AN INTERNSHIP REPORT

ON
AXIS MAX LIFE

BY
KINGSTEN DSOUZA
ROLL NO: 2317024
CLASS: SYBBA

An internship report submitted in the partial fulfillment of the requirement for the
Second Year Bachelor of Business Administration

Under the guidance of

Assistant Professor Prasad Kalangutkar

At

DNYANPRASSARAK MANDAL’S
COLLEGE AND RESEARCH CENTRE
ASSAGAO-BARDEZ GOA

2024-25

DECLARATION

I, Mr. Kingsten Dsouza, hereby declare that the present internship report on Axis Max Life is
submitted in partial fulfilment of the requirements for the degree course of Bachelor of
Business Administration to Dnyanprassarak Mandal’s College and Research Centre, Assagao,
Bardez, Goa.

This is a bonafide record of work done by me under the supervision of Assistant Professor
Prasad Kalangutkar.

I further state that no part of the report has been submitted for a degree or diploma or any other
similar title of this or any other university.

Place: Mapusa ______________

Date: 14/04/25 Kingsten Dsouza

CERTIFICATE

This is to certify that the internship report on Axis Max Life is an original work carried out
by Mr. Kingsten Dsouza under my guidance and that no part of this report has been
presented/submitted for any other degree or diploma, fellowship or any other similar title.
Place: Mapusa
__________________

Date: 14/04/25 Mr Prasad Kalangutkar

[ Guide ]

ACKNOWLEDGEMENT

I would like to express my sincere gratitude to Mr. Videsh Harmalkar, Branch Manager, Axis
Max Life, for providing me with the opportunity to undertake my internship at their esteemed
organization. His constant guidance and support throughout the internship helped me gain
practical insights and understand the working of the life insurance industry.

I also extend my heartfelt thanks to Mr. Rohit Shelar, my supervisor at Axis Max Life, for his
invaluable mentorship, encouragement, and for patiently clarifying all my doubts during the
course of the internship.

I am immensely grateful to Assistant Professor Prasad Kalangutkar, my internal guide from

Dnyanprassarak Mandal’s College and Research Centre, for his support and timely guidance
throughout this project.
Executive Summary
1. Introduction to Axis Max Life Insurance
Axis Max Life Insurance Limited is a prominent life insurance provider in India, formed
through a joint venture between Max Financial Services Limited and Axis Bank Limited. The
company offers a diverse range of life insurance products, including protection, savings, child,
and pension plans, tailored to meet the varying needs of its customers. With a strong emphasis
on customer-centric solutions, Axis Max Life Insurance has established itself as a trusted name
in the industry.Policybazaar

2. Department Studied: Agency Department

During my internship, I was placed in the Agency Department, which plays a crucial role in
the company's distribution network. This department focuses on recruiting, training, and
managing insurance agents who serve as the primary sales force for the company's products.
The agency channel is instrumental in expanding the company's market reach and ensuring
personalized customer service.

3. Work/Activities Undertaken
● Product Familiarization: Gained in-depth knowledge of various insurance products,
including SWAG Par, SWAG Non-Par, SEWA, ULIP, and STAR 3D ULIP plans,
understanding their features, benefits, and suitability for different customer segments.

● Client Engagement: Conducted sales calls and meetings to understand client needs,
present suitable insurance solutions, and address queries, thereby enhancing client
trust and facilitating policy sales.

● Policy Illustration Preparation: Created personalized policy illustrations to provide

clients with a clear understanding of premium payments, benefits, and maturity
values, aiding in informed decision-making.

● Administrative Support: Assisted in filling out policy application forms, collecting

necessary documents, and ensuring compliance with regulatory requirements,
streamlining the policy issuance process.
 4. A brief overview of the project
The mini project focused on analysing the perceptions of young entrepreneurs towards Max
Life Insurance products. The objectives were to explore their awareness and attitudes, identify
barriers to purchasing insurance policies, and assess how financial constraints influence their
decision-making. Data was collected through surveys and interviews, followed by cross-
tabulation analysis to identify patterns and correlations. The findings provided insights into the
factors affecting insurance uptake among young entrepreneurs, offering recommendations to
tailor products and marketing strategies to this segment.

5. Specific Contributions to the Organization

● Sales Achievement: Successfully closed three significant deals: two SWAG Par
policies worth ₹60,000 and ₹350,000 in March and one STAR ULIP policy worth
₹100,000 in April, contributing to the company's revenue targets.

● Recognition: Received the 'I Am the Difference' and 'Lakhpati' certificates for
outstanding performance and was acknowledged by peers and superiors during the
Gurukul meeting, enhancing team morale.

● Incentive Qualification: Qualified for a paid trip to Almaty and a complimentary

night's stay at Marriott, reflecting the company's appreciation for high-performing
interns and employees.

1. Introduction to the Life Insurance Industry

1.1 Life Insurance: A General Overview
Life insurance is a financial contract between an individual and an insurance company, wherein
the insurer promises to pay a designated beneficiary a sum of money upon the death of the
insured person. This financial instrument serves as a critical tool for risk management,
providing economic security to families and dependents in the event of the policyholder's
demise.

The primary objectives of life insurance include

● Financial Protection: Ensuring that beneficiaries have financial support after the
policyholder's death.

● Savings and Investment: Certain life insurance policies also function as investment
tools, accumulating cash value over time.

● Tax Benefits: Premiums paid and benefits received often come with tax advantages,
depending on jurisdictional laws.

Life insurance policies can be broadly categorized into:

● Term Life Insurance: Provides coverage for a specific period.

● Whole life insurance offers lifelong coverage with a savings component.

● Endowment Plans: Combine insurance and investment, paying out a lump sum after a
specific term or on death.

Source: "Life Insurance Basics," Insurance Regulatory and Development Authority of

India (IRDAI), 2023.
1.2 Global Life Insurance Industry
The global life insurance industry is undergoing significant transformation, influenced by
technological advancements, changing consumer behaviors, and evolving regulatory
landscapes. Key trends include:

● Digital Transformation: Insurers are leveraging technology to enhance customer

experience and streamline operations.

● Customized Products: There's a shift towards personalized insurance solutions

tailored to individual needs.

● Emerging Markets Growth: Developing countries are witnessing increased insurance

penetration due to rising awareness and economic growth.

According to McKinsey's Global Insurance Report 2023, the industry is at an inflection point,
necessitating a fundamental reimagination to address challenges and seize new opportunities.

Source: McKinsey & Company, "Global Insurance Report 2023: Reimagining Life Insurance,"
November 16, 2022.

1.3 Life Insurance Industry in India

India's life insurance sector is one of the fastest-growing in the world, driven by a large
population, increasing financial literacy, and supportive government policies. As of the
financial year 2023:

● Market Size: The industry recorded a premium income of ₹8.3 lakh crore, marking a
6.1% growth.

● Private Sector Growth: Private life insurers experienced a 15.1% increase in premium
income, while the public sector saw a marginal growth of 0.2%.

● Insurance Penetration: Life insurance penetration stood at 4% of GDP, indicating

room for expansion.
The sector's growth trajectory is supported by technological integration, product innovation,
and regulatory reforms aimed at enhancing transparency and customer trust.

