Latest news with #AxisMaxLifeInsurance
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Business Standard
03-07-2025
- Business
- Business Standard
Max Financial's Axis Max Life reports unauthorised acces to customer data
India's Max Financial Services said on Wednesday that its unit, Axis Max Life Insurance, received communication about unauthorized access to some customer data from an anonymous sender. The company has initiated a security assessment and data log analysis, Max Financial said. "A detailed investigation is also underway in consultation with information security experts to assess the root cause of the incident and take remedial action, as necessary" the company said in a statement. Axis Max Life Insurance is a joint venture between private lender Axis Bank and Max Financial. Indian firms such as Angel One, Niva Bupa Health Insurance and Star Health and HDFC Life Insurance have reported high-profile security breaches in the past 10 months. The incidents prompted the country's insurance regulator to direct industry-wide audits of IT systems. Cyber fraud cases in India jumped more than four times in fiscal 2024, causing losses of $20 million, Reuters reported earlier this year. Internal government data as of April 2024 showed that individuals lost nearly $1.26 billion to cyber fraud at financial institutions since 2021. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
TechCrunch
02-07-2025
- Business
- TechCrunch
India's Max Financial says hacker accessed customer data from its insurance unit
In Brief Max Financial Services on Wednesday said its insurance subsidiary Axis Max Life Insurance received communication from an anonymous sender about unauthorized access to its customer data. Without disclosing specifics, the Noida-based financial services company said in its stock exchange filing that Axis Max Life Insurance subsequently initiated an information security assessment and data log analysis. 'A detailed investigation is also underway in consultation with information security experts to assess the root cause of the incident and take remedial action, as necessary,' the company said. Axis Max Life Insurance is the fifth-largest insurer in India, with a sum assured of ₹21.9 trillion (approximately $256 billion) and assets under management of ₹1.75 trillion ($20 billion), as per the data disclosed in its latest annual report. TechCrunch has reached out to Axis Max Life Insurance and will update when the company responds. Do you have more information about the incident? From a non-work device, you can contact Jagmeet Singh securely on Signal at +44 7441 426266, or via Telegram @JagmeetS13, or email.
Business Recorder
02-07-2025
- Business
- Business Recorder
India's Max Financial reports cyber threat at unit
India's Max Financial Services said on Wednesday that its unit, Axis Max Life Insurance, received communication about unauthorized access to some customer data from an anonymous sender. The company has initiated a security assessment and data log analysis, Max Financial said. 'A detailed investigation is also underway in consultation with information security experts to assess the root cause of the incident and take remedial action, as necessary' the company said in a statement. Axis Max Life Insurance is a joint venture between private lender Axis Bank and Max Financial. Indian firms such as Angel One, Niva Bupa Health Insurance and Star Health and HDFC Life Insurance have reported high-profile security breaches in the past 10 months. The incidents prompted the country's insurance regulator to direct industry-wide audits of IT systems. Cyber fraud cases in India jumped more than four times in fiscal 2024, causing losses of $20 million, Reuters reported earlier this year. Internal government data as of April 2024 showed that individuals lost nearly $1.26 billion to cyber fraud at financial institutions since 2021.
CNA
02-07-2025
- Business
- CNA
India's Max Financial reports cyber threat at unit
India's Max Financial Services said on Wednesday its unit, Axis Max Life Insurance, received communication on unauthorized access to customer data from an anonymous sender.
