Max Life Insurance Company

Overall Rating: star ratingstar ratingstar ratingstar ratingstar rating[5/5]Total Votes [ 37 ]  
Rate this page:

Max Life Insurance Company- Overview

Max Life Insurance Company was established in 2000 and started its operations during 2001 and is presently one of the leading names in the Indian insurance industry. At present it is the biggest life insurer among the privately held non banking companies of India. It is owned by Mitsui Sumitomo Insurance Co. Ltd and Max India Ltd.

Max India is one of the leading conglomerates of India while Mitsui Sumitomo Insurance is an MS&AD Insurance Group member. The group is presently one of the 10 leading providers of general insurance services across the world.

Following are some of the major achievements of the insurer since its inception:
  • Ranked 5th in 'India's Most Respected Companies' by Businessworld - 2004 and 2006
  • Received Asia Insurance Industry Award for Innovation - 2009
  • Ranked 7th in "Best companies to Work For" and "The best life insurance company to work for in India" - 2008 by BT Mercer-TNS Survey
  • Amongst the top 25 companies in 'Gallup Great Work Place' Award - 2009
  • Received the CIO 100 award for IT excellence - 2008 - 2011
  • Awarded the CII-Exim Bank Commendation Certificate for Business Excellence - 2008, 2009, 2010
  • ULIPs funds recognized as top quartile in performance by Outlook Money - 2008, 2009, and 2011
The organization has 7488 employees at present and 39,254 agents. Till the end of 2011 it has 111 MDRTs. It presently has 390 trainers. The major awards and recognitions won by the company may be mentioned as below:

Year Award Provider
2003 One of the 25 best companies in India with regards to work prospects Businessworld 2003 'Great Workplaces of India'
2006 Best Six Sigma Project Sakal Six Sigma Excellence Awards 2006
2006 Indo American Corporate Excellence Award for Best Indo-US Company in Financial Services Category
2007 One of the 3 leading Asia Life Insurance Company of the Year Award Asia Insurance Review
2009 Gallup Great Work Place Award
Golden Peacock Award for Excellence in Product Innovation for Max Vijay
2009 CII National Six Sigma Recognition for Best Six Sigma Project
The sole organization to have funds in the higher quartile in every fund category Outlook Money Survey
2012 QCI DL Shah Awards for Best Six Sigma Project on economics of Quality

Following are some of the first's achieved by Max Life Insurance:
  • First organization to have provided a free look period of 15 days for the customers - later on IRDA made this mandatory
  • First Indian life insurer to have provided different services to the agents and customers over phone
  • First company to have started toll free lines for agent services
  • First life insurer in India to have started service centers at the regional level
  • First and the sole Indian life insurer to have put into practice the Lean methodology of service excellence in service industry
  • First Indian life insurer to have been awarded ISO 9001:2008 certification

Max Life Insurance Company Management

The board of directors at Max Life Insurance comprises the following individuals:

Name Designation
Analjit Singh Chairman, Max Life Insurance Co Ltd
Marielle Theron Director, Max Life Insurance Co Ltd
Anuroop Singh Vice Chairman, Max Life Insurance Co Ltd
John Poole Director, Max Life Insurance Co Ltd
Rahul Khosla Director, Max Life Insurance Co Ltd
Rajesh Khanna Director, Max Life Insurance Co Ltd
Rajesh Sud CEO and Managing Director, Max Life Insurance Co Ltd
Toshinari Tokoi Director, Max Life Insurance Co Ltd
Rajit Mehta Executive Director and Chief Operating Officer, Max Life Insurance Co Ltd
Hideaki Nomura Director, Max Life Insurance Co Ltd
Leo Puri Director, Max Life Insurance Co Ltd

The management team of the insurer may be enumerated as below:

Name Designation
Rajesh Sud CEO & Managing Director
Prashant Tripathy Chief Financial Officer
Rajit Mehta Executive Director and Chief Operating Officer
Rajiv Mathur Director - Legal and Compliance
Ashish Vohra Senior Director and Chief Distribution Officer
Sanchit Maini Appointed Actuary
Shailesh Singh Chief People Officer
V Viswanand Director and Head - Products and Persistency Management
Anisha Motwani Director and Chief Marketing Officer

Max Life Insurance Company Financial Details

The following table highlights some important financial details of Max Life Insurance for the first quarter of 2012-13:

