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Agile, digital, truly differentiated — what sets Max Life Insurance apart from the other players in the space

In what is the biggest consolidation in the India's private insurance sector, <keyword id="1118012" type="UNKNOWN" weightage="100" keywordseo="max-life">Max Life</keyword> Insurance and <keyword id="3183205" type="UNKNOWN" weightage="100" keywordseo="Max-Financial-Services">Max Financial Services</keyword> will now be a part of <keyword id="4495056" type="COMPANY" weightage="100" keywordseo="HDFC-Standard-Life">HDFC Standard Life</keyword> Insurance. 
 
"The Board of Directors of HDFC Standard Life Insurance Company, Max Life Insurance Company Ltd and Max Financial Services Ltd... approved entering into a confidentiality, exclusivity and standstill agreement to evaluate a potential combination through a merger of Max Life Insurance Company Ltd and Max Financial Services Ltd into HDFC Life by way of a scheme of arrangement," said HDFC in an NSE filing. 
 
In another filing, Max Financial Services reported that the agreement gives a mutually agreed exclusivity period to the parties for due diligence and discussions regarding the proposed transaction. 
 
It added that the proposed arrangements would be subject to due diligence, definitive documentation and applicable board, shareholder, regulatory, respective High Courts/NCLT, and other TPAs. 
 
As of now, India allows 49% FDI in the insurance sector. 
 
<a href="http://www.businessinsider.in/photo/50044564.cms">Image source</a>

Max Life and Max Financial Services are now a part of HDFC Standard Life

As <keyword id="472962" type="ORGANIZATION" weightage="20" keywordseo="HDFC-Life">HDFC Life</keyword> and <keyword id="1118012" type="UNKNOWN" weightage="20" keywordseo="max-life">Max Life</keyword> are all set to create the country's biggest private life insurer, <keyword id="6448020" type="PERSON" weightage="20" keywordseo="Deepak-Parekh">Deepak Parekh</keyword> and <keyword id="10338" type="PERSON" weightage="20" keywordseo="Analjit-Singh">Analjit Singh</keyword> came together in a press conference to disclose some of the details of the deal which is now sealed. Parekh said he believes macro economic conditions in India are favourable for such a merger and, HDFC and Max have strong synergies. Meanwhile Analjit said he has not seen effective consolidation in <keyword id="6406875" type="COMPANY" weightage="20" keywordseo="life-insurance">life insurance</keyword> industry in years. 

	Key announcements made: 
 

	- HDFC LIFE to be the listed entity on completion of merger process

	- Max Life to merge into Max Fin Svcs, then into HDFC LIFE

	-Renewable premiums to grow around 10% per year going ahead. New business premium to grow by 15% in five yrs

	-Deal is subject to regulatory, shareholder approvals, and there is no need for open offer in Max Life merger

	-The agreement provides for a mutually agreed 6-month exclusivity period for due diligence and discussions between the parties in relation to a proposed transaction.
 

	The combined entity would be the largest private sector insurer, both in terms of assets under management and new business premiums. Assets under management of the combined entity would touch Rs 1.10 lakh crore and new premiums would almost touch Rs 9400 crore.
 HDFC Life is a joint venture between HDFC and <keyword id="1110792" type="ORGANIZATION" weightage="20" keywordseo="Standard-Life-plc">Standard Life Plc</keyword>, a provider of financial services in the UK. While HDFC holds 61.65 per cent in it, the foreign partner holds 35 per cent. Max Life Insurance, is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo InsuranceCo. Ltd. The foreign partner holds 25 per cent in the insurer. Max Financial Services is already listed on the stock exchanges and is the holding company of Max Life Insurance. 

	For HDFC, this will be the second such merger announced in this month. Earlier in June, HDFC Ergo General Insurance, the general insurance arm of mortgage lender HDFC, said that it will acquire L&amp;T General Insurance for Rs 551 crore, which if completed would be the first ever merger in the insurance industry.

