Max New York Life Insurance, one of India?s leading life insurance companies, today launched ?Platinum Protect?, a novel term plan, thereby enhancing its product portfolio of risk protection solutions. Through this term plan, Max New York Life Insurance has for the first time introduced a unique feature of ?Reduced Insurance Cover? in the Indian market. In longer duration plans of more than 20 year policy term, policyholders will now be able to enjoy continued protection coverage from the 16th year onwards even if they chose to not make further premium payments.

?India is an underinsured market with low per capita spend on life insurance. People are increasingly becoming aware of the true value of life insurance but need a solution that bridges the gap between their Life?s Economic Value and their propensity to spend on the product. With Platinum Protect, we will not only be able to bring the benefits of life insurance to a larger segment of the market but also ensure adequate protection for them at an affordable price.

The basic purpose of life insurance is protection and Max New York Life Insurance has led the market in the protection space having the highest sum assured multiple in the industry. Our strategy targets moving this further? said Rajesh Sud, CEO and Managing Director, Max New York Life Insurance Company.

Product Features:

Reduced Insurance cover; continued insurance even on stopping premium payment ? In a 20, 25 or 30 year term policy, ?Reduced Insurance Cover? is offered from the 16th year onwards. Through this feature an individual may choose to stop paying further premiums but enjoy reduced cover through the rest of the policy term. This is a first of its kind feature to be introduced and had been devised keeping in mind the customers life stage based needs. However this facility should only be availed if the policyholder?s protection needs decreases or if he has insufficient funds to pay further payments.

Lower premium rates for leading a healthy life ? With this policy the company has introduced 3 underwriting classes based on lifestyle to provide better rates for maintaining a healthier life. An individual can avail upto 36% reduction in premium rates depending upon his lifestyle.

Comprehensive cover ? Customers have an option to opt for Dread Disease and or Personal Accident Benefit Riders