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What is Max life Insurance’s Ownership Structure?

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What is Max Life Insurance’s Ownership Structure?

Max Life Insurance is one of the prominent life insurance companies in India. The company has cemented its name in the insurance sector with excellent customer service and innovative insurance plans. However, behind the company’s impressive track record lies the driving force of its success; its three major promoters: Max Group, Axis Bank, and Mitsui Sumitomo Insurance Group.

In this article, we will talk about Max Life Insurance, its shareholding pattern, and promoters.

About Max Life Insurance

  • Max Life Insurance, previously known as Max New York Life Insurance, is a joint venture between Max Financial Services, Axis Bank, an Indian Banking Institution, and Mitsui Sumitomo Insurance Company Limited.
  • The company was incorporated on the 11th of July 2000 after the liberalization of the insurance industry in India. Since then, Max Life Insurance has sold more than 55 Lakh policies and has a customer base of more than 1 crore individuals.
  • Max Life Insurance is headquartered in New Delhi, with 250+ branches, and more than 50,000 employees working in India. Along with selling life insurance coverage, the company also sells various other plans like investment plans, health plans, and so on.

Shareholding Pattern of Max Life Insurance

As per the annual reports of FY 2022-2023:

  • Max Financial Service Limited holds an 81.84% stake in Max Life Insurance.
  • Mitsui Sumitomo Insurance Company Limited holds a 5.17% stake in Max Life Insurance.
  • Axis Bank and its two subsidiaries – Axis Securities Limited and Axis Capital Limited – compositely own a 12.99% stake in Max Life Insurance.
  • As per a leading news report, the banking institution intends to increase its stake in Max Life Insurance up to 7%, making it a 20% stakeholder in the insurance company.

Below given is this shareholding pattern Max Life Insurance as per the annual report for FY 2022-2023:

Shareholders

Holding % (as as of 30th June 2022)

Max Financial Services Limited

81.84%

Axis Bank

12.99%

Mitsui Sumitomo Insurance Company Limited

5.17%

Total

100%

Now, let us tell you in a nutshell about the promoters of Max Life Insurance:

Max Financial Services Limited

Max Financial Services Limited is part of Max Group, a prominent Indian conglomerate and the majority parent holding company of Max Life Insurance. The company’s main objective is to provide long-term insurance solutions through its subsidiary Max Life Insurance. The company also offers financial solutions and wealth management services to its customers.

Axis Bank

Axis Bank is a leading private sector banking institution in India established in 1993. Headquartered in Mumbai, the bank provides a wide range of services to its customers such as home loans, corporate loans, insurance investments, portfolio management services, etc. As of 2022, Axis Bank has a network of 4500+ branches, 75,000+ employees, and 10,000+ ATM centers. Life Insurance Corporation of India (LIC), National Insurance Company Limited, and United India Insurance Company Ltd are among the major promoters of Axis Bank.

Mitsui Sumitomo Insurance Company Limited

Mitsui Sumitomo Insurance is a prominent insurance company headquartered in Tokyo, Japan. It is the subsidiary of MS & AD Insurance Group, one of the largest insurance institutions in the world.
The company offers a wide range of insurance products like marine insurance, aviation insurance, life insurance, health insurance, life insurance, and more.

Author Bio

This article is written by Team InsuranceLiya.com, an independent website that writes about insurance, finance, health, and more. Our writers have a wealth of knowledge, experience, and degrees in the fields of insurance, finance, economics, and beyond.

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Max Life Insurance

How safe is Max Life Insurance? (Top 4 points to remember)

Here's your answer:

Max Life Insurance is one of the safest insurance companies in India, having a claim settlement ratio of 99.34%, conservation ratio of 85%, and solvency ratio of 201%.

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How safe is Max Life Insurance? (Top 4 points to remember)

If you are looking to purchase a life plan from Max Life Insurance, and are worried about the safety of the company, this article is for you. Here, we will highlight the top 4 aspects of Max Life Insurance that will give you a good idea about the safety of the company. Let’s begin.

