Max New York Life Insurance Company Ltd. is the largest mutual life-insurance company in the United States, and one of the largest life insurers in the world, with about $287 billion in total assets under management, and more than $15 billion in surplus and AVR.
Offerings of Max New York Life Insurance
It is a joint venture between Max India Limited, one of India's leading multi-business corporations and New York Life International, the international arm of New York Life, a Fortune 100 company. 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.
Incorporated in 2000, Max New York Life started commercial operation in April 2001. In line with its values of financial responsibility, Max New York Life has adopted prudent financial practices to ensure safety of policyholder's funds. The Company's paid up capital as on 31 st August, 2010 is Rs 1,973 crore.
- Health Policies
- Children Policies
- Retirement Policies
- Protection Policies
- Savings and investment Policies
- Group Policies
About Max India Limited
Max India Limited is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company’s vision is to be one of India’s most admired corporates for Service Excellence.
It 'Protects Life' through its Life Insurance subsidiary Max New York Life, a joint venture between Max India and New York Life, a Fortune 100 company; 'Cares for Life' through its Healthcare company, Max Healthcare, a subsidiary of Max India Limited; 'Enhances Life' through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK and 'Improves Life' through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. From its past, Max India continues its interest in manufacture of Speciality Products for the packaging industry.
About New York Life LLC
New York Life Insurance Company, (www.newyorklife.com) a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offer life insurance, annuities and long-term care insurance. New York Life Investment Management LLC provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds.
The mission of New York Life is to maintain its superior 'financial strength', adhere to the highest standards of 'integrity' and demonstrate 'humanity' by treating its customers, agents and employees with compassion, consideration and respect. .
Advantage Max New York Life Insurance
Strong agency force
MNYL’s primary channel of distribution is the agency force of over 5,500 individual agents. Agents are selected using a carefully designed programme and are trained for over 152 hours, far in excess of the mandatory 100 hours stipulated by the Insurance Regulatory and Development Authority (IRDA).
Strong support from parent companies
MNYL enjoys strong support from parent companies and is one of the highest capitalised private insurance companies in India. The parent companies would also provide a significant portion of further investment requirements till 2008 for MNYL.
High quality service
The insurance market was a monopoly and therefore the services provided by the incumbent player were poor. However with the change in market scenario, customers now have a much higher service expectation which is being offered to customers through MNYL’s highly trained employees and agents. For example, agents undertake a need analysis with every customer before suggesting a life insurance solution. A Personal Insurance Plan, which gives the customer complete details of his/her policy with a year-on-year summary, is presented even before he/ she buys the policy. Also, all policies are hand delivered by the agent and the customer understands the entire policy and its terms.
Leveraging the India Advantage
New York Life (NYL), apart from leveraging the low penetration Indian insurance market, is also taking advantage of the large investment opportunities provided by the Indian infrastructure sector.
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