Mumbai: Max New York Life is targeting a premium collection of Rs300 crore in the next three years from its product ‘Max Vijay’ designed for underserved masses, a top company official said.

“We are looking at a premium collection of Rs300 crore from ‘Max Vijay’ by 2012. Our target is to sell 30 lakh policies which will cover 3 million houses,” Max New York Life executive vice president (marketing and CMO-new markets), Anisha Motwani, told reporters here.

The private life insurer launched ‘Max Vijay’ a year back and has sold 70,000 policies so far.

The company till date has collected a total premium of around Rs10 crore through Max Vijay, she said.

Max New York Life on Wednesday also announced the brand positioning for Max Vijay.

The product, designed for underserved masses, not only provides need of protection to them but also facilitates long-term savings.

Max New York Life has various modes of distribution for Max Vijay like non-government organizations, self-help groups and micro-finance institutions.

The company is also banking on the retail channel - distribution of policies from retail FMCG and telecom outlets, Motwani said.