Chennai:
The two joint venture partners of Max New York Life Insurance
Max India and New York Life International will be infusing Rs
50-crore additional capital to meet solvency norms and the companys
expansion costs.
 "The
company will get the money very soon," says Max New York Life
managing director Tony Singh. "We expect another infusion of
a similar amount early next fiscal."
Among the new private
life insurers, Max New York Life is the largest in terms of number
of policies sold and the total sum assured. "The companys
total sum assured is over Rs 1,500 crore and the exact figures
will be out after closing our accounts," says Singh.
Apart from the solvency
norms, money is required towards product promotion,
training of agents and the likely increase in salaries due to the
branch network expansion.
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