Janak

A Project on:
MAX NEW YORK LFE NSURANCE COMPANY LMTED ACKNOWLEDGEMENTS

EXECUTVE SUMMARY

CHAPTER-1

1 NSURANCE NDUSTRY 1.1 Meaning of nsurance 1.2 mportance of nsurance 1.3
Difference between nsurance and Assurance 1.4 Principles of nsurance 1.5 History of
nsurance 1.6 Time line in nsurance history 1.7 Meaning of Life nsurance 1.8 History of
Life nsurance 1.9 Modern nsurance 1.10 nsurance moves to America

By :- Amit Kumar Bhariti

1.11 Types of insurance 1.12 Key features of Life nsurance 1.13 Benefits of Life
nsurance 1.14 Role of Life nsurance in the growth of economy

CHAPTER-2

2 NTRODUCTONS TO THE COMPANY 2.1 About Max New York Life nsurance 2.2
History 2.3 Company Over View 2.4 The Lineage 2.5 Major Milestones Achieved 2.6
Achievements and Awards 2.7 High Growth Fund 2.8 Company Profile 2.9 Super brand
status for Max New York Life nsurance 2.10 Recognition For nnovation And Ethical
Value Based Culture 2.11 Mission 2.12 core values 3 PRODUCT MX 3.1 Traditional
Plans


i) Child Plan ii) Growth Pal iii) Health Plan iv) Corporate Group Plan v) ndividual Life
Plan vi) Pension Plan vi) Strategic product 3.2 Unit linked Life Plans

4 HUMAN RESOURCE MANAGEMENT 4.1 Recruitment 4.2 Selection 4.3 Training and
Development

5 MARKETNG DEPARTMENT 5.1 Distribution Channel 5.2 Comparative Study
CONCUSON


ACKNOWLEDGEMENTS

As sum up draft of my project study, appreciatively reminisce the contribution of all
those people without whose support and help, this study would have never taken its
present form thank Prof. Khatavkar, Academic Dean, BMR Hubli and Prof. Saleha Ali
Principal, BMR Hubli for giving me the opportunity to do my internship at Max New York
Life nsurance Company, Delhi. deem it my pleasure to convey the deepest of my
heart-full thanks to the management of Max New York Life nsurance co. ltd, Delhi
which has given me permission to conduct this particular study on its products &
Marketing Distribution Channel. My sincere thanks to Mr. Pramjeet Singh Sir, Center
manager, Max New York Life nsurance, for giving me permission to conduct my Project
in his Company. am also thankful to Mr. Ramider Singh Bindra , Sales Manager for
guiding me a long way and for successful completion of my internship with in the time
frame, who has given me the initial orientation about the organizational activities, whose
patience and faith in my abilities always boosted my confidence.

Amit Kumar Bhariti)


EXECUTVE SUMMARY As a part of my MBA curriculum have done my internship
training at Max New York Life nsurance Company, Delhi. n this report am going to
share my experience in that company for the period of 34 days from 06.08.2009 to
09.09.2009. During my internship my role was Recruiting Agent dvisor & Brief Study of
its Product. was supposed to requite the Agent for sales of insurance Product.


CHAPTER-1 . NSURANCE NDUSTRY

i) MEANNG OF NSURANCE nsurance, in law and economics, is a form of risk
management primarily used to hedge against the risk of a contingent loss. nsurance is
defined as the equitable transfer of the risk of a loss, from one entity to another, in
exchange for a premium, and can be thought of as a guaranteed and known small loss
to prevent a large, possibly devastating loss. An insurer is a company selling the
insurance; an insured or policyholder is the person or entity buying the insurance. The
insurance rate is a factor used to determine the amount to be charged for a certain
amount of insurance coverage, called the premium. Risk management, the practice of
appraising and controlling risk, has evolved as a discrete field of study and practice.
nsurance may be described as a social device to reduce or eliminate risk of loss to life
and property. nsurance is a collective bearing of risk. nsurance is a financial device to
spread the risks and losses of few people among a large number of people, as people
prefer small fixed liability instead of big uncertain and changing liability. nsurance can
be defined as a legal contract between two parties whereby one party called insurer
undertakes to pay a fixed amount of money on the happening of a particular event,
which may be certain or uncertain. The other party called insured pays in exchange a
fixed sum known as premium.


nsurance is desired to safeguard oneself and ones family against possible losses on
account of risks and perils. t provides financial compensation for the losses suffered
due to the happening of any unforeseen events.

ii) MPORTANCE OF NSURANCE nsurance constitutes one of the major segments of
the financial market. nsurance services play predominant role in the process of
financial intermediary. Today insurance industry is one of the most growing sectors in
ndia. There is lot of potential in the ndian nsurance ndustry. There are many issues,
which require study. The scope of the study of insurance industry of ndia would be very
great as there are ongoing developments in the industry after the opening of the sector.
The major issue right now is the hike in FD Foreign Direct nvestment) limit from 26%
to 49% in the insurance sector. Government may in near future allow 49% FD in
nsurance. This would lead to more capital inflow by foreign partners. Another major
issue is the effects on LC after the entry of private players in the market. Though
market share of LC has been affected, it has improved in terms of efficiency. There are
number of other hot topics like penetration of Health nsurance, Rural marketing of
insurance, new distribution channels, new product ranges, insurance brokers
regulation, incentive scheme of development officers of LC etc. So it offers lot of scope
for studying the insurance industry. Right now the insurance industry has great
opportunities in a country like ndia or China which huge population. Also the
penetration of insurance in ndia is very low in both life and non-life segment so there is
lot potential to be tapped. Before starting the discussion on insurance industry and
related issues, we have to start with the basics of insurance. So first we understand
what is insurance? How the word insurance is different from the word assurance?
Etc.

iii) DFFERENCE BEETWEN NSURANCE AND ASSURANCE Assurance is older in
history and it was used to describe all types of insurances. From 1826, the term
assurance came to be used only for the risks covered by life


insurance and the term insurance was exclusively used to denote the risks covered by
marine, fire, etc. The word assurance indicated certainty. n life insurance, there is an
assurance from the insurance company to make payment under the policy either on the
maturity or at earlier death. On the other hand the word insurance was used to denote
indemnity type of insurances where the insurance company was liable to pay only in
case of the loss damage the property. The insured event was bound to happen sooner
or later under assurance but the event insured against may or may not happen under
insurance. The principle of indemnity applies to insurance contracts non-life) only.
The scope of the word, insurance is wider.

iv) PRNCPLES OF NSURANCE An insurance contract is based on some basic
principles of insurance. 1) Principle of Uberrima Fides or Principle of utmost good
faith t means maximum truth. Both the parties should disclose all material information
regarding the subject matter of insurance. 2) Principle of indemnity This means that if
the insured suffers a loss against which the policy has been made, he shall be fully
indemnified only to the extent of loss. n other words, the insured is not entitled to make
a profit on his loss. 3) Principle of subrogation This means the insurer has the right to
stand in the place of the insured after settlement of claims in so far as the insureds
right of recovery from an alternative source is involved. The insurer before the
settlement of the claim may exercise the right. n other words, the insurer is entitled to
recover from a negligent third party


any loss payments made to the insured. The purposes of subrogation are to hold the
negligent person responsible for the loss and prevent the insured from collecting twice
for the same loss. The concept of Third Party Claims is based on the same principle.
4) Principle of causa proxima The cause of loss must be direct and an insured one in
order to claim of compensation. 5) Principle of insurable interest The assured must
have insurance interest in the life or property insured. nsurable interest is that interest
which considerably alters the position of the assured in the event of loss taking place
and if the event does not take placed, he remains in the same old position. v)
HSTORY OF NSURANCE The concept of insurance is believed to have emerged
almost 4500 years ago in the ancient land of Babylonia where traders used to bear risk
of the carvan by giving loans, which were later repaid with interest when the goods
arrived safely. The concept of insurance as we know today took shape in 1688 at a
place called Lloyds Coffee House in London where risk bearers used to meet to
transact business. This coffee house became so popular that Lloyds became the one
of the first modern insurance companies by the end of the eighteenth century. Marine
insurance companies came into existence by the end of the eighteenth century. These
companies were empowered to write fire and life insurance as well as marine. The
Great Fire of London in 1966 caused huge loss of property and life. With a view to
providing fire insurance facilities, Dr. Nicholas Barbon set up in 1967 the first fire
insurance company known as the Fire office. The early history of insurance in ndia can
be traced back to the Vedas. The Sanskrit term Yogakshema meaning well being),
the name of Life nsurance Corporation of ndias corporate headquarters, is found in
the Rig Veda. The Aryans practiced some form of community insurance around 1000
BC.


Life insurance in its modern form came to ndia from England in 1818. The Oriental Life
nsurance Company was the first insurance company to be set up in ndia to help the
widows of European community. The insurance companies, which came into existence
between 1818 and 1869, treated ndian lives as subnormal and charged an extra
premium of 15 to 20 per cent. The first ndian insurance company, the Bombay Mutual
Life Assurance Society, came into existence in 1870 to cover ndian lives at normal
rates. The nsurance Act, 1938, the first comprehensive legislation governing both life
and non-life branches of insurance were enacted to provide strict state control over
insurance business. This amended insurance Act looked into investments, expenditure
and management of these companies. By the mid- 1950s there were 154 ndian
insurers, 16 foreign insurers, and 75 provident societies carrying on life insurance
business in ndia. nsurance business flourished and so did scams, irregularities and
dubious investment practices by scores of companies. As a result the government
decided to nationalize the life assurance business in ndia. The Life nsurance
Corporation of ndia LC) was set up in 1956. The nationalization of life insurance was
followed by general insurance in 1972.

vi) TME LNE N NSURANCE HSTORY MAJOR LANDMARKS) 1818 British
introduced the life insurance to ndia with the establishment of the Oriental Life
nsurance Company in Calcutta. 1850 Non life insurance started with Triton nsurance
Company. 1870 Bombay Mutual Life Assurance Society is the first ndia owned life
insurer. 1912 The ndian Life Assurance Company Act enacted to regulate the life
insurance business.


1938 The nsurance Act was enacted. 1956 Nationalization took place. Government
took over 245 ndian and foreign insurers and provident societies. 1972 Non-life
business nationalized, General nsurance Corporation GC) came into being. 1993
Malhotra committee was constituted under the chairmanship of former RB chief R. N.
Malhotra to draw a blue print for insurance sector reforms. 1994 Malhotra committee
recommended reentry of private players. 1997 RDA nsurance Regulatory and
Development Authority) was set up as a regulator of the insurance market in ndia. 2000
RDA started giving license to private insurers. CC Prudential, HDFC were first private
players to sell insurance Policies. 2001 Royal Sundaram was the first non-life private
player to sell an insurance policy. 2002 Bank allowed to sell insurance plans as TPAs
enter the scene, insurers start setting non-life claims in the cashless mode.

vii) MEANNG OF LFE NSURANCE There are three parties in a life insurance
transaction: the insurer, the insured, and the owner of the policy policyholder), although
the owner and the insured are often the same person. Another important person
involved in a life insurance policy is the beneficiary. The beneficiary is the person or
persons who will receive the policy proceeds upon the death of the insured. Life
insurance may be divided into two basic classes term and permanent.


Term life insurance provides for life insurance coverage for a specified term of years
for a specified premium. The policy does not accumulate cash value. Permanent life
insurance is life insurance that remains in force until The policy matures, unless the
owner fails to pay the premium when due. Whole life insurance provides for a level
premium, and a cash value table included in the policy guaranteed by the company. The
primary advantages of whole life are guaranteed death benefits; guaranteed cash
values, fixed and known annual premiums, and mortality and expense charges will not
reduce the cash value shown in the policy. Universal life insurance UL) is a relatively
new insurance product intended to provide permanent insurance coverage with greater
flexibility in premium payment and the potential for a higher internal rate of return. A
universal life policy includes a cash account. Premiums increase the cash account. f
you want insurance protection only, and not a savings and investment product, buy a
term life insurance policy. f you want to buy a whole life, universal life, or other cash
value policy, plan to hold it for at least 15 years. Canceling these policies after only a
few years can more than double your life insurance costs. Check the National
Association of nsurance Commissioners website www.naic.org/cis) or your local library
for information on the financial soundness of insurance companies.

viii) HSTORY OF LFE NSURANCE Risk protection has been a primary goal of
humans and institutions throughout history. Protecting against risk is what insurance is
all about. Over 5000 years ago, in China, insurance was seen as a preventative
measure against piracy on the sea. Piracy, in fact, was so prevalent, that as a way of
spreading the risk, a number of


ships would carry a portion of another ship's cargo so that if one ship was captured, the
entire shipment would not be lost. n another part of the world, nearly 4,500 years ago,
in the ancient land of Babylonia, traders used to bear risk of the caravan trade by giving
loans that had to be later repaid with interest when the goods arrived safely. n 2100
BC, the Code of Hammurabi granted legal status to the practice. t formalized concepts
of bottomry referring to vessel bottoms and respondent referring to cargo. These
provided the underpinning for marine insurance contracts. Such contracts contained
three elements: a loan on the vessel, cargo, or freight; an interest rate; and a surcharge
to cover the possibility of loss. n effect, ship owners were the insured and lenders were
the underwriters. Life insurance came about a little later in ancient Rome, where burial
clubs were formed to cover the funeral expenses of its members, as well as help
survivors monetarily. With Rome's fall, around 450 A.D., most of the concepts of
insurance were abandoned, but aspects of it did continue through the Middle Ages,
particularly with merchant and artisan guilds. These provided forms of member
insurance covering risks like fire, flood, theft, disability, death, and even imprisonment.
During the feudal period, early forms of insurance ebbed with the decline of travel and
long-distance trade. But during the 14th to 16th centuries, transportation, commerce,
and insurance would again reemerge. nsurance in ndia can be traced back to the
Vedas. For instance, yogakshema, the name of Life nsurance Corporation of ndia's
corporate headquarters, is derived from the Rig Veda. The term suggests that a form of
"community insurance" was prevalent around 1000 BC and practiced by the Aryans.
And similar to ancient Rome, burial societies were formed in the Buddhist period to help
families build houses, and to protect widows and children.


ix) Modern nsurance llegal almost everywhere else in Europe, life insurance in
England was vigorously promoted in the three decades following the Glorious
Revolution of 1688. The type of insurance we see today owes its roots to 17th century
England. Lloyd's of London, or as they were known then, Lloyd's Coffee House, was the
location where merchants, ship owners and underwriters met to discuss and transact
business deals. While serving as a means of risk-avoidance, life insurance also
appealed strongly to the gambling instincts of England's burgeoning middle class.
Gambling was so rampant, in fact, that when newspapers published names of
prominent people who were seriously ill, bets were placed at Lloyds on their
anticipated dates of death. Reacting against such practices, 79 merchant underwriters
broke away in 1769 and two years later formed a New Lloyds Coffee House that
became known as the real Lloyds. Making wagers on people's deaths ceased in
1774 when parliament forbade the practice.

x) nsurance moves to America The U.S. insurance industry was built on the British
model. The year 1735 saw the birth of the first insurance company in the American
colonies in Charleston, SC. The Presbyterian Synod of Philadelphia in 1759 sponsored
the first life insurance corporation in America for the benefit of ministers and their
dependents. And the first life insurance policy for the general public in the United States
was issued, in Philadelphia, on May 22, 1761. But it wasn't until 80 years later after
1840), that life insurance really took off in a big way. The key to its success was
reducing the opposition from religious groups. n 1835, the infamous New York fire drew
people's attention to the need to provide for sudden and large losses. Two years later,
Massachusetts became the first state to require companies by law to maintain such
reserves. The great Chicago fire of 1871 further emphasized how fires can cause huge
losses in densely populated


modern cities. The practice of reinsurance, wherein the risks are spread among several
companies, was devised specifically for such situations. With the creation of the
automobile, public liability insurance, which first made its appearance in the 1880s,
gained importance and acceptance? More advancement was made to insurance during
the process of industrialization. n 1897, the British government passed the Workmen's
Compensation Act, which made it mandatory for a company to insure its employees
against industrial accidents. During the 19th century, many societies were founded to
insure the life and health of their members, while fraternal orders provided low-cost,
members only insurance. Even today, such fraternal orders continue to provide
insurance coverage to members, as do most labor organizations. Many employers
sponsor group insurance policies for their employees, providing not just life insurance,
but sickness and accident benefits and old-age pensions. Employees contribute a
certain percentage of the premium for these policies.

xi) Types of insurance Any risk that can be quantified can potentially be insured.
Specific kinds of risk that may give rise to claims are known as "perils". An insurance
policy will set out in detail which perils are covered by the policy and which is not. Below
are nonexhaustive) lists of the many different types of insurance that exist. A single
policy may cover risks in one or more of the categories set out below. For example, auto
insurance would typically cover both property risk covering the risk of theft or damage
to the car) and liability risk covering legal claims from causing an accident). A
homeowner's insurance policy in the U.S. typically includes property insurance covering
damage to the home and the owner's belongings, liability insurance covering certain
legal claims against the owner, and even a small amount of coverage for medical
expenses of guests who are injured on the owner's property. Business insurance can be
any kind of insurance that protects businesses against risks. Some principal subtypes of
business insurance are a) the various kinds of


professional liability insurance, also called professional indemnity insurance, which are
discussed below under that name; and b) the business owner's policy BOP), which
bundles into one policy many of the kinds of coverage that a business owner needs, in a
way analogous to how homeowners insurance bundles the coverages that a
homeowner needs.