Top 4 points to remember

Claim settlement ratio

This is one of the most important points to consider when you purchase a life/term plan. The claim settlement ratio of a company highlights the ratio of insurance claims serviced compared to the total claims made.

In simple words, if an insurance company gets 100 claims in a year, and passes 95 of those 100 claims, the claim settlement ratio of that insurance company is said to be 95%.

Max Life insurance has a claim settlement ratio of 99.34% as of 2022. This is the highest claim settlement of any life insurance company in India.

The higher the claim settlement ratio, the higher is the chance of your insurance claim getting serviced. Be cognizant of the claim settlement ratio of any insurance company before taking a policy.

Company history and pedigree

It is important for a policyholder to understand where an insurance company has come from. They must learn about the history, ethics, and ethos of a company before purchasing a policy. Let us highlight some of the aspects of Max Life’s history:

  • Max Life Insurance is a JV between renowned Indian Bank Axis Bank and Max India Ltd. Both are quality companies in their own right with a rich history.
  • Winner of the Gold Award for “The life insurance provider of the year” at Outlook Money Awards, 2020.
  • Awarded as “One of India’s most trusted brands- 2022” by WCRC International.

Fundamentally sound

A company has to be fundamentally sound and strong to meet its commitments towards its customers. Let us look at some of the most important fundamental aspects of Max Life:

  • Max Life has a solvency ratio of 201%.
  • The company has a conservation ratio of 85%.
  • 99.34% claim settlement ratio.
  • ₹ 1.7 lac crore assets under management (AUM).

Accessibility to policyholders

What good is an insurance company if it isn’t accessible to its policyholders? An insurance company should be widely accessible in case a policyholder wants to lodge a complaint or grievance, or even want customer support. This is one of the most important aspects that you should consider before buying a plan from a company. Let us look at the accessibility of Max Life.

  • Max Life has 269 branches Pan-India. Locate the nearest branch here.
  • Max Life has a toll-free customer care helpline @ 1860 120 5577
  • A customer can also send an email to them at Service.helpdesk@maxlifeinsurance.com
  • The company also has a comprehensive online portal where a customer can log-in and access a host of important information such as due premium dates, check payment history, make premium payments, check policy benefits & features, and more.

Sources:
https://www.maxlifeinsurance.com/about-us/awards-achievements
https://www.maxlifeinsurance.com/about-us
https://www.maxlifeinsurance.com/about-us/why-max-life

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Max Life Insurance claim settlement ratio over the years

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Max Life Insurance claim settlement ratio over the years

Max Life Insurance has been a mainstay in the Indian life insurance sector for many years, and has a proven track record for over the course of many years.

This article will aim to give the reader an understanding of Max Life Insurance’s claim settlement ratio over the course of the last few years, as knowing the claim settlement ratio is crucial for a customer before buying any life insurance policy.

First, let us understand what a claim settlement ratio is.  Quite simply, a claim settlement ratio is the percentage of claims an insurance company settles in a given period of time.

For instance, if an insurance company gets a 100 claims a year and settles 95 of those 100 claims, the insurance company has a claim settlement ratio of 95%.

Let us now look at Max Life Insurance’s claim settlement ratio over the years.

2015-16

96.95%

2016-17

97.81%

2017-18

98.26%

2018-19

98.74%

2019-20

99.22%  

2020-21

99.35%

2021-22

99.34%

Source

As you can see, the company boasts of a very impressive claim settlement ratio throughout the years, and are only improving their CSR over the years. This is a promising sign that implies that your insurance claim will most likely be settled by the company. Further, it is also important to note that the applied claim should be genuine.

In 2016, the total number of claims made by Max Life customers stood at 9821, and the number of claims settled by the company stood at 9606. Rejected claims stood at 212. By 2020, the company’s settled claims went up to 19,922 claims settled, doubling their claims settled from 2016.

