Max Life and Axis Bank celebrate 13 years of Bankassurance partnership

Max Life Insurance Co. Ltd. and Axis Bank, one of India’s largest private sector banks, celebrates the completion of thirteen years of Bancassurance partnership that has protected the financial future of its customers with a comprehensive range of life insurance solutions.

Since inception, the partnership has served more than 25 lac* customers with more than INR 3,81,900 Cr.* sum insured to cover their risks. The alliance intends to further strengthen its distribution network, utilize cutting-edge technology and offer differentiated products in the market, 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 capitalize on what we have already achieved. We will build on our vision to strengthen our position as a top leader in the Indian Life Insurance sector and deliver strong value to all stakeholders.”

Comment on the event, Mr. Ravi Narayanan, Group Manager and Head – Branch Banking, Retail Liabilities & Products, Axis Bank“We truly believe that for any collaboration to be successful, the partners must not only have 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 intend to deepen further and build on it.”

The acquisition of 12.99 percent equity capital in Max Life by Axis Group has further strengthened the shared commitment to 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 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 needs-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per annual audited financial statements for FY2022-23, Max Life achieved 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-corporate, SME, agriculture and retail businesses. With its 4,758 domestic branches (including extension counters) and 10,990 ATMs across the country as on March 31, 2022, the network of Axis Bank is spread across 2,702 centres, enabling the Bank to reach out to a large cross-section of customers with a variety 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 about Axis Bank, please refer to the website: https://www.axisbank.com.

*from 31 March 2023