1. Auto insurance Vehicle insurance Auto insurance provides property, liability and
medical coverage: a) Property coverage pays for damage to or theft of your car. b)
Liability coverage pays for your legal responsibility to others for bodily injury or property
damage. c) Medical coverage pays for the cost of treating injuries, rehabilitation and
sometimes lost wages and funeral expenses. 2. Home insurance Home insurance
Home insurance provides compensation for damage or destruction of a home from
disasters. n some geographical areas, the standard insurances exclude certain types of
disasters, such as flood and earthquakes that require additional coverage. 3. Health
Health insurance and Dental insurance Health insurance policies by the National Health
Service in the United Kingdom NHS) or other publicly-funded health programs will
cover the cost of medical treatments. Dental insurance, like medical insurance, is
coverage for individuals to protect them against dental costs. n the U.S., dental
insurance is often part of an employer's benefits package, along with health insurance.
4. Accident, Sickness and Unemployment nsurance Disability insurance policies
provide financial support in the event the policyholder is unable to work because of
disabling illness or injury. t


provides monthly support to help pay such obligations as mortgages and credit cards.
Disability overhead insurance allows business owners to cover the overhead expenses
of their business while they are unable to work. Total permanent disability insurance
provides benefits when a person is permanently disabled and can no longer work in
their profession, often taken as an adjunct to life insurance. Workers' compensation
insurance replaces all or part of a worker's wages lost and accompanying medical
expenses incurred because of a job-related injury.

5. Casualty Casualty insurance insures against accidents, not necessarily tied to any
specific property.
y

y

Crime insurance is a form of casualty insurance that covers the policyholder against
losses arising from the criminal acts of third parties. For example, a company can obtain
crime insurance to cover losses arising from theft or embezzlement. Political risk
insurance is a form of casualty insurance that can be taken out by businesses with
operations in countries in which there is a risk that revolution or other political conditions
will result in a loss.

6. Life- Life insurance Life insurance provides a monetary benefit to a decedent's family
or other designated beneficiary, and may specifically provide for income to an insured
person's family, policies often allow the option of having the proceeds paid to the
beneficiary either in a lump sum cash payment or an annuity.


7. Property- Property insurance This tornado damage to an llinois home would be
considered an "Act of God" for insurance purposes Property insurance provides
protection against risks to property, such as fire, theft or weather damage. This includes
specialized forms of insurance such as fire insurance, flood insurance, earthquake
insurance, home insurance, inland marine insurance or boiler insurance.

Final Thoughts Even though the American insurance industry was greatly influenced by
Britain, the US market developed somewhat differently from that of the United Kingdom.
Contributing to that was America's size; land diversity and the overwhelming desire to
be independent. As America moved from a colonial outpost to an independent force,
from a farming country to an industrial nation, the insurance business developed from a
small number of companies to a large industry. nsurance became more sophisticated,
offering new types of coverage and diversified services for an increasingly complex
country.

xii) KEY FEATURES OF LFE NSURANCE 1) Nomination: When one makes a
nomination, as the policyholder you continue to be the owner of the policy and the
nominee does not have any right under the policy so long as you are alive. The
nominee has only the right to receive the policy monies in case of your death within the
term of the policy. 2) Assignment: f your intention is that your policy monies should go
only to a particular person, you need to assign the policy in favor of that person.


3) Death Benefit: The primary feature of a life insurance policy is the death benefit it
provides. Permanent policies provide a death benefit that is guaranteed for the life of
the insured, provided the premiums have been paid and the policy has not been
surrendered. 4) Cash Value: The cash value of a permanent life insurance policy is
accumulated throughout the life of the policy. t equals the amount a policy owner would
receive, after any applicable surrender charges, if the policy were surrendered before
the insured's death. 5) Dividends: Many life insurance companies issue life insurance
policies that entitle the policy owner to share in the company's divisible surplus. 6) Paid-
Up Additions: Dividends paid to a policy owner of a participating policy can be used in
numerous ways, one of which is toward the purchase of additional coverage, called
paid-up additions. 7) Policy Loans: Some life insurance policies allow a policy owner to
apply for a loan against the value of their policy. Either a fixed or variable rate of interest
is charged. This feature allows the policy owner an easily accessible loan in times of
need or opportunity. 8) Conversion from Term to Permanent: When in need of
temporary protection, individuals often purchase term life insurance. f one owns a term
policy, sometimes a provision is available that will allow her to convert her policy to a
permanent one without providing additional proof of insurability.


9) Disability Waiver of Premium Waiver of Premium is an option or benefit that can be
attached to a life insurance policy at an additional cost. t guarantees that coverage will
stay in force and continue to grow

xiii) BENEFTS OF LFE NSURANCE 1) Risk cover: Life nsurance contracts allow an
individual to have a risk cover against any unfortunate event of the future. 2) Tax
Deduction: Under section 80C of the ncome Tax Act of 1961 one can get tax deduction
on premiums up to one lakh rupees. Life nsurance policies thus decrease the total
taxable income of an individual. 3) Loans: An individual can easily access loans from
different financial institutions by pledging his insurance policies. 4) Retirement Planning:
What had provided protection against the financial consequences of premature death
may now be used to help them enjoy their retirement years. Moreover the cash value
can be used as an additional income in the old age. 5) Educational Needs: Similar to
retirement planning the cash values that flow from ones life insurance schemes can be
utilized for educational needs of the insurer or his children.


xiv) ROLE OF LFE NSURANCE N THE GROWTH OF THE ECONOMY The Life
nsurance ndustry has an enviable track record among public sector units. t has a
Consistent profit and dividend paying record accompanied by a steady growth in its
financial resources. Through investments in the Government sector and socially-
oriented sectors the ndustry has contributed immensely to the nation's development.
The industry is recognized as one of the largest financial nstitutions in the country. The
ventures initiated by the industry in the areas of Mutual Fund, Housing Finance has
done exceedingly well in recent years. To protect the country's foreign exchange
reserves, the reinsurance arrangement are so organized that maximum retention is
made possible within the country while at the same time protecting interests of the
policy holders.


CHAPTER-2 NTRODUCTON TO THE COMPANY

2.1 ABOUT MAX NEW YORK LFE NSURANCE New Delhi: Max New York Life
nsurance, one of ndias leading life insurance companies, introduced LFELNE
Healthy Family a health insurance plan, the most comprehensive long term insurance
coverage for hospitalization, surgeries and critical illness for the entire family under one
single policy. With the launch of Health Family Max New York Life also became the
first and the only company to offer benefits for congenital disorder. t also introduces
some other significant firsts and bests to the industry: - Highest number of
Hospitalization Days and Daily Cash limits - Highest number of critical illness covered -
Health insurance coverage for the longest duration 10 years - No upper limit on the
family size - Yearly increases on surgical benefits, even after claims - Guaranteed
renewability till the age of 75 years - Relevant and segmented benefit for parents Max
New York Life nsurance Company is excited to offer this comprehensive health
insurance solution for the entire family that responds realistically to their needs which
are far from being met. With the growing incidence of diseases due to lifestyle changes,
health insurance is recognized as one of the primary protection needs for all the
members of the family, said Max New York Life nsurance Senior Vice President &
Head - Health & Retirement Sumit Rai. Announcing the launch of Healthy Family,
Sumit Rai added: With a complete and


comprehensive portfolio of Health nsurance solutions backed by best in class services
the company have emerged as a leader in setting quality benchmarks. Max New York
Life works on the principle of trust and imparts the same values to its Agent advisors.
Company work closely with the customers and the process of aiming to provide relevant
solutions for their needs begins with understanding them better and recognizing their
needs. Whatever public need, Max New York Life has a plan for everyone. Because
they understand everyone has different needs. There plans are designed towards
meeting your long term financial goals & aspirations & helping public fulfill dreams &
commitments.

2.2 History

New York Life Building The company was founded in 1845 as the Nautilus nsurance
Company in New York City, with assets of just $17,000. t was renamed the New York
Life nsurance Company in 1849. ts first headquarters were at 112-114 Broadway; the
first president was James DePeyster Ogden. The current New York Life headquarters
was designed by noted architect Cass Gilbert and completed in 1928. The New York
Life building, at 51 Madison Avenue, was constructed during the


presidency of Darwin P. Kingsley. He expanded the companys operations and
developed new types of insurance. As with other early insurance companies in the U.S.,
in its early years the company insured the lives of slaves for their owners. n response
to bills passed in California in 2001 and in llinois in 2003, the company reported that
Nautilus sold 485 slaveholder life insurance policies during a twoyear period in the
1840s; they added that their trustees voted to end the sale of such policies 15 years
before the Emancipation Proclamation. The company became known for innovative
business practices. n 1860, well before state laws required it, New York Life developed
the non-forfeiture option, the predecessor to the guaranteed cash values of modern
policies, under which a policy remains in force even if a premium payment is missed. t
was also the first American life insurance company to pay a cash dividend to
policyholders, and the first U.S. Company to issue policies to women at the same rates
as men. Susan B. Anthony was one of their first female policy holders, and her father
worked for NYLC.[7] n 1896, New York Life became the first company to insure people
with disabilities and the first to issue a policy with a disability benefit that presumes total
disability to be permanent after a predetermined period. n the late 1990s New York Life
was one of several large mutual life insurers to back a bill that would allow
demutualization into a structure known as a mutual holding company MHC). CEO
Sternberg himself argued strongly in favor of the bill, [8] which was ultimately defeated.
The NYLC board of directors subsequently reversed course, with the company strongly
and publicly embracing their mutual nature in a series of advertisements.

2.3 Company Overview: Max New York Life nsurance Company Ltd. is a joint venture
between Max ndia Limited, one of ndia's leading multi-business corporations and New
York Life nternational, the international arm of New York Life, a Fortune 100 company.
The company has positioned itself on the quality platform. n line with its vision to be the
most admired life insurance company in ndia, it has developed a strong corporate
governance model based on the core values of excellence, honesty, knowledge, caring,
integrity and teamwork.

2.4 THE LNEAGE:

Started its operations in 1845.

t is expert in life insurance business for more than 160 years.

t is a largest company in USA and ranked 82 in the fortune 100 company lists.

The company led Million Dollar Round Table MDRT) for 53 consecutive years.

t has the insurance and investment sales of Rs. 1, 85,328 Cores in 2007.

Cash and invested Assets Rs.72, 960 Cores.

Ranks #78 on the prestigious Fortune 500 List.2007)

Ranks #2 on fortunes Global List of Most admired Life nsurance Companies2007)

Over US $ 14.68 billion in surplus and reserves & over US $ 280 billion in assets under
management.

nsured Millions of lives globally.

Has never failed to deliver to its policy holders, inspite of world wars, famine, drought
and 9/11.

Amongst the top two fortunes Max is Most Admired Life nsurance Company. 2.5
MAJOR MLESTONES ACHEVED:

Sold life insurance Cover of over Rs. 82,000 Core.

Strong focus on quality.

First ndian Company to be given the SO 9001 : 2000 Certification

Nation wide presence with 480 offices in 261 + cities

A strong foot prints of over 54,000 Agent Advisors.

Over 2.85 million Policies sold.


New York Life nsurance has been the #1 in MDRT membership for over 50 years in a
row.

ncorporated in 2000, Max New York Life started commercial operation in 2001. n 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 30th April, 2009 is Rs 1782 core. Max New York Life has multi-channel
distribution spread across the country. Agency distribution is the primary channel
complemented by partnership distribution, banc assurance, alliance marketing and
dedicated distribution for emerging markets. The Company places a lot of emphasis on
its selection process for agent advisors, which comprises four stages - screening,
psychometric test, career seminar and final interview. The agent advisors are trained in-
house to ensure optimal control on quality of training. The company currently has
around 94,594 agent advisors at 711 offices across 389 cities. The company also has
36 referral tie-ups with banks, 24 partnership distribution and alliance marketing
relationships each. Max New York Life has put in place a unique hub and spoke model
of distribution to deepen our rural penetration. This is the first time such a model has
been put in place for rural marketing of insurance. The company has 137 offices
dedicated to rural areas. Max New York Life offers a suite of flexible products. t now
has 37 products covering both life and health insurance and 8 riders that can be
customized to over 800 combinations enabling customers to choose the policy that best
fits their need. Besides this, the company offers 6 products and 7 riders in group
insurance business. Max New York Life nsurance
Company

Present in384 cities with 578 offices across ndia.

The company has Sum Assured of more than Rs. 96,000 Cores.

t had sold more than 35 Lakh policies.

The company currently has more than 13,188 employees.


t has Asset under Management of more than Rs. 4,500 Cores.

The company has Employee strength of more than 15,000.

2.6 Achievements and Awards:Some of the ndustry Firsts

First company to provide free look period of 15 days to the customer. This was later
made mandatory by the regulator First company to start toll free line for agent services
First and the only life insurance company in ndia to implement Lean methodology of
service excellence in service industry First life insurance company in ndia to provide
various services to the agents and customers over phone First ndian life insurance
company to start service center at the regional level First life insurance company in
ndia to be awarded SO 9001:2000 certification

Awards: Outlook Money survey ranked MNYL No.1 in Slow, Medium and Quick fund
categories BT Mercer Ranked No7 in the Best companies to Work For Awarded the
Gallup Great Work Place Award 2009 C Exim Bank Commendation Certificate for
Business Excellence 2008 Recognized as a Super brand Recipient of 2008 CO 100
Award for technology implementation Golden Peacock Award for nnovation 2008
Among the top 25 companies to work for in ndia, according to Business world 2003
Great Workplaces of ndia Among the top five most respected insurance companies
in ndia as per Business world 2004 & 2006 survey Won ndo-American Corporate
Excellence Award for Best ndo-US company in Financial Services Category in 2006


Received Best Six Sigma Project award at Sakal Six Sigma Excellence Awards
2006 Among top 3 in Asia Life nsurance Company of the Year Award 2007 instituted by
Asia nsurance Review Received the Amity Corporate Excellence Award 2007
Received the Outlook Money Award for being among the best new insurers in the
country. First life insurance Company to be awarded C-Exim Bank Commendation
Certificate for Strong Commitment to Excel - 2008. HGH GROWTH FUND As on 31-
July-2009


2.8 Company Profile: One of the most admired private life insurance companies in ndia,
Max New York Life nsurance Company Ltd. [Tagline: Your Partner for Life'] is a joint
venture between Max ndia Limited , a multi-business corporation in ndia, and New
York Life , a US-based Fortune 100 insurance company. The company offers 22 life
insurance and 8 riders products which can be customized to over 400 combinations to
satisfy diversified customer needs. Currently, the captain of the ndian current cricket
team, Rahul Dravid is the brand ambassador of Max New York Life. nsurance Products
and Services: 1. ndividual insurance including: Protection Plan including Whole Life
Plan, Life Protector, Life Protector Plus, Life Partner Plus) Children Plan Children
Endowment Plan, Stepping Stones) Savings Plan Life Gain Endowment Plan, Life
Pay Money Back Plan, Life Gain Plus, 20 Year Endowment) Retirement Easy Life
Retirement Plan, Endowment to age 60 Plan) Unit Linked Life Maker nvestment
Plan, Life Maker Pension Plan) Riders My Options) 2. Group insurance including:
Group Term Life Group Gratuity Employee Deposit Linked nsurance Credit Shield


Unit-Linked Group Gratuity

3. Other insurance including: Rural nsurance including Max Suraksha, Easy Term,
Max Mangal Endowment Plan, and Max Vriksha Money Back Plan) Amsure including
Amsure Bonus Builder, Amsure Business Builder, Amsure Future Builder, and Amsure
Family Money Back) Bancassurance including Super Saver Bond)

Mr. Rajesh Sud

CEO & Managing Director, Max New York Life nsurance Rajesh is the CEO and
Managing Director of Max New York Life nsurance, the first ndo American joint
venture business to start operations in 2001 when the insurance sector was opened to
private participation. A founder team member, Rajesh was amongst the first few
management team members to join Max New York Life nsurance. He leads the
company towards achieving its vision of being the most admired life insurance company
in the country.