HDFC Standard + Max Life = Rs 50,000 crore, India’s largest private insurance company

<ul><li><keyword id="1118012" type="General" weightage="100" keywordseo="max-life" source="Orion">Max Life</keyword>’s cloud footprint grew from 18% to a substantial 40% in two years </li><li>With the automation of the policy issuance process, customers can now buy insurance in just 30 minutes </li><li><keyword id="50691" type="General" weightage="80" keywordseo="digital" source="Orion">Digital</keyword> transformation also ensured that Max Life agent productivity increased by 40% </li></ul>Two years ago, when the pandemic hit, <keyword id="6374257" type="General" weightage="50" keywordseo="max-life-insurance" source="Orion">Max Life Insurance</keyword> was unprepared – just like any other player in the insurance sector. The company has come a long way since, having embarked on an ambitious transformation journey, with digital at the center of it. The goal was to become a digital insurance company as digital disruption swept the sector. Max Life has been highly successful in chasing this agenda. Two years down the line, more than 80% of Max Life’s business transactions are digitally driven and almost all its recruitment, training and skilling programs are conducted digitally. Cloud has played a critical role in the company’s digital transformation journey. The insurer spotted the need to expand its cloud footprint from 18% two years ago to a substantially higher level in order to stay agile and responsive to market changes. The company partnered with <keyword id="291131" type="General" weightage="50" keywordseo="aws" source="Orion">AWS</keyword> as its cloud partner to accelerate the transition to be a digital insurance company. Its goal was to have a resilient and future-ready infrastructure, says <keyword id="8921220" type="General" weightage="50" keywordseo="manu-lavanya" source="Orion">Manu Lavanya</keyword>, Director and Chief Operations Officer at Max Life. “The life insurance industry is going through a significant digital transformation driven by the need for businesses to be extremely agile and flexible. By adopting AWS, Max Life has created a modern, future-ready digital infrastructure to support this transformation. AWS’s advanced cloud capabilities and the agility of the cloud enable us to experiment and innovate at a rapid pace to provide best-in-class customer experiences,” Lavanya said. <cmsannotation type="cmsannotation" annotationid="Making insurance more intelligent" comment="subhead" text="Making insurance more intelligent">Making insurance more intelligent</cmsannotation> Max Life’s cloud journey has been multi-dimensional, with several AWS public cloud offerings integrated at different levels and functions. The most critical piece is the automation initiatives that Max Life undertook to improve the overall cycle time and customer experience. It leveraged the AWS Cloud capabilities, including storage, compute, and data analytics, to automate the issuance of new insurance policies, which is typically a time-consuming process with multiple verifications and validations. Max Life’s other key focus area was to provide a more personalised and faster experience to its customers, who are now increasingly preferring digital engagement channels. Automated claims and disbursals etc., have become a norm in the market in the last two years. But this is particularly challenging when there is a sudden spike in demand. The month of March, for instance, is usually the busiest month for insurers. Max Life leveraged <keyword id="13589783" type="General" weightage="50" keywordseo="aws-lambda" source="Orion">AWS Lambda</keyword>, a serverless compute service, and <keyword id="6380508" type="General" weightage="50" keywordseo="amazon-elastic-compute-cloud" source="Orion">Amazon Elastic Compute Cloud</keyword> (<keyword id="18635" type="General" weightage="50" keywordseo="amazon" source="Orion">Amazon</keyword> EC2), which provides secure, resizable compute capacity in the cloud, to automatically scale workflows to better manage the load during peak periods. For all of these critical automation initiatives to be successful, it was important for Max Life to bring all its data together. The company, therefore, built a data lake that centrally stores the company’s structured and unstructured data at scale. For this, it leveraged Amazon S3, an object storage service. Not just that, Max Life deployed the AWS serverless data integration service to consolidate and analyse anonymised customer data stored in the lake to get a 360-degree customer view for delivering personalised customer experiences, like specific coverage at lower premiums. <cmsannotation type="cmsannotation" annotationid="Compelling outcomes all across the board" comment="subhead" text="Compelling outcomes all across the board">Compelling outcomes all across the board</cmsannotation> A digital transformation project of this scale and magnitude was to certainly deliver great results for Max Life. The policy issuance automation initiative, for example, allows customers to now buy insurance in 30 minutes flat, in a hassle-free manner. The overall transformation project has had a positive impact on agent productivity, which has seen a substantial 40% increase, according to Max Life. The centralised data lake helps Max Life to better research and develop new customer services, and improve operational efficiencies. All of this has helped the insurer to improve customer interactions and strengthen customer loyalty. Max Life’s cloud footprint has now grown dramatically from 18% to 40%, with the ability to better handle business spikes that happen during new product launches and other critical initiatives. Most importantly, in its new digital avatar, Max Life provides quicker, frictionless experience to its customers. Automation of the insurance value chain has enabled Max Life to achieve the ambitious goal of making insurance simple and easy to buy. With innovations in products, processes and engagement models, Max Life has managed to stay true to its mission to “inspire people to increase the value of their lives.”

