Max Life Insurance & Yes Bank to extend partnership

On Monday, Max Life Insurance and Yes Bank Limited announced a five-year extension of their strategic ‘bancassurance relationship’, which began in February 2005.

Building on the 15-year partnership that began with a core commitment towards securing the financial future of their customers, the relationship has over the years expanded across several new banking verticals, including business and rural banking services, which has offered customised solutions to more than 2.5 lakh customers across each and every touch point with the bank.

Over the years, the partnership has sold around 2.8 lakh policies and has settled death claims of more than Rs 70 crore. Moreover, the partnership has offered protection of approximately Rs 34,500 crore to policyholders and their families. Strengthening the partnership in its fifteenth year, Max Life has begun offering Group Credit Life products to Yes Bank’s retail asset customers; along with Group Term Life Insurance that covers more than 21,400 employees of Yes Bank offering more than Rs 6,800 crore of the sum assured as a cover to financially protect the future of their families.

Commenting on the announcement, Prashant Tripathy, Managing Director and CEO of Max Life stated that in the coming five years, the company plans to further enhance its business and make investments in the area of technology, new product development, and customer service to ensure a journey together to help customers realise their real value and financially protect their future.

Max Financial Services Ltd, through its subsidiaries, provides life insurance and health insurance products, as well as healthcare services.

On Monday, the stock closed at Rs 354, up by 0.55 per cent or Rs 1.95 per share. The 52-week high is recorded at Rs 611.05 and the 52-week low is Rs 279.75 on BSE.