ENVIRONMENT, SOCIAL AND GOVERNANCE

ENVIRONMENT, SOCIAL AND GOVERNANCE

At Max Life, our vision is to be the most admired life insurance company by securing the financial future of our customers. In true spirit, our employees embody this vision by living our purpose and inspiring people to increase the value of their lives while keeping integrity at the core of everything we do. As an organization, we differentiate ourselves with the way we do business – with Empathy, Transparency and Accountability.

Our journey has just begun

Governance With a diverse board composition, comprising of 30% Independent Directors, and with robust Risk Management framework and policies, Max Life is committed to maintaining the highest standards of governance in its business
Financial literacy in society Max Life undertakes several widespread literacy camps, RWA initiatives and digital volunteering on increasing financial literacy of the country.
Digitization Max Life is actively working towards digitization our operations, and have initiated paperless servicing in many of its workflows.
Water Max Life recycles 100% water in Head Office. In 2019, Max Life distributed nearly 100K water aerator nozzles and sensors.
Employer of Choice Max Life is deeply focused on a people-first philosophy, and are ranked as 24th India’s Best Company to Work For in the 2020 study conducted by Great Place to Work Institute (GPTW) and Economic Times
Waste Management Single use plastic has been banned in all offices. Waste segregation implemented.
Energy Conservation Max Life has implemented over 50% light power savings through installation of energy efficient devices across our offices.
COVID-19 Support In 2019, 16% of Max Life’s total CSR budget went towards COVID-19 support initiatives – distribution of masks, PPE kits and others to healthcare workers and front line staff.
Diversity and Inclusion Max Life as an organization comprises of 22% women employees, with 42% women agents out of total agents workforce. Max Life is one of the top workplaces for women as recognized by Great Place to Work institute in India.
Pehal Max Life provides a volunteering platform for its employees called Pehal, that has been very active and successful. More than 5,500 employees contribute through many initiatives in more 180 locations, year on year.
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Our strategic framework around ESG

Setting benchmarks for inclusivity and sustainability

The bedrock of our Environmental, Social and Governance (ESG) framework lies in our belief that every action makes a difference and can create long term value for our customers, employees, shareholders and the communities in which we operate. Through an agile organization backed by a strong leadership, ethical business practices and a progressive culture, we are contributing to a sustainable nation for all of our stakeholders.

This framework define our approach towards enabling and monitoring our sustainability journey. Our pillars also derive inspiration from the United Nations Sustainable Development Goals (UN SDGs) which have been adopted globally for enabling a better tomorrow.

Our strategic framework around ESG

Setting benchmarks for inclusivity and sustainability

The bedrock of our Environmental, Social and Governance (ESG) framework lies in our belief that every action makes a difference and can create long term value for our customers, employees, shareholders and the communities in which we operate. Through an agile organization backed by a strong leadership, ethical business practices and a progressive culture, we are contributing to a sustainable nation for all of our stakeholders.

This framework define our approach towards enabling and monitoring our sustainability journey. Our pillars also derive inspiration from the United Nations Sustainable Development Goals (UN SDGs) which have been adopted globally for enabling a better tomorrow.

ENVIRONMENT

This pillar is focused around managing our environmental footprint in our operations. We operate through 269 offices including a head office and two back offices. Through various efforts, we are committed to optimizing our energy consumption, reducing wastage and recycling.

Max Life has undertaken several digitization efforts to eliminate paper and enable prudent use of resources, and has undertaken many initiatives for the replacement of plastic in offices. Many extensive tree plantation drives have been driven to reduce carbon footprint.

Max Life is also deeply focused towards reducing waste and conserving resources like water, and paper through sustained efforts including driving awareness with employees and communities it operates in.

All branch offices of Max Life use energy efficient cooling and lighting. Sustained awareness drives and active monitoring has helped to reduce food wastage, and manage waste. Max Life’s water management initiatives such as distribution of aerated nozzles has led to upto 60% water savings every year.

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SOCIAL

Max Life’s vision is to become the most admired life insurance company by securing the financial future of our customers and weaving in strong social relevance. The organization is committed to social causes and believes in inclusive growth through its contributions to the communities it operates in.

Our Social Responsibility programs are focused towards our employees, our consumers, and the society at large. Over the last two decades Max Life has progressed on the belief that an inclusive and diverse work culture with people of different backgrounds, genders, abilities and ethnicities working together towards a common purpose and aligning to the organizational values will most certainly impact the business in a positive way. As a testament to its people practices, Max Life Insurance has been recognized as Top 24th India’s Best Company to Work For in the 2020 study conducted by Great Place to Work Institute (GPTW) and Economic Times.

