Life insurance company Max New York Life has appointed veteran actor Amitabh Bachchan as the ambassador for its product, Max Vijay, that was launched towards the end of 2008.
Max Vijay is a product designed to meet the investment and insurance needs of the investor, particularly the underprivileged strata of society.
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The policy does not lapse as long as there is sufficient value in the policy account to cover charges, even if no subsequent premiums are paid.
On choosing Bachchan as the ambassador, Anisha Motwani, executive vice-president, marketing and chief marketing officer, new markets, Max New York Life Insurance, tells afaqs!, "This is a low ticket product and we launched the product with the large objective of providing financial independence to the masses. When the objective is as large, one needs a celebrity ambassador who has a stature that could reach out to a large mass of the population."
The launch will be in a phased manner, beginning from Uttar Pradesh, where the business model of the product will be tested.
"We are targeting people in the annual income bracket of Rs 60,000-1,00,000. Uttar Pradesh has a large mass of population in that bracket," says Motwani.
Rajesh Sud, chief executive officer and managing director, Max New York Life Insurance, says in a press statement, "Since the launch of Max Vijay in late 2008, our focus has been on testing the product in select markets and expanding distribution in a phased manner. Max Vijay has already provided financial inclusion to more than 65,000 households till date. Bachchan's appointment marks our next phase of expansion and we believe that Max Vijay has the potential to touch the lives of more than 10 million households in the next two years."
Among the major brands endorsed by Bachchan are Dabur (Chyawanprash, Honey, Hajmola and Glucon-D); Reid & Taylor; Cadbury; Emami Boroplus; and Himani Navratna oil.