Hans India
24-06-2025
- Business
- Hans India
Axis Max Life Insurance: A Financial Partner for Life, Offering Protection and Investment Plans
Axis Max Life Insurance is a joint venture between Max Financial Services Limited (MFSL) and Axis Bank Limited. It offers a wide range of protection and investment plan for millions of Indians. They aim to secure families with the help of wealth creation and by fulfilling long-term life goals. After successfully navigating the insurance sector for more than twenty years, Axis Max Life Insurance offers different types of financial products that meet the evolving financial needs of customers across all life stages. Comprehensive Protection for Every Life Stage Axis Max Life Insurance Company offers comprehensive protection and investment plans for different life stages. Their key offerings include: Term Insurance Plans A term insurance plan is one type of life insurance product that provides financial protection for your family. If the insured person passes away during the policy term, the nominee receives a predefined benefit. Different types of term insurance plans include: Axis Max Life Smart Term Plan Plus This is a non-linked, non-participating individual pure risk premium life insurance plan designed to provide comprehensive protection. It offers a death benefit along with added advantages, such as a special exit value of up to 200% of total premiums paid and an inbuilt terminal illness benefit. Axis Max Life Smart Secure Plus Plan This is a non-linked, non-participating individual pure risk premium life insurance plan that provides a death benefit along with enhanced protection through built-in features, like the special exit value and terminal illness benefit. Axis Max Life Smart Total Elite Protection Plan This is also a non-linked, non-participating individual pure risk life insurance plan that provides a high death benefit in exchange for affordable premium payments. It also includes built-in benefits, such as terminal illness coverage and a coverage continuation benefit. You can get enhanced financial protection for your loved ones with this policy. Axis Max Life Saral Jeevan Bima This again is a non-linked, non-participating individual pure risk premium life insurance plan designed to protect the financial future of the nominee or family members in the event of the life insured's untimely demise. With affordable premiums and coverage available up to 70 years of age, this term plan can serve a diverse range of individuals. Investment Plans These schemes can help you build long-term wealth with disciplined and periodic investments. You can choose a suitable plan for future needs based on your budget and goals. Some of the key investment plans to consider are: Axis Max Life Fast Track Super This unit-linked, non-participating individual life insurance plan offers life cover throughout the policy tenure. It provides either a lump sum payout or a monthly income for 5 years post-maturity. Axis Max Life Smart Fixed-Return Digital Plan This is a non-linked, non-participating online life insurance savings plan. It offers guaranteed fixed returns at maturity and life cover. Axis Max Life Smart Flexi Protect Solution This plan provides the combined benefits of Axis Max Life Flexi Wealth Plus and the Axis Max Life Critical Illness and Disability Secure Rider. Axis Max Life Platinum Wealth Plan This is a unit-linked, non-participating life insurance plan. Ideal for long-term savings through market-linked investments, this plan also provides life cover. Healthcare Plans Axis Max Life Insurance also offers the Critical Illness Benefit as an add-on to its Axis Max Life Smart Secure Plus term plan. This plan offers comprehensive financial protection through payouts upon diagnosis of life-threatening illnesses, in addition to health insurance coverage. NRI Plans The Axis Max Life Smart Total Elite Protection Term Plan allows NRI policyholders to enjoy higher coverage without paying higher premiums. Financial Strength and Market Presence of Axis Max Life Insurance In FY 2023-2024, Axis Max Life Insurance delivered a strong financial performance and became one of the leading life insurers in the country. The company recorded a gross written premium of ₹29,529 crore, and the shareholders' profit after tax was at ₹360 crore. The total Assets under management (AUM) were ₹1,50,836 crore. The sum assured in force rose 27% to ₹17,79,409 crore. The solvency ratio was 172%. Persistency remained strong with a 13-month rate of 89% and a conservation ratio of 93%. Axis Max Life paid ₹1,436 crore in policyholder bonuses, but also maintained high efficiency with an expense-to-premium ratio of 22%. The claim settlement ratios stood at 99.65% for individual policies and 99.54% for group policies. About Axis Max Life Insurance Axis Max Life Insurance Limited was previously known as Max New York Life Insurance Company Limited and Max Life Insurance Company Limited. It is a leading life insurance provider in India in the recent period. Headquartered in New Delhi, it is the country's largest non-bank private-sector life insurer. Established in 2000, the company operates as an 80:20 joint venture between Max Financial Services and Axis Bank. It is a subsidiary of the publicly listed Max Financial Services and began its operations in 2001.