Remaining steadfast towards taking care of the family's financial protection needs, Max Life has been constantly improving its Claims Paid Ratio which now stands at 99.22%, one of the highest in the industry.

Till date, through Max Life’s CSR interventions with the Max India Foundation, we have been able to support 14 NGOs, benefitting over 50,000 children and 100 teachers across the country.

In 2020, Max Life dedicated 16% of its total budget towards COVID-19 support initiatives:

  • Contribution of 20,000 PPE kits to doctors and healthcare workers
  • Contribution of 50,000 safety kits to police officials
  • Contribution of 6000 safety kits to Security guards of 120 RWAs of Delhi/NCR
  • Contribution of 5000 kits for recovering patients of Government hospitals
  • Contribution of 5500 Antigen testing kits to Haryana Government

 

Max Life has been organising health camps at different places and support permanent health centres in Delhi, Uttarakhand and Punjab. Till date over 6.5 lakh patients have benefited through this effort.

In the last 2 years, the organization reached out to more than 7,000 students of 29 schools in states such as Haryana, Delhi, Andhra Pradesh, Assam, MP, Uttarakhand & Jammu and taught them on the basics of financial planning and importance of savings. Last year, we enhanced our momentum by extending our reach to sensitize the RWAs across Delhi/NCR on Insurance Awareness & Financial Literacy.

Max Life organizes the annual Joy of Giving campaign across all offices, where employees are encouraged to share joy and cheer with the underprivileged by donating clothes, toys, storybooks and stationery items. Over the years, this initiative has not only brought smiles to the children but also has spread a warm cheer amongst the employees.

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GOVERNANCE

We are committed to maintaining the highest standards of governance in the conduct of our business and continuously strive to create lasting value for all our stakeholders. For Max Life, governance is about being ethical, and managing the business with values and accountability. Implicit in this philosophy is how to always act right and do more.  

A strong independent and diverse Board leadership ensures the deployment of effective corporate governance throughout the corporation. All our directors possess rich multi-industry experience and are recognized for their contribution in their chosen professions. With 30% of Max Life Board comprising of Independent Directors, and with a diverse Board composition, robust corporate governance founded on organizational values is the bedrock of sustained performance at Max Life and fuels its vision to achieve the respect of stakeholders.

RISK MANAGEMENT

The Risk Management Framework is Max Life’s totality of systems, structures, policies, processes and people that identify, measure, monitor, report and control or mitigate all internal and external sources of material risk. This framework provides reasonable assurance to the Management that each material risk is being prudently and soundly managed, having regard to the size, business mix and complexity of MLI’s operations.

GOVERNING POLICIES

As a preventive measure, Max Life’s policies guide employee on all their roles and responsibilities and their limitations to avoid falling in any unsuitable situation. Some of the key governing policies are:

Business code of conduct : Sets out employees, business and general conduct.

Anti-bribery and corruption policy : Guiding principles for dealing with public servants.

Conflict of interest policy : Guiding principles for employees during Conflict of Interest situations

Gift , meals & entertainment policy : Guiding principles for having or proposing to have a business relationship with Max Life.

Anti-money laundering policy : Guiding principles to prevent money laundering and various IRDAI guidelines.

Whistleblower policy : Provides avenue to raise concerns on unethical and wrongful conduct.

Workplace anti-harassment policy : Provides a safe and healthy environment at the workplace to each employee.

Socail media policy : Policy guides sharing of information or discussion associated with Company, policyholders, employees or partner on all social media platforms.

Relative hiring policy : Policy guides on hiring relatives as Agents / Employees.

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Why Choose Max Life

Here are some of the numbers which speak about our accomplishments

Why Choose Max Life

Here are some of the numbers which speak about our accomplishments
Claims Paid Percentage

99.35%

99.35%

(Source : Max life annual audited financials FY 20-21)

Max Life Presence

277 Offices

277 Offices

(Source : As reported to IRDAI, FY 20-21)

Sum Assured

₹1,087,987 Cr.

₹1,087,987 Cr.

In force (individual) (Source : Max Life Public disclosure, FY 20-21)

Assets Under Management

₹90,407 Cr.

₹90,407 Cr.

(Source : Max Life Public disclosure, FY 20-21)

More reasons why our customers choose us

 

 

Let’s Connect

Let’s Connect

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011-71025900; 011-61329950
(9:00 AM to 6:00 PM Monday to Saturday)

nri.helpdesk@maxlifeinsurance.com