MAX LIFE INSURANCE

PRAHLADRAI DALMIA LIONS COLLEGE

OF COMMERCE & ECONOMICS

MAX LIFE INSURANCE

Subject:-Investment Analysis Portfolio

Management

SEMESTER VI
Topic: - Max Life Insurance
Presented To:-Prof. Neha Sarviya

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Presented By,
Roll No.

Name

04

Sharad Asawa

16

Arjun Choudhary

19

Sachin daiya

34

Ayush Jain

35

Jainish Jain

52

Kamlesh Choudhary

MAX LIFE INSURANCE

Index
Particulars
Introduction
Objective
Types of product offered.
Individual Insurance
Group Policy
Saving Policy
Retirement Policy
Children Policy
Vision
Mission
Growth Story
Conclusion.

MAX LIFE INSURANCE

Introduction
Company
Max New York Life Insurance Company Ltd. is a joint venture between New
York Life, a Fortune 100 company and Max India Limited, one of India's
leading multi-business corporations. The company has positioned itself on the
quality platform. In line with its vision to be the most admired life insurance
company in India, it has developed a strong corporate governance model
based on the core values of excellence, honesty, knowledge, caring, integrity
and teamwork. The strategy is to establish itself as a trusted life insurance
specialist through a quality approach to business.
Max New York Life is the first life insurance company in India to be awarded
the IS0 9001:2000 certification.
Max New York Life was among the top 25 companies to work with in India,
according to 2003 Business World magazine, "Great Workplaces In India",
Max New York Life was ranked at the 20th position. This survey is the local
version of the "Great Places To Work" survey carried out every year in 22
countries.
It is among top five most respected private life insurance companies in India
according to a 2004 Business World survey.
Max India is one of the leading conglomerates of India while Mitsui Sumitomo
Insurance is an MS&AD Insurance Group member. The group is presently
one of the 10 leading providers of world.

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Objective

Spread Life Insurance widely and in particular to the rural

areas.
Maximize mobilization of people's savings by making
insurance-linked savings adequately attractive.
Conduct business with utmost economy and with the full
realization that the moneys belong to the policyholders.
Act as trustees of the insured public in their individual and
collective capacities.
Meet the various life insurance needs of the community that
would arise in the changing social and economic
environment.

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Types of Products Offered

Max New York Life offers a suite of flexible products. It now has 22 life
insurance products and 8 riders that can be customised to over 400
combinations enabling customers to choose the policy that best fits their
need. The basic categories are:

Individual Insurance
Whole Life Participating Policy
Whole Life Participating Policy provides an insurance cover that is guaranteed
for your entire life. This policy also builds cash value, which you can use
during your lifetime to fund any unforeseen needs either by surrendering
accumulated PUAs (explained below) or taking a loan. In addition this policy is
also eligible for bonuses.

KEY BENEFITS
On death of life insured: Sum Assured plus accrued bonuses
On Maturity (attaining age 100): Sum Assured plus accrued bonuses
Bonus: From 3rd policy year, we will declare bonuses every year
Tax benefits:
You are entitled to the following tax benefits under Income Tax Act 1961
Your premiums are eligible for deduction u/s 80C up to Rs.100,000/every year.
Your DD rider premiums are eligible for an additional deduction u/s
80D up to Rs.10000/- every year.

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Your claim amounts (from death, through surrenders or on maturity)

are eligible for tax exemption u/s 10(10D).
We offer you the flexibility to enhance the value of your policy by using the
following riders/options:
1. Option to Participate in Progressive Bonuses: Allows you to top up your
premiums to purchase additional Sum Assured in your existing policy. It
also generates further bonuses.
2. Dread Disease (DD) Rider: Pays a lump sum amount in case you
contract any of the ten diseases covered e.g. Heart Attack, Cancer, etc.
3. Personal Accident Benefit (PAB) Rider: Pays additional insurance
coverage in case of death or disability caused by an accident.
4. Term / Term R&C Riders: Offers additional Sum Assured to match your
changing needs. The R&C also allows you the freedom to buy a fresh
insurance plan later in your life.
5. Waiver of Premium (WOP) / Payor Riders: Waives your future
premiums in case you suffer total disability. The payor rider waives
future premiums on your childs policy in case you suffer total disability.

