Mumbai: Private life insurer, Max New York Life Insurance on Monday said that it has restructured rpt has restructured its Ulip portfolio by launching four new products.
The new products launched are—Max New York Life Fortune Builder, Max New York Life Unit Builder Plus, Smart Invest Pension Super and Smart Xpress.
All the four products are compliant to IRDA’s regulation of capping of charge to reduce the reduction in net yield, the company said in a statement.
“In our new Ulip products, we have paid emphasis on the protection element and also introduced guaranteed loyalty bonuses which clearly indicates on life insurance being viewed as a long-term protection product,” Max New York Life corporate vice-president and head product management, Manik Nangia, said.
“The exclusion of mortality and morbidity charges from the cap has ensured that there will be no compromise on life cover, which is of critical importance in a country like India where 96% of the households are vulnerable,” he said.
Max New York Life is a joint venture between Max India and New York Life, a Fortune 100 company.