Max Life Insurance
| Industry | Financial Services and Insurance |
|---|---|
| Founded | 2000 |
| Headquarters | New Delhi |
| INR 440 crore | |
| Total assets | INR 35,825 crore |
| Website | http://www.maxlifeinsurance.com |
Max Life Insurance Company Limited (formerly known as Max New York Life Insurance Company Limited) provides Life insurance in India. The company is a subsidiary of Max Financial Services Limited. It was founded in the year 2000 and its operations began in 2001. Analjit Singh, founder of Max Healthcare, is the Chairman of Max Life Insurance.[1] The company is headquartered at New Delhi. It is considered as one of the largest private, non-banking life insurers in India.
Company Overview
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 68.01% of the company while the latter owns 26%.[2] After 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 5.99% share in Max Life.[3]
Products and Services
Max Life caters to approximately 3,000,000 customers in India through life insurance offerings. Its distribution channel includes Bank, 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 offers the following type of life insurance plans:
- Child Plans[4]
- Protection Plans[5]
- Growth Plans
- Savings Plans
- Strategic Plans
- Retirement Plans
- Group Plans
Merger with HDFC Life
In August 2016, Max Life announced a merger with HDFC Life. As per the merger, HDFC Life will have 69% of relative value in the company. This merger will make them one of the largest listed companies by the end of 2017 with an estimated market value of INR 67,000 crores. In the merged venture, HDFC will have a 42.5% stake, Standard Life will hold a 24% stake, Mitsui Sumitomo will own a7.8% stake, Max Group will have 6.6% stake while Axis Bank will hold 1.2% stake.
The merger will take place in three steps. In the initial step, Max Life will be combined with its parent, Max Financial Services Ltd. In the next step, the insurance business will demerge from this and merge with HDFC Life. In the final step, the non-insurance unit from Max Financial will merge with the parent group, Max India.[6]
The combined venture will be the second largest insurer with a market share of 12.4% and total assets of INR 1.1 trillion, behind only to State-owned Life Insurance Corporation of India (LIC). The entity will be headed by Amitabh Chaudhary, CEO of HDFC Life and will license the Max brand for seven years.
Advertising Campaigns
Max Life Insurance has done several advertising campaigns, a few prominent are:
- Second Chance[7] – 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[8] – Launched in August 2015 through the TVC medium, the campaign aimed to highlight the company’s focus on providing transparent advice to all its customers.
References
- ↑ "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.
- ↑ "Max Life Child Plans". Max Life Insurance. Retrieved 2017-03-29.
- ↑ "Max Life Protection Plans". Max Life Insurance. Retrieved 2017-03-29.
- ↑ "HDFC, Max group merge life insurance businesses to create company worth Rs 67,000 crore". The Economic Times. 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.