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Wednesday, April 29, 2009

Max New York Life strategic tie-up with Peerless

To distribute Max Vijay in South India

Max New York Life Insurance has announced its strategic tie-up with Peerless Developers for distribution of Max Vijay, its innovative insurance cum savings business model for the underserved, at a press conference organized in Chennai on 29 April 2009. This ties-up will enable MAX New York Life to significantly expand the distribution for Max Vijay across the country. Both the companies announced that to start with they would cover the 29 offices of Peerless across Tamil Nadu, Karnataka and Andhra Pradesh. This would be expanded to cover all 35 offices of Peerless in South India, by end of June 2009.

Rajit Mehta, COO, Max New York Life Insurance, said, “Peerless is the largest corporate agency relationship for Max New York Life. South India is one of the strongest performing regions, and contributes 33.99% (FY 08-09) to our total sales through Peerless. With this new distribution tie-up with Peerless, we see significant value-addition to achieving our business and social objectives for Max Vijay. We are confident that this collaborative effort will make a significant impact on the sales of Max Vijay, by leveraging the distribution strength, trust and customer confidence enjoyed by Peerless and the unmatched flexibility and innovation offered by Max Vijay.”

Max Vijay is a truly unique product that provides people 10 year coverage, financial protection and the ability to save even small accounts. The policy is lapse free as long as there is sufficient value in the policy account to meet the charges. To really enjoy the benefits of this product and secure better economic future for their families, customers should regularity invest in their Max Vijay accounts” he added.

Jayanta Roy, Director – Financial Products Distribution, The peerless General Finance & Investment Company said, “Peerless is known as the savings company for the common man of India. Today, the same company under the name Peerless smart money is offering a simple product to its customers that will inculcate the savings habit in his family and also protect his family from any unforeseen circumstances through life insurance cover. Max Vijay is the product for AAM ADMI. We are very excited about distributing Max Vijay. With its unmatched combination of innovation, flexibility, savings and security, Max Vijay will attract and excite a large portion of our base of over 40 million customers. We are confident of achieving sales of over 5 lakh Max Vijay policies in the very first year.”

Max New York Life Insurance developed "Max Vijay", a business model designed to serve 100 million low-income Indian households by improving access to benefits of life insurance and minimizing transaction costs. Max Vijay was awarded the "Golden Peacock Innovation Award 2008" for its unique product, distribution and service strategy.

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