Inside Max Life’s intricate digital transformation journey

<ul><li>In our latest interview series, we talk to brands to understand how they are coping with the new normal and their strategies towards navigating these difficult times.</li><li>We speak to <keyword id="7539054" type="PERSON" weightage="20" keywordseo="Aalok-Bhan">Aalok Bhan</keyword>, Director &amp; Chief Marketing Officer, <keyword id="6374257" type="COMPANY" weightage="20" keywordseo="max-life-insurance">Max Life Insurance</keyword> about the impact of the <keyword id="91743" type="PERSON" weightage="20" keywordseo="lockdown">lockdown</keyword> on the brand, and the <keyword id="6406875" type="UNKNOWN" weightage="20" keywordseo="life-insurance">life insurance</keyword> industry in general and all that they have been doing to minimize <keyword id="7036687" type="UNKNOWN" weightage="20" keywordseo="business-impact">business impact</keyword> and ensure business continuity.</li></ul>The recent Covid-19 lockdown has impacted different sectors in different ways. Hospitality, travel, retail and aviation are perhaps the most impacted. With the lockdown now extended by another 2 weeks, its still some time till we understand what things look like in the post-Covid world. At the same time, there are a few sectors like FMCG, Telecom, Healthcare and Life insurance that haven’t been as severely affected. Brands have been trying their best to adapt to the new normal, not just in terms of how their businesses function but also in the way they communicate with their audiences. If one were to look at the positives, most brands have learnt how to become more agile and quickly adapt to changing needs at times of crisis. We recently caught up with Aalok Bhan, Director &amp; Chief Marketing Officer, Max Life Insurance to understand the impact on their brand, and the life insurance industry in general and all that they have been doing to minimize business impact and ensure business continuity. Edited excerpts: Q) How have the past few weeks been for the brand, considering the country has been in a complete lockdown? Has this affected your business? Just like every other economic sector, the lockdown has had a significant impact on the life insurance industry over the past few weeks. However, insurers across the board are navigating the crisis with extreme resilience and ingenuity and we are already seeing a robust industry response. By enabling organizations for effective remote work, recalibrating ecosystems with digital technologies and maintaining business continuity with strategic communications plans, insurers are doing enough and more to serve to the best of their capacity. Strengthening our digital initiatives at Max Life, we initiated a Business Continuity Plan a week before the lockdown was implemented. Our investment in remote user technology over the years enabled us to quickly ensure that 80% of our employees could work from home effectively within 3-4 days of the announcement. To keep the ball rolling, we have effectively digitized our entire sales process, training more than 9,000 frontline sellers and over 25,000 specified persons of banks and agents digitally in just two weeks, who sold almost 24,000 policies in the last week of March alone. We have also digitized our claims management to ensure that all support documents are accepted online, and customers are able to submit claims in a timely manner, using self-service options available on the website, digital bots and AI driven Interactive Voice Response. Q) How have you been trying to continue building a connect with your audience? Has there been a change in your media mix? At Max Life Insurance, we are consistently practicing empathetic communication and staying connected with the customer to create value and reassure them in the midst of a life altering crisis. As new-age marketers, we are also staying on top of the latest trends, watching data for insights, and understanding new consumer behaviors that will be key in driving successful conversations moving forward. For instance, new consumption patterns during the period of lockdown reflected that urban India is spending an average of 3.5 hours on digital, consumption dominated by news, social media and video streaming. At Max Life Insurance, we quickly adapted to change by channelizing our resources onto social media and digital marketing. Recent efforts include accelerating campaigns and being creative on social media, where we drove engagement on the back of a 21-day quarantine challenge through which we hope to stay connected with our customers. Keeping our connect with customers during social distancing, through Super Customer Week, now becoming e-Super Customer Week, changing the nature of customer engagement by going the digital way. Q) What are a few key learnings for you as a brand in the last few weeks? The impact of COVID-19 will be felt by all, small and big businesses. The biggest learning has been that marketing leaders need to stay the course and adapt to the new normal that is evolving. It is crucial to constantly keep experimenting and modifying marketing plans to find what works best given the situation. Q) When it comes to communicating with your consumers, what has your primary motive been? Times like these are important for us to remain connected with our customers and build trust by providing them the right kind of reassurance. Firstly, we are constantly informing customers that death due to Covid-19 is covered in their policies including term plans through multiple media such as sms, e-mail. Secondly, a dedicated Covid-19 section on our website proactively takes care of customer queries related to the topic. Q) With so much negativity in the minds of people, the biggest challenge is to build and strengthen trust. How are you doing that in these adverse times? Trust is what one must harness during COVID-19 by driving contextual and clear communication. At Max Life, we are driving utmost transparency in our coverage and communication to reinforce trust in the idea of true, hassle-free financial protection at the time of need. Q) There's a thin line in terms of a brand's communication in times of crisis where marketing communications can be misread as opportunist or even insensitive. How are you working around this tightrope and ensuring there isn't any miscommunication? We are focused on living up to our key responsibility of providing financial guidance to customers and therefore are leading our communication strategy with care and empathy. We are also consciously anchoring the messaging around fundamental themes such as financial protection, health and safety to create value and reassure customers in the midst of a life altering crisis.

