India's Max New York Life Insurance has launched two new life insurance policies called Shubh Invest and Shiksha Plus II, which are compliant with new IRDA regulations and Direct Tax Code.

According to Max New York Life, the sum assured on both new products is around 20 times the premium amount and are also eligible for tax exemption at maturity.

The company said that the new products provides capital preservation through dynamic fund allocation, and continued EEE benefit even under new Direct Tax Code.

Shubh Invest features low entry point with annual premiums starting at as INR15,000, and coverage through high sum assured multiple of around 20 times.

The new Shiksha Plus II plan offers university education pool for children, school fee support, and university education support in form of all future premiums funded in case of death of parent.

Max New York Life director & head of products and persistency Viswanand said that the company’s new offerings are DTC ready and have been designed as an attempt to re-emphasize basic purpose of life insurance.