NEW DELHI: Max New York Life Insurance Co. Ltd, an insurance company, today announced a strategic tie up with LifeCell International ("LifeCell") a provider in stem cell banking service.

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

Vishwanand, director and head, Banca & DST, Max New York Life Insurance Company, said, "Our arrangement with LifeCell is a step towards accomplishing their 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."

He added that through this tie-up, they are able to educate and extend to the LifeCell customers a bouquet of services in life and health insurance products.

Under this arrangement MNYL would 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 would get the opportunity to analyse their future financial needs and explore various insurance and savings options available with MNYL.

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. "

He added that their association with Max New York Life Insurance would provide LifeCell customers' a direct access to their best-in class services and products.