As of 2022, Max Life Insurance has the highest claim settlement ratio amongst all its competitors in the Indian insurance sector, making it a reliable life insurance company.

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Max Life Insurance Login Process (How to login to your Max account)

Max Life Insurance Login (How to login)

Do you have a life insurance policy with Max Life Insurance? Are you looking to login to your Max Life account and check your policy details? This article will show you how you can do just that by following simple and easy replicate steps.

How to login to your Max Life Insurance account

Step 1: Visit the Max Life Insurance website

Visit their official website by either clicking here or by entering their URL (https://www.maxlifeinsurance.com/) into your preferred internet web browser.

Step 2: Click on ‘Customer Login’ from the top menu

Once you’ve clicked on ‘Customer Login’, you will be redirected to their customer login page.

Step 3: Enter your details

You will now be required to enter your registered mobile number/Policy Number and the registered date of birth. Once entered, please click on the ‘Send OTP’ button.

Step 4: Enter your OTP

You will now need to enter the OTP you received into the specified box and proceed.

Step 5: Navigate through their dashboard

You are now logged into the Max Life insurance dashboard. You can now investigate a whole host of services that the company offers to its clients.

Max Life Insurance dashboard features

The company offers a list of useful features to its policyholders. These features can be accessed through their customer dashboard. Let us understand what are some of these features and how to use them.

How to check your policy details: Important policy related details like policy type, policy number, policy term, etc can be found under the ‘Policy Details’ section.

How to change your personal details: Personal details like name, address, phone number, etc can be changed by accessing the ‘Update Policy Details’ section of the customer dashboard.

How to check your application status: You can find out more about your application status by accessing the ‘Track Application Status’ section on the website. Kindly enter your application number and proceed.

Check your policy status: You can also check the status of your insurance policy within the customer dashboard. Whether the policy is active, dormant or inactive.

Contact support: You can also contact customer support by either accessing their live chat feature or by raising a ticket within their dashboard.

Additional features include:

  • Changing your policy nominee
  • Downloading claim forms
  • Paying premium online
  • Downloading payment receipts
  • Switching your ULIP fund
  • Tracking of claims
  • Downloading policy pack
  • Downloading Certificate of Insurance

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Max Life Insurance Renewal Process (In Simple Steps)

Max Life Insurance Renewal (In Simple Steps)

Do you want to know how you can renew your Max Life Insurance policy easily and seamlessly? This article will show you exactly how in simple and easy to follow steps. Gone are the days of physically visiting insurance company offices for renewing your policy.

You can now renew your Max Life Insurance policy online and in a matter of minutes. We’ll show you how. That being said, we will discuss both online as well as offline renewal methods.

  • Online renewal
  • Offline renewal

Online Renewal

Renew your policy through their website

Step 1: Visit their online website

Step 2: Click on ‘Pay Premium’ under the ‘Customer Login’ section

Step 3: Enter your policy details and click on ‘Submit’

Step 4: Enter OTP sent to your registered mobile

Once you have entered your OTP, please click on the ‘Login’ button.

Step 5: Click on ‘Pay Now’

Step 6: Click on ‘Proceed to Payment’

Step 7: Select your payment method

You can choose from credit card/debit card, internet banking, PayTM, etc. We will choose credit card for the sake of this example.

Step 8: Select your card provider and click on ‘Proceed to Payment’

Step 9: Enter your card details and click on ‘Make Payment’ button

Step 10: Finish the payment process

Renew your policy through E-Wallets

You can also renew your policy through a variety of popular E-Wallets like:

  • PayTM
  • Airtel Pay
  • PhonePE
  • Gpay

Offline policy renewal

You can also renew your insurance policy through more conventional offline channels. They being:

Bank NEFT/RTGS: Kindly request the insurance company to share their NEFT/RTGS details. Once shared, you can make a payment and renew your policy.

Check pick up facility: This is where a company executive will visit your premises and collect the check.