Marketing in the times of Covid-19: Max Life Insurance

As <a href="http://www.businessinsider.in/Max-Life-Max-Financial-Services-HDFC-Standard-Life/articleshow/52793638.cms">reported</a>, Max Life Insurance and Max Financial Services will now be a part of <keyword id="472962" type="ORGANIZATION" weightage="100" keywordseo="HDFC-Life">HDFC Life</keyword>, thanks to a two-stage merger. As per sources, this merger will facilitate automatic listing of HDFC Life on the <keyword id="458987" type="UNKNOWN" weightage="100" keywordseo="Indian-bourses">Indian bourses</keyword> with a market capitalisation of about Rs 45,000 crore to Rs 50,000 crore, thus making it the largest pureplay listed life insurance player of the country. 
 In the final entity after the merger, HDFC group, including HDFC, Standard Life and <keyword id="6419840" type="PERSON" weightage="100" keywordseo="Azim-Premji">Azim Premji</keyword>, will have about 60-65% stake, while the Max group, under <keyword id="10338" type="PERSON" weightage="100" keywordseo="Analjit-Singh">Analjit Singh</keyword>’s leadership, will have 35-40% ownership, to be distributed among Singh family, Japanese financial behemoth Mitsui Sumitomo Insurance (MSI), a member of MS&amp;AD Insurance Group, Goldman Sachs, KKR and general public. 
 
After the report of this merger, shares in Max Financial Service touched the upper circuit of Rs 514 and closed at Rs 473. 
 
As of now, Max Financial Services, a pureplay holding company for Max Life Insurance, finds place on on the Indian bourses, for which Analjit Singh had completed a three-way split of Max India last financial year. After demerger, Singh had sold 9.5% in Max Financial Service to KKR, the US-based private equity firm, in a deal of about Rs 1,000 crore worth. 
 The deal announced today would have Max Life Insurance (MLI) merging with its parent company Max Financial Services (<keyword id="346739" type="ORGANIZATION" weightage="100" keywordseo="MFSL">MFSL</keyword>), which currently owns 68.01% stake, while the Japanese partner MSI owns 25% and Axix Bank holds another 5.99%; the remaining 1% stake while key employees of MSI. 
 
