Max New York Life Insurance ties up with LifeCell International

Max New York Life Insurance Co Ltd, one of India's leading insurance companies, has announced a strategic tie up with LifeCell International (LifeCell), India's first and the largest stem cell banking service provider, and a pioneer in stem cell research and technology.

As LifeCell ensures biological insurance for children by banking their umbilical cord blood stem cells for future therapeutic use, MNYL will offer life insurance options to LifeCell customers helping them meet the future financial needs of their children.

Commenting on the tie-up, V Vishwanand, director and head, Banca & DST, Max New York Life Insurance Company, said, ''In a country like India knowledge about financial planning is relatively lower and there is immense potential for people to use their money in a more effective manner to achieve their goals in life.''

''Life insurance is an important tool in financial planning as it provides financial protection and helps in long-term wealth creation for meeting various life stage needs. Through this tie-up, we are able to educate and extend to the LifeCell customers a bouquet of services in life and health insurance products,'' he added.

Under this arrangement MNYL will reach out to LifeCell's customers who are expectant parents and create awareness on the importance of securing a child's future against unseen health and financial needs. Every LifeCell customer will get the opportunity to analyse their future financial needs and explore various insurance and savings options available with MNYL.

Expressing his views on the occasion, Mayur Abhaya, executive director, LifeCell International, said, ''We decided to join hands with Max New York Life Insurance citing their successful past records and the growth on investments they have been offering to their customers.''