Bank branches: Max Life offers its customers to visit the following bank branches and make payment:

  • Yes Bank
  • Axis Bank
  • Lakshmi Vilas Bank
  • EBIX Cash
  • You can also make payment by visiting ItzCash and CSC Centers.

Visit their branch: You can also located the nearest Max Life Insurance branch and renew your policy there.

As you can see, Max Life offers a variety of ways to renew your insurance policy. Be it offline or online. We would however recommend using online avenues for policy renewal payments during these challenging pandemic times.

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How to download your Max Life Insurance premium receipt (Guide)

How to download your Max Life Insurance premium receipt

Have you recently renewed your Max Life Insurance policy and haven’t got your premium receipt? You can now download your premium receipt simply and easily. Just following our short guide.

How to Download Max Life Insurance Premium Receipt

Step 1: Visit the Max Life receipt download page and click on ‘Download Premium Receipt’

You can either visit this page by clicking here or you can enter the URL (https://www.maxlifeinsurance.com/customer-service/download-premium-receipt) into your web browser.

Step 2: Login to your Max Life Account

Next, you will be redirected to login into your Max Life Account. Kindly enter your policy number/ mobile number, registered date of birth and click on the ‘Send OTP’ button

Step 3: Enter the OTP and login to the account

Max will send an OTP to your registered mobile phone number, kindly enter the OTP into the box and click on ‘Validate’. You will now be redirected to your policy page.

Step 4: Select your policy and click on ‘Submit’

Here, you can check a summary of your policy. This is a good opportunity to recheck and reconfirm all your registered details. Once rechecked, kindly click on the ‘Submit’ button.

Step 5: Select your receipt and click on ‘Generate’

Here, you can select the policy for which you need the receipt. Further, you can also select the year for which you need the receipt. Once selected, click on ‘Generate’ button.

Step 6: Download premium receipt

You can now either choose to download the receipt or have it emailed to your registered email ID.
As you can see, it is very convenient for a policyholder to access all his previously paid premium receipts through the Max Life website. We hope that this guide aided you in downloading your insurance premium receipts and complete your work.

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Max Life Insurance Online Payment (Simple How-To Guide)

Max Life Insurance Online Payment (Simple How-To Guide)

Gone are the days of physically visiting the branches of insurance companies to pay your insurance premium. You can now pay your Max Life Insurance renewal premium via a variety of convenient methods. You don’t even need to get out of your favorite chair to pay your premium now. Let us show you how.
This article will be discussing all of the easiest ways to pay your Max Life Insurance premium. They are:

  • Pay through Website
  • Pay through PayTM
  • Pay through Netbanking
  • Pay through E-Wallets
  • Pay through your phone
  • Auto Debit Facility
  • Check pick up Facility
  • Branch drop Facility
  • Pay through Bank Branches

Pay through website

Step 1: Visit their Website

You can visit their website by click here or by entering their URL (https://www.maxlifeinsurance.com/) into your web browser.

Step 2: Hover over ‘Customer Login’ and select ‘Pay Premium’

Step 3: Enter your details and click ‘Submit’

Step 4: Enter your OTP

Once you have entered your OTP, please click on the ‘Login’ button. You can click on ‘Resend OTP ’ If you have not received OTP.

Step 5: Select your policy and click on ‘Pay Now’

Step 6: Verify your policy details and click on ‘Proceed to Payment’

Step 7: Select your payment method

You can choose from credit card, debit card, internet banking, PayTM and others. Click on your preferred choice. We will choose credit card for this example.

Step 8: Select your card provider and click on ‘Proceed to Payment’

Step 9: Enter your card details and click on ‘Make Payment’

Step 10: Enter your OTP and finish the payment process

Pay through PayTM

Step 1: Open your PayTM App and click on ‘insurance’

Step 2: Click on ‘Pay Existing Insurance Premium’

Step 3: Select your insurance provider

Step 4: Enter policy number and click on ‘Get Premium’

Step 5: Verify your policy details and click ‘Proceed to Pay’

Step 6: Select your preferred payment method

Step 7: Enter your card details and OTP

Kindly enter your credit/debit card details and enter the OTP you receive on your phone.