Mr. Analjit Singh

Chairman, Max ndia Limited Mr. Analjit Singh is the Founder and Executive Chairman
of the Max ndia Group. He has been the driving force behind the Max Group's
sustained growth and success since Mid 80's. n 2000 The Company reinvented and
restructured itself. Today Max ndia is in the business of 'Life': Protecting Life through
Max New York Life Caring for Life through Max Healthcare mproving Life through
Neeman Medical nternational - Clinical Research He is a member of the Prime
Minister's 10 member Joint ndo US CEOs Forum; ndo talian CEO Forum; Director on
the Board of DB, Vodafone Essar, Hero Honda Motors Limited; Member Governing
Board of Bharti Foundation; Chairman - nternational, C; Member - Overseas ndian
Facilitation Centre OFC), Ministry of Overseas ndian Affairs, GO; Member, C -
Singapore CEO Group; Member Executive, National Council and Healthcare committee
of C. n addition, Chairman, Board of Governors of the Doon School and an Executive
Board member of the Board of Governors of the ndian School of Business. Mr. Analjit
Singh is also the Consul General honorary) of the Republic of San Marino in ndia. 2.9
Super brand status for Max New York Life nsurance

Max New York Life nsurance has been acknowledged as one of the strongest
consumer brands by Super brands ndia, an independent authority, which identifies
exceptional brands.


The company was recognized for its achievements across various business parameters
last year, including the C-Exim Bank Commendation Certificate for Business
Excellence, Golden Peacock nnovation Award for Max Vijay, and the BT-Mercer-TNS
ranking MNYL as the 7th Best Company to Work For. Being recognized as an ndian
Super brand gives further credence to the trust and customer relevance of the brand. t
re-affirms the fact that we are progressing well to become one of ndias most admired
life insurance companies, says Anisha Motwani, executive vice-president, marketing,
Max New York Life nsurance. Our emphasis on multiple payment options and use of
technology helped us in creating a super brand in eight years of existence, she adds.
Max New York Life nsurance is a joint venture between Max ndia Ltd and York Life
nternational, the global arm of New York Life.

2.10 RECOGNTON FOR NNOVATON AND ETHCAL VALUE BASED
CULTURE

Golden Peacock Award for nnovative Products.

ndo-American Award for Best Partnership.

Amity HR Excellence Award for Caring Policies.

Ranked 7th Best Company to work with by Business Today.

Max ndia Limited Company s nto the Following Core Business of
Life:

Protecting LifeLife nsurance. Max New York Life nsurance)

Caring For Life Healthcare. Max Healthcare)

Enhancing Life Health nsurance.


Max Bupa)

mproving Life Clinical Studies. Neem Medical nternational)

2.11 MSSON The mission of Max New York Life nsurance Company Limited is to be
the best in every sphere- business results, customer care and employee focus. The aim
of the company is to Think Bigger and Think Better.

2.12 CORE VALUES Max New York Life nsurance Company Limited has some core
values which are Listed as follows: 1) Result Oriented 2) Performance Driven 3)
Customer Focused 4) Learning and Development Oriented 5) Employee Centric 6)
nformal and Fun


3. PRODUCT MX

3.1 Max New York Life nsurance Traditional Plan:Life insurance products are designed
to suit the requirements of customers. Fundamentally the product provide for: Risk
cover nvestment Health cover n every product, to a certain degree, risk cover is
imperative for it to fall under the category of insurance. Based on the coverage of the
product, the premiums are calculated and the customer pays accordingly. n order to
suggest the right product, it is essential for an agent to understand the requirements of
the customer well. Max New York Life nsurance Company Limited has offered
traditional plans to the customers, which are listed as follows:

i) CHLD PLAN ii) GROWTH PLAN iii) HEALTH PLANS iv) CORPORATE Group
pans v) ndividul, LFE PLAN vi) PENSON PLAN


i) CHLD PLAN: -

Childrens Endowment to Age 18 Participating) Policy:Life has its surprises stored for
us. Parenthood is one such stage, when you experience emotions you never thought
you had. The smile on your babys faces lights up your whole world. The way your
babys tears bring your whole world down. But parenthood also brings its own
apprehensions. What will your child grow up to be? Will his/her future be as secure as
you want it to be? Or more importantly what can you do to make sure his/her future is
trouble free and secure? Max New York Lifes Child Endowment Plan takes care of
their future financial needs in case of spiraling costs, whether higher education or
marriage.

Key Benefits: On Maturity- Sum Assured is paid out Automatic vesting at age 18-The
Plan automatically vests when the child turns 18. On Death of life insured- n case of
death before maturity, premiums paid, together with interest will be paid.

Additional Benefits: Option to Buy Permanent nsurance Plan on Maturity- The child
has an option to buy a permanent insurance plan within 6 months of maturity, up to sum
assured of the current plan without any medical examinations.


Tax Benefits The premiums paid by the individual under this plan may qualify for
deduction from your income under Section 80C of the ncome Tax Act if applicable),
while the payback and maturity benefits are exempt from tax under Section 1010D) of
ncome Tax Act.

Bonus Options:This is a participating plan, eligible for bonuses. The Company may
declare bonuses, from time to time, from the third policy year and these will be paid out
by: Cash Enables you to get the amount in your hands.

Plan Details: Minimum ssue Age- 91 Days Maximum ssue Age- 13 Years Expiry Age -
18 Years Minimum Sum Assured- Regular Premium Rs 100,000 Single Premium Rs
75,000 Maximum Face Amount -Rs 5,000,000

Customize Your Plan To enhance the value of your Children Endowment Plan or
customize it to suit your individual needs, you can add the following rider: Payer
Benefit Rider- Which gives you the flexibility of waiver of future premiums in case of
death and disability of the policyholder?


Sample llustration * A Childrens Endowment 18:- policy is bought for a healthy child
Age 2 for sum assured Rs 1 Lakh with an annual premium of Rs 4,674 Maturity Benefit
Guaranteed --Rs 100,000 Non-guaranteed Low rate @6%p.a. -- Rs 1, 00,656 Non-
guaranteed High rate @10%p.a. -- Rs 1, 03,541

Childrens Endowment to Age 24 Participating) Policy Plan Details: Minimum ssue
Age - 91 Days Maximum ssue Age - 15 Years Expiry Age - 24 Years Minimum Sum -
Assured Regular Premium - Rs 100,000 /Single Premium - Rs 75,000 Maximum Face
Amount - Rs 5,000,000

Sample llustration * A Childrens Endowment 24 - policy is bought for a healthy child
Age 2 for sum assured Rs 1 Lakh with an annual premium of Rs 2888 Maturity Benefit
Guaranteed - Rs 100,000 Non-guaranteed Low rate @6%p.a. - Rs 1, 00,519 Non-
guaranteed High rate @10%p.a. - Rs 1, 03,408


Death Benefit: During the Term of the Plan- Sum Assured *Kindly note that above is
only an illustration and does not in any way create any rights and/or obligations. The
actual experience on the contract may be different from illustrated. The non- guaranteed
low and high rates mentioned above relate to assumed investment returns at different
rates and may vary depending upon market conditions.

ii)

GROWTH PLAN: -

a) SMART Xpress Max New York Life SMART Xpress initially invests your money into
a fixed debt fund which ensures you of a fixed return no matter what happens to the
market. Subsequently, every month a portion 1/12th) of the amount is taken out of your
ever growing debt fund and thereby invested in the equity markets. This ensures that
your investment is spread over a period of time. As a result, your money is immune to
market volatilities. At the end you earn from your periodic investment in the market as
from the fixed debt fund. Now isnt that smart! This is the annual premium that continue
to pay the policy starting from a minimum of Rs. 50,000 p.a. for a 5 pay you may
choose to pay the premium annually, semi-annually, quarterly or monthly) or
Rs.1,00,000 p.a.for a 3 pay you may choose to pay the premium annually, semi-
annually, quarterly or monthly)or Rs.1,50,000 p.a. Single Premium). n addition to this,
you may ever want to invest a lump-sum as and when you have it in the form of top-ups
subject to the maximum limit. The top-up payments do not increase the insurance
coverage on the policy. You can choose the amount of insurance cover Sum Assured)
you required based on the table.


3 pay and 5 pay options: Age Band Life nsured) Minimum Cover Up to 25 Years 26 to
35 Years 39 to 49 Years 50 to 60 Years 5 x Annual Premium 5 x Annual Premium 5 x
Annual Premium 5 x Annual Premium Maximum Cover 30 x Annual premium 25 x
Annual premium 10 x Annual premium 5 x Annual premium

Single Premium Option: Age Band Life nsured) Up to 49 Years 50 to 55 Years
Minimum Cover 1.10 x Annual Premium 1.10 x Annual Premium Maximum Cover 5 x
Annual Premium

nvestment Strategy:8 expertly managed funds to choose from and according to your
financial goals, customize allocation of your funds in any one or more of these funds.

FUND NAME

OBJECTVE OF NVESTMENT

POTENT AL RSKREWARD

ASSET TYPE Govt. Sec

MONE Y MARK Corp ET Bon d 00-40%

EQUT Y

Secure

The investment objective of this fund is Low

50-

Nil


to provide stable returns. Conserv ative Fund The investment objective of this fund is
Low to provide stable returns.

100% 5080% 2050% 030%

50% 050% 2040% 030% 0-40% 0-15%

Balanced The investment objective of this fund is Moderate to provide stable returns.
Fund Growth Fund The investment objective of this fund is Moderate to provide
potentially higher returns to High the policy holder by investing predominantly in
Equities. The investment objective of this fund is High to provide potentially higher
returns to the policy holder by investing predominantly in Equities. The investment
objective of the High Growth fund is to provide potentially higher returns to the policy
holder in the long term. High

0-40% 0-40%

10-40% 20-70%

Growth Super Fund

020%

020%

0-30%

70100%

High Growth Fund

030%

030%

0-30%

70100%

Dynamic Opportu nities Fund

The investment objective of this fund is Moderate to provide returns that can be
potentially higher than the balanced fund to the policyholder by dynamically investing in
Equities, Debt or Cash instrument to capitalize on changing market condition. The fund
will have flexibility to increase or decrease the Debt-Equity ratio basis the opportunities
available in the market. The investment objective of this fund is Low to provide stable
returns by investing in

0100%

0100 %

0-40%

0-100%

Money Market

Nil

Nil

100%

Nil


Fund

short-term money market instrument like treasury bills and cash, hence the risk and
returns are relatively low

MAX NEW YORK LFE SMART XPRESS AT A GLANCE CRTERA
Minimum/Maximum age at Entry ELGBLTY 3 pay and 5 pay: 91 days to 60 years,
age as on last birthday Single Premium: 91 days to 55 years, age as on last birthday 70
years 3 pay, 5 pay, or single Premium 10 years

Maximum Age at Maturity Premium Payment Term Policy Term

How Does Max New York Life Smart Xpress Work for You? Scenario 1: f you are 30
years old and by the time you are 40 years old, you want to earn a corpus of Rs. 10,
00,000 by paying only for 5 years. @ 6% Rate of Return Your pay/year 1,47,050 Your
Earn 10,00,183 @ 6% Rate of Return Your pay/year 1,09,900 Your Earn 10,00,016

Scenario 2: f you are 30 years old and by the time you are 40 years old, you want to
earn a corpus of Rs. 10, 00,000 by paying only for 3 years. @ 6% Rate of Return Your
pay/year Your Earn @ 10 % Rate of Return Your pay/year Your Earn


2,38,175

10,00,183

1`,72,250

10,00,016

CHARGES UNDER THE POLCY Premium Allocation Charge Premium Allocation
Charge for Year 1as a % of ATP/Single Premium /Topup): Premium Allocation Charge
as a Percentage of Annual Target Premium Premium Allocation Charge as a
Percentage of Single Premium Single Premium 7%

Premium Bands Rs.)

3 Pay Rs. 50,000 to 2,99,999 Rs. 3,00,000 to 4,99,999 Rs. 5,00,000 & above 20 % 18
% 16 %

5 Pay 20 % 18 % 16 %

Second Policy Year Premium and Onwards: Allocation charge shall be 3 % of premium
received.

Top-up Premium: Allocation charge shall be 2% of top-up premium received.


Fund Management Charge As a percentage of Net Assets) Secure Fund Conservative
Fund Balanced Fund Growth Fund Growth Super Fund High Growth Fund Dynamic
Opportunities Fund Money Market Fund 0.90 % Per annum 0.90 % Per annum 1.10 %
Per annum 1.25 % Per annum 1.35 % Per annum 1.35 % Per annum 1.60 % Per
annum n 1st Policy Year n 2nd Policy Year n 3rd Policy Year n 4th Policy Year n 5th
Policy Year n 6th Policy Year n 7th Policy Year f policy is Surrendered

Surrender Charges Surrender Charge as a Percentage of ATP 3 Pay/5 Pay 40 % 15 %
10 % 5% 2.5 % Nil Nil Surrender Charge as a percentage of Single premium 9% 8% 7%
6% 4% 2% Nil

1.25 % Per annum

Secure Plus Fund 0.90 % Per annum

Policy Administration Charge*


a) 3/5 premium payment option: Rs: 600/- per annum which shall be charged monthly
@Rs. 50 per month on each monthiversary. b) For single premium payment option: Rs.
1,200/- per annum, which shall be charged monthly @ Rs. 100 per month on each
monthiversary. Switches 6 free switches in a policy year, subsequent will be at Rs. 500
per switch. Redirection 3 free redirection in a policy year, subsequent will be at Rs.
1,000 per redirection. Partial Withdrawal Charge 6 free partial withdrawals in a policy
year, subsequent will be at Rs. 1,000 per partial withdrawal.

b) Life Maker TM Gold N THS POLCY, THE NVESTMENT RSK N NVESTMENT
PORTFOLO S BORNE BY THE POLCYHOLDER. N THS POLCY, THE
NVESTMENT RSK N NVESTMENT PORTFOLO S BORNE BY THE
POLCYHOLDER.

Life Maker TM Gold Life Maker TM Gold is a powerful insurance plan that empowers
you to manage your investments through your insurance policy. n this unit linked
insurance plan, you can direct your investments in our customized unit linked funds,
which offer investments of different types: Fixed ncome e.g. Govt. Securities,
Company


Debentures) and Equities i.e. shares). These funds offer you different combinations of
fixed income and equity assets ranging from potentially high-riskhigh-return to
potentially low-risk-low return to match your risk taking ability.

KEY BENEFTS: Attractive insurance option in the unfortunate event of your death
anytime during the tenor of the plan, we will pay to your nominees the higher of the Sum
Assured or the Fund Value in the policy.

Benefits payable on maturity of the policy: At the end of the policy term, we will pay the
value of the units in your policy and terminate the contract. This plan also offers you the
Settlement Option on maturity where your policy may continue for a period not
exceeding five years but the insurance cover will terminate on maturity. You can select
the Settlement Option at least three months before the maturity date. Under the
Settlement Option, you do not take maturity proceeds but the policy continues after
maturity and the periodical payments, as agreed with us, are given to you by
cancellation of units from your policy account.

Benefit Options: FUND NVESTMENT TYPE Government securities Corporate bond
Money market instrument/cash Equities SECURE FUND 50-100% 0-50% 0-20% Nil
CONSERVATVE BALANCED GROWTH FUND FUND FUND 50-80% 0-50% 0-20% 0-
15% 20-50% 20-40% 0-20% 10-40% 0-30% 0-30% 0-20% 20-70%


SECURE: The investment objective of this fund is to provide stable return by investing
relatively low risk assets. The fund will invest exclusively in fixed interest securities such
as Government Securities, Corporate bonds etc.

CONSERVATVE FUND: The investment objective of this fund is to provide stable
return by investing in assets of relatively low to moderate level of risk. The fund will
invest primarily in fixed interest securities such as Government Securities, Corporate
bonds etc. However the fund will also invest in equities but the total exposure in equity
assets will not exceed 15%.

BALANCED FUND: The investment objective of the Balanced Fund is to provide
balanced returns from investing in both fixed income securities to target stability of
returns) as well as in equities to target growth in capital value of assets).

GROWTH FUND: The investment objective of the Growth Fund is to provide potentially
higher returns to unit holders by investing primarily in Equities to target growth in
capital value of assets); however, the fund will also invest in Government securities,
corporate bonds and money market instruments. GRACE PEROD AVALABLE FOR
PAYNG PREMUM: A grace period of 30 days [15 days where premium payment mode
is monthly] from the due date of payment of Annual Target Premium shall be allowed for
payment of unpaid


During the grace period we will accept the lapsed notice amount without interest. The
insurance cover [Sum Assured] continues during this grace period but in case of death
of Life nsured during the grace period, we will pay the Death Benefit. The policy can be
revived within 36 months of its date of lapse if: i) You give us a written request to revive
the policy and ii) You have produced evidence of insurability acceptable to us as per our
underwriting practices, and iii) You pay us all overdue Annual Target Premiums.