Sources:

● The Economic Times, "Why is the race for your insurance premiums hotting up?"
March 2024.

● Statista, "India: Insurance Penetration 2023," July 2023.

1.4 Life Insurance in Goa

Goa, though one of India's smaller states, reflects the national trends in life insurance growth.
Factors contributing to the sector's development in the region include:

● Increased Awareness: Educational initiatives have led to greater understanding of

insurance benefits among residents.

● Economic Development: Rising incomes and employment opportunities have

enhanced the capacity for insurance investments.

● Urbanization: The growth of urban centers has facilitated better access to insurance
services.

While specific statistical data for Goa's life insurance market is limited, the state's performance
aligns with the broader national patterns of growth and increased penetration.

Source: Indiastat, "Insurance Statistics and Growth Figures Year-wise of Goa," 2023.

2: Introduction to the Company

2.1 Introduction to Axis Max Life Insurance
Max Life Insurance Company Limited is a leading private sector life insurance provider in
India. Established in 2000, Max Life began as a joint venture between Max Financial Services
Ltd. and Mitsui Sumitomo Insurance Company (Japan). In 2020, Axis Bank Ltd., a prominent
private bank, acquired a 19.02% stake, becoming a co-promoter of the company. This strategic
partnership has significantly expanded the company's market reach, enabling it to leverage Axis
Bank's vast distribution network across India.

Max Life specializes in a range of products designed to offer protection and long-term savings,
such as term plans, endowment plans, ULIPs (Unit-Linked Insurance Plans), and retirement
plans. The company focuses on providing financial protection and stability to families and
businesses, emphasizing customer-centric solutions and ethical business practices.

The company has consistently demonstrated financial stability and growth, earning a reputation
for reliability. As of the financial year 2022-2023, Max Life reported a claims paid ratio of
99.34% and a solvency ratio of 201%, significantly higher than the IRDAI-mandated solvency
ratio of 150%, underscoring its strong financial standing and commitment to fulfilling its
obligations to policyholders.

Source: Max Life Insurance Annual Report FY 2022–2023, pp. 11, 22, 89
Source: Max Life Insurance Official Website, About Us – Max Life Website

2.2 History of Max Life Insurance

Max Life Insurance was formed in 2000 as a partnership between Max India Ltd. and Mitsui
Sumitomo Insurance. The company began its operations with a vision to provide innovative
life insurance solutions that would help customers secure their futures.

The company's journey took a major step forward in 2006 when Max Life became a joint
venture with New York Life—one of the largest and oldest life insurance companies in the
United States. This partnership brought in global expertise, enhancing Max Life’s capabilities
in underwriting, risk management, and customer service.

In 2015, Max Life, in a landmark decision, entered into a bancassurance partnership with Axis
Bank, giving the company access to Axis Bank's expansive distribution network. This
partnership continued to grow, with Axis Bank acquiring a 19.02% stake in 2020, thus
solidifying its role as a co-promoter of the company.

The company is known for introducing a range of life insurance products tailored to meet the
diverse needs of Indian customers, from protection to long-term savings and investment
solutions.

Max Life’s ability to innovate and adapt to the Indian market’s changing dynamics has ensured
that it has become one of India’s top life insurers, with a high customer retention rate and a
solid brand reputation.
Source: Wikipedia – Max Life Insurance, last edited April 2025
Max Life Insurance Wikipedia

2.3 Financial Strength and Market Position

As of FY 2022-2023, Max Life Insurance has shown impressive growth and financial strength:

● Assets Under Management (AUM): ₹1,50,836 crore, marking a 23% increase from the
previous year.

● Claims Paid Ratio: 99.34%, indicating the company’s reliability and commitment to
settling claims promptly.

● Solvency Ratio: 201%, well above the regulatory requirement of 150% set by the
Insurance Regulatory and Development Authority of India (IRDAI).

Max Life has a wide customer base, insuring over 30 million lives across India. The company
is known for its excellent claim settlement process and is recognized for offering personalized
insurance solutions.

In 2023, the company was ranked among the Top 10 life insurers in India in terms of premium
income, a testament to its strong presence and competitive positioning in the market.

Source: Max Life Insurance Annual Report FY 2022–2023

Source: Max Life Official Website, "Financials" – Max Life Financials

2.4 Axis Bank – Strategic Distribution Partner

Axis Bank plays a critical role in the distribution of Max Life Insurance products. With a robust
network of 4,900+ branches across the country, Axis Bank offers customers seamless access
to Max Life’s range of life insurance solutions.

This bancassurance partnership has provided Max Life with a powerful distribution channel,
enabling the company to expand its reach and cater to customers across urban and rural
markets. The partnership enables Max Life to tap into Axis Bank’s vast customer base,
facilitating cross-selling and creating synergies in financial services.

Source: Axis Bank Annual Report 2022–2023, Axis Bank Ltd. (Page 44)
Source: Business Standard article – "Max Life Insurance completes 19% stake
transfer to Axis Bank", April 6, 2021

2.5 Max Life in Goa – Panjim Branch

The Panjim Branch of Max Life Insurance operates as a vital hub for the company’s presence
in Goa, providing insurance services to the local community. Located in Panaji, the capital of
Goa, the branch caters to individual clients, families, and businesses seeking reliable life
insurance solutions.

Branch Address:

3rd Floor, Gangotri Building, Dr. A.B. Road, Opp. Pastry Cottage, Panaji, Goa – 403001

3. Work / Activities Carried Out in the Organization

During my internship at Axis Max, I was involved in a variety of activities that gave me hands-
on exposure to the functioning of the life insurance industry. The tasks performed were a
combination of administrative, marketing, sales, and client servicing activities, helping me
understand both front-end and back-end processes of the business.

3.1. Understanding Company Products and Processes

● Studied and gained in-depth knowledge about various life insurance products offered
by Axis Max, including SWAG Par, SWAG Non Par, SEWA, ULIP, STAR 3D ULIP
plans..

● Attended training sessions and product knowledge classes which helped me

understand features, benefits, and eligibility of different insurance policies.
 ● Learnt about the company’s vision: To be the most admired life insurance company in
India by securing the financial future of our customers.

3.2. Creating Policy Illustrations

● Trained to create personalized policy illustrations for clients, which are graphical
representations showing premium payments, policy benefits, and maturity values.

● Engaged in printing and preparing these illustrations for client meetings and follow-
ups.

3.3. Sales and Client Interaction

● Made sales calls to potential clients to fix appointments.

● Participated in client visits and pitched products.

● Contributed to the closure of three policies, including one worth ₹3,50,000, one
worth ₹1,00,00 and another worth ₹60,000.

3.4. Administrative Support

● Helped in filling policy application forms and gathering client documents.

● Supported the policy confirmation process by requesting and verifying necessary

documents.

● Interacted with the administration team to understand the backend procedures

related to document handling and internal communication.

● Assisted two new agents in completing their login and verification process and
forwarded necessary documents to senior officials.
3.5. Office Engagement & Events
● Took part in decorating the office for Holi and other occasions to enhance employee
engagement.

● Designed event posters and participated in cultural initiatives, contributing to a

healthy and vibrant work environment.

