90% of Max Life Insurance’s eligible employee

90% of Max Life Insurance’s eligible employee base partially vaccinated;
Inoculation drives extended for family members and agent advisors

Max Life Insurance Company Ltd. (“Max Life” / “Company”), today announced that more than 90% of its eligible employee base is partially inoculated as of July 15, 2021. The life insurer has ensured that nearly 11,000 employees are vaccinated with the first dose, and aims to have its entire employee base fully vaccinated before the end of the current fiscal. The Company has also extended the vaccination drive for employee’s family members and agent advisors in certain regions depending on availability.

Mindful of social distancing protocols, the vaccination drive is being carried out across the firm’s different locations in the country.  The drive is being conducted in a seamless, organized manner with support from human resources and volunteers from other teams. The Company’s employees are receiving full vaccination assistance, including reimbursement of vaccine costs (wherever applicable), and provision of special vaccination leaves for both days of vaccination dosage.

Shailesh Singh, Senior Director & Chief People Officer, Max Life Insurance said, “Our people are our greatest asset. We have collectively responded to the pandemic with care and dedication for each other as well as our communities. We stay committed to providing and extending the best possible care programs to our employees, including holding vaccination drives across offices. We are grateful for the assistance we received to carry out this initiative without any difficulties and we will continue to step up efforts towards the overall health and wellbeing of our people."

Max Life is also providing real-time, pan – India information on vaccination centers and is offering the employees a medical health app that helps them book free medical consultations regarding any issue related to health, nutrition, and mental wellness. The team is also offering Covid-19 recovery counseling, home isolation guidelines, and hospitalization or medical support. Going a step further, the Company has also done away with the concept of ‘Leave Without Pay’ due to Covid-19 and advanced a credit of 12 Sick Leaves to employees’ leave balance, amplifying employee support.

Max Life Insurance Re-imagines Training for

 Max Life Insurance Re-imagines Training for New-Age Agent Advisors with ‘Max Life Ace Talk’

Max Life Insurance Company Ltd. (“Max Life” / “Company”), launches a new training transformation program for its agency channel with the unique ‘Max Life Ace Talk’ initiative. The talk series aims to showcase inspirational stories by Max Life’s top agent advisors to a network of upcoming agent advisors, fueling inspiration from personal stories of success and professional journeys.

The series developed under ‘Project Navodaya’ seeks to re-imagine the Agency Channel business at Max Life by helping the vertical achieve scale, growth in market share, and profitability. The project further follows a four-pronged approach towards training transformation, agent advisor recruitment, top agent advisor growth, and digital competence.

V Viswanand, Deputy Managing Director, Max Life Insurance said, “The launch of ‘Max Life Ace Talk’ demonstrates our continuing commitment to digitize, grow and develop our agency force, which is the backbone of our organization. For the new-age agent advisor, getting the right training and technology will make all the difference. With these programs, we seek to build a community of successful mentors who can inspire younger advisors with their stories of talent and success.”

Delivered virtually across various regions, ‘Max Life Ace Talk’ focuses on a range of attitudinal topics such as discipline in life insurance, emotional intelligence, preparation required to attain higher case size, business performances, and others. Some of the upcoming topics for the talk series include – ‘Insurance as a noble profession’, ‘habits of a successful life insurance advisor’, ‘life after retirement’, ‘exploring health and wellness’, amongst others.

Date: July 20, 2021 – 11am – 12:30pm

Link : https://zoom.us/j/93919549605?pwd=R1pzVGhGVHB0UkdTOW5lK0Q1WU9XZz09

Passcode: 878057

 Max Life Insurance witnesses strong Compound Annual Growth Rate of 33% in Individual Sum Assured over five years

• Has recorded market share of ~16% in terms of individual sum assured in the private industry in FY21

Max Life Insurance Company Ltd. (“Max Life” / “Company”), has announced a strong compound annual growth rate (CAGR) of 33% in individual sum assured over the past five financial years. Sum assured or guaranteed death benefit is the guaranteed amount that the beneficiary of a life insurance policyholder will receive in case of their untimely demise and is an important parameter that reflects the human life value an individual attaches to his life.

As per Max Life’s recent ‘India Protection Quotient 3.0’ conducted in association with Kantar, 59% of term insurance owners in urban India felt that their term plan cover was insufficient to safeguard their family's future. Also, with a greater focus on financial protection in the backdrop of the pandemic, urban India’s term insurance buyers are increasingly searching for adequate sum assured to secure their financial goals.