Eligibility conditions: Entry Age age as at last birthday) Policy term in whole years)
Maximum Maturity Age Minimum Sum Assured Minimum Annual Target Premium
Sample An Example: Any age between 12 years to 60 years 10 years to 58 years 70
years on last birthday Rs 50,000 or more Rs 10,000 per annum

For entry ages 30 and 40 years respectively, if you opt for a Sum Assured of Rs.
500,000/- and invest your premiums entirely in our Growth Fund, the table below shows
the illustrative premiums and maturity value on an assumed rate of return on investment
of funds @ 6% and 10% p.a. respectively: Entry Age Years) Policy Term Years) ATP
Rs) Assumed Rate of return on nvestment of funds p.a. 6% 10% 6% 10% Maturity
Value in Rs) Net Yield to the customer

30 40

30 30 25 25

17,925 22,225

9,72,891 20,04,971 8,67,121 15,52,773

3.59% 7.53% 3.27% 7.21%


Please note that the above-assumed rates of return of 6% and 10% respectively are
only scenarios of what your policy will look like at these rates after recovering all
applicable charges. These returns are not guaranteed and they are not the upper or
lower limits of what you might earn, as the value of your policy is dependent on a
number of factors including future investment performance.

Exclusions: The life insured dies by suicide, whether sane or insane, within one year
from the date of acceptance of risk or the date of any revival of this policy affected in the
first 3 years, all risks under the policy shall come to an end simultaneously. n such an
event, we will only refund the fund value of the policy.

iii)

HEALTH PLANS

a) Lifeline WELLNESSTM Plan Health nsurance Plan

Coverage Lifeline -Wellness Plan Choice 2 3 4 Number 1 of Units 2 4 6 8 Sum
Assured in lacs)

5 10

6 12

7 14

8 16

9 18

10 20

Example: f you take 5 units of Lifeline Wellness TM Plan you have bought yourself a
sum assured of 10 lacs as per the table above.


What is the List of Covered Critical llness Conditions under Lifeline Wellness TM Plan?
The List of Conditions Covered under Lifeline Wellness TM Plan is as follows for details
please refer to Appendix A 1. Cancer 2. Coma 3. Kidney failure 4. Multiple sclerosis 5.
Heart attack 6. Paralysis / paraplegia 7. Stroke 8. Major organ transplant 9. Coronary
artery bypasses surgery 10. Heart valve surgery

Benefits On the happening of any of the above events and the following 2 conditions
Confirmed by a registered medical practitioner, including a relevant specialist
acceptable to the company the cost of which shall be borne by the policy holder) and
Provided the life insured has survived for at least 28 Twenty eight) days after the
happening of the insured event, the life insured filing with the company all the required
claim documents within 60 days of the date of the happening of the insured event.


The company will pay 100% of the sum assured. This payout will be subject to a
maximum payment of Rs. 20 lakhs under critical illness/dread disease benefit attached
to all policies issued by the company on the life of the life insured then in force with the
company taking into consideration in-built dread disease benefit in SMART Steps Plus,
SMART Assure Plans or any other such plans as the company may launch in the future.

The benefit will be payable: On the diagnosis of any of the critical illnesses as defined
in Serial number 1 to 7 in the list of conditions. On the actual undergoing of the
surgery of any of the critical illnesses as defined in Serial number 8 to 10 in the list of
conditions. On the payment of the above benefit, the policy shall terminate. For
example here are some claim scenarios illustrated for your benefit: Example Example 1
Ailment Suffers Kidney failure in Year 2 Age 35 years Units Sum purchased Assured 2
Units 4 Lacs Benefit Paid out 100% of 4 lacs = 4 lacs Policy Status Policy will cease
since Full Sum Assured is paid Policy will cease since Full Sum Assured is paid Policy
will cease since Full

Example 2

Undergoes 47 years Coronary Artery Bypass Surgery

5 Units

10 Lacs

100% of 10 lacs= 10 lacs

Example 3

Suffers Heart Attack in

50 Years

4 Units

8 Lacs

100% of SA= 8 lacs,


Year 3

Sum Assured is paid

Please note: The payment of benefit in aggregate during the policy term shall not
exceed 100% of the sum assured. There is no Death, Surrender, or Maturity benefit
payable in LifeLine Wellness TM Plan. This product will not be offered to sub standard
lives.

ELGBLTY CRTERA AT A GLANCE: Through the below mentioned eligibility criteria,
we aim to provide coverage to you through major part of your life term.

Eligibility Age At entry Option for policy term Maximum age at maturity Premium
Guarantee

Premium Limits

Waiting Period Reinstatement after Lapse Waiting Period after Reinstatement

Lifeline -Wellness 18 years to 60 years 10, 15 or 20 years 75 years 5 Years i.e. subject
to the revision with RDA approval Premium is* renewed every 5 years through the term
of your plan Please select Units/Scale of Benefits as per your choice subject to payment
of a minimum Yearly Premium of Rs. 2,500 and Minimum Half-Yearly premium of Rs.
1,300 180 days from policy commencement Allowed only till 6 months basis declaration
of good health 90 days from policy revival date


* Premium rates are guaranteed for the first five years. At the end of five years, the
premiums may be reviewed to take in to Account the Company's experience. However
premium will not be changed without the prior approval of the RDA.

10 Year Term Units Ageyrs) 20 30 40 50 Male 2215 3525 8470 22020 5 Female 2090
3525 7380 16600 Male 4430 7050 16940 44040 10 Female 4180 7050 14760 33200

15 Year Term Units AgeYrs) 20 30 40 50 Male 2285 3800 9285 23380 5 Female 2135
3725 7800 17150 20 Year Term Units AgeYrs) 20 30 40 50 Male 2350 4265 10385
25040 5 Female 2320 4105 8520 18340 Male 4700 8530 20770 50080 10 Female 4640
8210 1704 36650 Male 4570 7600 18570 46760 10 Female 4270 7450 15600 34300

EXCLUSONS UNDER Lifeline Wellness tm


Notwithstanding anything to the contrary stated herein, no benefit will be payable if the
insured event occurs from, or is caused by, either directly or indirectly, voluntarily or
involuntarily, by one of the following: . Any pre-existing condition. . Any insured event
happening within the first 180 days of the effective date and within 90 days of the date
of revival of the policy, except a critical illness which occurs from or is caused as a
result of an injury. . Opportunistic diseases associated with ADS or HV infection. V.
Suicide or attempted suicide or intentional self-inflicted injury, by the life insured,
whether sane or not at the time; V. Life insured being under the influence of drugs,
alcohol, narcotics or psychotropic substance, not prescribed by a registered medical
practitioner; V. War declared or undeclared), invasion, civil war, riots, revolution or any
warlike operations; V.Participation by the life insured in a criminal or unlawful act; V.
Service in the military/Para-military, naval, air forces or police organizations of any
country in a state of war declared or undeclared) or of armed conflict; X. Participation
by the life insured in any flying activity other than as a bonafide passenger whether
paying or not), in a licensed aircraft provided that the life insured does not, at that time,
have any duty on board such aircraft; X. Life insured engaging in or taking part in
professional sports) or any hazardous pursuits, including but not limited to, diving or
riding or any kind of race; underwater activities involving the use of breathing apparatus
or not; martial arts; hunting; mountaineering; parachuting; bungee jumping; X.
Exposure to radioactive, explosive or hazardous nature of nuclear fuel materials or
property contaminated by nuclear fuel materials or accident arising from such nature.


X. Failure to seek or follow medical advice; X. Any congenital condition; XV. Any
pre-malignant tumors, polyps or carcinoma-in-situ of any organ; and XV. Pregnancy or
childbirth or complications arising there from.

Premium payment options Yearly and Half Yearly modes are permitted in this plan and
modal factor for the same are as under:

Premium Mode Yearly Half-Yearly

Factor 1.0000 0.5200

Lapse and Revival provisions Premiums should be paid on the due date of premium, in
case if premium is not paid on due date, you will get 30 days of grace period during
which company will accept premium without interest and provide insurance coverage. f
premium is not received by the Company by the end of the grace period, the policy will
lapse. All nsurance cover will end upon lapse of the policy.

List of Critical illnesses Appendix A) 1. Cancer - A malignant tumor characterized by
the uncontrolled growth and spread of malignant cells and the invasion of tissue. The
diagnosis must be


histologically confirmed. The term cancer includes leukemia but the following cancers
are excluded: all tumors which are histologically described as pre-malignant, non-
invasive or carcinoma in situ; all forms of lymphoma in the presence of any Human
mmunodeficiency Virus; Kaposi's sarcoma in the presence of any Human
mmunodeficiency Virus; any skin cancer other than invasive malignant melanoma; all
tumours of the prostate unless histologically classified as having a Gleason score
greater than 6 or having progressed to at least clinical TNM classification T2N0M0; and
T1N0M0 Papillary micro-carcinoma of the thyroid less than 1bm in diameter. 2. Coma-
A state of unconsciousness with no reaction or response to external stimuli or internal
needs. This diagnosis must be supported by evidence of all of the following: no
response to external stimuli continuously for at least 96 hours; Life support measures
are necessary to sustain life; and brain damage resulting in permanent neurological
defect, which must be assessed at least 30 days after the onset of the coma. For the
purpose of this benefit, the word permanent shall mean beyond the hope of recovery
with current medical knowledge and technology. A confirmation by a neurologist
acceptable to the company is required. Coma resulting as a result of a self-inflicted
injury, alcohol or drug abuse is however not covered. 3. Kidney failure- End-stage renal
failure presenting as chronic irreversible failure of both kidneys to function, as a result of
which either regular renal dialysis or renal transplant is undertaken. Evidence of end-
stage kidney illness must be provided and the medical necessity of the dialysis or
transplantation must be confirmed by a registered medical practitioner acceptable to the
company.


4. Multiple sclerosis - The definite occurrence of multiple sclerosis. The diagnosis must
be supported by all of the following: nvestigations which unequivocally confirm the
diagnosis to be multiple sclerosis; there must be current clinical impairment of motor or
sensory function, which must have persisted for a continuous period of at least 6
months, and Well documented clinical history of exacerbations and remissions of said
symptoms or neurological deficits. Other causes of neurological damage such as SLE
and HV are however not covered. 5. Heart attack - The first recorded occurrence of
heart attack or myocardial infarction which means death of heart muscle, due to
inadequate blood supply, which results in all of the following condition of acute
myocardial infarction: typical clinical symptoms for example, characteristic chest pain);
new characteristic electrocardiographic changes; the characteristic rise of cardiac
enzymes or Troponins recorded at the following levels or higher: i. Troponin T > 1.0
ng/ml ii. AccuTn > 0.5 ng/ml or equivalent threshold with other Troponin methods; and
the evidence must show a definite acute myocardial infarction. The following conditions
are however not covered: angina; and Other acute coronary syndromes e.g., myocyte
necrosis. The diagnosis must be confirmed by a Cardiologist acceptable to the
company.

6. Paralysis / paraplegia - The complete and permanent loss of the use of two or more
limbs, as a result of injury, or illness of the brain or spinal cord. To establish
permanence, the paralysis must normally have persisted for at least 6 months from


the date of trauma or illness resulting in the life insured being unable to perform his / her
usual occupation. The condition must be confirmed by a Neurologist acceptable to the
company. 7. Stroke - A cerebrovascular accident or incident producing neurological
sequelae of a permanent nature, having lasted not less than 6 six) months. nfarction of
brain tissue, haemorrhage and embolisation from an extra-cranial source are covered.
The diagnosis must be based on changes seen in a CT scan or MR and certified by a
Neurologist acceptable to the company. Cerebral symptoms due to transient ischemic
attacks, any reversible is- chaemic neurological deficit, vertebrobasilar ischemia,
cerebral symptoms due to migraine, cerebral injury resulting from trauma or hypoxia
and vascular illness affecting the eye or optic nerve or vestibular functions are however
not covered. 8. Major organ transplant - The receipt of a transplant of: Human bone
marrow using hematopoietic stem cells preceded by total bone marrow ablation; or One
of the following human organs: heart, lung, liver, kidney, pancreas that resulted from
irreversible end-stage failure of the relevant organ. Other stem-cell transplants are
however not covered. 9. Coronary artery bypass surgery - The undergoing of open-
heart surgery on the advice of a Cardiologist to correct narrowing or blockage of one or
more coronary arteries with bypass grafts. Angiographic evidence to support the
necessity of the surgery will be required. Balloon angioplasty, laser or any catheter-
based procedures are however not covered. 10. Heart valve surgery - The actual
undergoing of open-heart surgery to replace or repair heart valve abnormalities. The
diagnosis of heart valve abnormality must be evidenced by echocardiogram and
supported by cardiac catheterization, if done, and the procedure must be considered
medically necessary by a Cardiologist acceptable to the company.


b) Life Line Medi Cash: A defined benefit health insurance plan offering Hospital Cash
benefit along with CU cash and recuperation cash benefits

Max New York Life's proposed 3-step processes to avail benefit of hospitalization
expenses for our Lifeline- Medic ash customers

1. Select any of our listed 4000+ network hospitals across the country. 2. Get yourself
treated while we will provide financial assistance with fixed benefits to take care of the
hospitalization expenses. 3. Walk out fully treated and without a big hole in your pocket.

) Key features of Lifeline - Medic ash Cashless hospitalization available in over
4000+ network hospitals across the country. Fixed daily hospitalization benefit
available irrespective of amount of actual billing. Guaranteed Long-Term coverage for
10 years subject to payment of premium made by you. Benefits are Payable in
addition to any other health insurance cover that you may have with us or any other
nsurance Company. The premiums are guaranteed for five years from the effective
date. After such five years, Company may revise the premium rates based upon the
actuarial review of the claims experience subject to prior approval of RDA.


Premium discount incase no claim is Tax benefit on the premium paid filed during
first 5 years of the policy. Up to Rs.15, 000 under section 80 D of the ncome Tax Act.

Scale of Benefit/Units The scale of benefits as specified in the table below is
denominated as "Units". A unit is a representation of the collective set of benefit that
you propose for LifelineMedic ash policy. The company may assign a unit subject to
underwriting rules, a unit to you. This Unit cannot be changed once the policy is
affected. Benefits 1 Daily Hospital Cash Benefit Daily CU Cash Benefit Rs. 1000 2 Rs.
2000 3 Rs. 3000 Number of Units 4 Rs. 4000 5 Rs. 5000

Rs. 2000

Rs. 4000 Rs. 6000

Rs.6000 Rs. 9000

Rs.8000 Rs. 12,000

Rs. 10,000 Rs. 15,000

Recuperating Rs. 3000 Cash Benefit Lump-Sum) Annual Limit No. of Days)
Aggregated for all the benefits) Policy Term Limit No. of Days)

50 days of hospitalization

250 days of hospitalization


Aggregated for all the benefits

For example: f you are looking for a plan that can pay you for Hospital Cash benefit of
only Rs. 2000 per day, with reference to above table of benefits you will buy 2 units of
Lifeline- Medic ash. Hence, when you file a claim for your being hospitalized, then
subject to the terms and conditions of the policy, you will get Hospitalization Cash
Benefit of Rs. 2000 per day f admitted into CU, then CU Cash Benefit of Rs.4000
per day and f hospitalized for at least 7 days and advised by doctor, then
Recuperating Benefit of lump-sum of Rs. 6000

c)

Lifeline- MediCashTM Benefits:

1. Hospital Cash Benefit n case of an unfortunate event of your being hospitalized for
a medically necessary treatment or surgery for any illness or injury, for a continuous and
consecutive period of at least 48 hours, the company shall pay fixed per diem benefit as
per the unit/ scale of benefit applicable, for the period of hospitalization but excluding
the first 24 hours of such hospitalization and subject to such limits of the policy. Please
Note: Any period less than 24 hours spent by the life insured during hospitalization after
the initial 48 hours will be counted for payment of full per diem rate. This is a fixed
amount paid irrespective of your actual hospital bill.

n scenarios, when you are hospitalized again for the same illness or injury that
occurred during previous hospitalization, within 30 days from the date of

2. CU cash Benefit n case of your being required to and is admitted into an intensive
care unit for a medically necessary treatment or surgery of any illness or injury for a
continuous period of 8 hours or more during hospitalization for a continuous period of 24
hours or more, in addition to hospital cash benefit, an intensive care unit cash benefit
equivalent to 200% of hospital cash benefit will be payable on per day basis as per the
unit/scale of benefit subject to the terms and conditions of the policy. Expenses don't
stop at hospital discharge, do they? Lifeline - Medic ash also offers a fixed lump-sum
recuperation cash benefit to help you meet your follow-up investigation costs,
consultation fees, cost of medicines etc.