● Helped set monthly sales goals with my supervisor and reflected on performance at
the end of the month.

3.6. Learning About Commission Structures

● Understood the commission system at Axis Max, including the six main types of
advisor earnings:

1. First-Year Commission

2. Segment Bonus

3. Monthly Incentive

4. Quarterly Incentive

5. WOW Payout

6. Contests/Incentive Schemes

● Also studied the commission cycle, which operates on a 15-day payout system based
on the policy confirmation date.

3.7. Recognition and Motivation

● Received certificates and rewards for completing my monthly targets successfully.

● Got the opportunity to interact with senior advisors, gaining motivation and guidance
from their experiences.

3. 8 . Summary of Activities (March & April)

Month Sales Calls Client Meetings Closures
March 14 9 2

April 3 3 1

4. Mini Project Understanding Young Entrepreneurs’

Perspectives on Insurance with Max Life (Ages 25-30)

4,1 Executive Summary

In the contemporary entrepreneurial landscape, young entrepreneurs, particularly those
within the age range of 25 to 30, are increasingly recognizing the significance of
insurance as a critical tool for financial protection. With the growing awareness of risks
in business and personal life, the demand for comprehensive insurance policies has seen
a steady rise. However, despite this awareness, the adoption rates of insurance
policies—especially Max Life Insurance—remain considerably low among this
demographic. This study aims to explore the reasons behind this limited adoption and
provide actionable insights for Max Life to improve its engagement with young
entrepreneurs.

The core objective of this research is to understand young entrepreneurs' perceptions

and attitudes towards insurance, specifically Max Life policies. Through this analysis,
the project intends to uncover the key barriers that hinder policy adoption. These
barriers include financial constraints, perceived complexity in insurance procedures,
and trust issues, which are prevalent concerns among this group. The research delves
into these aspects to identify gaps in both the product offerings and the communication
strategies of Max Life Insurance.

4.2 Key Findings

● Comfortable Premium Range: 72% of respondents are only comfortable with

annual premiums below ₹1,00,000. None are willing to pay above ₹4,00,000,
showing a strong preference for budget-friendly plans.

● Insurance Perceived as Necessary: All participants agree on the importance of

insurance, with 72% considering it essential for financial protection and 28% for
specific needs like health or vehicle coverage.

● Barriers to Adoption: The most cited challenges include a lack of knowledge

(44%), timely premium payment difficulties (40%), trust issues with agents (28%) and
companies (32%), and complex policy procedures (32%).

● Spending Priorities Under Financial Stress: 52% would maintain their policy only if
the budget permits; 24% may delay or cancel their insurance. Only a minority
prioritize insurance over other expenses.

● Familiarity and Trust in Max Life: While 52% rate Max Life positively (Excellent or
Good), 28% are not familiar with the brand at all, suggesting a gap in awareness and outreach.

● Associations with Max Life: Respondents associate Max Life with a trusted
reputation (52%), attractive products (48%), and good customer support (44%), but
fewer link it to affordability (28%) or procedural simplicity (8%).

4.3 Impact for Max Life

The research indicates that while young entrepreneurs acknowledge the importance
of insurance, actual policy adoption is hindered by affordability concerns and trust
issues. Max Life can better engage this demographic by simplifying policy
procedures, offering clearer communication, and enhancing transparency. Promoting
budget-conscious plans, building trust, and educational marketing can significantly
improve adoption
4.4. Introduction
“Insurance is not merely a safety net—it is a financial strategy.” Over the past decade, the
Indian insurance industry has witnessed exponential growth, fuelled by increasing financial
awareness, government-backed digital initiatives, and a growing middle class. Life insurance,
in particular, has gained importance as people begin to view it not just as a tax-saving tool, but
as an essential pillar of long-term financial planning. According to the IRDAI Annual Report
2022–23, life insurance penetration in India reached 3.2%, yet a significant portion of the
entrepreneurial population still remains uninsured or underinsured (IRDAI, 2023, p. 45).

Despite this progress, challenges remain—especially among young entrepreneurs who operate
in unpredictable business environments. Many view insurance as a luxury rather than a
necessity, due to limited knowledge, lack of trust in insurance providers, or the perception that
policies are overly complicated. In this context, understanding how insurance is perceived by
this dynamic and emerging demographic becomes crucial for insurers aiming to expand their
reach.

This study explores the perceptions, attitudes, and barriers faced by young entrepreneurs aged
25 to 30 regarding Max Life Insurance—a prominent life insurance company in India known
for its innovative offerings and customer-centric approach. With entrepreneurship on the rise
in India, especially post-pandemic, young business owners face increased risks, making life
insurance more relevant than ever. Yet, adoption rates remain low. This contradiction sparked
the need for a localized, focused study to understand what drives or hinders insurance uptake
among young entrepreneurs.

4.5 About My Research

The motivation behind my research was to understand the factors influencing insurance
decisions among young entrepreneurs aged 25–30, with a specific focus on Max Life Insurance.
I chose this topic because, despite the increasing entrepreneurial spirit among youth, there is
limited research on their insurance behaviour, particularly in the Indian context.

To explore this, I conducted a survey using a structured Google Form, collecting 25 valid
responses from young entrepreneurs. The survey focused on key areas such as comfort with
premium payments, awareness of Max Life, perceived necessity of insurance, trust levels, and
financial priorities. The data was analysed using Excel to uncover patterns and insights.

My goal was to understand why many young business owners hesitate to adopt insurance and
what could be done to improve adoption. The findings revealed that while all participants saw
insurance as necessary, issues like affordability, trust in agents and companies, and complex
procedures were major deterrents. This indicates a need for simplified policies, better
communication, and targeted financial education.
4.6 Literature Review
The decision-making process behind insurance uptake has been widely studied across various
socio-economic contexts, with research consistently pointing to trust, affordability, and
awareness as key determinants. These studies offer valuable insights into the barriers and
motivations that influence consumers—particularly in developing nations where financial
literacy and institutional trust are still evolving. This section reviews three foundational studies
that inform the current research on Max Life Insurance uptake among young entrepreneurs in
Goa.

4.6.1 The Determinants of Microinsurance Demand

In their comprehensive study, Eling, Pradhan, and Schmit (2014) argue that trust in insurance
providers is perhaps the most decisive factor in determining whether individuals purchase
insurance. Published in The Geneva Papers on Risk and Insurance – Issues and Practice, the
authors analyse data across several countries and emphasize how perceived credibility and
institutional reputation strongly influence uptake. They suggest that when consumers lack
trust in agents or doubt whether claims will be honoured, their willingness to purchase
insurance declines significantly—even when the product is affordable and relevant.

This is particularly applicable in the Indian context, where informal experiences and
misinformation about insurance companies can taint consumer perceptions. For young
entrepreneurs, trust is not only tied to policy mechanics but also to transparent communication
and reliable customer support. Thus, insurers like Max Life must invest in reputation
management, agent training, and transparent claims processes to bridge this trust gap.

Source: Martin Eling, Shailee Pradhan & Joan T. Schmit (2014). The Determinants of
Microinsurance Demand. The Geneva Papers on Risk and Insurance. Issues and
Practice, Vol. 39, No. 2, pp. 224–263. Springer Nature.

