insurance Cover' in the domestic market.
The reduced insurance cover, however, offers policyholders of more than 20-year policy term.
It, however, is a chance to avail them of constant protection coverage from the 16th year onwards even if they chose to not make further premium payments.
On the other hand, the plan also offers lower premium rates and option to opt for dreaded disease and personal accident benefit riders.
Earlier, Max New York Life (MNYL) Insurance had blamed the distribution model for the less than expected performance of its innovative product for low-income households - Max Vijay.
Speaking on the matter, Mr. Rajit Mehta, Executive Director & COO, MNYL, said the challenges related to training of the end-sellers of the product is leading to lower sales, despite the company being one of the earliest private players to tap the huge untapped market in the semi-urban and rural areas.
Max Vijay was launched by the company in limited areas starting September 2009 after a pilot project was unveiled in June 2008.
Elaborating on the matter Mr. Mehta said, "In distribution there have been some challenges, because we're using channels which were not used to sell financial services products.
The average local storeowners had to be trained extensively to make sure the person could explain the product to the customer.
These people are just the referrers who would call the trained agents to complete the sales process.
The difference is that here the retailer who has many other things to do, has to wait for the customer to walk in to his shop. Normally, agents would directly go to the customers themselves".
Adding further Mr. Mehta pointed out that the MNYL will continue to operate under the pilot mode for the micro insurance product, until it is able to optimize the design and distribution system for the same.
At present the company is trying its hand at various distribution channels as part of the same.
Presently the company has tied up with the Peerless Group in the eastern part of the country, while it is working with micro-finance institutions in Uttarakahand.
In addition the company is also trying to sell the product through retail chains
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