The private life insurance company Max New York Life Insurance Co launched the Max New York Life Smart Xpress, a flexible unit-linked insurance plan (ULIP) on Thursday. The product claims to offer secure returns even in times of market volatility.

While launching the product here, Prashant Tripathy, executive vice-president, strategic planning and business development, Max New York Life, said, "Max New York Life has designed this product keeping in mind the financial goals and current risk perceptions of the majority of Indian consumers as a great protection-cum-wealth creation option that assures safety and guaranteed returns on investment. The policy is aligned along financial goals and the risk appetite of an individual and provides the necessary solution to address the objective of capital preservation and growth."

Tripathy added, "With this offering we have also introduced the money market fund, a first of its kind offering by a life insurer and works on the fundamentals of low risk along with moderate returns primarily through a portfolio of treasury bills of short duration."

The product offers eight fund options including the money market fund. One of the key features of this fund is to guarantee protection of NAV regardless of the date of entry, switches and redirection with no exit barrier. The customer can ensure steady and safe returns on his investments in this fund during volatile markets as it guarantees NAV higher than the previous day and a lock-in at the highest NAV ensuring that the NAV of the fund never falls.

Investments from this fund can also be switched to any other depending on the customer's risk appetite. Max New York Life closed the fiscal 2008-09 with 22% growth.

Its total premium income was around Rs 3,500 crore with over Rs 1,900 crore renewal premium. The company expects the renewal premium to rise to Rs 2,800 crore by the end of the current fiscal 2009-10.

The paid up capital of the company stands at Rs 1,782 crore with sum assured of more than Rs one lakh crore.