After this, the final merged entity will be combined with HDFC Life Insurance. "Given the current discussion, in the merged entity HDFC Life - MAX Life, the HDFC group will have about 65% stake and Max Group will have about 35% stake," a person involved in the deal told <a href="http://economictimes.indiatimes.com/markets/stocks/news/merger-with-max-life-to-facilitate-automatic-listing-of-hdfc-life/articleshow/52795023.cms">ET</a>. 
 
After this merger, HDFC Life Insurance will automatically get listed at about Rs 50,000 crore, helping HDFC raise funds by diluting its stake in the insurance firm though stock exchanges. This would also allow some of the marquee investors, who had invested in MFSL a few years back, to exit as and when they want.

Merger with Max Life will automatically list HDFC Life on Indian bourses

New Delhi, Apr 28 () Axis Bank has decided to raise its stake in Max Group promoted Max Life Insurance to 30 per cent, a development which values the insurer at over Rs 5,000 crore.With the deal going through, sources said, the bank is expected to pay Rs 1,600 crore to Max Financial Services (MFS), the holding company of Max Life. Axis Bank holds about 1 per cent stake in Max Life and is the biggest banking channel partner for distribution of its products. Products sold through the bank reportedly contribute for 54 per cent of Max Life's revenues.The boards of Axis Bank, MFS and Max Life approved the transaction late on April 27, a joint statement said on Tuesday."This is an outcome of the inter-se discussions after the three companies had signed a confidentiality and exclusivity arrangement on February 20, 2020 to explore the possibility of a long-term strategic partnership between Axis Bank and Max Life," it said.Interestingly, the deal comes at a time when the economy is hit by COVID-19 crisis impacting all sectors of the economy including the financial sector.It is to be seen how the sectoral regulators including the Reserve Bank of India (RBI) and Insurance Regulatory and Development Authority of India (IRDAI) deal with the proposed transaction in these difficult times. MFS holds 72.5 per cent stake in Max Life and Japan-based Mitsui Sumitomo Insurance (MSI) owns 25.5 per cent stake. The joint venture arrangement will significantly improve Max Life's position vis-a-vis its competitors, including the other large banks owned life insurers, it said."The development will result in a mutually beneficial and enduring relationship between Axis Bank and Max Life and bring the stability of a long term partnership to India's fourth largest private life insurance franchise," it said.The proposed transaction with Axis Bank follows the ongoing swapping by MSI of 20.6 per cent stake that it holds in Max Life with a 21.9 per cent stake in MFS, it added."MFS also plans to purchase MSI's balance stake in Max Life. Post completion of the series of transactions, Max Life will become a 70:30 joint venture between MFS and Axis Bank" the statement said.The proposed transactions are subject to approval of requisite corporate and regulatory authorities including IRDAI, RBI and the Competition Commission of India, it added.With regard to branding, it said, Max Life's tag line will include Axis Bank's name, which will further enhance customer trust in the brand and highlight the strength of the partnership.The two companies have had a successful business relationship for over a decade, providing long term saving and protection products to over 19 lakh customers, it said.The total premium generated through this relationship has aggregated to over Rs 38,000 crore, it said, adding, both companies have invested extensively in product and need-based sales training, thereby leading to consistent increase in productivity.It is to be noted that Max Life had made an attempt to merge with HDFC Life in 2017 which failed as they did not receive regulatory approval due to reported complexity of the deal.Interestingly, the deal was then brokered by the then HDFC Life CEO Amitabh Chaudhry who is now the CEO of Axis Bank. Following failure of the deal, Max Group made several attempts to sell part of its stake. However, it did not meet success.Announcing the transaction, Axis Bank CEO Amitabh Chaudhry said, "We continue to believe in the long-term prospects of India's under-penetrated life insurance space, current environment notwithstanding. We see this joint venture creating immense value for our stakeholders given our long-standing, high performing partnership with Max Life."This transaction will help deepen working relationship leading to better integrated teams and infrastructure and a superior alignment in approach, he added.Max Group founder and Chairman Analjit Singh said, "I believe that in Axis, we have found an exceptional partner and we have conviction that this will make Max Life fundamentally stronger, better performing and will bring stability to the franchise. We will run the organization as if it's an equal partnership, a philosophy which has held us in good stead earlier as well."Virtually all major banks in the country have a presence in the insurance segment through joint ventures with foreign players, as banks' ability to distribute products gives them an edge in the sector that delivers one of the best profitability ratios over a long term. DP ANUANU