4.6.2 Analysing the Determinants of Healthcare Insurance Uptake in Nigeria

Another key study, published by the African Economic Research Consortium (AERC),
explores insurance uptake across Nigeria’s diverse socio-economic and cultural landscape. The
authors report that as of 2018, national average coverage was only 3.4%, with states like
Zamfara recording an alarmingly low 0.2%. The primary factor affecting enrollment was found
to be financial affordability, particularly among low-income and informal sector workers.

While the study focuses on healthcare insurance in Nigeria, the findings are applicable to the
Indian scenario as well—especially among first-generation entrepreneurs operating without
fixed monthly incomes. Affordability, in the form of flexible premiums or customized
products, emerges as a vital condition for increasing insurance penetration.

Source: AERC (2018). Analysing the Determinants of Healthcare Insurance Uptake in

Nigeria. African Economic Research Consortium.

4.6.3 Impact of Community-Based Health Insurance in Low- and Middle-Income

Countries: A Systematic Review
In a systematic review and meta-analysis published in PLOS ONE, Eze, Ilechukwu, and
Lawani (2021) investigate the effectiveness of community-based health insurance (CBHI)
schemes in low- and middle-income countries (LMICs). Their research confirms that financial
barriers and lack of affordability remain the largest impediments to enrolment. Furthermore,
they find that when cost-effective policies are made accessible through simplified
communication and local engagement, insurance uptake improves significance relevance of
this study to our focus group in Goa lies in its confirmation that price sensitivity and limited
awareness are not isolated to one region—they are global barriers to insurance adoption. For
brands like Max Life, the implications are clear: simplified language, relatable campaigns,
and price-sensitive products are essential to appeal to younger demographics.

Source: Paul Eze, Stanley Ilechukwu & Lucky Osaheni Lawani (2021). Impact of Community-
Based Health Insurance in Low- and Middle-Income Countries: A Systematic Review and
Meta-Analysis. PLOS ONE.tly.

4.7 Methodology

4.7.1 Research Title

Understanding Young Entrepreneurs’ Perspectives on Insurance with Max Life (Ages 25-30)

4.7.2 Research Objectives

1. To explore young entrepreneurs’ perceptions of Max Life insurance.

2. To identify key barriers preventing them from purchasing Max Life policies.

3. To assess how financial constraints influence their decision-making.

4.7.3 Hypotheses
H1: Young entrepreneurs (ages 25–30) recognize the importance of insurance but hesitate to
purchase Max Life policies due to trust concerns and financial constraints.

4.7.4 Sample Selection and Data Collection Methods

The study targeted young entrepreneurs between the ages of 25 to 30. Stratified sampling was
used to reach the respondents. Data was collected using a structured online questionnaire
distributed via Google Forms. A total of 25 valid responses were obtained and analyzed.
4.7.5 Questionnaire Design and Measurement Tools
The questionnaire consisted of both closed-ended and multiple-choice questions, designed
to capture the following areas:

● Comfort with premium amounts

● Perceived importance of insurance

● Spending behavior under financial pressure

● Familiarity and trust in Max Life Insurance

● Challenges or barriers in purchasing policies

4.7.6 Data Analysis Techniques

The responses were analyzed using Microsoft Excel. The results were interpreted using:

● Descriptive statistics (percentages and frequencies)

● Graphs and charts for visual representation

● Cross-tabulation to observe relationships between different variables

4.7.7 Results and Discussions

4.7.7.1 Demographics
1) What is your gender

Gender COUNTA

Female 12

Male 12

Other 1

Grand Total 25
 Graph 1.1

The gender distribution of the respondents reveals an even split between male and
female participants, with 12 males (48%) and 12 females (48%), and 1 respondent
(4%) identifying as Other.

2) Which business sector are you working in

Business sector COUNTA

Manufacturing 3

Primary/Agriculture 1

Service 21

Grand Total 25

Graph 1.2
Among the 25 respondents, the majority—21 individuals (84%)—are engaged in the Service
sector, followed by 3 respondents (12%) in Manufacturing, and only 1 respondent (4%) in
the Primary/Agricultural sector.

Key Observations:
● The Service sector dominates the entrepreneurial landscape among respondents aged
25–30, indicating that young entrepreneurs are more inclined toward businesses like
IT services, consulting, digital marketing, education, finance, and hospitality.

● The relatively low representation in Manufacturing (12%) may point to higher

capital requirements or entry barriers in this sector, which could discourage young
entrepreneurs from entering it at an early stage of their careers.

● The minimal participation in the Primary sector (4%) reflects the broader national
trend of declining interest among youth in agriculture-related businesses, possibly due
to unstable income, climate-related risks, and lack of modern infrastructure.

3) Years of business experience

Business experience COUNTA

1-3 years 8

4-6 years 6

Less than 1 year 6

More than 6 years 5

Grand Total 25

Graph 1.3

The respondents’ entrepreneurial experience is spread across various stages of business

maturity:

● 6 respondents (24%) have less than 1 year of experience.

● 8 respondents (32%) fall within the 1–3 years category.

● 6 respondents (24%) have been in business for 4–6 years.

● 5 respondents (20%) have more than 6 years of experience.

Key Observations:
● A combined 56% (14 out of 25) of the respondents have 3 years or less of business
experience, suggesting that the majority are in the early to mid stages of their
entrepreneurial journey.

● Mid-level entrepreneurs (4–6 years) and seasoned entrepreneurs (6+ years) make
up the remaining 44%, reflecting a fairly balanced spread of experience levels in the
sample.
4) What is your annual income?

Annual income COUNTA

1,00,000 – 3,00,000 5

3,00,000 – 6,00,000 8

6,00,000+ 6

Less than 1,00,000 6

Grand Total 25

Graph 1.4

The survey recorded a diverse range of income levels among the 25 young entrepreneurs:

● 6 respondents (24%) earn less than ₹1,00,000 annually.

 ● 5 respondents (20%) fall within the ₹1,00,000 – ₹3,00,000 income range.

● 8 respondents (32%) earn between ₹3,00,000 – ₹6,00,000.

● 6 respondents (24%) report earnings of ₹6,00,000 or more.

Key Observations:
● The largest segment (32%) of respondents belongs to the ₹3,00,000–₹6,00,000
income bracket, indicating a mid-level earning capacity.

● A significant portion (44%) earn less than ₹3,00,000, suggesting many are still in
the early revenue generation phase of their business.

● Meanwhile, 24% of respondents fall into the higher income bracket (₹6,00,000+),
showing that a notable segment has reached a more financially secure stage.

4.7.7.2 Perception of Insurance

5) What are some primary challenges you associate with insurance?

Graph 2.1
The survey allowed respondents to select multiple challenges they associate with insurance.
Here's how the concerns were distributed among the 25 respondents:

● Lack of knowledge of insurance – 11 respondents

● Maintaining timely premium payment – 10 respondents

● Lack of trust in insurance companies – 8 respondents

● Lengthy and complex policy procedures – 8 respondents

● Lack of trust in insurance agents – 7 respondents

● High premium costs – 5 respondents

● Other challenges – 4 respondents

Key Insights:
● The most commonly cited issue (44%) was a lack of knowledge about insurance,
indicating a need for awareness campaigns and simplified education materials
tailored to young entrepreneurs.

