VMPL
New Delhi [India], September 10: Axis Max Life Insurance Limited ("Axis Max Life"/ "Company), formerly known as Max Life Insurance Company Limited and India Post Payments Bank ("IPPB") has announced a strategic partnership aimed at delivering affordable life insurance solutions beyond Tier 1 into emerging regional markets across rural India.
This partnership leverages IPPB's robust network of 650 banking outlets and over 1.64 lakh access points through Post Offices to deliver a comprehensive suite of need-based life insurance solutions to customers across Tier 3, Tier 4 and rural markets. This also aligns with the government's financial inclusion objectives and supporting the IRDAI's vision of achieving 'Insurance for All by 2047'.
Making life insurance more accessible and convenient, Axis Max Life will offer a range of tailored products, including its flagship Smart Wealth Advantage Guarantee Plan (SWAG), Smart Vibe Plan, and various Term Insurance Plans. These products are designed to meet diverse financial needs, from instant income and whole-life income options to essential protection and contemporary savings linked solutions for younger customers.
The distribution model will be managed by Axis Max Life's Regional Heads overseeing each zone driving execution and coordination in every state of India. Additionally, Axis Max Life's teams' will engage stakeholders at IPPB's Circle Offices through regular training and structured engagement to deepen local relationships and ensure consistent association.
Sumit Madan, Chief Distribution Officer, Axis Max Life, commented, "This partnership with India Post Payments Bank reinforces our commitment to take life insurance beyond metros into India's emerging regional and rural markets, where penetration has traditionally been low. While we continue to serve urban India, our priority is to expand reach and build deeper trust in communities that represent the next frontier of growth. By offering our life insurance and guaranteed products through IPPB's extensive postal network, the partnership will help reach new-to-bank and first-time insurance customers leveraging a trusted government institution like IPPB."
Shri Gursharan Rai Bansal, CGM & CSMO, India Post Payments Bank, added, "IPPB is committed to supporting the government's financial inclusion objectives, and our partnership with Axis Max Life Insurance is a significant step in that direction. Leveraging our unparalleled reach, especially in rural and remote areas, we are confident that this collaboration will bring much-needed life insurance solutions to a vast population that has historically been underserved. This initiative will not only enhance the financial security of individuals and families but also contribute to the overall economic well-being of the nation."
The partnership is expected to lead to a massive expansion in geographic reach and rural market penetration for Axis Max Life, providing access to millions of IPPB customers, including new-to-insurance segments. Customers will also benefit from seamless policy servicing through Axis Max Life's digital platforms, including its mobile app and website, which allow for real-time tracking, premium payments, policy modifications, and issuance of relevant documents.
About Axis Max Life Insurance Limited (https://www.axismaxlife.com)
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.
Axis Max Life has recently transitioned to a new domain, https://www.axismaxlife.com, as part of its rebranding exercise. This migration has no impact on existing policyholders who will continue to receive all policy benefits and services as earlier.
About India Post Payments Bank
India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India. IPPB was launched on September 1, 2018. The bank has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India. The fundamental mandate of India Post Payments Bank is to remove barriers for the unbanked & underbanked and reach the last mile leveraging the Postal network comprising ~1,65,000 Post Offices (~140,000 in rural areas) and ~3,00,000 Postal employees.
IPPB's reach and its operating model is built on the key pillars of India Stack - enabling Paperless, Cashless and Presence-less banking in a simple and secure manner at the customers' doorstep, through a CBS-integrated smartphone and biometric device. Leveraging frugal innovation and with a high focus on ease of banking for the masses, IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages to 11 Crore customers across 5.57 lakh villages & towns in India.
IPPB is committed to provide a fillip to a less cash economy and contribute to the vision of Digital India. India will prosper when every citizen will have equal opportunity to become financially secure and empowered. Our motto stands true - Every customer is important, every transaction is significant and every deposit is valuable.
Reach us at: www.ippbonline.com; marketing@ippbonline.in
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