Financial Daily from THE HINDU group of publications
Friday, Jan 25, 2002
Financial Daily from THE HINDU group of publications Friday, Jan 25, 2002 |
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Money & Banking
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Life Insurance Three new products from Max NY Life Our Bureau
NEW DELHI, Jan. 24 MAX New York Life Insurance Co Ltd (MNYL) has announced the launch of three new products — Children Endowment at age 18 and at age 24 and Endowment at age 60. Addressing a press conference here, Mr Anuroop Singh, Chief Executive Officer and Managing Director, MNYL, said the company had also added two new riders to its policies — the payor benefit rider and 5-year term renewable and convertible rider. Payor benefit lets the child's coverage to continue in case the payor is disabled or has met with misfortune. Under the Children Endowment at age 18, a policy can be bought for children between 91 days and 13 years with the policy maturing at age 18. Under the Children Endowment at age 24, the policy can be bought at age between 91 days and 15 years with the policy maturing at age 24. Both schemes would provide a lump sum at maturity. The Endowment policy at age 60 allows the insurance to be taken between age 91 days and 50 years. The policy matures at the age of 60. Maturity benefits include sum assured, terminal bonus and other bonuses as applicable.
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