● 40% expressed difficulty in maintaining timely premium payments, pointing to

potential cash flow inconsistencies in startups. This suggests a demand for more
flexible payment options.

● Trust concerns were notable:

○ 32% reported a lack of trust in insurance companies.

 ○ 28% cited distrust in insurance agents.

● This underscores the need for transparent policies, digital channels, and strong
customer service to rebuild trust.

● The complexity of policy procedures (mentioned by 8 people) shows the importance

of user-friendly documentation and streamlined onboarding.

● Although high premium costs were mentioned by 5 respondents, they were less of a
concern compared to trust, understanding, and process-related barriers.

6) Do you view insurance as an necessary asset to own?

Is owning insurance something you consider essential? COUNTA

Yes it is essential for financial protection and overall security (insurance of
vehicle, health, family etc 18

Yes, but only for specific needs ( only for health, only for vehicle etc) 7

Grand Total 25

Graph 2.2
Responses:
● Yes, it is essential for financial protection and overall security (vehicle, health,
family, etc.) – 18 respondents

● Yes, but only for specific needs (only for health, only for vehicle, etc.) – 7
respondents

● No, I do not see it to be necessary – 0 respondents

Key Insights:
● A strong majority (72%) of the young entrepreneurs surveyed believe insurance is
essential for comprehensive financial protection. This reflects a positive overall
attitude toward the concept of insurance.

● The remaining 28% recognize the value of insurance, but limit it to specific needs,
such as health or vehicle insurance. This selective perception indicates that while the
importance of insurance is acknowledged, there is still room to educate people
about broader coverage benefits (e.g., life or business insurance).

● Importantly, no respondent dismissed insurance as unnecessary, suggesting a

100% acceptance rate of insurance in some form, which is a positive indicator for
insurers like Max Life aiming to expand among this demographic.

7) In times of financial difficulties how likely are you to continue making

timely premium payments for your insurance policy?

7) In times of financial difficulties, how likely are you to continue making timely
premium payments for your insurance policy? COUNTA

I will cancel and terminate the policy 1

I will evaluate all expenses and only pay if my budget allows it 13

I will postpone or delay premium payments until my financial situation improves 5

I will prioritise insurance premium over other non essential expenses 6

Grand Total 25
Graph 2.3

Responses:
● I will prioritise insurance premium over other non-essential expenses – 6
respondents

● I will evaluate all expenses and only pay if my budget allows it – 13 respondents

● I will postpone or delay premium payments until my financial situation improves

– 5 respondents

● I will cancel and terminate the policy – 1 respondent

Key Insights:
 ● 52% of respondents said they would pay premiums only if the budget allows,
showing that insurance, while recognized as important, is not always a top financial
priority in challenging times.

● Only 24% indicated that they would prioritize insurance over other non-essential
expenses, representing a group that sees insurance as vital even during economic
stress.

● About 20% (5 respondents) admitted they would delay or postpone premium

payments, which could impact policy continuity and coverage.

● Just 1 respondent (4%) mentioned they would cancel the policy, suggesting that
while some may struggle, most do not view cancellation as a first option.

8) How much of an annual premium are you comfortable paying if you are
thinking about getting a life insurance policy or another one?

8) How much of an annual premium are you comfortable paying if you are thinking about
getting a life insurance policy or another one? COUNTA

1,00,000 - 2,00,000 3

3,00,000 - 4,00,000 4

50,000 to 1,00,000 12

Less than 50,000 6

Grand Total 25

Graph 2.4
Responses:
● Less than ₹50,000 – 6 respondents

● ₹50,000–₹1,00,000 – 12 respondents

● ₹1,00,000–₹2,00,000 – 3 respondents

● ₹3,00,000–₹4,00,000 – 4 respondents

● ₹4,00,000+ – 0 respondents

Key Insights:
● A majority of respondents (48%) are comfortable with paying an annual premium
between ₹50,000 and ₹1,00,000, indicating this as the most affordable and
acceptable range for young entrepreneurs.

● 24% prefer a premium below ₹50,000, suggesting that affordability is still a concern,
especially for those in early business stages or with limited income.

● Only a small portion (12%) are willing to go up to ₹1,00,000–₹2,00,000, and an

equal number (16%) are okay with ₹3,00,000–₹4,00,000, likely those with higher or
more stable incomes.

● No respondents are comfortable with premiums above ₹4,00,000, suggesting that

ultra-premium policies may be unattractive or unaffordable for this demographic.

4.7.7.3 Perception of Max Life

9) Do you currently have a policy with max life ?
9) Do you currently have a policy with Max Life? COUNTA

I have it with another provider 13

Yes, I have a policy with max life 12

Grand Total 25
\

Graph 3.1

Responses:
● Yes, I have a policy with Max Life – 13 respondents

● I have it with another provider – 12 respondents

Key Insights:
● Out of the 25 respondents, 52% currently hold a policy with Max Life, while 48%
are insured through other providers.

● This near-even split reflects healthy market penetration by Max Life within this
specific demographic of young entrepreneurs aged 25–30.

● However, the fact that almost half chose other providers indicates strong
competition in the market and highlights a need for Max Life to differentiate its
offerings further—whether through better service, trust-building, or affordability.

10) How many life insurance policies do you and your family currently have
with max?

10) How many life insurance policies do you and your family currently have with
MaxLife ? COUNTA

1 5

2 5

3+ 3

I have life insurance with another company 12

Grand Total 25

Graph 3.2
12 respondents (48%) have life insurance with another company, not Max Life. This
suggests that a significant portion of the participants either prefers other providers or hasn’t
yet switched to Max Life.

Among those who do have Max Life policies:

5 respondents (20%) have 1-5 policies.

5respondents (20%) have 2-5 policies.

3 respondents (12%) have 3 or more policies with Max Life.

13 respondents (52%) currently hold Max Life policies, showing there is substantial, though
not overwhelming, engagement with the brand.

11) What is your overall perception of max life as a insurance service provider?

11) What is your overall perception of Max Life as an insurance service provider? COUNTA

Average – meets exceptions nothing exceptional 5

Excellent- highly trusted and customer focused 4

Good – dependable with quality service 9

I’m not that familiar with max life 7

Grand Total 25

Graph 3.3

Responses:
● Excellent – highly trusted and customer-focused – 4 respondents

● Good – dependable with quality service – 9 respondents

● Average – meets expectations, nothing exceptional – 5 respondents

● Poor – needs improvements in specific areas – 0 respondents

● I’m not that familiar with Max Life – 7 respondents

Key Insights:
● 9 respondents (36%) perceive Max Life as good, describing it as dependable with
quality service. This is the most common perception, indicating that many young
entrepreneurs feel that Max Life offers satisfactory service but may not stand
out in a highly competitive market.

● 5 respondents (20%) have an average perception of Max Life, suggesting that

while they find the service acceptable, they do not view it as exceptional or
outstanding.

● 4 respondents (16%) rated Max Life as excellent, describing it as highly trusted

and customer-focused. This indicates a solid base of loyal customers who have
had positive experiences with the brand.

