The reduction in FMC to 1.25%, which is lower than the IRDAs guidelines of capping FMC at 1.35%, will provide increased Fund value and returns thereon. This benefit will be extended not only to the new customers but to all of our existing customers on renewal premiums as well.

Reduced FMC will be applicable on Growth Super Fund and Dynamic Opportunities Fund from 1 st December 2009 whereas on High Growth Fund and Pension Fund - Growth Super Fund it will be applicable from 1 st January 2010.

Mr. Prashant Sharma, Chief Investment Officer, Max New York Life Insurance Co Ltd, said, “Our investment philosophy is focused on optimizing reward while managing risk. The move to reduce Fund Management Charges for all existing and prospective policyholders is in line with our constant endeavour to be fair to all our policyholders by providing uniform benefits. Our approach to maximize policyholders’ returns over long-term has enabled us to consistently outperform benchmark in all fund categories over the last 5 years.”

Customer Centricity has always been our focus and is reflective not just in our innovative product and service offerings but also in our fair and transparent approach in providing the best benefits to all our customers. Our passion and commitment has enabled us to achieve a pre – eminent position in the life insurance industry,” he further added.

Max New York Life has recently completed 5 years of its ULIP funds and currently holds a portfolio of Rs. 8152 crores. As on 30 th October 2009, 59% was invested in debt and 41% in equity, 90% of the company’s debt portfolio is invested in Government Securities and AAA rated corporate bonds whereas 80% of equity investment is in large caps. The funds are managed by an in-house team of dedicated and highly specialized investment analysts and fund managers. During the last 5 years the company’s ULIP funds have consistently outperformed the benchmarks on risk-reward parameters. This consistent performance ensures that the company provides superior return to its customers over the long-term.

Last year Outlook Money also recognized the company’s efforts and ranked Max New York Life Insurance No.1 in Slow (up to 20% in equity), Medium (up to 40% in equity) and Quick fund (up to 60% in equity) categories. This was also reflective of the company’s investment management capabilities to act as per changing market conditions and constantly maximize returns to the policyholders.

About Max New York Life Insurance Co. Ltd. (www.maxnewyorklife.com)

Max New York Life Insurance Co. Ltd. is a joint venture between Max India Ltd., a leading multi business corporation and New York Life, a Fortune 100 company. The company is one of India’s leading private life insurance companies. Max New York Life is recognized for its claims management processes by international re-insurance major - Swiss Re. The Company offers both individual and group life insurance solutions. It has established a multi-channel distribution network across India. Through its wide network of highly competent life insurance agent advisors and flexible product solutions, Max New York life is creating a partnership for life with its customers in India.

For Further Information , Please contact: