ITV

Tag: IRDA

  • Max New York Life to rebrand as Max Life

    MUMBAI: Japan‘s Mitsui Sumitomo Insurance has acquired New York Life Insurance‘s stake in Max New York Life. Following this, the insurance company will be renamed as Max Life Insurance, subject to regulatory approval.

    Max New York Life Insurance has announced the completion of 26 per cent of its stake transfer to Mitsui Sumitomo Insurance. The transfer was made after obtaining the requisite approvals from Insurance Regulatory and Development Authority (IRDA), the Reserve Bank of India and Competition Commission of India earlier this month. Post transaction, Max India‘s majority stake of 70 per cent remains unchanged.

    The company has also appointed Toshinara Tokoi and Hideaki Nomura into the Max Life Insurance board of directors as representatives of Mitsui Sumitomo Insurance.

    According to the official communiqué, the stake transfer successfully culminates the all cash transaction announced in May 2012, which resulted in MS&AD (Mitsui Sumitomo Insurance‘s holding company) of paying $535 million for 26 per cent stake in Max New York Life. The transaction values Max Life at $2.1 billion.

    Max India chairman Analjit Singh said, “For the next stage of Max Life Insurances growth and development, we view Mitsui Sumitomo as an ideal partner. I am confident that the rich experience, financial strength and risk management expertise of Mitsui Sumitomo Insurance, coupled with our inherent strengths of people and processes we have an even brighter growth journey in years to come.”

    Max India MD Rahul Khosla added, “Life insurance is the most profitable business in Max India‘s portfolio and forms about 80 per cent of group revenue. We are committed to this business and will continue to nurture it.”

    Tokoi comes in with over 30 years of experience in insurance industry which encompasses expertise in the fields of planning, sales production, underwriting of marine insurance as well as governance and administration of international business operations.

    Nomura has 26 years of experience in financial industries, including insurance, banking and investment banking. He has been instrumental in establishing Mitsui Sumitomo‘s presence in the Asian local insurance businesses, the company said.

  • MetLife launches Met Smart Plus, Met Smart Premier

    New Delhi, July 19, 2006: MetLife announced that it has launched Met Smart Plus and Met Smart Premier – new and improved variants of their unit-linked Permanent Insurance plan – Met Smart, which was included in their product portfolio last year. Designed in accordance with the recently issued IRDA’s ULIP guidelines both Met Smart Plus and Premier retain their previous quality of transparency while providing life cover up to the age of 100. These products also offer the flexibility of choosing one’s cover as well as the amount of premium paid. With a “never-before” choice of six investment fund options to suit one’s risk/return profile Met Smart Plus and Met Smart Premier allows the flexibility to switch between funds to suit ones risk profile.

    Met Smart (Plus & Premier) have a minimum sum assured of Rs. 60,000 with no upper limit. It has another unique feature of flexible premium paying option after the third policy year. A policy holder also has the option of increasing or skipping premium payments as and if the situation so demands .There is the option to withdraw from funds anytime after the third policy year to meet one’s financial requirements. The first two partial withdrawals in each policy year are free of charge. Met Smart (Plus & Premier) premiums also qualify for tax deductions under Section 80C of the Income Tax Act, 1961 and its benefits – including Partial Withdrawals and Maturity Proceeds qualify for deduction under section 10(10D) of the Income Tax Act, 1961.

    According to MetLife, these two products cater to people who range from the absolute risk averse to the ones who are willing to take risks. Met Smart Plus and Met Smart Premier have been designed keeping IRDA’s recent stipulations in mind. There has been a perceived increase in awareness of Unit-linked plans and most customers today are aware of the options available.

    MetLife has voluntarily formulated a unique internal accreditation programme for their financial advisors in view of the fact that any unit-linked product requires an in-depth knowledge of the risks involved which needs to be put forth to the customers. After sales are made, the company also has a call-out programme to ascertain whether the customers have been appropriately briefed about the product by the advisor. MetLife also has a dedicated committee with international expertise, which looks into the appropriate investments of funds, he said.

    About MetLife

    MetLife India Insurance Company Private Limited (MetLife) is an affiliate of MetLife, Inc. and was incorporated as a joint venture between MetLife International Holdings, Inc., The Jammu and Kashmir Bank, M. Pallonji and Co. Private Limited and other private investors.

    With over 138 years of experience, the MetLife companies serve millions of customers in the Americas and Asia with one goal in mind – to build financial freedom for everyone. The MetLife companies are a leader in group benefits that serve 88 of the top one hundred Fortune 500® companies, and provide benefits to 37 million employees and family members through its plans sponsors in the U.S. The MetLife companies are also ranked #1 in group life and #1 in commercial dental in the U.S. The MetLife companies are the number one life insurer in the U.S. with approximately US$3.3 trillion of life insurance in force. In India, MetLife was incorporated in 2001, and aims to differentiate itself through customized need based selling, simple and innovative products, and technology-backed service experience, to tread its path to build financial freedom for everyone.