In line with this insight, Max Life has been working towards helping customers understand the importance of buying the right protection and sum assured. These efforts have helped the Company witness robust growth in individual sum assured. During FY21, Max Life crossed an important milestone of securing two lakh crores in individual sum assured for the first time since its inception. The average sum assured of individual pure protection policies grew by 10% Year-on-Year to ~ INR 81 lakhs. In the fiscal, Max Life has also recorded a 13% year-on-year growth in average sum assured that stood at ~ INR 35 lakhs. This has allowed Max life to record a market share of ~16% in terms of individual sum assured among the top 10 private life insurers in FY21.

Commenting on this accomplishment, Mr. V Viswanand, Deputy Managing Director, Max Life said, “The ongoing pandemic has highlighted that the future belongs to those who plan and prepare well. Hence, it becomes necessary to understand the concept of sum assured to make a sound financial decision regarding your life insurance policy. Sum assured is the single most important parameter that can affect the accomplishment of the life goals of your loved ones in your absence. Here we have also observed that customer loyalty among those who understand and know their sum assured is significantly higher than those who do not recall.

With Max Life’s commitment towards delivering the right sum assured, the aim is to help customers understand and embrace the real value of their lives. Max Life’s constant improvement in sum assured metrics demonstrates its focus on enabling pertinent financial protection to the society, that helps navigate the challenges of the future.”

Today, we witness that most consumers look at the premium payable when purchasing a term insurance plan. However, this action often leads to the purchase of a lower sum assured that is inadequate to protect the family in the face of uncertainties. In this regard, Max Life has offered consumers visiting its website an easy-to-use ‘Real Value Tool’ that helps assess their financial value by answering six simple questions and arrive at the right amount of sum assured that is needed. In case the customer chooses an insufficient sum assured due to any reason, the Company then provides the option of increasing the same by topping up either with another life insurance policy or with specific riders that offer additional protection benefits.

Max Life Insurance achieves an all-time high Claims

 Max Life Insurance achieves an all-time high Claims Paid Ratio of 99.35%

• Paid 19,922 death claims worth INR 885.57 crores during the Financial Year 2020-21

Max Life Insurance Co. Ltd (“Max Life/ “Company), today announced that it has paid 19,922 death claims worth INR 885.57 crore during the Financial Year 2020-21. With this, the Company has achieved an all-time high individual death claims paid ratio of 99.35%, which also becomes Max Life’s new ‘Bharose Ka Number’⁺.

In line with the Company’s focus on becoming a digital-first insurer, Max Life has deployed predictive analytics-based underwriting models and robust fraud management strengthened by the digitization of forensic controls. This has enabled Max Life’s claims paid ratio to improve from 97.81% in FY’17 to 99.35% in FY’21.

Max Life Insurance - Individual Death Claims Paid Ratio (%)

(Consistent improvement over the last 5 years)
FY 2016 – 17	FY 2017 – 18	FY 2018 – 19	FY 2019 – 20	FY 2020 – 21
97.81%*	98.26%**	98.74%***	99.22%****	99.35%*****

Mr. Prashant Tripathy, MD & CEO, Max Life said, “This new benchmark is an incredible testament to our belief in upholding customer trust as the cornerstone of our business. And to achieve that in a year that was affected by the pandemic is truly special. Our focus on digital has helped customers submit claims on time, using self-service options, and subsequently ensuring a speedy settlement process, entirely removing friction and hassles of a physical process.”

Reiterating its commitment to customers, Max Life has steadily and consistently improved its claims paid ratio in the last five years, surpassing the remarkable 99% mark consecutively for the past two financial years. Since its inception till Mar’21, the Company has paid INR 4123.57 crores towards death claims to 1,32,868 policies.

Bringing greater agility, innovation, and customer delight amidst the pandemic, Max Life has strengthened digital servicing initiatives to deliver contactless, paperless services and enable more self –serve options. The Company has also introduced WhatsApp for customer servicing, integrating an AI-based chatbot - ‘Mili’ to serve customers round the clock. This has helped Max Life handle more than 40 lakh service queries on its digital platforms in FY21, and significantly decrease the turn-around time in servicing performance by up to 50% from 2020.

^* basis IRDAI Annual Report 2016-17

^** basis IRDAI Annual Report 2017-18

^*** basis IRDAI Annual Report 2018-19

^**** basis IRDAI Annual Report 2019-20

^***** Source: Max Life Annual Audited Financials FY 20-21

⁺ Bharose Ka Number is Max Life’s Brand Campaign on the Claims Paid Ratio. Claims Paid Ratio is a ratio of the death claims paid against the number of death claims received in a Financial Year.