● 7 respondents (28%) indicated that they are not familiar with Max Life. This
highlights a potential knowledge gap, suggesting that Max Life may need to
increase its visibility and awareness, especially among younger consumers.

12) What factors do you associate with max life?

Graph 3.4
Responses:
● Strong customer support – 11 respondents

● Trusted insurance company with a strong market reputation – 13 respondents

● Attractive product offerings – 12 respondents

● Affordable premium rates – 7 respondents

● Easy procedures and verification process – 2 respondents

Key Insights:
● 13 respondents (52%) associate Max Life with being a trusted insurance
company with a strong market reputation. This reflects positively on the brand's
reliability and trustworthiness, indicating that Max Life is generally recognized
as a reputable player in the insurance sector.

● 12 respondents (48%) associate the brand with attractive product offerings,

suggesting that Max Life’s products are seen as appealing and competitive in the
market, which is important for customer acquisition.

● 11 respondents (44%) highlighted strong customer support as a factor they

associate with Max Life. This is crucial for brand loyalty, as excellent customer
service often leads to better customer retention and positive word-of-mouth.

● 7 respondents (28%) associate affordable premium rates with Max Life. While
this indicates that a segment of respondents sees Max Life as cost-effective, it is a
smaller group compared to those who associate it with a strong reputation or
good product offerings. This could suggest that Max Life may need to adjust its
pricing strategy or highlight the value of its premium rates more effectively.

● 2 respondents (8%) associate easy procedures and verification process with Max
Life. This is the least common association, indicating that there may be some
complexity or delays in the insurance process, which could be a point for
improvement in Max Life’s customer journey.

4.8 Results
Perception of Max Life Insurance Among Young Entrepreneurs

This report analyses the perception of Max Life Insurance among young entrepreneurs aged
between 25 and 30. The purpose is to understand how this demographic views Max Life, what
prevents them from adopting its services, and how financial constraints influence their
decisions regarding insurance. The data gathered through a survey provides key insights into
their preferences, barriers, and overall sentiment. The hypothesis guiding this research suggests
that while young entrepreneurs acknowledge the importance of insurance, they often hesitate
to purchase Max Life policies due to issues related to trust and limited financial capacity.

4.8.1. Exploring Perceptions of Max Life Insurance

The findings indicate that over half of the respondents (52%) have a favourable view of Max
Life Insurance, with 16% rating it as Excellent and 36% as Good. A smaller segment, 20%,
views the company as Average, indicating that it meets expectations without offering anything
exceptional. However, a significant portion—28%—admit to not being familiar with Max Life
at all. This suggests that although there is a generally positive impression among those who are
aware of the brand, there is a notable gap in awareness and outreach. Increasing visibility and
customer engagement could therefore significantly impact market perception and adoption
among young entrepreneurs.

4.8.2. Identifying Key Barriers to Adoption

When it comes to barriers preventing adoption of Max Life Insurance, the survey responses
highlight several pressing issues. The most commonly cited challenge is a lack of knowledge
about insurance, with 11 respondents indicating this as a deterrent. Timely premium payment
difficulties were the second most reported issue, mentioned by 10 participants. Furthermore,
trust issues emerged prominently, with 8 expressing distrust toward insurance companies and
7 specifically toward insurance agents. Complex policy procedures were also cited by 8
respondents. These barriers point toward a pressing need for Max Life to simplify its policy
structures, offer transparent educational materials, and foster more trustworthy relationships
through certified agents or digital solutions.

4.8.3. Impact of Financial Constraints on Decision-Making

Financial concerns play a significant role in shaping how young entrepreneurs approach
insurance. A striking 72% of participants reported being comfortable only with annual
premiums under ₹1,00,000, while none were willing to commit to premiums exceeding
₹4,00,000. Furthermore, 52% stated that they would continue paying premiums only if their
budget allowed, and 24% admitted they would cancel or delay policy payments during periods
of financial stress. Only 6 participants stated that they prioritize insurance over non-essential
expenses. This shows that while insurance is recognized as important, its prioritization is
directly affected by the financial bandwidth of the individual. As such, Max Life may benefit
from offering more flexible and tiered plans that cater specifically to the financial realities of
this demographic.

4.8. Hypothesis Evaluation

The hypothesis posited that young entrepreneurs between the ages of 25 and 30 recognize the
importance of insurance but hesitate to purchase Max Life policies due to trust issues and
financial limitations. The survey results affirm this hypothesis. Every respondent
acknowledged the importance of insurance, with 72% considering it essential for financial
protection and the remaining 28% viewing it as necessary for specific needs like health or
vehicle coverage. Despite this recognition, trust concerns and affordability issues emerged as
significant barriers. Although 52% of participants hold a positive view of Max Life, the fact
that 28% are unfamiliar with the brand suggests that limited exposure and marketing
penetration are contributing to hesitancy. When combined with the reported financial
constraints and scepticism toward insurance agents and companies, the data clearly supports
the initial hypothesis.
.

4.9 Conclusion
This report aimed to explore the perception of Max Life Insurance among young entrepreneurs,
and the findings offer a comprehensive understanding of their attitudes, concerns, and financial
behaviour related to insurance products. It is evident from the data that while the respondents
universally recognize the importance of insurance, their engagement with Max Life is shaped
by a combination of awareness, trust, and affordability.

Firstly, a clear takeaway is the unanimous acknowledgment of insurance as a necessary

financial tool. This alone is promising, indicating a baseline readiness among young
entrepreneurs to consider insurance as part of their financial planning. However, the distinction
in how insurance is perceived—whether as essential for general financial security or for
specific needs like health or automobile protection—reveals that while the interest exists, it is
often conditional. This nuance underscores the importance of customizing the marketing
message. Max Life should emphasize how its policies are versatile and can cater to a range of
financial protection needs, thereby connecting with both the broad planners and the niche
buyers.

One of the most critical challenges that emerged from the data is a widespread lack of
familiarity with Max Life Insurance. A staggering 28% of respondents indicated that they were
not familiar with the brand at all. This level of unawareness, in a relatively educated and
internet-savvy demographic, signals that current outreach efforts are not penetrating the
entrepreneurial segment effectively. This represents a major area of opportunity. Targeted
digital campaigns, collaborations with startup ecosystems, financial literacy initiatives, and
influencer partnerships could greatly improve brand recognition.

Furthermore, while over half of the respondents perceive Max Life positively, with 52% rating
it Excellent or Good, the lingering 20% who consider it merely Average and the 28% who are
unfamiliar with it highlight a perception gap. Being perceived as average is often more
detrimental than being unknown because it implies mediocrity. To overcome this, Max Life
must invest in positioning itself as an innovative, approachable, and trustworthy brand—
especially one that understands the mindset of young, ambitious individuals.
Affordability emerged as a critical decision-making factor. The data revealed that 72% of
respondents are only comfortable with insurance premiums under ₹1,00,000 per annum.
Moreover, during times of financial stress, more than half would only continue with their
policies if the budget allowed, and nearly a quarter would consider canceling or delaying
payments. Only a minority would treat insurance as a priority. These findings stress the
necessity of developing low-entry premium products or highly customizable plans with built-
in flexibility. Solutions such as pay-as-you-go plans or usage-based insurance can appeal to
income-volatile professionals like entrepreneurs.

