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
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