3. Recuperating cash Benefit n addition to hospital cash and CU cash benefit, a
lump-sum recuperating cash benefit equivalent to 300% of the hospital cash benefit will
be payable as per the unit/scale of benefit for a period spent on recuperation during
such hospitalization in respect of which the hospital cash or CU cash benefit is
admissible provided there has been a continuous and consecutive period of
hospitalization of 7 days or more and is discharged alive from the hospital. Maximum
benefit in a policy year Number of Days) Benefit shall be payable in aggregate across
all benefits for a maximum of 50 days of hospitalization of the life insured in a policy
year. The balance days, if not claimed, cannot be carried forward to the following policy
year.


Maximum benefit during the policy term Number of Days) Benefits shall be payable in
aggregate across all benefits for a maximum of 250 days of hospitalization of the life
insured during the policy term. n case of these 250 days has been claimed, the policy
will terminate and insurance cover would cease.

Advantages Of Lifeline- Medic ash Plan: 1) Multiple Claims: Midi Cash covers you for
50 days in any policy year and a total of 250 days through the term of the policy. Within
the above limits you can claim for cover any number of times. 2) Premium Guarantee
for First Five Years: Even if you have multiple claims, the premium you pay for your
policy is fixed for the first five years of the policy this helps you to remain covered by
paying the same premium, in spite of registering any claims with us. After five years, the
premiums would get revised based on our claims experience and subject to prior
approval from the RDA. This change would be intimated to the policyholder atleast 30
days prior to making it effective. 3) Discount for a Claim Free Policy: ncase you do not
file for a claim for the first five years of the policy term, we would offer up to 20%
discount on revised premium if applicable) from the 6th Policy Anniversary. This
ensures that you enjoy further cover, at a lower premium, whereas your benefits remain
the same. 4) Payout n Addition to Other Plans: You can avail benefit for same duration
of hospitalization from this policy as well as any other medical insurance policy that you
may already have. All you would need to do is submit photocopies or duplicates of
hospital bills, reports, discharge papers etc. The lump-sum benefit amount, as per your
entitlement will get paid to you, irrespective of the actual expenses that you incur during
hospitalization.


5) Transparency in Coverage Details: Simple to understand plan. This helps you to
judge the amount of Benefit that is payable from our side for any event of hospitalization
at the inception of the policy.

6) Easy Claims Process- Fair, Fast and Friendly: You can take advantage of the
cashless hospitalization facility in over 4000 network hospitals across the country
subject to the pre-securitization of your request. You will be required to fill a pre-
authorization form available with the hospital and hospital will fax the same to our
Service provider and receive a confirmation of the same. You may be required to pay
only if your expenses are more than fixed benefit as per your entitlement under this
plan, directly to the network hospital, you are hospitalized in. Alternatively, incase you
are hospitalized in a non-network hospital; you can submit your bills, reports, discharge
summary etc. at any of our offices. Our hassles-free claims procedure will assess your
Claim Request and reimburse the amount of benefit up to the extent of your entitlement.

Example

Ailment

Number Units of purchased Hospital by you Days 4 days 2 Units

Daily Benefit Paid Total Hospital out Rs. X Amount No. Of days) Rs.) Cash Limit Rs.)
2000 2000 2000 x 3 Room Days 6000

Example 1

Fever any origin)

Example 2

Pneumonia 3 days in 2 Units Room +2 days in

12,000 2000 x 2 Room days)+4000x


CU=5 days Example 3 Recurrent Urinary Tract infection 4 days in 2 Units Room + 3
days in CU=7 days 2000

2 CU days 2000 x 3Room Days) + 4000 x 3 CU Days) + 6000.RB* 24,000

RB*- Recuperating Benefit

ELGBLTY CRTERA: Minimum /Maximum Age At Entry 18 years to 55 years Age At
Last Birthday) 10 years 65 years 5 years Units 3 Female 4179 4638 6288 8562

Policy Term Maximum Age at Maturity Premium Guarantee Premium Table Sample*)

Age yrs) Male 20 30 40 50 Premium Payment Frequency 4824 5082 6105 8652

Half Yearly and Yearly


Reinstatement after Lapse

Allowed only till 180 days from Lapse Date basis declaration of good Health Please
select Units/Scale of Benefits as per your choice subject to payment of a minimum
Yearly Premium of Rs. 2,500 and Minimum Half-Yearly premium of Rs. 1,300.

Premium Limits

Waiting Period

90 days from policy commencement apart from hospitalization due to accidents

*These Premiums are exclusive of Any Taxes. Service Tax and Education Cess would
be levied as per applicable laws.

Grace period provision A grace period of thirty days from the due date for payment of
each premium will be allowed. During the grace period, the Company will accept the
premium without interest. The insurance coverage continues during this grace period
but if the claim arises during the grace period, the Company shall be entitled to deduct
the unpaid Premium from the Benefits payable under the Policy.

Lapse f a premium is not received by the company by the end of the grace period, the
policy will lapse. All nsurance cover will end upon lapse of the policy. No benefit

is payable for any hospitalization undertaken during the period when the policy has
lapsed even though the policy may be subsequently revived.

Revival of Policy Within 180 days from the due date of the premium period of revival)
and before termination of the policy, the policyholder may apply in writing for revival of
the policy. The company may upon receipt of written request from the policyholder, and
on production of evidence of insurability acceptable to the company cost of which shall
be borne by the policyholder) and at the absolute discretion of the company revive the
policy on such terms and conditions as are applicable at the time of revival of the policy.
All overdue premiums must be paid together with interest at such rates as may be
intimated by the company from time to time. The revival of the policy shall take effect
only after revival of the policy is approved by the company and communicated to the
policyholder in writing. f, at the end of the period of revival, the policy is not revived, the
policy shall terminate, and no benefit shall be payable thereafter.

What is not covered under LifeLine-MediCash? A. No benefit under this policy will be
payable in respect of the following: . Admission into a hospital for treatment of a pre-
existing condition. Any hospitalization within 90 days of the effective date except where
such hospitalization is for medically necessary treatment of an injury. . Admission into
a hospital for treatment or the surgery purely for the purposes of for routine
examination, preventive medical check-up, vaccinations, diagnosis, screening and
investigation, e.g. lower/ upper G endoscopy or true-cut needle biopsy. . Admission
into a hospital for treatment for any psychiatric, mental or nervous condition.


V. Admission into a hospital for dental treatment, supply or fitting of eyeglasses or
hearing aids, LASK, Photorefractive Keratectomy, Phakik ntra Ocular Lens implants or
any other procedures carried out for purpose of correcting refractive errors. V.
Admission into a hospital for pregnancy and childbirth, pregnancy complications such as
toxemia, or hyperemesis gravidarum, abortion, contraceptive measures and fertility
tests. V. Admission into a hospital for treatment of infertility or of a sexually transmitted
disease. V. Admission into a hospital for cosmetic or plastic surgery except where
such surgery is medically necessary for treatment of an injury. V. Admission into a
hospital for a sex change operation. X. Admission into a hospital for an organ
transplant procedure, where the life insured himself acts as a donor. X. Admission into a
hospital purely for convalescent care, rest care, hospice care, rehabilitation or similar
such treatment. X. Admission into a hospital where treatment and /or surgical
procedure is not undertaken or carried out by a registered medical practitioner. The
above exclusions shall be in addition to the other exclusions specified under this policy.
X. Admission into a hospital outside ndia.

B. No benefit under this policy will be payable if the insured event occurs from, or is
caused by, either directly or indirectly, voluntarily or involuntarily, due to one of the
following reasons: . Opportunistic diseases associated with ADS or HV infection;


. Suicide or attempted suicide or intentional self-inflicted injury, by the life insured,
whether sane or not at the time; . Life insured being under the influence of drugs,
alcohol, narcotics psychotropic substance, not prescribed by a registered medical
practitioner; V. War declared or undeclared), invasion, civil war, riots, revolution or any
warlike operations. V. Participation by the life insured in a criminal or unlawful act; V.
Service in the military/para-military, naval, air forces or police organizations of any
country in a state of war declared or undeclared) or of armed conflict; V. Participation
by the life insured in any flying activity other than as a bonafide passenger whether
paying or not), in a licensed aircraft provided that the life insured does not, at that time,
have any duty on board such aircraft; V. Life insured engaging in or taking part in
professional sports) or any hazardous pursuits, including but not limited to, diving or
riding or any kind of race; underwater activities involving the use of breathing apparatus
or not; martial arts; hunting; mountaineering; parachuting; bungee-jumping; X.
Exposure to the radioactive, explosive or hazardous nature of nuclear fuel materials or
property contaminated by nuclear fuel materials or accident arising from such nature.


iv) CORPORATE GROUP PLANS

a). Employee Deposit Linked nsurance

Overview of EDL Scheme, 1976 All establishments with at least 10 full-time permanent
employees and to whom the Employee's Provident. Fund and Miscellaneous Provisions
Act, 1952 applies, have a statutory liability to subscribe to Employee's Deposit Linked
nsurance Scheme EDL), 1976 to provide for life insurance for all their employees. The
organization has to make a contribution @ 0.51% of each employee's wages Basic +
Dearness Allowance + Retaining Allowance), subject to a maximum of Rs.6, 500 per
month, to the Provident Fund Authorities as part of its compliance to the Act. The death
benefit payable under this scheme is based on the provident fund account balance of
the individual member, subject to a maximum of Rs.60, 000.

A unique, simple and flexible solution: Under Section 17 2-A) of the Provident Fund
Act, the Central Provident Fund Commissioner may, if requested to do so by the
employer, by notification in the Official Gazette, exempt, whether prospectively or
retrospectively, any establishment from the provisions of the EDL scheme, if he is
satisfied that the employees of such establishment, without making any separate
contribution or payment of premium, enjoy life insurance benefits more favorable than
the benefits under the EDL scheme. Max New York Life nsurance Co. ltd is proud to
present Group Term nsurance Scheme. A unique simple and flexible scheme that is a
far better alternative to the Employee Deposit Linked nsurance Scheme EDL)
because of the benefits it offers to both the employer and the employee.


The Employee Provident Fund Organization has approved this scheme as an
alternative to EDL scheme. The organization will enjoy the following advantages by
subscribing to the Group Term nsurance compared to the EDL scheme: a) The
premium payable by the employer under the Max New York Life Group Term nsurance
Scheme will be usually less than the total contribution being paid by the employer to
Regional Provident Fund Commissioner, particularly when average age of the group is
low and the employer is in a low-risk industry b) Flexibility to opt for either a uniform flat
cover for all employees or a graded cover as per notional PF balance c) Well defined
and simplified claim process will ensure quicker and hassle-free claim settlement d)
Administrative convenience for additions and deletions of members with no elaborate

b) Group Gratuity Gratuity is a statutory benefit to the employees under the Payment of
Gratuity Act 1972. After the employee has rendered continuous service for at least five
years, he/ she is eligible for 15 days pay for each completed year of service. Employer
can also structure a gratuity benefit that is higher than statutory requirements. The
gratuity benefit is payable on cessation of employment either by resignation, death,
retirement or termination etc), by taking last drawn basic salary as the basis for the
calculation. Gratuity payment is a statutory liability for an organization and tends to
increase as the salaries and tenure of employment increase annually. n case of big,
developing & growing organization, gratuity payout can work out to a substantial
amount. f


the employer pays gratuity from its current revenue, it becomes difficult to meet the
liability, it is therefore beneficial that a gratuity fund is set up for prudent financial
planning.

Benefits of The Group Gratuity Plan: ? nvestment management in a conservative
manner to ensure steady appreciation in fund income. ? Employees can be insured for
the future service gratuity for full-anticipated service. ? Scientific funding of gratuity on
actuarial valuation and hence superior planning for gratuity payments. ? Past gratuity
liability contribution can be made in installments. ? Contributions are exempt under
income tax act.

Benefits to the members: 1. On Vesting date retirement date, resignation date,
termination date etc) benefits is payable as per Rules of Group Fund framed with
reference to Gratuity Act. 2. A special feature of insurance cover for the gratuity benefit
of the future services, i.e. in case of any eventuality; the gratuity benefit will be payable
for the full deemed service till retirement age. 3. n case the amount in the Group Fund
is less than benefits payable, the Trust will have to meet the shortfall.


Services Offered by Max New York Life: ? Max New York Life will provide statement of
account every quarter. ? Free Actuarial Valuation for future gratuity liability.

For a new fund Max New York Life assist in formation of the Trust and its
documentation. ? An existing Gratuity Fund can be taken over by MNYL and we will
offer assistance in documentation like Deed of variation to the original Trust Deed etc.

Basic Guidelines for Max New York Life Group Gratuity Scheme 1. Eligibility: All
employees members) above the age of 18 are eligible for this plan. Existing fund
approved by the ncome Tax Commissioner should be administered through Trustees
under a Trust. 2. Contribution: The Trust will make the contribution to the fund.
Contribution can be made quarterly, half yearly or yearly. 3. Past Contribution: For the
organization intending to set up a new fund, the contribution to provide for the past
service liability can be made based on actuarial valuation. Max New York Life may allow
this past service contribution to be paid in installments.

4. Term nsurance Cover: Term insurance cover equal to future service gratuity
Premium for term insurance cover will be computed separately. The insurance cover will
also form part of Group Gratuity policy.

nsurance cover will be paid only on the death of the member.

Surrender Fee: n case a Policyholder wants to surrender the policy, a surrender fee is
applicable. This fee is based on the realizable market value of the assets and
depending upon the duration of the association with Max New York Life.

c) Max Super Life A Group Term Life nsurance n all sectors of the economy, whether
organized or unorganized, employees of an organization are its most critical and
important asset. However, creating a motivated workforce with healthy retention rates is
probably a key challenge an organization usually faces. Employers across world strive
to secure and insure benefits for their employees We, at Max New York Life nsurance
Company MNYL), understand your priorities and challenges and towards this end have
prepared a flexible Group term nsurance plan Max Super Life to safeguard your
employees future from unfortunate incidents like death. Group life insurance is a life
insurance scheme in which a single contract covers an entire group of people. Typically,
in such schemes, the life insurance scheme owner is the employer or other registered
groups as applicable. Group life insurance is often provided as part of a complete
employee benefits package. As a single Policy is issued covering all the members and
in view of simplified procedures in risk assessment, the cost of group coverage is far
less than you would pay for a similar amount of individual protection.


Max Super Life Plan d) Benefits For The Employer . Securing employees future .
Works as employee retention tool . Tax benefits . Low Cost nsurance . This Scheme
can be taken in lieu of Employee Deposit Linked nsurance EDL) . Employer may allow
spouse cover and additional insurance on self or spouse at the option of the employee

Benefits For The Employee . Life protection . Hassle free life insurance option .
Additional benefit for the employees through riders . Death benefit is not subject to tax
in hands of the beneficiary

Eligibility


Minimum employee age at entry 18 years Maximum employee age at entry 69 years
Minimum group size 50 Members Maximum group size No limit Event covered
Death

Benefit Options Sum assured options . Flat Cover . Salary Multiple . Grade wise cover

Rider options . Critical llness . Accidental Death Benefit . Accidental Dismemberment
. Total and Permanent Disability

General Conditions . The plan is a one year contract and can be renewed at the
premium rates, terms and conditions mutually agreed by the Master Policyholder and
Max New York Life nsurance Company . Premiums can be paid annually, half-yearly,
quarterly or monthly


. Provision for addition and deletion of members on a monthly basis . Provision for
policy review period of 15 days . Termination of cover would happen under following
events: On termination of employees service On retirement On Discontinuing the
policy On death of the member

Employee Additions & Deletions . New employees satisfying the eligibility criteria shall
be allowed to join the scheme . The cover commencement date shall be the employee
joining date as communicated to MNYL . The frequency of intimation to the employer for
additions would be on monthly basis . On resignation, retirement, death or any other
reasons leading to termination of employment, the life cover would cease to exist . The
proportionate premium would be refunded on employee leaving the group . Death
benefit shall be payable to the Policyholder for the benefit of the beneficiary.