Step 8: Your payment is completed

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Max Life Insurance Customer Care (Phone Numbers, Email and Address)

Max Life Insurance Customer Care

Are you looking to reach out to Max Life Insurance customer care? This article will provide you with a variety of different ways you can reach out to their customer care team. You can reach Max Life Insurance through phone, email, web-form, and customer dashboard.
We will discuss all of the above methods to reach out to them below.

  • Max Life Insurance Customer Care Numbers
  • Max Life Insurance Email ID
  • Max Life Insurance Customer Dashboard
  • Max Life Insurance Chat Assist
  • Max Life Insurance Branches

Max Life Insurance Customer Care Numbers

Primary Numbers

Primary helpline

1860 120 5577

Secondary helpline

0124 648 8900

For Non Residential Indians

0124 – 5098162, 0124 – 4905150

Major cities

Mumbai022-261246302
New Delhi011-45632800, 011-45632800
Surat0261-2225433
Ahmedabad079-66090322
Bangalore080-67173333
Kerala0471-6676100
Pune020-66801300
Amritsar0183-5059999
Chennai044-46879200
Noida0120-4734200
Kolkata033-44079301
Vishakhapatnam0891-6679700

Max Life Insurance email ID

Helpdesk

service.helpdesk@maxlifeinsurance.com

Online assistance

online@maxlifeinsurance.com, head.onlineservices@maxlifeinsurance.com

Claims

claims.support@maxlifeinsurance.com

Cashless claims assistance

claims.support@maxlifeinsurance.com, phs.mli@paramounttpa.com

Non Residential Indians

nri.helpdesk@maxlifeinsurance.com

Corporate communications

corporate.communications@maxlifeinsurance.com

Max Life Insurance customer dashboard

You can also login to your Max Life Insurance customer dashboard and raise a grievance within the dashboard. The customer support team will reach out to you shortly once you raise a query/grievance. Learn how to Login to your Max Life Insurance dashboard.

Max Life Insurance Chat Assist

You can also chat with a Max live chat agent via their Live Assistant chat feature. This feature can be accessed by clicking on the live chat pop-up on the bottom right hand side of their website.

Max Life Insurance Major Branches

Mumbai2nd Floor, Valeecha Chambers Andheri Link Road Opposite Infinity Mall Andheri (West) Mumbai 400053
New DelhiGround Floor, A1/172 Janak Puri, Near Metro Pillar No. 614 New Delhi 110058
Surat2nd floor, Golden Square, Near Sargam Shopping Centre, Parle Point, Athwa Lines, Dumas Road, Surat 395007
Ahmedabad4th Floor, Modi Arcade, 33, Maninagar Ahmedabad 380008
BangaloreFirst Floor, 14th Cross, Sampaige Road, Opposite Sai Baba Temple, Malleshwaram, Bangalore 560003
Kerala4th Floor, Malankara Avenue, Pattom, Kesavadasapuram Thiruvananthapuram 695004
PunePlot no 9, Godrej Millenium, 1st Floor Next to Hotel Taj Blue Daimond, Koregaon Park Near Blue Diamond Hotel Pune 411001
Amritsar4th Floor, Central Mall 32, Mall Road Amritsar 143001
Chennai2nd Floor, Office No 223 Y Block, 2nd Avenue 6th Main Road, Beside Ayyappan Temple Anna Nagar Chennai 600040
NoidaPlot No A-3, 6th Floor, Kaison Alpha Square Building Alpha Commercial Belt 1 Opposite JP Golf Course Dst GB Nagar Greater Noida 201301
KolkataLa Vida Mall, 2nd Floor, CK-III, Sector-II Near Tank 9, Salt Lake City, Dist North 24 Paraganas Kolkata 700091
VishakhapatnamDoor No. 10-50-14/3 2nd Floor Srikanya Noc, Siripuram Visakhapatnam 530003

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