Latest news with #AxisMaxLifeInsuranceLtd
Fashion Value Chain
4 days ago
- Business
- Fashion Value Chain
Only 3 in 10 Gig Workers Own Term Insurance, Despite 9 in 10 Prioritizing Family Financial Goals – Axis Max Life IPQ 7.0
Axis Max Life Insurance Ltd. formerly known as Max Life Insurance Company Ltd ('Axis Max Life'/ 'Company'), in collaboration with Kantar, the world's leading marketing data and analytics company, has announced findings from the seventh edition of its India Protection Quotient (IPQ 7.0) survey, spotlighting a significant protection gap among gig workers compared to urban India. Only 3 in 10 Gig Workers Own Term Insurance, Despite 9 in 10 Prioritizing Family Financial Goals – Axis Max Life IPQ 7.0 Unveiling a stark contrast, the findings highlight that while urban India's Protection Quotient has reached an all-time high of 48, gig workers continue to trail with a score of 41. This reflects significant gaps in knowledge, security levels, and insurance ownership of the working community. As per IPQ 7.0, only 69% of gig workers own life insurance, considerably lower than the national urban average of 78%. This is despite 89% of them having strong family-oriented financial goals, surpassing the 81% urban India average, and a higher likelihood of adhering to healthy lifestyle practices. Prashant Tripathy, CEO & Managing Director, Axis Max Life Insurance, commented on the findings, stating, 'The findings from IPQ 7.0 uncover a critical insight: while nearly 90% of gig workers place high importance on securing their family's financial future, only 3 in 10 currently own term insurance. This highlights a significant protection gap within a rapidly expanding segment of India's workforce. As an industry, we must move beyond traditional distribution models and reimagine how protection is delivered – through deeper collaboration with digital platforms, policymakers, and ecosystem enablers. At Axis Max Life, we remain committed to shaping an inclusive insurance landscape that reflects the realities of modern work and ensures no segment is left behind.' Lower Financial Preparedness and Reactiveness in Planning The findings reveal that while gig workers are marginally more inclined to save upon receiving income, they are notably less proactive in financial planning, with nearly 40% admitting to not taking active steps towards securing their financial future. In comparison, less than 30% of urban Indians report such financial inertia. This limited reactiveness, coupled with relatively low life insurance ownership, leaves a large section of the gig workforce financially vulnerable. High Family Focus, Yet Inadequate Protection Despite their lower financial protection, gig workers exhibit a strong intent to provide for their families. However, one in three gig workers believe their family would have no financial support in the event of their untimely demise, 10 percentage points higher than the urban average. Though two in three gig workers acknowledge the importance of term insurance, only a third currently own one, and even among term insurance owners, less than half feel adequately protected. Call for Inclusive Protection Solutions These insights reflect a need for more inclusive and accessible protection solutions tailored to the gig economy, a sector that continues to expand rapidly yet remains outside the fold of traditional financial safety nets. As the nature of work evolves, so must the industry's approach to financial inclusion and long-term protection. About India Protection Quotient Instituted in 2019, India Protection Quotient is an annual Survey by Axis Max Life Insurance in association with Kantar aimed to understand the pulse of the Indian consumers in the financial protection space. Launched with the underlying objective to increase penetration of Term insurance as the most fundamental and economical form of life insurance, the survey aims to reveal the state of Urban Indians with regards to current financial security levels, changing savings & investment patterns, key anxieties & triggers of financial protection in a contemporary world. India Protection Quotient is a proprietary tool developed by Axis Max Life in partnership with Kantar to gauges the degree to which Indians feel protected from future uncertainties on a scale of 0 to 100. It is based on the attitudes, mental preparedness around future uncertainties, awareness, and ownership of life insurance product categories (Term, endowment and ULIP). Read more at – Disclaimer: The study is conducted in top 25 Urban metro, Tier 1 and Tier 2 cities; hence, its findings are representative of metro, Tier 1 and Tier 2 cities of Urban India only. Metro – Delhi, Kolkata, Chennai, Bangalore, Hyderabad, Mumbai Tier 1 – Ludhiana, Jaipur, Lucknow, Patna, Bhubaneshwar, Vizag, Ahmedabad, Bhopal, Pune Tier 2 – Dehradun, Moradabad, Guwahati, Bokaro, Kolhapur, Jamnagar, Raipur, Ujjain, Hubli-Dharwad, Tiruchirappalli IPQ 7.0 vs IPQ 6.0 data comparison is amongst 25 markets only [6 metros, 9 Tier 1 and 10 Tier] The minimum sample to conclude any findings of the study is 270 with an error margin of +-5.964 The information collected through this survey and the results published are intended for general guidance and informational purposes only. Axis Max Life disclaims any liability for any loss, damage, or decisions arising from the use of this survey or the results provided. About Axis Max Life Insurance Limited Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Ltd., is a Joint Venture between Max Financial Services Limited ('MFSL') and Axis Bank Limited. Axis Max Life Insurance offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party distribution partners. It has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per annual audited financials for FY2024-25, Axis Max Life has achieved a gross written premium of INR 33,223 Cr. For more information, please visit About Kantar Kantar is the world's leading marketing data and analytics business and an indispensable brand partner to the world's top companies. We combine the most meaningful attitudinal and behavioural data with deep expertise and advanced analytics to uncover how people think and act. We help clients understand what has happened and why and how to shape the marketing strategies that shape their future.
