Kolkata, Jan 10: The partnership of Max India and New York Life may go beyond life insurance venture as both are mulling to partner for new areas of financial services like asset management, non-life insurance, banking and NBFC.

Max New York Life Insurance managing director & CEO Gary R Bennett said on Thursday that the plan, named Mission Everest (2010-11), to venture into new areas as part of the overall growth plan, was discussed in detail in Kathmandu last year.

However, the plan still remained at the drawing board and no formal agreement had been signed between Max India and New York Life, Bennett clarified.

Bennett also did not rule out the possibility for acquisition in the new focus areas.

Under the plan, 43 initiatives would be taken up out of which some 26 are meant for the existing venture Max New York Life. Speaking about Max New York Life, Bennett said that the company would increase the paid-up capital to Rs 2600 crore by 2011 from Rs 800 crore now.

"We would expand our geographical presence, distribution channels like tying up with retail chains Spencers and branding activity during the period," he said.

Max New York would focus more on rural and new income segments and plans to introduce products suited for the segments, he added.

"We seek relaxation for distribution and premium payment from IRDA to help suit low income segment," Bennett said.

Max New York also proposes to introduce four standalone health products from its stable and all those are with Insurance Regulatory and Development Authority for approval.