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Group policy
Group Term Insurance
Group Term Insurance is the mainstay of our employee benefit platform. Here
are some of the key features and benefits:

Group Term Life - Key features and Benefits

Easy and convenient administration one single master policy for all
employees.
Group size of at least 25 employees.
No upper limit on membership.
Policy is valid for one year and can be renewed annually.
Uniform or a graded cover can be provided on any basis chosen by
your subject to a maximum of three years of salary per employee.
In case of death of an employee, due to natural or accidental reasons,
the entire sum assured amount is paid to the employer.
Additional Protection is available through riders for Critical Illness,
Accidental Death Benefits, Disability and Dismemberment.
New members can join and outgoing members can leave the scheme
at any time with premium adjustment.

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Saving
Life Pay Money Back Plan (Participating) Policy
Life Pay Money Back Plan (Participating) Policy will keep paying you a part
of the Sum Assured at regular intervals, to take care of your periodic foreseen
needs, and the balance keeps growing to take care of your long term saving
needs, as well as provides insurance coverage till maturity. In addition this
policy is also eligible for bonuses.

KEY BENEFITS
1.

On death of life insured: Sum Assured plus Sum Assured of Paid Up

Additions (without deducting any money back installments, if already
paid).

2.

On maturity: Sum Assured less money backs already paid plus 10% of
SA as guaranteed addition plus accrued bonuses.

3.

Bonus: From 3rd policy year, we will declare bonuses every year.

4.

Tax benefits:
You are entitled to the following tax benefits under Income Tax Act
1961:
Your premiums are eligible for deduction u/s 80C up to Rs.100000/every year.
Your DD rider premiums are eligible for an additional deduction u/s
80D up to Rs.10000/- every year.
Your claim amounts (from death, through surrenders or on maturity)
are eligible for tax exemption u/s 10(10D).

MAX LIFE INSURANCE

Customize your policy to meet your specific needs:

We offer you the flexibility to enhance the value of your policy by using the
following riders/options:
1. Dread Disease (DD) Rider: Pays a lump sum amount in case you
contract any of the ten diseases covered e.g. Heart Attack, Cancer, etc.
2. Personal Accident Benefit (PAB) Rider: Pays additional insurance
coverage in case of death or disability caused by an accident.
3. Term / Term R&C Riders: Offers additional Sum Assured to match your
changing needs. The R&C also allows you the freedom to buy a fresh
insurance plan later in your life.
4. Waiver of Premium (WOP) / Pay or Riders: Waives your future
premiums in case you suffer total disability. The pay or rider waives future
premiums on your childs policy in case you suffer total disability.

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MAX LIFE INSURANCE

Retirement
Easy Life Retirement Plan (Participating) Policy
Easy Life Retirement Plan (Participating) Policy helps you to save money
for your retirement, and also provides you with an opportunity to take home a
regular retirement income (i.e. pension) for your entire life from your chosen
date of retirement. This income is a guaranteed amount, guaranteed when
your annuity starts. In addition this policy is also eligible for bonuses.

KEY BENEFITS
On death of life insured: Refund of accumulated premiums plus cash
value of additional pure endowments purchased from bonuses.
On the chosen retirement date: Sum Assured plus additional insurance
coverage purchased in way of bonuses.
On Surrender:

Surrender value (minimum guaranteed @ 55% of

premiums paid).
Bonus: From 3rd policy year, we will declare bonuses every year.
Tax benefits:
You are entitled to the following tax benefits under Income Tax Act 1961:
o Your premiums are eligible for deduction u/s 80CCC (1) up to
Rs.10,000/- every

year.

o Your claim amounts (from death, on maturity or through surrenders)

are eligible for

tax exemption u/s 10(10D).

Unique features in this policy:

Bonuses: Your bonuses are used to purchase pure endowments,
which add to the value of your policy.

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MAX LIFE INSURANCE

Annuity Options: You can use the maturity value to buy an annuity
from us or any other IRDA approved annuity provider. We currently
offer the following annuity options:
Annuity for life: you will receive a fixed amount for your entire life.
Annuity for a guaranteed minimum period of 5/10/15/20 years and
for life thereafter: In case death occurs to you before the guaranteed
minimum period, we shall still pay the annuity to your family for the
balance of the guaranteed minimum period chosen by you.
Life Annuity with Return of Annuity Purchase Price: In case of your
death, we shall refund the original maturity value you had used to buy
your annuity.