Fashion Value Chain
23-05-2025
- Business
- Fashion Value Chain
Axis Max Life Achieves Highest-Ever Claims Paid Ratio of 99.70% in FY25; Surpasses 99% Benchmark for Sixth Consecutive Year
Axis Max Life Insurance Ltd. formerly known as Max Life Insurance Company Ltd ('Axis Max Life'/ 'Company'), has settled 20,170 individual death claims worth â¹1,430.80 Cr. in FY 2024-25, achieving its highest-ever individual death claims paid ratio of 99.70%. This marks a consistent rise from 99.22% in FY20, reinforcing 99.70% as the Company's new benchmark for trust – India Ke Bharose Ka Number™*. Axis Max Life Achieves Highest-Ever Claims Paid Ratio of 99.70% in FY25; Surpasses 99% Benchmark for Sixth Consecutive Year Since inception, Axis Max Life has disbursed â¹10,109.85 Cr. in death claims across 2.23 lakh policies. With initiatives like InstaClaim™ and 3-Hours claims promise, Axis Max Life is reiterating its commitment to customer-centricity in everyday interactions. Axis Max Life – Individual Death Claims Paid Ratio (%) (Consistent improvement over the last 5 years) FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25 99.35%1 99.34%2 99.51%3 99.65%4 99.70%5 Prashant Tripathy, CEO and Managing Director, Axis Max Life, 'Axis Max Life has achieved its highest-ever individual death claims paid ratio of 99.70% in FY25 – a powerful validation of the deep trust our customers place in us, and our steady commitment to honour that trust when it matters most. In an industry where the moment of truth lies in claim settlement, we continue to lead with purpose, precision, and empathy.' 'Anchored in the promise of 'Bharosa', Axis Max Life is deepening its customer-centricity by putting customers at the heart of every interaction. From achieving highest-ever 13th-month persistency to 3-Hours claims promise, we are redefining customer experience at scale. Our AI-led underwriting, intelligent servicing platforms, and same-day payouts are not just process enhancements – they are fundamental shifts in how we serve our customers with speed, transparency, and care.' Reinforcing its customer-first approach, Axis Max Life has strengthened its underwriting mettle with predictive analytics and enhanced fraud controls through digital forensic tools. This has enabled the Company to consistently deliver superior customer experience, reiterated by its securing the No. 2 rank among Indian life insurers for the third consecutive year in Hansa Research's Life Insurance CuES 2025 study with a steady improvement in its Net Promoter Score (NPS) from 59 to 64 over three years. Demonstrating strong customer retention, Axis Max Life has reported a 13th-month persistency of 87.6% (Premium basis), and a 61st-month persistency of 59.3% (Cumulative, Premium basis) in FY25 – both up by 100 bps year-on-year. For more information, please log on to About Axis Max Life Insurance Limited Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Ltd., is a Joint Venture between Max Financial Services Limited ('MFSL') and Axis Bank Limited. Axis Max Life Insurance offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party distribution partners. It has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per annual audited financials for FY2024-25, Axis Max Life has achieved a gross written premium of INR 33,223 Cr. 1Basis IRDAI Annual Report 2020-21 2Basis IRDAI Annual Report 2021-22 3Basis IRDAI Annual Report 2022-23 4Basis Audited Annual Financials 2023-24 5Basis Audited Annual Financials 2024-25 *India Ke Bharose Ka Number is Axis 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.