Another issue holding back adoption is trust—or the lack thereof. With 7 respondents stating a
lack of trust in agents and 8 expressing concerns about the companies themselves, this is not
just a problem for Max Life, but for the entire industry. However, Max Life has an opportunity
to lead by example. By promoting transparency, employing licensed advisors, and leveraging
tech-enabled verification systems, the company can stand out. Peer-reviewed ratings, public
claim settlement data, and testimonials can serve as confidence-building tools.
The procedural complexity of policies was also flagged by 8 respondents. If insurance
processes appear daunting or overly technical, they naturally deter engagement. Max Life
should simplify its policy documents, perhaps providing a dual format—one detailed version
and one that explains key points in plain language. User-friendly mobile apps and AI-based
support could also help streamline onboarding and servicing.

Additionally, it’s important to understand that young entrepreneurs often deal with high
financial volatility. Their businesses may be in early stages, profits may be inconsistent, and
personal financial discipline may still be developing. Expecting this group to behave like long-
term salaried customers can be a strategic misstep. Instead, understanding their cash flow
challenges, creating milestone-based loyalty plans, and providing value-added services like
business insurance consultation or financial planning advice could create a holistic insurance
experience tailored to this niche.

Interestingly, the factors associated most with Max Life—trusted reputation, product
attractiveness, and customer support—suggest that the core value proposition is strong. What
remains is to bridge the gap between potential and performance. Affordable pricing and simpler
procedures were less frequently associated with Max Life, which should prompt the company
to either revise its product structures or communicate these features more effectively if they
already exist.

In the context of long-term strategy, Max Life must consider how it can embed itself into the
lifestyle and financial thinking of young entrepreneurs. Insurance needs to be rebranded as a
success tool, not a burden. It should be promoted as part of a responsible and growth-minded
financial strategy, akin to investing or savings. The narrative needs to evolve from 'protection
from loss' to 'empowerment for growth and stability.

In summary, the data validates the original hypothesis: young entrepreneurs do recognize the
value of insurance, but they are hesitant about Max Life policies due to concerns about
affordability, complexity, and trust. Yet, these barriers are not fixed—they present clear and
actionable opportunities. With targeted efforts in education, product innovation, and
relationship building, Max Life can not only improve its perception among this group but
potentially become the insurance partner of choice for the next generation of business leaders.
Ultimately, the road ahead for Max Life lies in being more than just a policy provider. It needs
to be a trusted advisor, a transparent brand, and a dynamic problem solver. If it can evolve in
this direction, Max Life will not only see increased adoption rates but also contribute
meaningfully to the financial empowerment of India’s growing community of young
entrepreneurs.

5. Contribution to the organization

5.1 Sales Achievements
● March Deals: Successfully closed two substantial deals involving the Smart Wealth
Advantage Guarantee (SWAG) Par product, totalling ₹60,000 and ₹3,50,000
respectively. This product offers guaranteed returns and customizable options to meet
diverse financial goals.

● April Deal: Closed a notable deal worth ₹1,00,000 for the STAR ULIP plan, which
combines life insurance protection with market-linked returns, providing flexibility
and comprehensive coverage.
5.2 Recognitions and Awards

● "I Am the Difference" Certificate: Awarded for securing a family in the month of
March.

● Lakhpati Certificate: Recognized for achieving significant sales milestones,

reflecting contribution to the organization

● Gurukul Meeting Acknowledgment: Received commendations from peers and

advisors during the Gurukul meeting, highlighting your success and influence within
the team.

5.3 Incentives and Rewards

● Almaty Trip Qualification: Earned a paid trip to Almaty, acknowledging your
outstanding performance and dedication.

● Complimentary Stay at Marriott: Rewarded with a free night stay at Marriott, further
recognizing your contributions and achievements.

6. Learnings derived from the work

Working at Axis Max as an intern, I was exposed to various functions in the life insurance
sector, giving me ample insight about how the business operates. From supporting
administrative work to selling to customers directly, every activity presented me with an
experience that strengthened my grasp of the business in its entirety.

I started with in-depth knowledge about Axis Max's product range, including plans like
SWAG Par, SWAG Non-Par, SEWA, ULIP, and STAR 3D ULIP. Product knowledge
training sessions acted as an important source in making me understand not just the eligibility
criteria and features of these products but also the long-run vision of the organization—'To be
the most admired life insurance company in India by securing the financial future of our
customers.' This base knowledge helped me to present offerings clearly to customers.
One of my core responsibilities in my internship included client interaction. I carried out calls
to customers, then scheduled meetings with them. I even attended product demonstrations in
client meetings. Through all this, I contributed to three successful policies being sold, with
three policies worth ₹3,50,000, ₹1,00,000, and ₹60,000. Hands-on work in this manner really
enhanced my communication abilities and increased my appreciation of the customer life
cycle of insurance.

I also learned how to produce policy illustrations, which are visual depictions of premium,
benefits, and maturity values. Such documents were specifically formatted to suit clients'
individual financial portfolios to aid in making informed choices. Drafting and printing these
documents familiarized me with how important personalization is in insurance.

On the administrative front, my role involved assistance in filling out policy application
forms, collecting documents from clients as per requirement, and assisting in confirmation
procedures for policies. I also facilitated the onboarding of new agents by submitting their
verification documents. The work exposed me to complex backend operations involved in
backing every insurance policy.

Aside from technical and process-focused learning, I actively took part in office activities,
making contributions to decor and cultural activities in festivals such as Holi. I also
contributed towards creating posters and in determining monthly targets with my manager,
which ensured our departmental goals. Such experiences facilitated a sense of internal
motivation in addition to an in-depth understanding of work culture.

One of the most insightful aspects of my internship came in understanding Axis Max's
commission plans. I learned of six main earning elements: First-Year Commission, Segment
Bonus, Monthly Incentive, Quarterly Incentive, WOW Payment, and Contest-based plans.
Learning how these incentives correlate to performance levels as well as how the payout over
15 days occurred allowed me to understand more about how money motivates insurance
selling.

I received praise for hitting my monthly targets during my internship and had the opportunity
to interact with senior advisors. I learned much from their advice and inspiration to push even
harder in setting targets. I also tracked my performance closely, where March had 14 calls, 9
meetings, and 2 closings, followed by April with 3 calls, 3 meetings, and 1 closing. In all, my
experience at Axis Max was eye-opening. It increased my insurance product knowledge,
improved my organizational and communication abilities, demonstrated to me the operational
and motivational features of the business, and gave me hands-on exposure in all departments.
The cross-departmental exposure gave me a 360-degree understanding of life insurance that
enriched not only my professional expertise but also my confidence.

7. Conclusion
This internship with Axis Max Life and research conducted under this report have brought to
the forefront far-reaching observations regarding the organization, challenges, and prospects
associated with life insurance. Through theory-based analysis and hands-on experience, the
exercise has presented an all-around view of working in insurance companies such as Max
Life and their interactions with consumers, particularly young entrepreneurs.