Domain Figures in INR thousands
Income from gross interest, rent, and dividends 418,428
Profit on sale and redemption of investments 28,194
Amortization of discount/(premium) 36,494
Miscellaneous income 99
Employee remuneration and welfare benefits 12,260
Donations 6000
Interest and bank charges 448
Travel, vehicle running, and conveyance expenses 7,508
Rents, taxes, and rates 161,220
Profit/(loss) before taxation 295,549
Provision for taxation 140,000
Profit/(loss) after tax 155,549

Following are some other financial information about the insurer:

Domain Figures in INR
Paid up capital 2127 crores
Sum assured 158,251 crores
Policies sold 62.18 lakh
Assets managed 18,023 crores

Max Life Insurance Company Products

The products of Max Life Insurance may be mentioned as below:

Protection Plans

  • Max Life Premium Term Return Plan
  • Max Life Platinum Protect

Child Plans

  • Max Life College Plan
  • Max Life Shiksha Plus II

Retirement Plans

  • Max Life Immediate Annuity
  • Max Life Life Partner Plus Plan

Growth Plans

  • Max Life Fast Track Plan
  • Max Life Flexi Fortune

Savings Plans

  • Max Life Life Gain Plus 20 (Par)
  • Max Life Endowment To Age 60 (Par)
  • Max Life Whole Life (Par)
  • Max Life Life Gain Plus 25 (Par)
  • Max Life Guaranteed Monthly Income Plan
  • Max Life Life Pay Money Back
  • Max Life 20 Year Endowment (Par)
  • Max Life Life Gain Endowment

Strategic Plans

  • Max Life Max Mangal Endowment Plan
  • Max Life Max Amsure Bonus Builder Plan
  • Max Life Max Vriksha Money Back Plan
  • Max Life Future Secure

Health Plans

  • Max Life LifeLine MediCash Plus Plan
  • Max Life LifeLine Healthy Family Plan
  • Max Life LifeLine Wellness Plus Plan

Group Plans

  • Max Life Group Traditional Gratuity Plan
  • Max Life Max Group Life Shield
  • Max Life Group Credit Life
  • Max Life Max Super Life

Group Life Riders

  • Group Accidental Death Benefit
  • Group Terminal Illness
  • Group Accidental Dismemberment
  • Group Critical Illness Pre Payment
  • Group Total Permanent Disability Benefit due to Accident and Sickness
  • Group Critical Illness Additional Payment
  • Group Total Permanent Disability Benefit due to Accident

Max Life Insurance News

One of the latest developments of Max Life Insurance has been its renaming from Max New York Life from June 27, 2012. On the same day 26% of the company's shares were transferred to Mitsui Sumitomo Insurance Co Ltd and Hideaki Nomura and Toshinari Tokoi were appointed as board of directors' members.

The share transfer was accomplished following approval from the entities mentioned below:
  • Insurance Regulatory and Development Authority
  • Competition Commission of India
  • Reserve Bank of India
Tokoi has more than 3 decades of experience in the insurance industry and has expertise in the following fields:
  • Planning
  • Underwriting marine insurance
  • Sales production
  • Administration and governance of international business functions
Nomura, similarly, has worked for 26 years in various financial industries such as insurance, investment banking, and banking and has been a major force in strengthening the position of Mitsui Sumitomo in the Asian insurance market.

MS&AD, the parent company of Mitsui Sumitomo, has shelled out INR 2731 crore for the 26% stake in the insurer and this makes it one of the biggest FDIs in the life insurance sector of India. This deal has taken Max Life's market worth to INR 10,504 crores. Max India still holds 70% shares in the company.

Max Life Insurance Company Office Network

The head offices of Max Life Insurance are at New Delhi but it has 343 offices and service centers across 271 cities.

Max Life Insurance Company Contact Details

The contact details of Max Life Insurance may be mentioned as below:

Registered office:
Max Life Insurance Co. Ltd.
Max House, 3rd Floor, 1 Dr. Jha Marg, Okhla,
New Delhi - 110020
Telephone number: (011) 26933610

Home office:
Max Life Insurance Co. Ltd.
11th Floor, DLF Square, Jacaranda Marg, DLF City Phase II,
Gurgaon - 122002
Telephone number: (0124) 2561717

Last Updated on 09/17/2012

>> More About Insurance