Axis Bank to pick about 30 pc stake in Max Life Insurance for Rs 1,600 cr

Mumbai, Apr 28 () Private sector lender Axis Bank on Tuesday formally joined peers to have a life insurance joint venture by announcing to raise its stake in Max Life Insurance, the fourth largest player in the life cover space, to 30 per cent for Rs 1,592 crore. The deal, which comes during bleak economic times as the country grapples with the impact of COVID-19 pandemic, was struck due to the opportunity in the life insurance space and also the price at which it could be sealed, Axis Bank's managing director and chief executive Amitabh Chaudhry said. Other large lenders, including HDFC Bank, ICICI Bank and SBI, and also smaller ones have life insurance joint ventures or have promoted companies themselves. According to experts, banks originate a lot of insurance business and "manufacturing" products is more rewarding than merely selling them. India's third largest private sector lender Axis Bank, which already has a minor 1 per cent ownership of the insurer, used to sell Max's policies for over a decade, which has seen 19 lakh customers and over Rs 38,000 crore in premium generated, Chaudhry said. A senior Axis Bank official said the deal includes picking up over 55 crore shares of the insurer at Rs 28.61 per unit, which takes the total deal consideration to Rs 1,592 crore, and underlined that the final figure may wary a bit depending on the date of deal closure. The deal requires nods from the Reserve Bank, Insurance Regulatory and Development Authority and Competition Commission of India, and will take up to six to nine months to consummate. When asked about the timing of the deal, Chaudhry defended the move pointing out to the "big opportunity" that is presented by the life insurance sector and the potential for the upside on the investment presented by the price at which it is signed. It can be noted that the Reserve Bank is pushing lenders not to declare dividends to conserve capital and deploy it for fresh lending, which will be necessary to kickstart the economy once the lockdown ends. Chaudhry said the Max stake buy will dent its overall capital adequacy, which stood at a comfortable level of over 17 per cent, by only 0.10 per cent. Max Life Insurance is a part of the listed Max Financial Services Ltd (MFSL), a diversified financial services company. In a regulatory filing, Max said that the consideration payable by Axis Bank for purchase of the shares shall be arrived basis the valuation of Max Life conducted as per Rule 11UA read with Rule 11UAA of the Income-tax Rules, 1962. Upon the closing of the deal, MFSL will have the right to nominate four directors on the Max Life board, while Axis Bank will have the right to nominate three directors. One nominee director of the promoter group on the board of MFSL shall be a person identified by Axis Bank. Chaudhry denied speculation about the stake being raised in the future by the bank, including murmurs of a complete takeover, saying there are no such plans. At present, products sold through the bank reportedly contribute for 54 per cent of Max Life's revenues. On February 20, a tri-party agreement was signed between Axis, MFSL and Max Life to explore the possibility of a long-term strategic partnership between Axis Bank and Max Life. At present, MFSL holds 72.5 per cent stake in Max Life and Japan-based Mitsui Sumitomo Insurance (MSI) owns 25.5 per cent stake. The proposed transaction with Axis Bank follows the ongoing swapping by MSI of 20.6 per cent stake that it holds in Max Life with a 21.9 per cent stake in MFSL, an official statement said. "MFSL also plans to purchase MSI's balance stake in Max Life. Post completion of the series of transactions, Max Life will become a 70:30 joint venture between MFSL and Axis Bank," it explained. Against the 30 per cent stake, Axis Bank's name will be included in Max Life's tag line. It is to be noted that Max Life had made an attempt to merge with HDFC Life in 2017 which failed as they did not receive regulatory approval due to reported complexity of the deal. Interestingly, the deal was then brokered by the then HDFC Life CEO Amitabh Chaudhry who is now the CEO of Axis Bank. Following failure of the deal, Max Group made several attempts to sell part of its stake. However, it did not meet success. MFSL shares gained 5.14 per cent to close at Rs 475.80 apiece on the BSE, while Axis Bank stock surged 6.61 per cent to close at 455.55 per unit, as against gains of 1.17 per cent on the benchmark. AA DP MKJ

