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The insurance regulator Insurance Regulatory and Development Authority (IRDA) has issued new ground rules for Unit Linked Insurance Plans or ULIPs. ULIPs lock-in period have been increased from three years to five years. The much awaited guidelines for ULIPs, which are finally out, come on the back of the ordinance that brought ULIPs under the jurisdiction of the IRDA, and put an end to the dispute between markets regulator SEBI and IRDA.

Max India Ltd. today announced that its board has given its approval to sell around 4% stake in Max New York Life Insurance to private lender Axis Bank.

Board of Directors of the company approved in-principle, the proposal of Max New York Life Insurance Company MNYL)... to issue equity shares of approx 4% of MNYL to Axis Bank, the terms of which are currently under finalization, Max India informed the Bombay Stock Exchange.

Max New York Life Insurance Co. is a 74:26 joint venture initiated by Max India and New York Life International LLC.

Max New York Life Insurance, one of Indias leading life insurance company has entered into a tie-up with City Co-Operative Bank Limited., Mumbai to sell its insurance products across India through lenders network.

Under the arrangement, Max New York Life Insurance will utilize the branch network of the bank to sell its life insurance products.

Max New York Life Insurance has decided to roll out health and pension products by June 2008. It also plans to introduce specialised products for the low income group.

During an interactive session in Kolkata, Kenneth Sannoo, senior vice president, Max New York Life said, “We may launch pension and health products by the middle of this year. The regulator’s approval is expected in two to three months. We also plan to extend our insurance policies to rural areas through specially-designed products that are easy to operate and have a low premium.”

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