June 10, 2019
Max Life Insurance Co. Ltd. ("Max Life"/"Company"), one of India’s fastest growing life insurance companies, today announced the launch of a unique proprietary tool, ‘My Protection Quotient’ (MyPQ) (www.maxlifemypq.com) further fortifying its commitment to ensuring financial protection in the country. MyPQ is a smart tool designed to gauge the level of individual’s financial protection and to promote awareness and importance of term plans in protecting the financial future of families.
In order to help customers, choose the most suitable option basis their current financial situation and life goals, the tool will post a set of diverse questions to seek inputs on their level of preparedness for all possible financial responsibilities, their awareness & ownership of life insurance products and the existing life insurance cover. The tool will help consumers gauge their preparedness for their life stage goals and protection against unplanned eventualities of life. The final output will be a quotient reflected on a scale of 100, with score of 0-25 indicating extremely poor financial protection, 25-50 being a poor score, 50-75 being moderate and 75-100 being a reasonable quotient.
Commenting on the launch, Mr. Aalok Bhan, Director & Chief Marketing Officer, Max Life said, “At Max Life we are committed to driving the agenda of financial protection in India. After the successful launch of the ‘India Protection Quotient’ survey, we are taking another a step further with the launch of ’My Protection Quotient’. This one-of-its-kind initiative is built to encourage all Indians to engage with protection need more closely. By offering an estimate of an individual’s Protection Quotients, the tool will aim to help customers understand various aspects of financial planning, elements that are missing or require an upgrade to ensure that they have the right amount of life cover and an ideal mix of life insurance plan in place to help them achieve their life goals with risk protection. By launching MyPQ on the first-month anniversary of having dedicated 6th of every month as ‘Protection Day’, we continue to override our efforts in this space.”
Max Life’s ‘India Protection Quotient’ survey conducted in association with Kantar IMRB was a nationwide study that endeavoured to understand where India stands with regards to life and term insurance ownership. The Company is among the market leaders in online sales of pure protection products and has an independent digital protection portfolio to further persevere in this direction.
About Max Life Insurance (www.maxlifeinsurance.com)
Max Life Insurance Co. Ltd. (“Max Life”/“Company”), one of the leading life insurers in India, is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is a part of the Max Group, which is a leading Indian multi-business corporation, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance group, which is amongst the leading insurers in the world. Max Life has a vision to be the most admired life insurance company by securing the financial future of its customers.
Max Life offers comprehensive protection and long-term savings, through its high-quality multi-channel distribution including agency and third distribution partners. A financially stable company with a strong track record over 19 years, Max Life offers superior investment expertise. The Company has a strong customer-centric approach focused on need-based sales and quality service delivered through its superior human capital.
During the financial year 2018-19, Max Life achieved ‘Gross Written Premium’ of Rs. 14,575 crore and had sum assured in force of Rs. 7,03,972 Crore. As on 31st March 2019, the Company had Rs. 62,798 crore of AUM and a share capital including reserves and surplus of Rs. 2,767 crore. The Company has nearly 35 lakh customers serviced by its 12,082 employees and 48,522 agent advisors through 239 offices across the country.