Tax Benefits . Premium paid by the employer would be treated as business expense
under section 371) of the ncome Tax Act, 1961. . All death claim payments are
exempted from tax under Section 1010D) of the ncome Tax Act, 1961

. Service tax and educational cess would be applied on the premiums paid and
recovered from the Policyholder

Unique Features of this Scheme . Free Cover Limit No evidence Limit/ Automatic
Acceptance Limit): Cover will be considered up to a certain amount called the Free
Cover Limit/ No evidence Limit/ Automatic Acceptance Limit, which depend on the size
of the Group and average sum assured, provided t is an Employer Employee
Scheme Scheme is to cover full time permanent employees Cover is compulsory for all
eligible employees The member is Actively At Work on the date of commencement of
scheme The member is below the normal retirement age

The following are the maximum Free Cover Limits which will be applied to Employer-
Employee groups where the membership is compulsory: Number of eligible and
participating employees 50 4.0 51 to 100 5.0 101 to 250 6.0 251 to 500 6.5 501 to 750
7.5 751 to 1000 8.5 1001 to 2000 10.0 2001 or more 10.0 multiple of the average sum
assured 4.0 5.0 6.0 6.5 7.5 8.5 10.0 10.0

. Minimum Participation Rate required for Voluntary Employer Employee) Groups:
Where cover is not compulsory i.e. participation is voluntary, Free Cover Limit will be
allowed provided the following minimum participation criteria is satisfied in addition to
the above conditions).


Number of Members 50 51to 100 101 to 250 251 to 500 501 to 1000 1001 to 2000 2001
or more . Rider Benefits:

Minimum participation Rate 100% 90% 85% 80% 75% 70% 50%

Along with the scheme, one or more of the following Group Riders can be taken
Group Accidental Death Benefit Rider UN 104 B014 V01) Group Total and Permanent
Disability Rider UN 104 B015 V01) Group Accidental Dismemberment Rider UN 104
B016 V01) Group Critical llness Rider

. Additional option: The following options can be exercised with this product depending
upon the eligibility criterion of a specific group. Spouse Cover Cover on the life of
spouse of a member can be opted either by the individual member/ employer. Cover on
the life of spouse is subject to evidence of insurability as per the Company underwriting
guidelines and applicable premium rates. The cover in respect of the spouse will cease
immediately on the exit of the member from the scheme either due to death, retirement,
resignation, and termination or in the case of divorce/annulment of marriage of spouse

Eligibility: This option may be exercised for the group as a whole or for a few categories.


Age proof and Age Restrictions: The same restrictions which will apply to the member
will apply to the spouse. Coverage: As per the criteria decided by the group policyholder
and agreed by the company; but in no case coverage amount of the spouse should
exceed that of the member. Voluntary Top-up: n addition to the Sum assured available
under the scheme, employees can opt through the employer, for additional Sum
assured, which will be considered on the basis of evidence of health requirements as
per the Company underwriting guidelines and applicable premium rates.

. Types of Groups eligible for nsurance under this Plan: Employees of an employer
all or defined categories. Members of a professional association Members of a trade
union. Members of a co-operative society. Borrowers from a housing society Members
of groups of rural occupation such weavers, fisherman etc. Other groups with a
common economic link and not formed with sole purpose of obtaining insurance cover

. Specimen Premium Rates for 1 Lakh Sum Assured per annum as given below for the
Employees involved in the professional/ Managerial/ Clerical and Administrative Staff.
Age in 20 25 30 35 40 45 50 55 60 Years Premium 83.00 90.00 92.00 105.00 146.00
208.00 331.00 524.00 784.00 in Rs


SUCDE EXCLUSON n case of non employer-employee groups, if a member commits
suicide, whether sane or not at the time, within one year from the effective date of
coverage or the entry date as the case may be then the insurance in respect of the
member shall come to an end simultaneously with the occurrence of such event, and
the liability of the company shall be limited to refund of the premiums) received, without
interest, less any expenses incurred by the company.

Section 41 of nsurance Act 1938 No person shall allow or offer to allow, either directly
or indirectly, as an inducement to any person to take out or renew or continue an
insurance in respect of any kind of risk relating to lives or property in ndia, any rebate of
the whole or part of the commission payable or any rebate of the premium shown on the
policy, nor shall any person taking out or renewing or continuing a policy accept any
rebate, except such rebates as may be allowed in accordance with the published
prospectuses or tables of the insurer

v)

NDVDUAL, LFE PLAN

a) 20 year Endowment Participating nsurance f you are looking for a money-saver,
then we have got your perfect solution with the 20year Endowment Participating Policy.
On its maturity at the end of 20 years, this Policy not only gives you a guaranteed sum
but also any bonus it accumulates*. This Policy also offers a death benefit guaranteed
for the term of


the Policy) and most conveniently, in case you have any unforeseen expenses during
the Policy term, you can access any Cash Surrender Value that accumulates in the
Policy.

KEY BENEFTS 1) Maturity Face amount along with accrued bonus if any) on life
insureds survival to maturity. 2) Death Benefits Face amount along with accrued bonus
if any) on death of the life insured. 3) Terminal llness benefits This feature is offered to
all our customers, with select Max New York Life Policies that they buy. With this, the
Life nsured has access to a portion of the Policys Death Benefit, should the Life
nsured be diagnosed with Terminal illness with a life expectancy of 6 months or less 4)
Non-Forfeiture Benefits f the Policy has Surrender Value, you may surrender your
policy for cash or exercise any one of the following non-forfeiture options, as opted for
by you in the Proposal Form. i)Reduced Paid Up nsurance A reduced paid up
insurance is the amount of paid up insurance, which can be purchased by the Surrender
Value. This reduced paid up insurance may acquire cash value, which entitles you to
take loan/s. f at any time the outstanding in debtedness exceeds the surrender value of
the paid up policy, the paid up policy will lapse. Such paid up policy is not entitled to any
bonus.


ii)Extended Term nsurance ET) The Surrender Value will be used as a single
Premium to buy Term nsurance equal to the current Sum nsured of this Policy for a
term, which the Surrender Value can purchase. The maximum term for this ET cannot
exceed the remaining term of this Policy. Should the Surrender Value be sufficient to
buy a single premium Term nsurance for a term longer than the remaining term of this
Policy, and then such excess amount will be returned to the Policy Holder. Such ET is
not eligible for bonus or cash value. The minimum term for ET is five years. f the
surrender value is not sufficient to purchase ET for five years or more the surrender
value will be paid in cash.

ADDTONAL BENEFTS: Cash Value Non guaranteed cash values as decided by the
Appointed Actuary. This Policy will acquire cash value if it has been in force for at least
three years and provided all the Premiums that have fallen due have been received.
The guaranteed cash value in this Policy will be thirty percent of the Premiums)
excluding the first years Premium) received. Surrender Value After the Policy has
acquired Cash Value, you may opt to surrender this Policy. The Surrender Value
payable will be subject to the condition that the Policy is in full force and that there are
no statutory or other restrictions to the contrary. The Surrender Value payable will be
equal to Cash Value less any loan including interest accrued to date of surrender.


Loans) After the Policy has acquired a Cash Value it will be eligible for loan/s. The
maximum amount of loan/s at any point in time shall not exceed ninety percent of the
Cash Value or such other amount as the Company may determine from time to time.
You will be liable to pay interest on such loans as may be determined by the Company
on a quarterly basis up to a maximum of five per cent points over and above the bank
rate prevailing at the time when the loan application is sanctioned by us and also
comply with all other terms and conditions as stipulated by us. nterest on loan will be
compounded once every year. Any loan/s granted will form a first charge against the
Policy proceeds and will be deducted before any payment is made on the Policy. At any
point in time, should the loan and accumulated interest exceed the Cash Value, the
Policy will lapse. The minimum amount of loan that can be granted at any time will be
Rupees ten thousand only.

Revival of Policy Within three years after the Policy has lapsed and the Policy is under
nonforfeiture, you may apply to revive the Policy, if you have not surrendered it. All
overdue Premiums must be paid together with interest at such rates as declared by us
from time to time at the time of revival. The revival of the Policy shall take effect only
after it is approved, in writing, by us. At the time of revival any unpaid loan and any loan
deducted when we determined the non-forfeiture benefit, must also be repaid. We do
not need evidence of insurability if we receive the required payment within 30 days after
the expiry of the grace period thirty days/fifteen incase of monthly mode), but the
insured must be living when we receive it. BONUS This is a participating plan, eligible
for bonuses. The Company may declare bonuses, from time to time, from the third
policy year and these will be paid out, based on your choice of bonus options.

. Buy Paid Up Additions PUA) - ncrease the death benefit of your base policy; .
Premium Offset Use it to offset against future premiums payable; . Cash Get the
amount in your hands;

Plan Details Minimum ssue Age* Maximum ssue Age Expiry Age Minimum Face
Amount Maximum Face Amount Premium Payment Frequency Factor 20 Years 50
Years 70 Years Rs 100,000/Rs 5 Cores Annual = 1, Semi-annual = 0.52, Quarterly =
0.265, Monthly = 0.09

*Age is as at last birthday

Customized Options-To enhance the value of your 20 Year Endowment Participating
Plan or customize it to suit your individual needs, you can add the following riders:
Term Rider -Additional life cover Dread Disease Rider -Additional benefit against
dread diseases Waiver of Premium Rider -Waiver of future premiums in case of
disability Term Renewable and Convertible Rider -Renewable additional life cover with
an option to convert to a permanent insurance plan Personal Accident Benefit Rider -
Additional life cover in case of death / permanent disability by accident


Sample llustration * A healthy 30-year-old male buys 20 Years Endowment
Participating Policy for sum assured Rs 1 Lacs with an annual premium of Rs 5,312
Maturity Benefit Guaranteed Non-guaranteed Low rate @6%p.a. Non-guaranteed High
rate @10%p.a. Rs 100,000 Rs 1,45,092 Rs 2,05,409

Death Benefit During the Term of the Plan- Sum Assured along with accrued bonus
*Kindly note that above is only an illustration and does not in any way create any rights
and/or obligations. The actual experience on the contract may be different from
illustrated. The non-guaranteed low and high rates mentioned above relate to assumed
investment returns at different rates and may vary depending upon market conditions.
Suicide Exclusion Notwithstanding anything stated in the Policy, if the Life nsured
under the Policy dies by suicide, whether sane or insane, within one year from the Date
of Policy or the Effective Date of any revival of this Policy, the Policy Coverage shall
come to an end simultaneously. n such an event, we will only refund the Premiums)
received from the Date of Policy or the effective date of any revival; whichever is later,
without interest, less any expenses incurred by us.


b) Life Gain Plus 20 Participating) Plan

Max New York Lifes Life Gain Plus 20 is a limited pay endowment plan to meet your
financial goals to ensure you complete peace of mind. Enjoy the full benefits of an
endowment plan with life insurance that requires you to pay premiums only over a very
limited period, while you get cover for the entire tenure! Also, your money grows quickly,
resulting in a substantial lump sum on maturity.

KEY BENEFTS 1) Maturity Upon maturity of the policy we shall pay you 110% of the
Sum nsured as specified in the Schedule together with sum assured of all paid up
additions, if any. 2) Death Benefits ) Subject to the Policy remaining in full force, on the
death of the Life nsured, we shall pay the following Benefits under this policy: i) On
death this product gives 100% of the sum assured plus sum assured of paid up
additions, if the policy is in force for less than 5 years. ii) On death this product gives
double the sum assured plus sum assured of paid up additions, if any, if the policy has
been in force for 5 years or more ) On Death of the Policy Holder if the Policy Holder
and the Life nsured are different persons) Subject to the Policy remaining in full force,
on the death of the Policy Holder, the Life nsured shall have the option to continue the
policy by payment of premiums.


3) Terminal llness benefits This feature is offered to all our customers, with select Max
New York Life Policies that they buy. With this, the Life nsured has access to a portion
of the Policys Death Benefit, should the Life nsured be diagnosed with Terminal
illness with a life expectancy of 6 months or less. 4) Non-Forfeiture Benefits f the Policy
has Surrender Value, you may surrender your policy for cash or exercise any one of the
following non-forfeiture options, as opted for by you in the Proposal Form.

i)

ii)

Reduced Paid Up nsurance A reduced paid up insurance is the amount of paid up
insurance, which can be purchased by the Surrender Value. This reduced paid up
insurance may acquire cash value, which entitles you to take loan/s. f at any time the
outstanding indebtedness exceeds the surrender value of the paid up policy, the paid up
policy will lapse. Such paid up policy is not entitled to any bonus. Extended Term
nsurance ET) The Surrender Value will be used as a single Premium to buy Term
nsurance equal to the current Sum nsured of this Policy for a term, which the
Surrender Value can purchase. The maximum term for this ET cannot exceed the
remaining term of this Policy. Should the Surrender Value be sufficient to buy a single
premium Term nsurance for a term longer than the remaining term of this Policy, and
then such excess amount will be returned to the Policy Holder. Such ET is not eligible
for bonus or cash value. The minimum term for ET is five years. f the surrender value
is not sufficient to purchase ET for five years or more the surrender value will be paid in
cash.


OTHER BENEFTS: Vesting on attaining majority f the Policy has been issued on the
life of a minor, the Policy will automatically vest in him on his attaining majority eighteen
years) and thereafter the Life nsured would be the Policyholder and the Company shall
enter into all correspondence directly with him. Any assignment or nomination of the
Policy contrary to this provision would be null and void against the Company. Cash
Value Non guaranteed cash values as decided by the Appointed Actuary. This Policy
will acquire cash value if it has been in force for at least three years and provided all the
Premiums that have fallen due have been received. The guaranteed cash value in this
Policy will be thirty percent of the Premiums) excluding the first years Premium)
received. Surrender Value After the Policy has acquired Cash Value, you may opt to
surrender this Policy. The Surrender Value payable will be subject to the condition that
the Policy is in full force and that there are no statutory or other restrictions to the
contrary. The Surrender Value payable will be equal to Cash Value less any loan
including interest accrued to date of surrender. Loans) After the Policy has acquired a
Cash Value it will be eligible for loan/s. The maximum amount of loan/s at any point in
time shall not exceed ninety percent of the Cash Value or such other amount as the
Company may determine from time to time. You will be liable to pay interest on such
loans as may be determined by the Company on a quarterly basis up to a maximum of
five per cent points over and above the bank rate prevailing at the time when the loan
application is sanctioned by us and also comply with all other terms and conditions as
stipulated by us. nterest on loan will be compounded once every year. Any loan/s
granted


will form a first charge against the Policy proceeds and will be deducted before any
payment is made on the Policy. At any point in time, should the loan and accumulated
interest exceed the Cash Value, the Policy will lapse. The minimum amount of loan that
can be granted at any time will be Rupees ten thousand only. Revival of Policy Within
three years after the Policy has lapsed and the Policy is under non-forfeiture, you may
apply to revive the Policy, if you have not surrendered it. All overdue Premiums must be
paid together with interest at such rates as declared by us from time to time at the time
of revival. The revival of the Policy shall take effect only after we approve it, in writing.
At the time of revival any unpaid loan and any loan deducted when we determined the
non-forfeiture benefit, must also be repaid. We do not need evidence of insurability if we
receive the required payment within 30 days after the expiry of the grace period fifteen
incase of monthly mode), but the insured must be living when we receive it. BONUS
This is a participating plan, eligible for bonuses. The Company may declare bonuses,
from time to time, from the third policy year and these will be paid out, based on your
choice of bonus options. Buy paid Up Additions PUA) - ncrease the death benefit of
your base policy; Premium Offset Use it to offset against future premiums payable;
Cash Get the amount in your hands;

Plan Details Entry Age* Maximum Maturity Age Regular Premium Minimum 18 years
Maximum 55 years 75 years


Premium Payment Term Sum Assured

Tenor of cover Premium Payment Frequency Factor *Age is as at last birthday

You can choose between 6 / 10 years Minimum Rs. 50,000 Maximum No upper limit,
Subject to underwriting 20 years Annual= 1, Semi-Annual = 0.52, Quarterly = 0.265,
Monthly = 0.09

Customized OptionsTo enhance the value of your Life Gain plus 20 Year Endowment
Participating Plan or customize it to suit your individual needs, you can add the following
riders: Term Rider - Additional life cover Dread Disease Rider - Additional benefit
against dread diseases Waiver of Premium Rider - Waiver of future premiums in case
of disability Term Renewable and Convertible Rider - Renewable additional life cover
with an option to convert to a permanent insurance plan Personal Accident Benefit
Rider - Additional life cover in case of death / permanent disability by accident Payer
Benefit Rider- Which gives you the flexibility of waiver of future premiums in case of
death and disability of the policyholder

Sample llustration * A healthy 30-year-old male buys Life Gain Plus 20 Plan with a
10year premium payment term for sum assured Rs 1 Lacs with an annual premium of
Rs 8,240 Maturity Benefit Guaranteed Rs 1,10,000


Non-guaranteed Low rate @6%p.a. Non-guaranteed High rate @10%p.a.