MAX FINANCIAL SERVICES CONSOLIDATED PAT RISES

MAX FINANCIAL SERVICES CONSOLIDATED PAT RISES 105%; MAX LIFE INDIVIDUAL APE GROWS 19%, VALUE OF NEW BUSINESS AT RS 1,249 CR, GREW 39% TAKING THE EMBEDDED VALUE TO RS 11,834 CR

 Max Financial Services has issued its Q4 results which includes Max Life Insurance’s
robust performance for FY21

 Max Life Results Highlights (FY21):

•                     Individual APE: Rs 4,907 Cr, Up 19%

•                     Gross Written Premium: Rs 19,018 Cr, Grew 18%

•                     Embedded Value at Rs 11,834 Cr; Operating RoEV at 18.59%, including non-operating variances RoEV at 22.4%, impacted by Covid-19 provisions.

•                     Value of New Business at Rs 1,249 Cr, grew 39%, almost doubled in 3 years.

•                     Total Assets Under Management (AUM): Rs 90,407 Cr, Grew 32%

Below is a quote by Prashant Tripathy, Managing Director & Chief Executive Officer, Max Life Insurance:

 “Our stellar performance in FY’21 is a milestone for the company. In a tough year, we outpaced the private life insurance industry on the back of exceptional digital agility, distribution excellence, and product innovation strength. A balanced product mix of traditional savings cum protection plans, unit-linked plans, and pure protection products has delivered robust sales growth and margin expansion, in turn enabling highest-ever overall sales and VNB. We are also proud of our relationship with Axis Bank reaching newer heights with the joint venture partnership and look forward to elevating and redefining the experience for our customers through seamless processes, differentiated products, and wider reach.

Our distribution network including e-commerce, bancassurance partners, and agency channels worked seamlessly during the pandemic to help customers realize their financial protection needs. We have been able to achieve the highest ever individual new business sum assured in FY’21 and a decade-high private market share of 10.8% in terms of Individual adjusted FYP. And while we remain committed to maintaining positive business momentum, our efforts are currently focused on providing support against Covid-19 to all our employees and advisors.”

Max Life Insurance leads with Most Loyal Customer Base in

 Max Life Insurance leads with Most Loyal Customer Base in Indian Private Life Insurance Industry During Covid-19; Reveals Kantar’s Annual Study

• Max Life shares #1 position in private Life Insurance industry with 72% Truly Loyal Customers
• The survey seeks to understand customers’ behaviour and loyalty trends

Max Life Insurance Company Ltd. (“Max Life/Company”), has been ranked joint #1 in an independent survey on customer loyalty conducted by Kantar in 2020. The survey reveals that 72% of the customers were truly loyal to the company in the year of the Covid-19 pandemic, the highest in the private life insurance industry in India.

The findings are part of an annual industry-wide customer loyalty study – ‘Insurance India’ conducted by Kantar to understand customers’ behaviour and loyalty trends year on year. This independent survey is conducted through face-to-face interviews with the customers of life insurance policies in the age group of 25 to 55 years, customers are questioned on their experiences and perceptions with one life insurer brand that they own. The latest study concluded in Dec 2020, covered ~6000 customers across multiple cities and life insurance brands (including LIC). 

In this extraordinary year, Max life has demonstrated an inordinate focus on digitization, online selling of insurance plans and empathetic customer communication, which has helped it to emerge as the category leader. This year, the Company has led on metrics of Claims Paid Ratio which stands at an all-time high of 99.22% for FY19-20, as per the IRDAI Annual Report, underlining Max Life’s new‘Bharose ka Number’ for the policyholders. Other initiatives including building perception around ‘Use of Technology’ and ‘Reliability in claims processing’ have also aided the brand to surpass the challenges and remain at par with Customer Loyalty.

Remarking upon the achievement V Viswanand, Deputy Managing Director, Max Life said “Even in a tough year on the back of Covid-19, we are thankful for the trust that the customers have placed in us and are truly delighted to be rewarded with promising customer loyalty. We successfully digitalized our key operations such as sales, policy issuance, claims, servicing – across the entire value chain, making the experience for customers during the pandemic, as seamless as possible. We managed to constantly deliver elevated customer experience by creating ease of access, introducing digital initiatives, and ensuring seamless claims settlement, that helped us retain our customer loyalty. This recognition from an independent survey by a leading firm like Kantar reinforces our commitment to our customers.”

