Page 283 - DCOM304_INDIAN_FINANCIAL_SYSTEM

Indian Financial System

Notes From then to now, LIC has crossed many milestones and has set unprecedented performance
records in various aspects of life insurance business. The same motives which inspired our
forefathers to bring insurance into existence in this country inspire us at LIC to take this
message of protection to light the lamps of security in as many homes as possible and to
help the people in providing security to their families.
7. Max New York Life Insurance Company Ltd.: Max New York Life Insurance Company Ltd.
is a joint venture between New York Life; a Fortune 100 company and Max India Limited;
one of India's leading multi-business corporations. The company has positioned itself on
the quality platform. In line with its vision to be the Most Admired Life Insurance Company
in India, it has developed a strong corporate governance model based on the core values
of excellence, honesty, knowledge, caring, integrity and teamwork. The strategy is to
establish itself as a Trusted Life Insurance Specialist through a quality approach to business.
Incorporated in 2000, Max New York Life started commercial operation in 2001. In line
with its values of financial responsibility, Max New York Life has adopted prudent financial
practices to ensure safety of policyholder's funds.
The company has multi-channel distribution that includes the agency distribution,
partnership distribution, bancassurance, distribution focused on emerging markets and
alliance marketing through employed sales force. The company currently has 33
bancassurance relationships, 14 corporate agency tie-ups and direct sales force at 14
locations.

Max New York Life offers a suite of flexible products. It now has 36 products covering both
life and health insurance and 8 riders that can be customized to over 800 combinations
enabling customers to choose the policy that best fits their need. Besides this, the company
offers 6 products and 7 riders in group insurance business.
8. MetLife India Insurance Company Limited (MetLife): MetLife India Insurance Company
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. It serves its customers by offering a
range of innovative products to individuals and group customers at more than 600 locations
through its bank partners and company-owned offices.
MetLife, Inc., through its affiliates, reaches more than 70 million customers in the Americas,
Asia Pacific and Europe. Affiliated companies, outside of India, include the number one
life insurer in the United States (based on life insurance inforce), with over 140 years of
experience and relationships with more than 90 of the top one hundred FORTUNE 500
companies. The MetLife companies offer life insurance, annuities, automobile and home
insurance, retail banking and other financial services to individuals, as well as group
insurance, reinsurance and retirement and savings products and services to corporations
and other institutions.
9. Kotak Mahindra Old Mutual Life Insurance: Kotak Mahindra Old Mutual Life Insurance
is a joint venture between Kotak Mahindra Bank Ltd., its affiliates and Old Mutual plc. The
company is one of the fastest growing insurance companies in India and has shown
remarkable growth since its inception in 2001.

The group's mission is to emerge as the leading company offering a comprehensive range
of life insurance and pension products at competitive prices, ensuring high standards of
customer satisfaction and world class operating efficiency, and become a model life
insurance company in India in the post liberalization period.
10. SBI Life Insurance Company Limited: SBI Life Insurance Company Limited is a joint
venture between the State Bank of India and BNP Paribas Assurance. SBI Life Insurance is

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