Rs 1,42,385 Rs 2,09,516

Death Benefit During the Term of the PlanSum Assured along with accrued bonus
Suicide Exclusion Notwithstanding anything stated in the Policy, if the Life nsured
under the Policy dies by suicide, whether sane or insane, within one year from the Date
of Policy or the Effective Date of any revival of this Policy, the Policy Coverage shall
received from the Date of Policy or the effective date of any revival; whichever is later,

c) Endowment to Age 60 Participating nsurance

There comes an age in life, when all one needs is peace of mind and security the life
after retirement, when your sources of income reduce but your expenses don't. From
medical costs to children's marriage expenses. So it makes great sense to plan well in
advance for a secure life after retirement. To make sure your expenses will be covered
with dignity, to make sure you will be there to provide for your children when they need
you most. We at Max New York Life understand this. And to help you achieve that life of
dignity and freedom, we are privileged to present the Endowment to Age 60 Policy.


Key Benefits: 1) Financial Security: You get a guaranteed sum, along with the accrued
Bonus if any) at the age of 60. t is ideal for saving money for covering your expenses
after your retirement, such as your child's marriage, your medical expenses or financing
a house for your family. 2) Guaranteed Death Benefit: n case of the unfortunate event
of your death during the tenure of the policy, the sum insured will be paid to the
beneficiary. 3) Liquidity: You have the facility to take a loan after your Policy has
acquired a Cash Surrender Value) to fund unexpected requirements. 4) Better Financial
Planning: A guaranteed, fixed premium allows you to plan your finances better. You will
be eligible for Bonus once the Policy has been in effect for at least two years, with an
option of how you want it paid. For example, you can even get cash every year rather
than wait for the maturity of the Policy. However, Bonuses are not guaranteed and will
be as declared by the Company from time to time.

Additional Benefits: Cash Value This Policy will acquire cash value if it has been in force
for at least three years and provided all the Premiums that have fallen due have been
received. The guaranteed cash value in this Policy will be thirty percent of the
Premiums) excluding the first years Premium) received. Bonus This is a participating
plan, eligible for bonuses. The Company may declare bonuses, from time to time, and
these will be paid out to you, based on your choice of bonus options. There is no bonus
for the first two policy years and bonuses are declared from the third policy year.


Buy Paid Up Additions PUA) Use it to buy additional layers of insurance cover in
the existing policy. Premium offset Use it to offset against future premiums payable;
Cash Get the amount in your hands; Surrender Value After the Policy has acquired
Cash Value, you may opt to surrender this Policy. The Surrender Value payable will be
subject to the condition that the Policy is in full force and that there are no statutory or
other restrictions to the contrary. The Surrender Value payable will be equal to Cash
Value less any loan including interest accrued to date of surrender. Facility of a Loan:
Once the Policy has acquired a Cash Surrender Value, you will be eligible for a loan in
accordance with the Company's terms then. Plan Details: Minimum ssue Age Maximum
ssue Age Expiry Age Minimum Face Amount Maximum Face Amount Premium
payment options Premium Payment Frequency Factor , Sample llustration * A healthy
male, age 30, buys Endowment to Age 60 Plan for Rs 5 lacs Sum Assured and pays
annual premium of Rs 15,005 per annum. Guaranteed Value at Maturity Maturity Value
@ 6% Maturity Value @ 10% Rs. 500,000 Rs. 8,69,218 Rs. 15,23,442 91 Days 50
Years 60 Years Rs. 1,00,000/Rs. 5 Cores Annual Semi-annual, Quarterly, Monthly
Annual = 1, Semi-annual = 0.52, Quarterly = 0.265, Monthly = 0.09


Death Benefit During the Term of the Plan- Sum assured plus accrued bonuses if any.
*Kindly note that the above is only an illustration and does not in any way create any
rights and/or obligations. The actual experience on the contract may be different from
illustrated. The non-guaranteed low and high rates mentioned above relate to assumed
investment returns at different rates and may vary depending upon market conditions
Customized Options-To enhance the value of your Endowment to Age 60 Plan or
customize it to suit your individual needs, you can add the following riders: Personal
Accident Benefit Rider - Additional life cover in case of death / permanent Disability by
accident Term Rider -Additional life cover Dread Disease Rider -Additional benefit
against dread diseases Waiver of Premium Rider -Waiver of future premiums in case
of disability Term Renewable and Convertible Rider -Renewable additional life cover
with an option to convert to a permanent insurance plan Payer Benefit Rider-Which
gives you the flexibility of waiver of future premiums in case of death and disability of
the policyholder.

Exclusion f the life insured dies by suicide, whether sane or insane, within one year
from the date of commencement or effective date of revival, the policy will terminate and
the surrender value, if any, will be paid.


vi) PENSON PLAN

a) Easy LifeTM) Retirement Plan Regular Premium/Single Premium

Participating) Policy A retirement plan that ensures a steady income and absolute
peace of mind, in the golden years Of your life. Max New York Lifes Easy Life
Retirement Plan is a comprehensive plan to meet your post Retirement financial needs,
ensuring you complete peace of mind. The Easy Life Retirement Policy provides an
income i.e., pension/annuity) for your entire life from your chosen date of Retirement.
This annuity is a guaranteed amount, guaranteed at the time of vesting i.e.,
Commencement of annuity). Max New York Lifes Easy Life Retirement Plan is a
comprehensive Plan to meet your post retirement financial needs, ensuring you
complete peace of mind. n addition, the policy also builds value. The bonus that is
declared by the company from time to Time buys Pure Endowment benefits payable on
vesting date.

Key Benefits Death Benefit n the unfortunate event of your death within one year from
the effective date of the Policy, we shall refund the premiums received without any
interest. n the unfortunate event of your death after one year from effective date of
the policy But before the vesting date), we shall be refund of premium with interest @
3% per

Annum as the minimum guaranteed interest rate, limited to the sum assured specified n
the schedule together with the Cash Value of the Pure Endowment benefits, if any. The
beneficiary may avail of this benefit: Either in lump sum, or By way of purchase of life
annuity with return of Annuity Purchase Price From us or any other RDA approved
Company. Annuity Details Notional Corpus During your earning years, you pay us a
fixed premium every year or a single premium. On the Date of retirement that you
choose, this policy provides you with a Notional Corpus, comprising The Sum Assured,
together with Pure Endowment benefits purchased out of the bonuses Declared by the
Company from time to time. You can take up to 25% of this Notional Corpus in Lump
sum and use the balance amount, to purchase an annuity. Annuity Pension) Options
You can choose any one of the Annuity options at least 6 months before vesting date
Annuity for Life You will get an annuity for life. Annuity for a guaranteed minimum
period of 5/10/15/20 years as chosen by you, and Life thereafter. You or your legal
representative in case of your death) will receive annuity for your chosen Period. On
your survival at the end of this period, you will continue to get the same amount For the
rest of your life. Annuity for Life, with return of annuity purchase price

You will get the annuity for life. When you die, your legal representative will get the
refund of Annuity purchase price. For ages more than 50 years the current prevailing
annuity rate is 4.375 % per annum you can also choose any other annuity options
offered by us at the time of exercise. n case you do not choose any annuity option, you
shall receive an Annuity for Life. The Annuity plan opted for by you cannot be altered
during the six months before the vesting date. Additional Benefits 1. Tax Benefit -You
can avail of a tax benefit u/s 80CCC 1) of the ncome Tax Act 1961 on a Premium of up
to Rs.10, 000 per annum. f you are in the tax bracket of 31.5%, you can reduce Your
tax liability up to Rs.3, 150 on a premium of Rs.10, 000 towards this policy. This benefit
is Available to you every year you pay. 2. You have the flexibility to purchase Annuity
from any other RDA approved company. n such a Case, we shall pay the notional
corpus directly to such a company chosen by you. 3. You have the freedom to
surrender your Policy prior to its Vesting Date. Subject to statutory Or Other restrictions,
if any, we shall pay a minimum guaranteed surrender value of 55% of the Premiums
received in Regular Premium policies, and 80% of the Premium received in Single
Premium policies. However, the policy will not acquire any cash surrender value until
completion Of one year from the date of issue of the policy. 4. No medical examination
is required. 5. There are no policy exclusions. Plan Details Regular Premium Single
Premium Entry Age 20 - 60 years 20 60 years Chosen Retirement Age 50 - 70 years
50 - 70 years

Deferment Period 10 - 40 years Subject to min. vesting age) 10 - 40 years Subject to
min. vesting age) Premium Payment Period 10 - 40 years not applicable Sum Assured
Limits Minimum= Rs. 1, 00,000 Maximum= Rs. 10 Crore Minimum= Rs. 1, 00,000
Maximum= Rs. 10 Crore *Chosen Retirement Age: the age on which your annuity vests.

A professional pedigree thats second to none: nsurance solutions from Max New York
Life bring proven expertise to the ndian life insurance arena. As your partner for life, we
bring you innovative life insurance solutions based on New York Life's global experience
of over 160 years and Max ndia's deep understanding of ndian market. Expert Advice
at Your Doorstep: Our Agent Advisors have been professionally trained to Understand
and evaluate your unique financial requirements, and recommend a policy which best
Meets your needs. With experienced agents, supported by a team of specialists, we are
fully Resourced to help you achieve your lifes financial objectives. Please call us
today. We would be Delighted to meet you. Section 41 of nsurance Act 1938 states: No
person shall allow or offer to allow, either directly or indirectly, as an inducement to any
person to take out or renew or continue an insurance in respect of any kind of risk
relating to lives or property in ndia, any rebate of the whole or part of the commission
payable or any rebate of the premium shown on the policy, nor shall any person taking
out or renewing or continuing a policy accept any rebate, except such rebates as may
be allowed in accordance with the published prospectuses or tables of the insurer


vi) Strategic product

a) Max Amsure Future Builder

Child Endowment Participating) nsurance Plan Plan Details Minimum Maximum Entry
Age 91 days 14 years Plan Tenor 10 years 24 years Maturity Age 10 years 24 years
Sum Assured Rs 50,000 Subject to underwriting / Rs 5 lacs, if Payer Benefit selected
Premium Payment options Annual, Monthly through direct debit) Benefits Maturity
Benefit Upon maturity of the Policy we shall pay you the Sum Assured together with
accrued bonuses, if Any. Death Benefit f the Life nsured dies before the maturity of this
Policy, we shall pay the premiums received by We together with interest at the rate of
four 4) percent per annum, compounded annually, Together with accrued bonuses, if
any. Option to buy a permanent insurance policy Upon maturity, the policyholder will
have the option to buy a permanent life insurance policy on


The life of Life nsured without fresh medical underwriting irrespective of the state of
health of The Life nsured at that time), as may then be offered by the Company for an
amount up to the Sum Assured under this Policy. Such option may be exercised within
six months from the date of Maturity on such terms and conditions as are applicable at
that time. Bonus After this policy is in force for two years it is entitled to bonus, if any,
declared by the Company. Bonus is payable on the Policy anniversary, from the
surplus, if any, arising out of the actuarial Valuation of the participating life insurance
fund, if all premiums due before then have been paid. Bonuses are always non-
guaranteed. The bonus will be applied as per one of the following options elected by the
Policy Holder in the Proposal Form: 1. Paid in Cash: The Bonus declared will be paid to
the Policy Holder in cash. 2. Premium Offset: This entitles the Policy Holder to offset the
premium payable under The Policy against the bonuses, if any. n the event the bonus
is in excess of The premium payable under the policy, the excess will be paid to the
Policy Holder in cash. However, if the bonus is not sufficient, the shortfall should be
Paid in full to keep the policy in force. 3. Left on Deposit: Bonus declared by the
Company can be left to accumulate with nterest, at rates declared by the Company
from time to time, at least once every Year. The interest credited will be compounded
once every year. The Accumulated amount will be paid on maturity or death of the Life
nsured. Vesting on attaining majority The Policy shall automatically vest in Life nsured
on his/her attaining majority eighteen years)


And upon such vesting the Policy shall be deemed to be a contract between the
Company and The Life nsured, who shall be regarded as the Policy Holder and the
Company shall deal directly With him. Tax Benefits The premiums for all life insurance
products offered are eligible for tax benefits under Section 80C of the ncome Tax Act,
1961, if applicable. Furthermore, all maturity payments and claims s also tax exempt
under Section 1010D)? Cash Value This Policy will acquire cash value if it has been in
force for at least three years and provided all The Premiums that have fallen due have
been received. The guaranteed cash value of this policy Will be thirty per cent 30%) of
the Premiums) excluding the first years Premium) received. Surrender Value After
the Policy has acquired Cash Value, you may surrender this Policy. The Surrender
Value Payable will be equal to Cash Value less any loan including interest accrued to
the date of Surrender. Once a request for surrender of the policy is received by us, no
other benefit under This policy is payable. Loans) After the Policy has acquired a Cash
Value the policyholder may avail loan not exceeding 90% of the cash value under the
base plan or such other percentage as the Company may determine From time to time.
You will be liable to pay interest at such rates, as may be determined by the Company
on a quarterly basis, not exceeding five per cent points above the bank rate prevailing


at the time when the loan application is sanctioned by us and also comply with all other
terms And conditions as stipulated by us. nterest on loan will be compounded once
every year. Any loan/s granted will be a first charge on the Policy proceeds and will be
deducted from the Proceeds before any payment is made on the Policy. At any point in
time, should the loan and accumulated interest exceed the Cash Value, whether Or not
the loan is recalled, the Policy will lapse. The minimum amount of loan that can be
Granted at any time will be Rupees ten thousand only.

Automatic Premium Loan APL) n case you have elected APL option in the Proposal
form and the Policy has Surrender Value that is sufficient to take a loan for paying the
overdue premium, we will provide you with an Automatic loan to pay the overdue
premium within the grace period. n case premiums have been paid through APL for two
years in a row, the next premium cannot be paid through APL. However, if at any time
Surrender Value is not sufficient to take a loan for paying full overdue Premium, you will
be liable to pay the full premium, failing which the Policy will lapse and the Surrender
Value, if any, will be paid to you. All other conditions regarding APL will be those as
Specified under Loans. You may either opt, if not already elected, or cancel this
election for future premiums, by giving a notice in writing to us. Non-Forfeiture Benefit At
any time after the Policy has acquired Surrender Value, you may surrender the policy
for cash Or utilize the surrender value to purchase a reduced paid up insurance. The
reduced paid up nsurance will acquire cash value. The option to purchase reduced paid
up insurance must be

Exercised by you in the Proposal Form or by a subsequent election in writing which
must be Received by us before the due date of payment of premium.

Lapse and Revival of Policy f the due premiums are not paid within the grace period of
30 days 15 days for monthly mode of premium payment) from due date, the policy will
lapse. However, if the policy has cash value, it is eligible for Non forfeiture option or APL
option as chosen by you. Within three years after the Policy has lapsed you may apply
in writing for revival of the Policy, if you have not surrendered it. We may upon written
request from you, and on production of evidence of insurability acceptable to us cost of
which to be borne by you), and at our discretion revive the Policy on such terms and
conditions as are applicable at the time of revival. All overdue Premiums must be paid
together with interest at such rates as may be declared by us from time to time. The
revival of the Policy shall take effect only after revival is approved by us and
communicated to you in writing. At the time of revival, any unpaid loan and any loan
deducted when we determined the no forfeiture benefit must also be repaid. nterest on
the loan outstanding will be compounded once every year and will be based on loan
interest rate that were in effect at the time of lapse. All or part of overdue Premiums can
be availed as a new unpaid loan if there is sufficient cash value available after the
revival of the Policy to cover the loan. We do not need evidence of insurability if we
receive the required payment within 30 days after the expiry of the grace period, but the
insured must be living when we receive it. f the Policy has been surrendered, this
Policy cannot be revived. The cost of providing evidence of insurability shall be the
actual medical examination fee, plus an administrative fee, which shall not be more than
Rs.2000/-. The maximum administrative fee may be revised depending upon the annual
inflation rates.


b) Max Amsure Business Builder This is a Decreasing Term plan with Return of
Premiums, and is suitable for people who have long term loans viz. mortgages. This
plan enables such a person to provide protection to his dependants in the unfortunate
event of his death prior to full payment of the mortgage; alternately, if he survives to
maturity of this plan, this plan enable him to get the refund of his premiums.

Plan Details-Eligibility Conditions Minimum/ Maximum Age:Entry Age [Age as at last
birthday] 18 years 50 years Policy Term 15/20 years Cover ceasing age based upon
tenor 70 years nitial Sum Assured Rs. 50,000 Rs 6 lacs: Age <= 35 Rs 5 lacs: Age
between 36 and 45 Rs 2.5 lac: Age > 45 years Premium Payment option Annual or
Monthly through direct debit)

Benefits Maturity Benefit Upon maturity of the policy provided life insured is living, we
shall pay maturity benefit as under:i) n case the policy term is 15 years, we shall pay
you 100% of the total premiums paid. ii) n case the policy term is 20 years we shall
pay you 120% of the total premiums paid.

