Max NY Life to hike capital
By Our Banking Bureau | 06 Oct 2004
New
Delhi: Max New York Life Insurance (MNYL) plans to
hike capital by another Rs100 crore soon. The company's
present paid up capital is Rs387 crore.
According to Anuroop Tony Singh, vice-chairman, MNYL, "We will have to raise our authorised capital to Rs500 crore. We will take it up in the next board meeting," Singh was addressing a press conference to launch a flexible unit-linked investment plan — 'life maker'. The plan would help customers manage their financial needs, including protection, investment and liquidity. He said that the company would soon introduce a pension product.
"With life maker, we are offering customers the flexibility to actively manage their own investments with a balance between protection, investment and liquidity needs," Singh said.
Life maker provides the customer a choice between two terminal benefits — 'level insurance cover' and 'increasing insurance covers'. In the former case, the nominee will receive the higher of the insurance cover or value of units while in the case of latter, the nominee will receive the insurance cover plus the value of units in the plan.
In addition, during the tenor of the plan, the customer can switch from increasing insurance cover to level insurance cover.
