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Max Life Insurance

From Wikipedia, the free encyclopedia

Axis Max Life Insurance
Company typeJoint venture
IndustryFinancial services
Founded2001; 24 years ago (2001)
Headquarters
New Delhi, India
Key people
  • Rajiv Anand (Chairman)[1]
  • Prashant Tripathy (Managing Director and CEO)
Products
Owner
Websitewww.maxlifeinsurance.com

Axis Max Life Insurance Limited (formerly known as Max New York Life Insurance Company Limited and Max Life Insurance Company Limited) is an Indian life insurance company headquartered at New Delhi, and the largest non-bank private-sector life insurer in India. It is an 80:20 joint venture between Max Financial Services and Axis Bank. The company is a subsidiary of the publicly-listed Max Financial Services. It was founded in 2000 after the liberalization of the insurance sector in India and its operations began in 2001.

History

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Max Life Insurance started as a joint venture between Max Financial Services and Mitsui Sumitomo Insurance Group. The former owned 68% of the company while the latter owned 26%.[3] After forming the joint venture partnership with Mitsui Sumitomo, Max Life changed its name from Max New York Life in 2012. In February 2016, Axis Bank held a 6% share in Max Life.[4] On 13 December 2024, Max Life Insurance rebranded itself to Axis Max Life Insurance.[5]

Products and services

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Max Life sells policies on both online and offline channels. Its distribution channels include banks, individual agents, brokers, and corporate agents, among others. It provides linked, participating and non-participating products. Apart from life coverage, it also covers health, pension, and annuity. It offers child protection, retirement, savings, and growth plans to individuals and to groups.

References

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  1. ^ "HDFC Life-Max Life deal: Positive but for the non-compete fee". Mint. 10 August 2016.
  2. ^ "Overview of Max Life" (PDF). Max Financial Services. Retrieved 20 January 2023.
  3. ^ "Mitsui buys Max Life stake @Rs 2,731 cr - Indian Express". archive.indianexpress.com. Retrieved 29 March 2017.
  4. ^ Reporter, B. S. (29 February 2016). "Axis Bank hikes stake in Max Life to 5.99%". Business Standard India. Retrieved 29 March 2017.
  5. ^ "Max Life Insurance Rebrands to Axis Max Life Insurance" (PDF). Axis Max Life Insurance. 13 December 2024. Retrieved 28 December 2024.{{cite web}}: CS1 maint: url-status (link)
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