LifeCell International ties up with Max New York Life Insurance (Chennai, September 3, 2009)

An Exclusive tie-up to safe guard every child’s future health & wealth

LifeCell International (“LifeCell”) India’s first and the largest stem cell banking service provider, and a pioneer in stem cell research and technology has entered into an arrangement with Max New York Life Insurance (“MNYL”). 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.

Expressing his views on the occasion, Mr. Mayur Abhaya, Executive Director, LifeCell International, said, “We have consciously evolved our service offerings at every stage to provide exclusive value added services to all our customers. 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. Our association with Max New York Life Insurance will provide LifeCell customers’ a direct access to their best-in class services and products.

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.

Commenting on the tie-up, Mr. V. Viswanand, Director & Head - Bancassurance & Direct Sales Distribution, 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. Planning for children’s future is one such reason for saving in majority of Indian Households. Our arrangement with LifeCell is a step towards accomplishing our agenda of financial literacy and creating awareness about need for financial planning. 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.”

About LifeCell International Pvt. Ltd:
LifeCell is India’s first & largest umbilical cord stem cell bank to bring the revolutionary concept of banking a baby’s umbilical cord blood stem to the country. LifeCell facilitates the cryogenic preservation of stem cells in technological collaboration with Cryo-Cell International Inc, USA - the world’s largest and oldest stem cell bank with more than 16 years of expertise in stem cell banking.

LifeCell in the past 4 years has positioned itself as leaders in the Industry and is accredited by AABB (American Association of Blood Banks) for adopting their international standards and today LifeCell is the “First AABB Accredited Stem Cell Bank in India” and recognized by DSIR, Govt. of India for R&D. Today LifeCell has close to 20,000 members who have preserved their baby’s cord blood & cord tissue stem cells and has over 50 centers across India and abroad. LifeCell will soon be launching another revolutionary service in Stem Cell Banking - Menstrual Blood Stem Cell Banking, for every woman to preserve her stem cells and potentially secure her future from life-threatening diseases. With addition of this service LifeCell will become the first & only comprehensive stem cells solutions provider in the world to offer a complete spectrum of services in stem cells through multi-service banking, R&D, Clinical Trials and Stem Cell Therapy.

About Max New York Life Insurance Co. Ltd. (www.maxnewyorklife.com)
Max New York Life Insurance Company Ltd. is a joint venture between Max India Ltd., one of India’s leading multi-business corporations and New York Life International, the international arm of New York Life, a Fortune 100 company. Max New York Life Insurance, incorporated in 2000, is one of India’s leading private life insurance companies. The company offers both individual and group life insurance solutions. It has established a wide distribution network across India. Through its wide network of highly competent life insurance agent advisors and flexible product solutions, Max New York life Insurance is creating a partnership for life with its customers in India to facilitate them to achieve more.

For media queries, please contact:

V. Ravi Shankar
General Manager
Corporate Communications & Marketing
LifeCell International
Handphone: 09677003344
e-mail: ravishankar.v@lifecellinternatinal.com

Arpan Basu
Sr. Manager
Corporate Communications
Max New York Life Insurance Co. Ltd
Handphone: 09818083556
e-mail: arpan.basu@maxnewyorklife.com