Axis Bank to buy 29% stake in Max Life for Rs 1,592 crore

New Delhi, Jan 15 () Private sector Max Life Insurance Wednesday said it has completed the process of implementing changes across its entire individual product portfolio in line with the product regulations set by the Insurance Regulatory and Development Authority of India (IRDAI).
 This makes Max Life one of the first life insurers to offer a full range of restructured individual product portfolio, including linked products, non-linked products and retirement/pension products, to its customers before the Irdai stipulated deadline, the company said in a statement.
 The regulator has directed all life insurance companies to implement the product changes before January 31, 2020, it said.
 For its linked products, Max Life Insurance has revised the revival period from 2 years to 3 years.
 Bringing greater convenience to the consumers, the linked products will now be available with a risk cover equal to 105 per cent of the total premiums paid along with the ability to switch fund portfolio, during settlement period, said Max Life Insurance Chief Marketing Officer Aalok Bhan.
 As part of the changes to non-linked products, Max Life has increased its revival period from 2 years to 5 years.
 "It has also introduced guaranteed surrender value after 2 full years' premium payment for policies irrespective of the payment paying term (earlier was applicable after 2 full years for term lesser than 10 years and after 3 full years for paying term of greater than or equal to 10 years)," it said. DP DP HRS

Max Life completes process of implementing changes across individual product portfolio

New Delhi, Mar 4 () Tokyo-based Mitsui Sumitomo Insurance will acquire 21.87 per cent stake in Max Financial Services by swapping majority of its shareholding in Max Life Insurance (MLIC), a statement said on Wednesday. The board of Max Financial Services Ltd (MFS) has approved a transaction which will allow Mitsui Sumitomo Insurance (MSI) to swap 20.57 per cent of its shareholding in Max Life insurance with 21.87 per cent stake in MFS, the statement added. MFS and MSI (a part of MS&amp;AD Insurance Group Holding of Japan) are 73:25 joint venture partners in private life insurer Max Life Insurance Company of the Analjit Singh-promoted Max Group. This will enable the company to simplify the shareholding structure in its subsidiary and have more flexibility to attract strategic investments in Max Life in the future and yet maintain its significant majority ownership, MFS said in the statement. As per the transaction structure, MSI will get 75,458,088 shares of MFS at Rs 565.11 per share aggregating to 21.87 per cent of the paid-up equity share capital. In consideration, MFS will receive 394,775,831 shares from MSI at a price of Rs 108.02 per share, translating into 20.57 per cent stake of MLIC. "Pursuant to this, the equity stake held by MFS in Max Life will increase to 93.10 per cent. The transaction will lead to a change in MFS' shareholding pattern," it added. The transaction will also provide MFS the option to purchase from MSI its balance shareholding in Max Life for cash at a price of Rs 85 per share. The transaction is subject to requisite approvals and is expected to be concluded by June 2020. "We value MSI as our long term partners in the life insurance business and we are confident that they will continue to provide their expertise and counsel to MFS and Max Life through the board governance mechanism," said Mohit Talwar, MD, Max Financial Services and Vice Chairman, Max Group. This transaction makes the holding structure simpler and helps consolidate shareholding in Max Life which is expected to benefit all shareholders by attracting more investor interest, Talwar said. KPM ABM

Japan's Mitsui Sumitomo to acquire 21.87 pc stake in Max Financial in share swap deal