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MAX LIFE INSURANCE

Children
Children's Endowment 18 & 24 Policy
Children's Endowment 18 & 24 Policy enables you to provide for specific
needs of your growing children viz.
Child Endowment to Age 18 enables you to provide for higher
education of your child.
Child Endowment to Age 24 enables you to provide for the best
possible wedding of your child and also builds cash value, which you
can use during to fund any unforeseen needs by taking a loan.
In addition this policy is also eligible for bonuses.

KEY BENEFITS
On death of life insured: Refund of premiums plus interest plus accrued
bonus.
On Maturity: Sum Assured plus accrued bonus.
On Surrender of Policy: Surrender value.
Bonus: From 3rd policy year, we will declare bonuses every year.
Tax benefits:
You are entitled to the following tax benefits under Income Tax Act 1961:
o Your premiums are eligible for deduction u/s 80C up to
Rs.100,000/- every year.
o Your claim amounts (from death, on maturity or through
surrenders) are eligible for tax exemption u/s 10(10D).

Customize your policy to meet your specific needs:

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MAX LIFE INSURANCE

We recommend that you enhance the value of your policy by buying the
following rider:
Pay or Rider: Waives your future premiums in case you suffer total disability
or meet with an untimely death. This ensures that your child will still get the
lump sum money on attaining age 18 or 24.

Unique features in this policy:

Cash Bonuses: bonus will be paid to you by cheque.
Non Forfeiture Options: In case you are unable to pay your premiums,
your policy will lapse and we will utilize your cash value to buy you
insurance coverage in the following way:

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MAX LIFE INSURANCE

Vision

To become the most admired life insurance company

in India.

Values
This vision to become India's most admired life insurance company will be
realized through its unique set of values, which are as follows:

Knowledge
Knowledge leads to expertise; and MNYL expertise is in helping people
protect

themselves.

Perfectly

combining

global

expertise

with

local

knowledge, it is India's life insurance specialist. Max New York Life believes
that for knowledge to be of value it must be focused, current, tested and
shared.

Caring
Max New York Life is redefining the life insurance paradigm by focusing on
customers first. The service process is responsive, personalized, humane and
empathetic. Every individual who represents the company is for us MNYL
brand champion.

Honesty
Honesty is the heart of the life insurance business. It is all about trust.
Transparency, integrity and dependability form the cornerstones of the Max
New York Life experience. The company ensures that everyone who
represents the brand carries a promise: we care in word as well as deed.

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Excellence
Excellence at Max New York Life implies the ability to perform at a
consistently high level. Focused on the value of continuous improvement in
people, processes and the organization, the company strives for the highest
standards of quality in every aspect of its business.

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MAX LIFE INSURANCE

Mission

Become one of the top quartile life

companies in India
Be a national player
Be the brand of first choice
Be the employer of choice
Become principal of choice for agents

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insurance

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Conclusion
MNYL has market penetration and awareness about it is high in the
market.
But it can take following steps to even better itself:
Increase number of people solicited by MNYL
o Since MNYL is a new company it should strive to increase its
solicitation rate.
Create awareness in people about high quality standards which
MNYL possess.
o People should be made aware of the high quality standards
adopted by the MNYL, especially that the fact that it is the only
company authorized by IRDA to have in-house training for
aspiring advisors.
Popularize Group Policy.
o Group policy must be advertised as awareness about it is quite
less among people.
Give personal attention to customer.
o Personal attention must be provided to all as it is cited as one of
the deficiencies of MNYL.
Advertise about MNYL special feature.
o MNYL special features should be well advertised to ensure that
people know what set MNYL apart from its competitors.
Bank upon those people who might take MNYL policy.

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o MNYL should ensure that those who have shown willingness

towards taking its policy should be contacted and banked upon.

Bibliography
Source for Primary Data
Respondents 80
Guidance from project guide with regard to formation of
Questionnaire

Source of Secondary Data

www.maxnewyorllife.com
Inputs form Mr. Sanjeev Pathak

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