To enhance customer experience during the COVID-19 pandemic, Max Life introduced various digital interventions. These initiatives helped the company address over 4 million digital transactions during this financial year. For instance, WhatsApp has contributed to approximately 22%, while AI based Mili Chatbot has helped resolve nearly 7-8% of the entire digital transaction range enabled by Max Life. In the extremely trying times of Covid-19 pandemic enforced lockdown, personalized claims services were delivered over email, bots, and WhatsApp, continuing to drive customer faith in the brand.

The survey has also helped gather insightful details about customers’ expectations and further recommends 3 actionable insights for the insurance sector: focus on nurturing trust and reliability for customers during these uncertain times, be accessible and closer to the customers by leveraging the Phygital (Physical & Digital) network and deepen customer engagement by removing moments of friction in their journeys.

Max Life Insurance fortifies partnership with Royal Challengers

 Max Life Insurance fortifies partnership with Royal Challengers Bangalore
for 14^th edition of the Indian Premier League; becomes team's
official life insurance partner for the third consecutive year

Max Life Insurance Company Ltd. ("Max Life" / "Company") today announced its partnership with Royal Challengers Bangalore (RCB) for the upcoming season of the Indian Premier League (IPL) 2021. Fortifying the partnership for the third consecutive year, Max Life will serve as the official life insurance partner of the Royal Challengers Bangalore (RCB) with a logo presence on the non-leading trouser leg. The latest edition of the Indian Premier League is scheduled to begin in Chennai from 9^th April, 2021.

Through the means of this partnership, Max Life Insurance seeks not only to motivate the RCB cricketers to play with 'Protection on the Front Foot' but also encourage its larger fan base to protect themselves with term life insurance financially. The association reinforces the Company's belief 'You Are the Difference' which reaffirms that as an individual, it is 'You' who brings a difference to the lives of your loved ones and must therefore secure their financial well-being by investing in a robust term life insurance plan. 

Remarking on the partnership, Aalok Bhan, Director and Chief Marketing Officer, Max Life, said, "It's true that consumer sentiments remained largely affected due to Covid -19, but with the nation binding event that cricket and especially Indian Premier League is, one can look forward to a positive spin. We are thrilled to partner with Royal Challengers Bangalore for the third consecutive year as their official life insurance partner. Through the means of this partnership, we aim to reach out to the team's diverse and dynamic audience base with the message that they are the difference in the lives of their loved ones. Also, in these financially challenging times brought by the pandemic, it remains crucial to consider life insurance for securing one's financial future, especially with term insurance plans, that offer income benefits, at the time that it is needed the most."

As per Max Life's recent India Protection Quotient 3.0 survey conducted in partnership with Kantar, it was found that during COVID-19, only 57% urban Indian millennials feel financially secure under current circumstances. The survey also revealed that only 28% millennials owned term insurance in the backdrop of COVID-19. Given the uncertainties around us, it is important to consider a term insurance to ensure comprehensive financial protection for loved ones.

Commenting on the partnership, Rajesh V Menon, Vice President & Head of Royal Challengers Bangalore, said, "We are pleased to associate with Max Life Insurance as our official life insurance partner for the third year in a row.  Our partnership gives us the opportunity to create awareness about financial protection and its importance in life. While the protection of players on the field is taken care of in many ways, it is imperative to gear up well in life too, by calculating risks and leading with financial protection. Thus, becoming a very meaningful proposition to engage with our fans."

Max Life Insurance launches ‘Max Life Smart Secure Plus Plan

 Max Life Insurance launches ‘Max Life Smart Secure Plus Plan’, a life insurance plan offering enhanced financial benefits to the customers

Offers protection solutions to customers including Premium Break Option, Special Exit Value, and Nominees’ choice of Claims Payout

Max Life Insurance Company Ltd. (“Max Life/Company”), today announced the launch of the ‘Max Life Smart Secure Plus Plan’ (UIN: 104N118V01), a comprehensive life insurance plan that offers enhanced financial benefits personalized to the needs of the new-age customers. This is a non-linked, non-participating, individual pure-risk premium life insurance plan that offers policyholders multiple new and enhanced benefits like the ‘Premium Break Option’, ‘Special Exit Value’, choice of Claims Payout for the nominee.

The plan offers customers an option to choose ‘Special Exit Value’ under which they may choose to exit at a specified point to receive all premiums paid back for the base protection benefit. Furthermore, customers can opt to take a break from paying the premium and still stay covered, twice during the premium payment term by choosing the ‘Premium Break’ option. The nominee has now been empowered by the choice of claims pay-out mode, at the claims stage among lump-sum, monthly income, part lump-sum, and part monthly income.

