Max New York Life, one of India?s leading life insurance companies, today announced the appointment of Superstar Amitabh Bachchan as the brand ambassador for Max Vijay, a brand specifically targeted at providing financial inclusion to the underprivileged masses. Max Vijay is a unique product that has been designed keeping in mind the savings and protection needs of the common people.
Speaking on the occasion, Mr. Rajesh Sud, CEO & Managing Director, Max New York Life Insurance, said, ?I am very pleased to announce the appointment of megastar Amitabh Bachchan as the brand ambassador for Max Vijay. In a number of his earlier movies, Amitabh Bachchan became synonymous with the name Vijay, a people?s hero who fought for the cause of the common man by standing up for their rights.
His appointment as the brand ambassador for Max Vijay, is a rebirth of the old Vijay, who is today propagating the cause of small savings and financial inclusion for the underserved masses of the country.??We launched Max Vijay with a dream of providing financial inclusion to millions of underprivileged households across the country. Since the launch of Max Vijay in late 2008, our focus has been on testing the product in select markets and expanding distribution in a phased manner. I am pleased to announce that Max Vijay has already provided financial inclusion to over 65,000 households till date. The appointment of Mr. Bachchan marks our next phase of expansion and we believe that Max Vijay has the potential to touch the lives of over 10 million households in the next two years?, Mr. Rajesh Sud added.
Max Vijay takes into account the unpredictability and uncertainty in income flows and the difficulties faced by the common man in saving small amounts. Max Vijay offers the benefit of stable investment returns along with insurance and savings, at low entry-level premiums of Rs. 1000, Rs. 1,500 and Rs. 2,500.
This is the first product in the history of life insurance where customers can submit subsequent premiums of amounts between Rs. 10 ? Rs. 2,500 per day, as per their convenience, and the policy does not lapse as long as there is sufficient value in policy account to cover charges, even if no subsequent premiums are paid. Max Vijay utilizes a number of hitherto unexplored channels in life insurance distribution, including MFI?s, NGO?s and companies involved in NationalE-Governance Programme (NeGP).
Max Vijay ? The productMax New York Life Insurance Co. Ltd has revolutionized the way insurance is procured, sold and serviced through its new and innovative business concept called ? ?MAX VIJAY?. It not only fulfils the customers? primary need of protection, but also facilitates long-term savings. It has been designed specifically for the underserved segment of the society to meet the unique challenges of unpredictability in life and their income flow. A unique technology driven distribution and service model ensures reach of Max Vijay to the customers even in the remotest of places.
Max Vijay available in three premium paying options of ?Rajat?, ?Swarna? and ?Heera? enables the customer to enter the plan at a minimal initial premium amount of Rs. 1000, Rs. 1500 and Rs. 2500 respectively.
The Sum Assured is guaranteed. The investment returns once credited to the policyholder?s account value are also guaranteed. In case of natural death the claimant receives the guaranteed sum assured and the account value. In case of an accidental death the claimant receives the account value and double the amount of Sum Assured.
Max Vijay provides customers the flexibility in financial planning by offering a choice to invest any amount (Rs. 10/- Rs. 2500/-), anytime, anywhere.
Accessible ? Insurance at the consumers? doorstep
The distribution approach adopted for this product is designed to make insurance available in the remotest areas of the country. Neither does the product require any financial and medical underwriting nor any supporting documents for age, etc. In terms of documentation, the customer is required to fill a simple one-page form and submit only an ID proof to own the policy.
The policy will not lapse as long as there is sufficient value in the policy account to meet the charges.
Robust backend support through internationally renowned partner
The company has tied-up with IBM to provide end-to-end technology backbone for fulfillment.