It has been a popular practice among corporate institutions to merge resources and manpower to increase profits and overall productivity when doing business alone does not yield expected or desirable profits.
One such potentially beneficial merger that was expected to happen was between HDFC Life Insurance and Max Life Insurance. While said merger did not reach completion, Rajesh Sud, Managing Director of Max Life Insurance, admits that it would have been a fantastic business opportunity for both parties involved, should it have been followed through to completion.
Max Life Insurance: Background
Established in the year 2000, Max Life Insurance Company has emerged as one of the most reputed and trusted private insurance companies in India. Max Life Insurance Company Limited is a joint venture of Max India Limited and Mitsui Sumitomo Insurance Company Ltd. While Max India Ltd is an Indian multi-business corporate institution, Mitsui Sumitomo Insurance Co. Ltd is a general insurer. Max Life Insurance Company effectively began its commercial operations in 2001, and has been a well-known name in the financial market ever since.
There are a multitude of reasons why one should invest money with Max Life Insurance, the most noteworthy of which include:
- Max Life Insurance offers a wide range of comprehensive life insurances, which helps people from all age groups and financial status to find the life insurance that works just right for them.
- Max Life insurance also offers a wide selection of retirement solutions for aged customers.
- For the financial year 2013-2014, Max Life Insurance was observed to be the fastest growing insurance company.
- As of March 2014, Max Life insurance is recorded to have over thirty lakh customers, which is at par with many of its contemporaries.
Merger with HDFC Life
Due to presence of evident synergy and common interest between Max Life Insurance and HDFC Life Insurance, there was a very clear reason and ambition behind the proposed merger between both the companies. Rajesh Sud, the managing director of Max Life Insurance, admits that there would have been countless benefits had the merger been completed, including the combined capability of both the involved companies to create a string of banks as partners.
However, as pointed out by Rajesh Sud, Max Life Insurance still retains a lot of its choicest strengths in place that enables it to be well-prepared for any other merger and/or consolidation opportunities should they arise in the future.
Future Plans for Max Life
According to Rajesh Sud, Max Life Insurance sees opportunities for merger with companies that are backed up by public sector banks. Even while the merger with HDFC Life was still in the works, Max Life Insurance has managed to grow its business in new areas and avenues, with persistency rates that have increased by over eighty percent in the past year.
Max Life Insurance is looking to consolidate with competitors that wish to focus more on their core banking franchise and divest their non-core assets. This would benefit them by providing them a chance to clean up their balance sheets.
Max Life Insurance has fought for the their reputation in the financial industry, and after the collapse of their merger with HDFC Life, they continue to do what they do best: serve people in this cutting edge market. They rely on their bancassurance partners, and on the strength of their agents.
Comprehensive Plans provided by Max Life
Keeping up with their almost two decades’ worth of goodwill and impeccable customer service, Max Life Insurance provides all its users with a large variety of comprehensive life insurance plans that provide protection to the policyholder as well as their family. Such plans include:
- Max Life Online Basic Life Cover Term Plan
- Max Life Online Life Cover Term Plan + Increasing Monthly Income
- Max Life Premium Return Protection Plan
- Max Life Online Life Cover Term Plan + Monthly Income Max Life Online Term Plan
- Max Life Protect II Platinum
Max Life Insurance provides ULIP plans—insurance cum investment plans—to their customers as well. Such plans provide customers a chance to grow their money, while also providing them with flexibilities to manage their money and/or investments. Pensions plans provided by Max Life help customers be well-prepared for their old age, for their life after retirement, without compromising on anything at all.
The Max Life Promise
Max Life Insurance has thrived on the trust of their patrons for the past two decades, and their biggest strength is their transparency and flexibility of financial management. Although their merger with HDFC Life would have been a monumental leap for Max Life Insurance and their market stature, the collapse of that merger still does not shake the strong foundations on which the good name of Max Life Insurance is built