Max New York Life Insurance has decided to almost double its capital base to around Rs 1,550 crore by the end of 2008. The company''s current capital base is Rs 807 crore. According to the source, Max New York Life would receive an infusion of around Rs 750 crore over the next 15 months. The company plans to open 150 offices by the end of 2008 and expand our presence to over 200 cities. Around 50 will be opened this year and another 100 next year.
Life insurers like LIC and ICICI Prudential Life are also working on health policies with a savings element. But these products may hit a stumbling block with the insurance regulator, as tax benefits, which can currently be availed on health policies (premium up to Rs 15,000 and Rs 20,000 for senior citizens) may not be extended to savings oriented covers. MNYL is also designing specific products for bancassurance including covers for reverse mortgage. The alternative channels, including bancassurance contributes around 25 per cent of the company''s business and Mr Bennett said that MNYL was looking at new tie-ups.
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