Axis Max Life-IFC partner to make life insurance accessible for underserved communities

To increase access to life insurance and promote greater financial inclusion in India, Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Limited, today announced a strategic partnership with the International Finance Corporation (IFC).

It is a joint venture between Max Financial Services Limited and Axis Bank Limited. Axis Max Life Insurance provides comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution network, including agency and third-party distribution partners. It has built its operations over two decades using a need-based sales process, a customer-centric approach to engagement and service, and trained human capital. According to the annual audited financials for FY2024-25, Axis Max Life Insurance achieved a gross written premium of ₹33,223 crore.

IFC has invested ₹285 crore ($33 million) through long-dated subordinated instruments to support Axis Max Life’s solvency margin and to power its expansion in the life insurance sector. This marks IFC’s maiden investment in a licensed life insurance company in India.

Sumit Madan, MD and CEO, Axis Max Life Insurance, said, “This partnership with IFC is a milestone moment for us. Beyond capital infusion, IFC brings with it deep global expertise in governance and sustainable business practices. This collaboration reinforces our commitment to building a stronger, more responsible, and more inclusive organisation.”

The partnership aims to advance Axis Max Life’s agenda of making life insurance accessible to underserved communities, especially women. It will also strengthen the Company’s long-term growth and introduce global best practices in governance, sustainability, and inclusive business standards.

Adding to this, Allen Forlemu, Interim Regional Vice President, Asia Pacific, at the International Finance Corporation, said, “Life insurance helps bolster a household’s safety net, and we welcome the opportunity to expand access to life insurance for women and those often underserved. This aligns with India’s vision of ‘Insurance for All by 2047’. Our partnership with Axis Max Life for our first investment in the life insurance space in India allows us to contribute to a more resilient future for all. Moreover, our partnership will strengthen India’s life insurance industry by building confidence in capital instruments, attracting institutional and foreign investments, and creating jobs across the value chain.”