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While launching the Max New York Life’s new insurance policy, ‘Max Vijay’, which targets the rural and semi-urban population, Harinarayan said: “There’s a need for greater customisation and offering greater choice to people in the low-income segment. The industry needs to show greater sympathy towards the underprivileged.”
Max New York Life has tied up with the Confederation of NGOs of Rural India (CNRI), wherein CNRI will help create awareness about the policy amongst the rural masses as well. “Last year, the insurance industry collected premiums worth Rs 100,000 crore, out of which the contribution of rural insurance was just Rs 125 crore. NGOs can play an important role in increasing the penetration of the rural segment,” Harinarayan said.
The new policy has been structured after taking into consideration the earning patterns in the rural areas, the company claims. “The policy will not lapse so long as the policy account is sufficient to cover charges. The sum assured is guaranteed,” the chairman said.
“In the case of natural death, the claimant receives the guaranteed sum assured and the account value. In the case of accidental death, the claimant receives the account value and double the amount of sum assured,” chairman Analjit Singh said.
Nearly 95 per cent of the money collected as premium through the policy would be invested in fixed income schemes, while the remaining would be put into the equity markets. “There are 100 million households in India that fall somewhere between the aspirers and the seekers. Of these, 55 million are from rural areas, and they are our target group. We are aiming at selling 10 million policies in the next three years,” Singh said.
 Limited.JPG)
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