Death Benefit i) On Death of the Life nsured n case of death of the Life nsured before
maturity, we shall pay the current sum insured or the premiums paid whichever is
higher. Current SA = Reducing from initial Sum Assured to reach 50% of initial Sum
Assured after

7th policy year and remains level at 50% of initial Sum Assured thereafter. Example - f
the initial Sum Assured chosen by policyholder is Rs. 1,000, his Sum Assured will
Reduce during the first 7 years as follows: 1st year: 1,000.00 2nd year: 928.57 3rd year:
857.14 4th year: 785.71 5th year: 714.29 6th year: 642.86 7th year: 571.43 8th year
onwards: 500.00 Disability Benefit f the life insured is less than 50 years of age on
policy commencement and if the Life nsured Sustains Total and Permanent Disability
before maturity, which continues for a period of not less Than 6 months from the date
the Life nsured becomes totally and Permanently Disabled, we Shall pay you the
Current Sum nsured. Once a claim for Disability Benefit is filed with the Company,
which shall be not later than 3 months from the date of occurrence of such an event,
then unless the claim is rejected by the Company, the policyholder shall not be entitled
for any other benefit under this policy. Upon payment of Disability Benefit the policy
shall terminate. Total and Permanent Disability shall mean accidental or medical
injuries which, within 180 days from the happening of such event and independently of
all other causes, results in:a) rrecoverable loss of entire sight in both eyes; or b)
Amputation or loss of use, of both hands at or above the wrists; or c) Amputation or
loss of use, of both feet at or above the ankles; or d) Amputation or loss of use, of one
hand at or above the wrist and one foot at or above the

Ankle, Such that the Life insured becomes incapable of engaging in any gainful activity
or carrying Out any work, occupation, or profession to earn or obtain any wages,
compensation, Remuneration or profit. Exclusions No benefit is payable if Total and
Permanent Disability of the Life nsured occurs from or is Caused, directly or indirectly,
voluntarily or involuntarily, by one or more of the following: i) Attempted suicide or
intentional self-inflicted injury, whether sane or not at the time; ii) Use of drugs, alcohol,
narcotics or psychotropic substance, not prescribed by a Registered Medical
Practitioner; iii) njuries resulting from riots, civil commotion, rebellion, revolution, war
whether war be Declared or not), invasion or any war like operations or terrorism; iv)
The employment in the police or armed forces or military/ paramilitary service, naval, air
Forces of any country in a state of war whether war be declared or not) or in any armed
Conflict; v) Participation in a criminal or unlawful act; vi) Participation in any flying
activity other than as a bona fide passenger whether paying or not), in a licensed
aircraft provided that the Life nsured does not, at that time, have any Duty on board
such aircraft; vii) The Life nsured engaging in or taking part in professional sports) or
any hazardous Pursuits, including but not limited to, diving or riding or any kind of race;
underwater Activities involving the use of breathing apparatus or not; martial arts;
hunting; Mountaineering; parachuting; or bungy-jumping. viii) Any radioactive,
explosive or hazardous nature of nuclear fuel materials or property

Contaminated by nuclear fuel materials or accident arising from such nature; ix)
Pregnancy, its termination or miscarriage or any complications arising there from; and
x) Presence of the HV/ ADS. Non-Forfeiture Benefit At any time after the policy has
acquired Surrender Value, you may surrender the policy for cash or utilize the surrender
value to purchase a reduced paid up insurance. The reduced paid up insurance will
acquire cash value... Lapse and Revival of Policy Premiums are payable to us on the
due dates. We allow a grace period of thirty days 15 days for monthly mode) from the
due date for payment of each Premium. f we do not receive a Premium by the end of
the Grace Period, the policy will lapse. However, if the policy has acquired cash value, it
will be subject to the nonforfeiture option. Within three years after the policy has lapsed,
you may apply in writing for revival of the policy, if you have not surrendered it. We may,
upon written request from you, and on production of evidence of insurability acceptable
to us cost of which to be borne by you), and at our discretion revive the policy on such
terms and conditions as are applicable at the time of revival. All overdue Premiums
must be paid together with interest at such rates as may be declared by us from time to
time. The revival of the policy shall take effect only after revival is approved by us And
communicated to you in writing. We do not need evidence of insurability if we receive
the required payment within 30 days after the expiry of the grace period, but the insured
must be living when we receive it The cost of providing evidence of insurability shall be
the actual medical examination fee, plus an administrative fee, which shall not be more
than Rs.2000/-. The maximum administrative fee may be revised depending upon the
annual inflation rates. Suicide Exclusion Notwithstanding anything stated in the policy, if
the Life nsured commits suicide, whether sane or insane, within one year from the Date
of policy or the Effective Date of any revival of this policy, the policy Coverage shall
received from the Date of policy or the effective date of any revival; whichever is later,


Cash Value This policy will acquire cash value if it has been in force for at least three
years and provided all the Premiums that have fallen due have been received. The cash
value of this policy will be higher of a) 30% of all premiums received excluding the first
year premium or b) A net level premium reserve as per table filed with RDA. .
Surrender Value After the policy has acquired Cash Value, you may surrender this
policy. The guaranteed Surrender Value payable will be equal to Cash Value accrued
up to the date of surrender subject to the condition that the policy is in full force and that
there are no statutory or other restrictions to the contrary. Once a request for surrender
of the policy is received by us, no other benefit under this policy is payable.

3.2 UNT LNKED LFE NSURANCE PRODUCTS ULLP): Unit Linked Life nsurance
products are different from the traditional insurance products and are subject to the risk
factors. The premium paid in Unit Linked Life nsurance policies are subject to
investment risks associated with capital markets and the NAVs of the units may go up
or down based on the performance of fund and factors influencing the capital market
and the insured is responsible for his/her decisions. Max New York Life nsurance
Company Limited is only the name of the nsurance Company and Smart Steps,
SMART Steps Plus, SMART Steps Single Premium, SMART nvest, Life nvest, Life
Maker Premium and SMART Assure are only the names of the unit linked life insurance
contracts and does not in any way indicate the quality of the contracts, its future
prospects or returns. Please know the associated risks and the applicable charges, from
your insurance agent or the intermediary or policy document of the insurer. The various
funds offered under this contract are the names of the funds and do not in any way
indicate the quality of these plans, their future prospects and returns.


4 HUMAN RESOURCE MANAGEMENT

4.1 RECRUTMENT Recruitment is the process of finding and attracting capable
applicants for employment. The process begins when new recruits are sought and ends
when their applications are submitted. The result is a pool of applicants from which new
employees are selected. n this company the Sales Manager, who recruits the
advisors/agents for selling the products of the company, does the recruitment. The
advisors should have at least passed the S.S.C. examination. They must pass the
prerecruitment examination, which is conducted by the nsurance nstitute of ndia,
Mumbai, or any other approved examination body. After clearing the examination the
code will be provided to them and the license will also be given to them, the validity the
license would be 3 years. After all these requirements, the person will become an
insurance advisor in the company.

4.2 SELECTON

AGENT SELECTON AND ELGBLTY STANDARDS As per the 9 point Agents
Selection and Eligibility Standards system, points will have to be assigned to the Agent
depending on Age, Marital Status, Education Qualification, Gender And No: of Years
Lived in the city.

-Maximum Score Possible for an Agent is 12 Points. -Minimum Score possible for an
Agent is 9 points.


REGONAL MANAGER/ZONE HEAD APPROVAL S REQURED F THE SCORE S
LESS THAN 9 PONTS. The 9 points system Applicable Score AGE Below 25 - 35 25
1 MARTAL STATUS Unmarried 1 QUALFCATON Under Graduate 1 GENDER Male
2 LVED N THE CTY FOR 5 YEARS No 1 Yes 2 Total Score 2 Above 35 3 Married 2
Graduate 2 Female 3

Selection is the process of picking individuals out of the pool of job applications) with
requisite qualifications and competence to fill job in the organization. n simple words, it
is the process of differentiating between applicants in order to identify these with a
greater likelihood of success in a job.


The Branch Manager, which includes-, will conduct the process of selection of Sales
Manager

1) Personal nterview: The first step of selection of Sales Manager in Company to
conduct a personal interview of an applicant by the Branch Manager. 2) Project 40
nterview: After clearing the personal interview, the project 40 interview will be taken by
the Branch Manager. n this step, the applicant should have to make a list of 40 and
then start the business with them. 3) nterview with Regional Head: After clearing the
project 40 interview, the applicant should be interviewed by the Regional Head, who will
check his/her performance. 4) Negotiation: After clearing the interview with Regional
Head, the negotiation will be provided to the applicant. 5) Medical Examination: After
that, the medical check up should e made to the applicant. 6) Selection: After clearing
all the above steps the applicant should be appointed/selected as a Sales Manager in
the company.

Requirements of Sales Manager:The Sales Manager should possess the following
things1. They should be an M.B.A.

2. The age of them should be between 25 to 35 years. 3. They should have good
communication skill. 4. They should have at least sales experience of 3 years. 5. They
should have the capability to handle the team. 6. Their job profile includes recruitment,
training, guiding, motivating And in turn getting business out of a team.

4.3 TRANNG AND DEVELOPMENT:Training and Development is any attempt to
improve current or future employee performance by increasing an employees ability to
perform through learning usually by changing the employees attitude or increasing
his/her skills and knowledge. The need for training and development is determined by
the employees performance deficiency, computed as follows: Training & Development
= Standard Performance Actual Performance They are providing 100 hours training to
their advisors, who are newly recruited. They are also providing the product training to
their advisors and Sales Managers, who are newly recruited. The 100 hours training is
to be conducted at Net Bios Computer Academy whereas the product training is to be
conducted at NS SPARTA. The NS SPARTA nstitute has more than 150 batches and
is trained over 3000 agents for most of the private insurance companies. This institute is
approved by DRA to train agents/advisors.


5 MARKETNG DEPARTMENT

5.1 DSTRBUTON CHANNEL Max New York Life nsurance Company Limited is using
five types of distribution channel, which are as follows:

1) Agency: ndependent insurance agents represent a number of companies and can
research these companies products to find the right combination for their clients.
ndependent agents & insurance producer groups are growing in prevalence. Although
producer groups are in their infancy, their emergence may potentially be realignment in
the distribution of financial services. ndependent shops realized that by pooling
production and funding a central support office, they had increased buying power. The
one type of distribution channel, which Max New York Life nsurance Co. Ltd is using, is
an agency. This channel works as follows:
Branch Managers Advisors Customers


2) Corporate:To gain a better understanding of the demand amongst independent
advisors for trust services and to gain a better feel for how independent advisors handle
trust services, a research was performed with independent advisors across several
broker/dealers and custodians. The interviews revealed that demand is greatest for
living trusts among independent advisors, followed by demand for corporate trustee
services. Another type of distribution channel is corporate, which are for employee
benefits. This channel is tie up with corporate or small enterprises. Through these small
enterprises, the advisors will sell the products/policy to customers of the small
enterprises.

3) Web World:Direct sales of life insurance are growing rapidly, but many of the
traditional fullserve players seem to be letting it go. Across all financial services,
consumers are expressing a willingness to deal with a variety of providers on the web.
Web sites are starting to pop up offering consumer insurance products especially
designed for distribution over the web. Another type of distribution channel is web world.
This channel is tie up with customer database. n this channel, the advisors will sell the
policy to the target customers, which are taken from the customer database, are listed
in the website.

5.2 COMPARATVE STUDY Presently there are 15 Life insurance companies in the
country. There is only one public sector company LC and the rest 14 are private sector.
Although LC has been dominating the Life nsurance business since past few years the
private players have now started to take the momentum.


1) Major Market Players: Birla Sun Life nsurance Company: Birla Sun Life nsurance
Company is a 74:26 joint venture between Birla group and Sun Life Financial. t is a
private sector company. The company was registered on 31/1/2001. The market share
for FY 2005- 06 was 1.89%. HDFC Standard: HDFC standard is a 74:26 joint venture
between HDFC and Standard Life. t is a private sector company. The company was
registered on 23/10/2000. The market share for FY 2005-06 was 2.87%. CC
Prudential Life nsurance: CC Prudential Life is a 74:26 joint venture between CC
and Prudential. t is a private sector company. The company was registered on
24/11/2000. The market share for FY 2005-06 was 7.35%. Life nsurance Corporation of
ndia LC): Life nsurance Corporation of ndia is a 100% government held Public
Sector Company. Being the first to be established LC is the forerunner in the Life
nsurance sector. The market share for FY 2005-06 was 71.44%. Kotak Mahindra OLD
Mutual: Kotak Mahindra OLD Mutual is a 74:26 joint venture between Kotak Mahindra
bank and Old Mutual. t is a private sector company. The company was registered on
10/1/2001. The market share for FY 2005-06 was 1.11%.


Max New York Life: Max New York Life is a 74:26 joint venture between J & Bank,
Pallonji & Co and MetLife. t is a private sector company. The company was registered
on 6/8/2001. The market share for FY 2005-06 was 1.23%. Aviva Life nsurance ndia:
Aviva Life insurance is a 74:26 joint venture between Aviva and Dabur. t is a private
sector company. The company was registered on 14/5/2002. The market share for FY
2005-06 was 1.14%. NG Vysya Life insurance: NG Vysya Life nsurance is joint
venture between Exide 50%), Gujarat Cements 14.87%), Enam 9.13%) and NG 26
%). t is a private sector company. The company was registered on 2/8/2001. The
market share for FY 2005-06 is 0.79%. Met Life ndia: Met Life ndia is a 74:26 joint
venture between 74:26 JV between J & Bank, Pallonji & Co and MetLife. t is a private
sector company. The company was registered on 6/8/2001. The market share for FY
2005-06 was 0.40%. Bajaj Allianz Life nsurance Co.: Bajaj Allianz Life nsurance
Company is a 74: 26 Joint venture between Bajaj Auto limited and Allianz AG. The
company was registered on 3/8/2001. The market share for FY 2005-06 was 7.56%.
SB Life nsurance Company Ltd: SB Life nsurance Company is a 74: 26 Joint venture
between SB and Cardiff S.A. The company was registered on 31/3/2001.t is a private
sector company. The market share for FY 2005-06 was 2.31%. The TATA AG Group: -


TATA AG group is a 74:26 JV between Tata Group and AG. t belongs to the private
sector. The company was registered on 12/2/2001. The market share for FY 2005-06
was 1.29%. Sahara ndia Life nsurance Company Ltd.: First Wholly ndian Owned
Private Life nsurance Company. The Company commenced operations from 30th
October 2004. The market share for FY 2005-06 was 0.06 %. Shriram life insurance
company Ltd: Shriram Life is a recent entrant into the life insurance sector it is a 74:26
joint venture between the Shriram group through its ShriramFinancial Holdings and
Sanlam Life nsurance Limited, South Africa. The Company expects to start operations
soon.

2) Market Share: Sr. No nsurer Market Share %) 1 LC 71.44 2 Bajaj Allianz 7.56 3
CC Prudential 7.35 4 HDFC Standard 2.87 5 SB Life 2.31 6 Birla Sun Life 1.89 7 Tata
AG 1.29 8 Max New York 1.23 9 Aviva 1.14


10 Kotak Mahindra OLD Mutual 1.11 11 NG Vysya 0.79 12 Reliance Life 0.54 13
MetLife 0.4 14 Sahara Life 0.06 15 Shriram Life 0.03


CONCUSON

After the deep study of insurance sector of ndia, can tell that this is the sector, which
has most business opportunities perhaps in ndia. nsurance industry is one of the
fastest sectors in ndia. nsurance sector has been growing by 25% to 30% and it is
expected to increase by 50% in coming 5 years. After the opening up of the insurance
sector, it has become much competitive and insurance awareness among people has
increased. As far as the comparison of Max New York Life nsurance and other players
is concerned, there are both positive as well as negative impacts on both the sides. For
private players the negative aspect is that they have to fight with the public sector giant
which is established player with a high brand value. But the positive impact is that the
life insurance awareness has increased and the business of Max New York Life
nsurance has increased. From this 34 days experience in a corporate, got a good
exposure about what really the corporate life is about. ts waking along with targets and
mind stresses every morning. The person who can manage these target and stress are
shining in those fields.


Date:

CERTFCATE

This is to certify that Mr. Amit Kumar Bhariti, M.B.A Degree Student from nstitute Of
Business Management & Research, Hubli has Completed his Academic Project at our
Organization Max New York Life nsurance Company at Delhi. From 06/08/ 2009 To
09/09/2009. During his project, he gathered the information about Max New York Life
nsurance Products & Distribution Channel. During the Project Period his Conduct was
found Satisfactory.

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