Max Life Insurance Expects Double-Digit Growth In FY'21

Max Life Insurance Expects Double-Digit Growth In FY'21
Max Life Insurance Expects Double-Digit Growth In FY'21
PTI - 09 December 2020

New Delhi, Dec 9: Private sector insurer Max Life Insurance has said that it anticipates double-digit growth of over 10 per cent in the current fiscal amid a gradual pick-up in business.

The second half should be better than the first half and it is evident from each passing month, Max Life Insurance CEO and managing director Prashant Tripathy told PTI.

"Max life has done significantly better than the private industry as a whole and we have been growing for the past many months. For the first seven months, Max Life Insurance has registered a 9 per cent growth rate versus a contraction of 8 per cent in the same period a year ago. We have been gaining market share as a result of this," he said.

For the first half, he said, the market share was 11 per cent which is the highest in the last 10 years.

"In the fourth quarter, we should register a growth in the range of 10-15 per cent. The business was hit in March due to the outbreak of COVID-19 pandemic and the lockdown. We anticipate that we should end the year in double digits. We are at 9 per cent at the moment, we hope the current fiscal closes with over 10 per cent growth," he said.

The company has made a good stride in terms of increasing term business, he said, adding, the term business has seen close to about 75-80 per cent growth year-on-year.

Meanwhile, the company has launched Max Life Critical Illness and Disability Rider and 'Max Fit', a comprehensive wellness programme.

The Max Life Critical Illness and Disability Rider provides comprehensive financial protection against a range of critical illnesses and disability, he said.

"With many critical illnesses linked to lifestyle related habits, Max Life wants customers to stay fit, active and maximize their personal health and wellbeing together, 'Max Fit' program and 'Max Life Critical Illness and Disability Rider' – will address customers' holistic health coverage needs to ensure they continue to be fit, be protected, be happy," he said.

Available exclusively with the rider, 'Max Fit Program' is a wellness app with features such as a wellness assessment score, medicine reminder, daily health tips, digitized access to all health reports and a wellness calculator for illnesses such as diabetes, heart diseases, stress, anxiety.