Fashion Value Chain
12-05-2025
- Business
- Fashion Value Chain
Axis Max Life Launches Smart Value Income & Benefit Enhancer Plan – A Flexible Solution for Guaranteed Income, Savings, and Protection
Axis Max Life Insurance Ltd. {formerly known as Max Life Insurance Company Ltd.} ('Axis Max Life'/ 'Company'), has announced the launch of its Axis Max Life Smart Value Income & Benefit Enhancer Plan (UIN: 104N159V01), a Non-Linked, Non-Participating Individual Life Insurance Savings Plan. This offering, available on all channels from May 5, 2025, is designed to offer customers a blend of guaranteed returns, instant liquidity, and protection. The plan aims to cater to diverse financial preferences by offering a combination of income certainty and protection, with the added flexibility of choosing between different plan variants, payout modes, and optional benefits. It is best suited for individuals looking for a structured income stream with built-in assurance over the long term. Axis Max Life Launches Smart Value Income & Benefit Enhancer Plan – A Flexible Solution for Guaranteed Income, Savings, and Protection Key Features of Axis Max Life Smart Value Income & Benefit Enhancer Plan: Guaranteed Returns : The plan offers assured benefits along with life insurance protection to help build long-term financial security. Three Flexible Plan Variants : Available under Insta Wealth, Future Wealth, and Insta Wealth Boost variants, the plan enables policyholders to select savings and payout structures aligned with their specific requirements. Customizable Plan Options : At the time of policy inception, customers can select premium payment terms, policy durations, income payout frequencies (advance/arrears), and death benefit multiples of 5x, 7x, or 11x of the annualized premium. Manage & Grow Your Income : The plan offers Flexi Income Benefits from the first policy year, with the option to accumulate survival and future income benefits for enhanced returns. Enhance Your Protection : Offers a suite of optional riders, including critical illness, accidental death, disability, and waiver of premium to strengthen the protection offering Built-in Protection Benefits : Includes Senior Citizen Benefit, and Cover Continuance Benefit, for added assurance. Policy Continuance Benefit (PCB) : An optional feature which ensures all future benefits under the Policy remain intact in case of the life insured's death, with no further premium payments. This option must be selected at inception. Loan Facility & Liquidity: Policyholders may avail loan facilities against the policy and also have the flexibility to advance their Future Milestone Benefits during the income payout phase to meet immediate financial needs. Speaking on the product launch, Vaibhav Kumar, SVP and Head – Products & Ecommerce, Axis Max Life Insurance, said, 'With the launch of the Smart Value Income & Benefit Enhancer Plan, Axis Max Life continues to deliver on its promise of dependable protection backed by guaranteed income. This product has been thoughtfully designed to offer policyholders flexibility across every stage from choosing premium terms and income payout preferences, customizing their protection with riders and Policy Continuance Benefit. By enabling customers to manage and grow their income while ensuring life cover, we aim to provide a comprehensive and adaptable solution that meets real financial needs in a predictable and reassuring manner.' The Axis Max Life Smart Value Income & Benefit Enhancer Plan empowers customers to manage both planned and unexpected life events through guaranteed payouts, optional income accumulation, and flexible benefit structures, making it a smart and secure choice for evolving financial journeys. About Axis Max Life Insurance Limited Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Ltd., is a Joint Venture between Max Financial Services Limited ('MFSL') and Axis Bank Limited. Axis Max Life Insurance offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party distribution partners. It has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per the annual audited financials for FY2023-24, Axis Max Life Insurance has achieved a gross written premium of INR 29,529 Cr. For more information, please visit the company website at *Subject to Terms and conditions of the Policy. Axis Max Life Insurance Limited (formerly known as Max Life Insurance Company Limited) is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Corporate Office: 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram(Haryana) – 122 002. For more details on risk factors, Terms and Conditions please read the prospectus carefully before concluding a sale. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in tax laws. You can call us on our Customer Helpline No. 1860 120 5577.