New Delhi, Apr 28 () Shares of Axis Bank and Max Financial Services on Tuesday gained up to 6.6 per cent after the bank decided to raise its stake in Max Life Insurance to 30 per cent.Axis Bank shares zoomed 6.61 per cent to close at Rs 455.55 on the BSE. During the day, it jumped 7.24 per cent to Rs 458.25.Max Financial Services also gained 5.14 per cent to close at Rs 475.80. It rose by 8.79 per cent to Rs 492.35 during the session.Axis Bank has decided to raise its stake in Max Group promoted Max Life Insurance to 30 per cent, a development which values the insurer at over Rs 5,000 crore.With the deal going through, sources said, the bank is expected to pay Rs 1,600 crore to Max Financial Services (MFS), the holding company of Max Life.Axis Bank holds about 1 per cent stake in Max Life and is the biggest banking channel partner for distribution of its products. Products sold through the bank reportedly contribute for 54 per cent of Max Life's revenues.The boards of Axis Bank, MFS and Max Life approved the transaction late on April 27, a joint statement said on Tuesday."This is an outcome of the inter-se discussions after the three companies had signed a confidentiality and exclusivity arrangement on February 20, 2020 to explore the possibility of a long-term strategic partnership between Axis Bank and Max Life," it said.Interestingly, the deal comes at a time when the economy is hit by COVID-19 crisis impacting all sectors of the economy, including the financial sector. SUM BALBAL

Axis Bank, Max Financial Services gain on stake deal

Insurance Cover: Which Term Plan Is For You ?

New Delhi, Feb 5 () Max Financial Services on Wednesday reported a 56 per cent decline in standalone net profit at Rs 61.60 crore for the third quarter ended December 31, 2019. The company's net profit had stood at Rs 139.89 crore in the year-ago quarter. Its total income during the latest quarter also slipped to Rs 80.19 crore as against Rs 176.57 crore in the year-ago quarter, the company said in a regulatory filing. Max Financial Services Ltd (MFSL) is the parent company of Max Life. MFSL actively manages a majority stake in Max Life Insurance Company Ltd, making it India's first listed company focused exclusively on life insurance. DP HRS

Max Financial Services Q3 profit slips 56 pc to Rs 62 cr

New Delhi, Apr 21 () The outbreak of COVID-19 pandemic has led to increase in demand for pure protection products like <keyword id="171063" type="PERSON" weightage="20" keywordseo="Term-insurance">term insurance</keyword> and this is expected to gain traction post lockdown, said <keyword id="6374257" type="UNKNOWN" weightage="20" keywordseo="max-life-insurance">Max Life Insurance</keyword> CEO Prashant Tripathy. There is pressure on growth due to the lockdown but the life insurance business would be back on its feet once it's lifted, he said. "Insurance is a very fundamental thing of life like food, clothing and shelter...We are finding that the demand for protection business has gone up. People are preferring term rather than saving products to secure the future of their loved ones in these uncertain times," he told . COVID-19 is expected to result in improved awareness and importance of life insurance as a risk cover rather than a mere investment product during the uncertain times, he said. Tripathy also emphasised that like any other business, insurance too is very much connected with economic growth and there will be impact on the industry if there is deceleration as has been projected by various agencies. "There has been an impact on new sales due to the lockdown. We are trying to cover it up with digital means. For the lockdown period, there would be pressure on growth," he said. Sharing details of sales through digital means, he said, "we quickly adapted to new reality and initiated sellers' online training for enabling digital engagement across distribution channels, as an outcome of which around 24,000 policies were issued in the last week of March 2020 since the announcement of lockdown." Within four days of work-from-home, customer-related operations were operating at about 80 per cent efficiency level with more than 1,000 employees engaged in customer facing activities, he said, adding, policy issuance for many medical pending cases was enabled via TeleMER protocol that ensured remote medical underwriting. The company has processed a total of 1,938 death claims in the second half of March 2020 even with the majority of employees operating from home and all supporting documents were accepted online, he added. Self-service options were made available through website, digital bots and AI driven Interactive Voice Response. In the last two weeks around 5,000 policyholders have utilized self-service options on the company's website, he said. DP ANUANU

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