Separately, upon selecting the ‘Return of Premium’ variant, ‘Max Life Smart Secure Plus Plan’ would allow the return of total premiums paid for the base benefit at the end of the policy term upon life insured surviving through the policy term. Available to customers in the age group of 18 to 65 years, the plan also offers coverage against the diagnosis of terminal illness with accelerated pay-out from the base life cover of up to Rs. 1 crore. Other enhanced and improved features include the limited pay, accident death cover, an increase in the policy term from 50 to 67 for customers not opting return of premium, amongst others

Commenting on the launch of the product, Aalok Bhan, Director and Chief Marketing Officer, Max Life said, “We are delighted to launch the ‘Max Life Smart Secure Plus Plan’ that is created to address customers’ evolving preferences for personalization and customized benefits in the new protection era. Allowing customers to pay only for the benefits that suit their requirements, the ‘Max Life Smart Secure Plus Plan’ enables the freedom to design a protection plan in alignment with individual financial needs. Attuned to the rapidly evolving needs of our customers, we will remain committed to delivering the most relevant product experience for the customers.

The innovative product by Max Life comes at a time when a large section of customers is showing an inclination towards flexible, customizable financial protection. According to the findings of Max Life’s recent survey ‘India Protection Quotient 3.0’ in association with KANTAR, it was revealed that 58% of urban Indians want cost flexible life insurance and customizable policies, and 75% prefer term plans with ‘Return of Premium’ benefit.

Annexures: Snapshot of the Features

Sr. No	Benefits	Additional/Accelerated Sum Assured**	Brief description
	Special Exit Value	NA	Option to receive total premiums paid towards the base death benefit back, at a specified point in the term of the policy. Available when Return of Premium variant is not chosen. No additional premium to be paid
	Return of Premium	NA	Return of total Premiums Paid  towards the base death benefit, at end of policy term upon survival.
	Premium Break*	NA	Option to skip paying your premium for a year and still stay covered. 2 premium breaks will be available during the policy term. In this option, the Policyholder is allowed to take two annual breaks (holiday) from paying premiums with the Policy remaining in-force as per the terms and conditions First break is available after completion of 10 policy years provided the policy is in-force. The duration of one premium break shall be 12 policy months The second premium break can be exercised after a minimum gap of 10 years from the first premium break.
	Terminal Illness	Accelerated	Get coverage against the diagnosis of Terminal Illness and accelerate pay-out of death benefit up to Rs. 1 crore. No additional premium to be paid
	Death Benefit	Base	Max Life Smart Secure Plus Plan helps you customize the protection required at affordable prices by offering death benefit covers options (level cover or increasing cover)  to choose from at the time of purchase.
	Claim Payout	Base	Empower the nominee to choose the pay-out mode, at claims stage: Lumpsum Monthly Income Part Lumpsum and Part Monthly Income
	Joint Life*	Additional	Cover your spouse, at inception,.
	Voluntary Top-up Sum assured*	Additional	Additional Protection for Additional Liabilities. Option to double your insurance cover, basis underwriting, at the time of your need by increasing your sum assured up to an additional 100% of base sum assured, chosen at inception.
	Critical Illness*	Accelerated	Enhance your life cover, with an additional health cover, with accelerated lumpsum pay-out in case life insured is diagnosed with any of the 40 critical illnesses.
	Accident Death Cover*	Additional	Additional coverage against the risk of Accidental death.
	Max life Waiver of Premium Plus Rider*	NA	Comprehensive protection (waiver of future premiums) against Death, Disability & Critical Illness.
	Max life Critical Illness and Disability Rider*	NA	Comprehensive coverage against the risk of critical illness and disability.

 

*On payment of Additional Premium

**Additional Sum Assured is the sum assured paid in addition to the base product sum assured, on occurrence of the insured event.

Max Life Critical Illness and Disability Rider (UIN: 104B033V01) - Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider

 

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 the Max Group, an Indian multi business corporation.

Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multichannel distribution including agency and third party distribution partners. Max Life has built its operations over almost two decades through need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital.  

 

As per public disclosures, during the financial year 2019-20, Max Life achieved gross written premium of Rs. 16,184 crore. As on 31st March 2020, the Company had Rs. 68,471 crore of assets under management (AUM) and a Sum Assured in Force of Rs. 913,660 crore.

 

For more information, please visit the Company's website at www.maxlifeinsurance.com