Business Standard
10-05-2025
- Business
- Business Standard
Life insurance ownership at an all-time high of 78% - Axis Max Life India Protection Quotient 7.0
VMPL New Delhi [India], May 10: Axis Max Life Insurance Ltd. {formerly known as Max Life Insurance Company Ltd.} ("Axis Max Life"/ "Company"), has unveiled the findings of the seventh edition of its flagship survey - India Protection Quotient survey (IPQ) conducted in partnership with KANTAR, the world's leading marketing data and analytics company. Tapping 6,360 households across 25 Indian cities, the survey has been uncovering urban India's pulse on financial protection. Axis Max Life is launching the India Protection Quotient 7.0 under the unified narrative of 'Bharosa Talks' that will spotlight India's evolving financial and protection mindset. Through this platform, Axis Max Life aims to amplify real voices across demographics--urban, rural, salaried, gig workers, and retirees--offering authentic insights into how India views protection, planning, and long-term security. As financial anxieties shift over time and aspirations evolve, Bharosa Talks will serve as a critical pulse for industry, regulators, and policymakers to understand emerging consumer priorities. As per IPQ 7.0, urban India's Protection Quotient has climbed to 48, up from 35 in 2019, marking continued progress in the country's financial preparedness. Life insurance ownership has reached an all-time high, with 78% of urban Indians owning one or more products, while the Knowledge Index has improved to 63 up by two points, indicating increased awareness and understanding of life insurance. In a post-pandemic recovery milestone, urban India's financial security has hit 68%, surpassing the pre-pandemic peak of 66% (IPQ 1.0), and rebounding strongly from a pandemic low of 57%. For the first time in seven editions, 'Cover' has overtaken 'Premium' as the key consideration in term life insurance purchase, with 3 in 4 urban respondents prioritizing coverage over cost. In IPQ 7.0, Metros have seen a 3-point jump in the Protection Index on the back of increased ownership of life insurance (from 83% in IPQ 6.0 to 86% in IPQ 7.0) and improved sense of financial security (from 69% in IPQ 6.0 to 71% in IPQ 7.0). Tier-1 cities have also seen a significant improvement across parameters like Knowledge Index (from 58 in IPQ 6.0 to 62 in IPQ 7.0), Life Insurance Ownership (up from 73% in IPQ 6.0 to 77% in IPQ 7.0), and Security Levels (from 63% in IPQ 6.0 to 67% in IPQ 7.0). Prashant Tripathy, CEO and Managing Director, Axis Max Life Insurance said, "India Protection Quotient, as part of 'Bharosa Talks' has evolved into a powerful barometer of India's financial resilience, acting as a catalyst for driving India's protection narrative forward. This year's record Protection Quotient, alongside all-time high life insurance ownership, reflects a decisive shift in consumer priorities -- from cost sensitivity to genuine protection needs. Yet, the widening gender gap in financial security calls for deeper, more inclusive interventions. At Axis Max Life, we remain committed to strengthening this momentum, driving awareness, and building a more comprehensively protected India." NOTES TO THE EDITOR: The following findings reveal insights that highlight urban India's shift in attitude and approach towards financial preparedness studied by India Protection Quotient 7.0: A. FINANCIAL PREPAREDNESS OF URBAN INDIANS Urban India's Protection Quotient Climbs to 48; Life Insurance Ownership Peaks at 78% Urban India continues its upward journey in financial preparedness, with the Protection Quotient rising from 35 in IPQ 1.0 to 48 in IPQ 7.0. Life insurance ownership has reached a new high of 78%, reflecting growing adoption and trust in life insurance products. The Knowledge Index has also shown sustained progress, climbing from 39 in IPQ 1.0 to 63 in the latest edition--indicating deeper awareness and understanding among consumers. In a significant post-pandemic recovery milestone, Security Levels have now surpassed pre-COVID figures, reaching 68%, a notable improvement from the dip to 57% during the pandemic. These trends reflect not just recovery, but a renewed focus on long-term financial protection across urban India. Significant Increase in Financial Protection across town-classes; South Zone Remains Most Financially Prepared South India retains its seven-year lead, driven by increased term insurance (33% to 37%) and savings product ownership (42% to 46%). West India has significantly closed the gap, achieving the highest term plan ownership ever recorded in IPQ history (41%). The North also improved its Protection Quotient through better term plan uptake (28% to 31%). The East, however, remains behind with stagnant ownership despite growing awareness (53% to 57%). Encouragingly, a significant increase in life insurance ownership has been seen across town-classes including Metros, Tier 1, and Tier 2 cities, with Tier 2 cities showing notable progress (62% to 66% in life insurance ownership), marking a steady rise in penetration beyond urban cores. Children's Future Drives Financial Planning Saving for a child's education (61%) and marriage expenses (44%) continues to top urban India's list of financial priorities. These long-term goals have seen a noticeable rise compared to IPQ 6.0, underlining a growing commitment to family-oriented financial planning. Retirement planning (37%) and buying a house (36%) follow as the next big objectives. This shift signals a sharper focus on long-term stability over short-term or discretionary spending. B. URBAN OUTLOOK TOWARDS TERM INSURANCE Term Insurance Awareness Rises to 74%, But 1 in 4 cite cost concerns Despite a notable rise in awareness and ownership of term insurance, from 70% to 74% and 31% to 34% respectively, high