Max Life Insurance Co. Ltd. and Axis Bank, one of India’s largest private sector banks, celebrate the completion of thirteen years of Bancassurance partnership which has protected the financial future of its customers with a comprehensive suite of life insurance solutions.
The partnership has since inception served more than 25 lac* customers with over INR 3,81,900 Cr.* worth of sum assured to cover their risks. The alliance aims to further strengthen its distribution network, leverage cutting-edge technology and offer differentiated products in the marketplace, as part of their long-term strategy.
Mr. V. Viswanand, Deputy Managing Director, Max Life, said, “As our promoter and a successful Bancassurance partner of 13 years, our relationship with Axis Bank has grown in strength over the years. We are strongly focused on increasing the momentum and are well positioned to capitalise on what we have already achieved. We will continue to build on our vision of strengthening our position as a top leader in the Indian Life Insurance sector and deliver strong value to all stakeholders.”
Commenting on the occasion, Mr. Ravi Narayanan, Group Executive & Head – Branch Banking, Retail Liabilities and Products, Axis Bank, “We truly believe that for any collaboration to be successful the partners need to have not just a shared goal or vision, but also the same values. Our shared values of customer obsession and collaboration have enabled us to strengthen our alliance over the past decade. With the right technology, products and people on our side, we aim to further deepen and build on it.”
The acquisition of 12.99 percent equity share capital in Max Life by Axis Group has further strengthened the shared commitment towards deepening insurance penetration in India.
About Max Life Insurance
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of Max Group. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners. Max Life has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per annual audited financials for FY2022-23, Max Life has achieved a gross written premium of INR 25,342 Cr.
For more information, please visit the Company’s website at www.maxlifeinsurance.com.
About Axis Bank
Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses. With its 4,758 domestic branches (including extension counters) and 10,990 ATMs across the country as on 31st March 2022, the network of Axis Bank spreads across 2,702 centers, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge and Axis Bank Foundation.
For further information on Axis Bank, please refer to the website: https://www.axisbank.com.
*as of 31 March 2023