India’s third largest private sector lender, Axis Bank, is acquiring a 29 per cent stake in Max Life Insurance Company. The deal will take Axis Bank’s stake in Max Life to 30 per cent and the country’s fourth largest private sector life insurance company will now become a 70:30 joint venture between Max Financial Services and Axis Bank. Currently, Max Financial holds 72.5 per cent stake in Max Life and Japan’s Mitsui Sumitomo Insurance (MSI) owns 25.5 per cent stake. Axis Bank also has a minority stake. The deal will involve a series of transactions, which will see MSI swapping 20.6 per cent stake in Max Life with a 21.9 per cent stake in Max Financial Services. Max Financial also plans to...
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Under the leadership of a new managing director and chief executive officer Amitabh Chaudhry, Axis Bank has acquired an additional 29 per cent stake Max Life Insurance, taking the latter’s value at over Rs 5,000 crore. With this addition, the private lender now holds a total of 30 per cent of the insurer’s stake. Previously, Axis Bank held about 1 per cent stake in Max Life. The lender is the biggest banking channel partner for distribution of insurer’s products. Products sold through the bank reportedly contribute for 54 per cent of Max Life’s revenues. The boards of Axis Bank, MFS and Max Life approved the transaction late on April 27, a joint statement said on Tuesday. “This...
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As South Africa is battling with the impact of Covid-19 on the economy, many consumers have been left with the inability to earn an income. Some are unemployed whilst others are receiving less income due to reduced working hours. Some credit providers have pronounced interim debt relief measures for consumers who have been hard hit by this pandemic. The National Credit Regulator (NCR) advises consumers that where applicable, they first consider the option of using their credit life insurance benefit as a relief in this difficult period, said Nomsa Motshegare, CEO of the NCR. A credit life insurance is an insurance that a consumer signs up for when applying for credit or a loan and it covers...
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A credit-linked life policy is arranged on a group basis, with banks or other lending institutions as the master policyholder Have you opted for the three-month moratorium on your loan repayment allowed by your bank or lender? Then, the credit-linked life insurance policy that covers your loan liability in the event of your death, may not be available for the extended period of the loan on account of availing the moratorium. Credit life policies are essentially group policies issued by life insurance companies to financial institutions that ensure that in case of death of the borrower, the amount of loan outstanding (or the chosen sum assured) is paid out by the insurer. While on the one...
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The service member planned carefully for his young son’s future. He visited a military attorney for advice on the best way to designate his military life insurance policy, and was advised not to name his young son as beneficiary, but to set up other legal mechanisms for his son. The service member and his wife were estranged. So the service member discussed his wishes for his son with his parents, and named them as beneficiaries of his Servicemember’s Group Life Insurance policy. After the service member died, his parents followed their son’s wishes. They’ve ensured their grandson’s future, according to the grandmother, by consulting with legal and financial experts to set up a legal...
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New Initiative Enables Consumers to Share Medical Information in Real Time BOSTON, Jan. 14, 2020 /PRNewswire/ - Today, John Hancock announces a major step forward in significantly streamlining the life insurance buying experience through a strategic collaboration with Human API, a leading health data platform, offering a simple, digital way for consumers to share access to their electronic health records (EHR) in real time. Human API's capabilities allow for EHR data collection from over 85 percent of US healthcare providers (e.g., health systems, hospitals, clinics and physician offices). With the instant access to critical medical information such as lab results, medications, vital...
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Comments Off on When is the Best Time to Buy Life Insurance? Here are some key considerations, as you decide when is the right time for you to get life insurance. Buying life insurance when you are young and healthy can save you money and give you peace of mind. Life changes are another important time to consider your coverage needs. Life insurance is like the safety net trapeze artists use in case they fall. As you flip, twist, and turn through life, you hope you don’t need to use the net, but it’s good to know it’s there. If something happens to you, you want to provide a financial cushion for the people you love and care about most. So, when does it make sense to get life insurance? One...
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Brace yourselves: tax time is coming. In fact, it’s already here. The questions that often arise at this time of year from our clients include ‘Are my Life Insurance premiums tax deductible?’ and ‘Are my benefit payments assessed as taxable income?’ The answer to these questions depends on a few things: the type of Life Insurance cover you have, whether you have purchased the policy as an individual or a business and whether or not your premiums are paid through your super fund. We’ve prepared a handy reference guide for you, so that your next tax return doesn’t need to be quite so … taxing. Life Insurance (also known as ‘term life’ cover) pays a lump sum benefit to your...
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This is a guest post from Tina Roth, personal finance blogger at Pro Finance Blog, which discusses life insurance in the US. This article does not constitute financial advice and is for informational purposes only. If you’re a first-time life insurance buyer then you’ll probably have a lot to think about. The questions that you are probably asking yourself are “Is the policy right for me?”, “Can I trust the company?”, and “How much cover should I get?” These are important things to consider, and should be given a great deal of thought before going ahead with a policy. This article will look to answer those questions for you, providing the tips which can help you shed off all the doubts and...
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As Ben Franklin so famously wrote some 230 years ago, “In this world, nothing can be said to be certain, except death and taxes.” Somber but true, the quote leaves many of us regularly thinking about how much we’ll owe our esteemed employer, the federal government, each year, and how many years we’ll be here. And while the answers are hopefully not much and many, respectively, we unfortunately each face the possibility of premature death — and, consequently, the possibility of leaving our loved ones struggling to make ends meet when we and our income are no longer around. At this point, of course, you might be thinking, “I already know all of this, and it’s why I have a life insurance plan...
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