Max Life Insurance
|Industry||Financial Services and Insurance|
|INR 440 crore|
|Total assets||INR 35,825 crore|
Max Life Insurance Company Limited (formerly known as Max New York Life Insurance Company Limited) is a life insurance company in India. The company is a subsidiary of the publicly listed Max Financial Services Limited and is the largest non-bank private-sector life insurer in India. It was founded in 2000 after the liberalization of the insurance sector in India and its operations began in 2001. Analjit Singh, founder of Max Healthcare, is the chairman of Max Life Insurance. The company is headquartered at New Delhi.
Max Life Insurance is a part of the Max India Ltd. Group. It is a joint venture between Max Financial Services and Mitsui Sumitomo Insurance Company. The former owns 68% of the company while the latter owns 26%. 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.
Products and services
Max Life has approximately 2,00,000 life insurance customers in India. Its distribution channel includes 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.
Max Life Insurance has carried out several advertising campaigns. A few prominent are:
- Second Chance – Launched in January 2015. The campaign had two videos where people spoke about how life gave them a second chance. The campaign was created to spread awareness about the importance of protection through life insurance.
- Sachchi Advice – Launched in August 2015 through the TVC medium, the campaign aimed to highlight the company's focus on providing transparent advice to all of its customers.tradaddd
- "HDFC Life-Max Life deal: Positive but for the non-compete fee". Mint. 10 August 2016.
- "Mitsui buys Max Life stake @Rs 2,731 cr - Indian Express". archive.indianexpress.com. Retrieved 2017-03-29.
- Reporter, B. S. (2016-02-29). "Axis Bank hikes stake in Max Life to 5.99%". Business Standard India. Retrieved 2017-03-29.
- www.exchange4media.com. "Max Life Insurance digital campaign gives consumers a second chance". Retrieved 2017-03-29.
- "Max Life Insurance, Sachchi advice". www.afaqs.com. Retrieved 2017-03-29.