The Hindu Business Line : Max New York Life sum assured tops Rs 1,500 cr

Mr Anuroop Tony Singh, Managing Director and Chief Executive Officer, Max New York Life Insurance Company, addressing a press conference in Mumbai on Friday.

MUMBAI, Jan.18

MAX New York Life Insurance Company Ltd has announced that it has recorded a sum assured in excess of Rs 1,500 crore in the first nine months of operations up to December 2001.

The Chief Executive Officer and Managing Director, Mr Tony Singh, said the performance backed the company's strategy of offering customised products through professional advisors at affordable prices.

Max New York Life will also be raising its authorised share capital to Rs 300 crore from the present level of Rs 200 crore. This will be done in two stages with Rs 50 crore being ploughed in before March 31, he said. Launched in April 2002, the joint venture between Max India and New York Life, offers five base products with seven riders and options that can be customised to over 200 combinations. The company has so far sold a single largest policy worth Rs 5 crore. "We follow a conservative investment policy and policy funds are invested in debt only,'' he said.

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