premiums continue to deter many from adoption. For nearly 1 in 4 individuals, term insurance affordability remains a significant hurdle, with an increase in those citing lack of funds as a barrier (21% to 25%). While saving and ULIP products also witnessed a modest uptick in awareness and ownership, the data suggests that improving accessibility and addressing financial constraints is key to driving wider term plan adoption. Online Purchase Channels Gain Ground on the Back of Affordability and Ease Online platforms are steadily emerging as a preferred mode for term insurance purchase, with adoption rising from 18% in IPQ 6.0 to 22% in IPQ 7.0. The digital channel's appeal lies in its cost-effectiveness, access to comprehensive policy information, and quicker, more convenient transactions. With ease of comparison and seamless access to support, online purchase is fast becoming a go-to option for today's digitally savvy insurance buyers. 3 in 4 prioritize cover over cost, with 56% confident in their protection For the first time in seven editions, cover has surpassed premium as the primary consideration for term life insurance purchase, with 3 out of 4 individuals now prioritizing cover over cost. Additionally, 56% of respondents believe their current term plan offers adequate protection for their family's future. C. DEMOGRAPHIC INSIGHTS MEN & WOMEN: Working Men's IPQ Rises Sharply, While Working Women Show Modest Growth Amid Higher Financial Anxieties This year marks a divergence in protection levels among working men and women. While men saw their Protection Quotient rise to 50 (from 47), working women's Protection Quotient remained at 48. Women reported lower financial security for key life milestones such as retirement, children's education, and marriage. Their heightened concerns about inflation, medical expenses, and the loss of a breadwinner emphasize the need for more gender-sensitive financial strategies. GEN-Z & NON MILLENIALS: Gen-Z leads with strong mid-term financial planning; 2 in 3 own life insurance Gen-Z has emerged as a standout cohort, boasting a Protection Quotient of 41, with two-thirds owning life insurance products. They surpass non-millennials in purposeful planning, showing strong intent toward mid-term goals such as buying a house, a car, or planning vacations. Their disciplined saving behavior and willingness to invest reflect a growing sense of financial independence and a modern approach to balancing lifestyle and security. SALARIED VS SELF-EMPLOYED: Salaried Class Leads in Protection Quotient; Self-Employed Show Security Gains but Lag in Insurance Ownership Salaried individuals continue to lead with a Protection Quotient of 52, driven by gains across knowledge, ownership, and security. Term insurance ownership for the Self-Employed rose by 2 points, bolstered by improved financial confidence and adoption of market-linked products. However, savings capabilities dipped, with a 3-point drop in the ability to save from household budgets, highlighting ongoing financial stress in this segment. Read more at - About India Protection Quotient Instituted in 2019, India Protection Quotient is an annual Survey by Axis Max Life Insurance in association with Kantar aimed to understand the pulse of the Indian consumers in the financial protection space. Launched with the underlying objective to increase penetration of Term insurance as the most fundamental and economical form of life insurance, the survey aims to reveal the state of Urban Indians with regards to current financial security levels, changing savings & investment patterns, key anxieties & triggers of financial protection in a contemporary world. India Protection Quotient is a proprietary tool developed by Axis Max Life in partnership with Kantar to gauges the degree to which Indians feel protected from future uncertainties on a scale of 0 to 100. It is based on the attitudes, mental preparedness around future uncertainties, awareness, and ownership of life insurance product categories (Term, endowment and ULIP). Disclaimer: The study is conducted in top 25 Urban metro, Tier 1 and Tier 2 cities; hence, its findings are representative of metro, Tier 1 and Tier 2 cities of Urban India only. - Metro - Delhi, Kolkata, Chennai, Bangalore, Hyderabad, Mumbai -Tier 1 - Ludhiana, Jaipur, Lucknow, Patna, Bhubaneshwar, Vizag, Ahmedabad, Bhopal, Pune - Tier 2 - Dehradun, Moradabad, Guwahati, Bokaro, Kolhapur, Jamnagar, Raipur, Ujjain, Hubli-Dharwad, Tiruchirappalli - IPQ 7.0 vs IPQ 6.0 data comparison is amongst 25 markets only [6 metros, 9 Tier 1 and 10 Tier] - The minimum sample to conclude any findings of the study is 270 with an error margin of +-5.964 The information collected through this survey and the results published are intended for general guidance and informational purposes only. Axis Max Life disclaims any liability for any loss, damage, or decisions arising from the use of this survey or the results provided. About Axis Max Life Insurance Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Ltd., is a Joint Venture between Max Financial Services Limited ("MFSL") and Axis Bank Limited. Axis Max Life Insurance offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party distribution partners. It has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per the annual audited financials for FY2023-24, Axis Max Life Insurance has achieved a gross written premium of INR 29,529 Cr. About Kantar Kantar is the world's leading marketing data and analytics business and an indispensable brand partner to the world's top companies. We combine the most meaningful attitudinal and behavioural data with deep expertise and advanced analytics to uncover how people think and act. We help clients understand what has happened and why and how to shape the marketing strategies that shape their future.
