Max Life Insurance Company
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
| 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
- Planning
- Underwriting marine insurance
- Sales production
- Administration and governance of international business functions
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
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