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 Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typical ...

company headquartered at

New Delhi New Delhi (; ) is the Capital city, capital of India and a part of the Delhi, National Capital Territory of Delhi (NCT). New Delhi is the seat of all three branches of the Government of India, hosting the Rashtrapati Bhavan, New Parliament ...

, and the largest non-bank private-sector life insurer in India. It is an 80:20

joint venture A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acce ...

between Max Financial Services and

Axis Bank Axis Bank Limited, formerly known as UTI Bank (1993–2007), is an Indian Multinational corporation, multinational banking and financial services company headquartered in Mumbai. It is India's third largest private sector bank by assets and fo ...

. 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

Max Life Insurance started as a joint venture between Max Financial Services and

Mitsui Sumitomo Insurance Group is a Japanese insurance holding company headquartered in Tokyo, Japan. MSIG was formed in 2001 from the merger of Mitsui Marine & Fire Insurance Co. (itself descended from the Taishō Marine and Fire Insurance Co. founded in 1918) and The Sum ...

. The former owned 68% of the company while the latter owned 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,

held a 6% share in Max Life. On 13 December 2024, Max Life Insurance rebranded itself to Axis Max Life Insurance.

Products and services

Max Life sells policies on both online and offline channels. Its distribution channels include

bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

s, 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 A pension (; ) is a fund into which amounts are paid regularly during an individual's working career, and from which periodic payments are made to support the person's retirement from work. A pension may be either a " defined benefit plan", wh ...

, and

annuity In investment, an annuity is a series of payments made at equal intervals based on a contract with a lump sum of money. Insurance companies are common annuity providers and are used by clients for things like retirement or death benefits. Examples ...

. It offers child protection, retirement, savings, and growth plans to individuals and to groups.

References

External links

* {{Insurance in India Financial services companies established in 2000 Life insurance companies of India Max Group Indian companies established in 2000 Companies based in Delhi 2000 establishments in Delhi