My hands-on involvement in administrative work, client servicing, marketing, and selling has
uncovered the detailed mechanics that maintain operational success at Axis Max Life.
Everything from deciphering intricate insurance products to being involved in client meetings
and assisting in actual policy closures, I have witnessed closely how relationship-building,
openness, and value-based service play a central role in this field. No less pivotal, however,
was exposure to backend work, which increased my understanding of documentation,
regulation, and teamwork coordination. Such thoroughgoing exposure guaranteed not only
that I did not merely learn about the front-end aspects of insurance, but also cultivated an
internalized picture of how the business operates successfully.

The mini-project undertaken to understand young entrepreneurs’ perspectives on Max Life

Insurance brought a data-driven lens to the industry’s present challenges. The survey results
reflect a promising trend—young entrepreneurs do acknowledge the importance of
insurance—but this sentiment is restrained by financial limitations, lack of trust, and
procedural complexity. The research affirmed that while the awareness of insurance benefits
is nearly universal in this demographic, adoption remains suboptimal due to product
accessibility, brand visibility, and ease of onboarding. These results indicate that Max Life
along with other insurance companies need to redefine their outreach strategies. The products
have to be adjusted to fit for affordability without sacrificing value. Credibility must be
established and sustained through clear communications, dependable customer service, and
honest testimonials. Digitization and process simplification will not only improve customer
experience but also make Max Life stand out in competition.
On an individual front, this internship changed my perspective towards customer behavior,
business culture, and industry values. I have realized how recognition and performance-based
rewards spur teams. I have also realized how good organizational culture and working
environments lead to long-run success. From receiving certificates based on my performance
to participating in office activities and earning client confidence, all achievements contributed
to my confidence and expertise.

In the long term, conclusions drawn in this report may prove useful to Axis Max Life in
shaping targeted marketing initiatives, improving agency training, and developing innovative
financial products for young entrepreneurs. For me, the experience is just the start of a career
based upon actual experience, customer knowledge, and goal-oriented thinking.

In all, both internship and research have provided not only academic development but also
operational preparedness. It is clear that despite existing challenges in the insurance sector,
nothing is unachievable. Through appropriate strategies, understanding, and innovation,
companies such as Max Life can become pillars of trust in securing India's next breed of
business leaders' financial security.

8. Bibliography
Websites

1. Insurance Regulatory and Development Authority of India (IRDAI). "Life

Insurance Basics." https://irdai.gov.in/life3IRDAI
2. McKinsey & Company. "Global Insurance Report 2023: Reimagining Life
Insurance." November 16, 2022.
https://www.mckinsey.com/industries/financial-services/our-
insights/global-insurance-report-2023-reimagining-life-insurance
McKinsey & Company

3. The Economic Times. "Why is the race for your insurance premiums
hotting up?" March 2024.
https://economictimes.indiatimes.com/industry/banking/finance/insure/wh
y-is-the-race-for-your-insurance-premiums-hotting-
up/articleshow/119205660.cmsThe Economic Times

4. Statista. "India: General Insurance Penetration 2023." July 2023.

https://www.statista.com/statistics/1075179/india-general-insurance-
penetration/Statista

5. Indiastat. "Insurance Statistics and Growth Figures Year-wise of Goa."

2023. https://www.indiastat.com/goa-state/data/insurance
Indiastat+1indiastatgoa.com+1

6. Max Life Insurance. "Annual Report FY 2022–2023." pp. 11, 22, 89.
https://www.maxlifeinsurance.com/content/dam/neo/pdf/SubmissionOfAn
nualReportFY23_Reg%2053%282%29_SEBILODR_MaxLife.pdfAxis
Max Life Insurance

7. Max Life Insurance Official Website. "About Us."

https://www.maxlifeinsurance.com/about-us

8. Wikipedia. "Max Life Insurance." Last edited April 2025.

https://en.wikipedia.org/wiki/Max_Life_Insurance

9. Max Life Insurance Official Website. "Financials."

https://www.maxlifeinsurance.com/newsroom/public-disclosuresAxis Max
Life Insurance

10. Axis Bank. "Annual Report 2022–2023." Page 44.

https://www.axisbank.com/annual-reports/2022-2023/index.html

11. Business Standard. "Max Life Insurance completes 19% stake transfer to
Axis Bank." April 6, 2021. https://www.business-
 standard.com/article/companies/axis-bank-subsidiaries-to-acquire-19-
stake-in-max-life-in-revised-deal-120103001196_1.html

9. Appendix
9.1 Questionnaire used for the mini project

Questionnaire: Understanding Young Entrepreneurs Perspectives on Insurance with

Max Life (Ages 25-30)

Thank you for participating in this survey. Your responses will help us understand
people's awareness, challenges, and perceptions regarding general insurance, with a
special focus on Max Life Insurance.

The survey is divided into three sections:

Section 1 – Demographic Data

Helps us understand your background and business profile.

Section 2 – Perception of General Insurance

Covers your views, experiences, and behavior related to insurance in general.

Section 3 – Perception of Max Life Insurance

Gathers insights into your experience and opinions about Max Life as an insurance
provider.

All information shared will be kept strictly confidential and used for research purposes
only.
Estimated time to complete: 3-5 minutes.

Your honest responses are valuable and greatly appreciated!

Section 1 - Demographics

1) What is your gender

. Male

. Female

. Other
2) Which business sector are you working in

. Primary/Agriculture

. Manufacturing

. Service

3) Years of business experience

. Less than 1 year

. 1-3 years

. 4-6 years

. More than 6 years

4) What is your annual income?

. Less than 1,00,000

. 1,00,000 – 3,00,000

. 3,00,000 – 6,00,000

. 6,00,000+

Section 2 – Perception of general insurance

5) What are some primary challenges you associate with insurance?

. Lack of knowledge of insurance

. Lack of trust in insurance agents

. Lack of trust in insurance companies

. High premium costs

. Maintaining timely premium payment

. Lengthy and complex policy procedures and verification process

. Other

6) Do you view insurance as an necessary asset to own?

. Yes it is essential for financial protection and overall security(insurance of vehicle,

health, family etc)

. Yes, but only for specific needs ( only for health, only for vehicle etc)

. No, I do not see it to be necessary

7) In times of financial difficulties how likely are you to continue making timely
premium payments for your insurance policy?

. I will prioritise insurance premium over other non essential expenses

. I will evaluate all expenses and only pay if my budget allows it

. I will postpone or delay premium payments until my financial situation improves

. I will cancel and terminate the policy

8] How much of an annual premium are you comfortable paying if you are thinking
about getting a life insurance policy or another one?

. Less than 50000

. 50000-100000

. 100000- 200000

. 300000- 400000
. 400000+

Section 3- perception of max life

9) Do you currently have a policy with max life ?

. Yes, I have a policy with max life

. I have it with another provider

10) How many life insurance policies do you and your family currently have with
max?

.1

.2

. 3+

. I have life insurance with another company

11) What is your overall perception of max life as a insurance service provider?

. Excellent- highly trusted and customer focused

. Good – dependable with quality service

. Average – meets exceptions nothing exceptional

. Poor – needs improvements in specific areas

. I’m not that familiar with max life

12) What factors do you associate with max life?(select multiple)

. Strong customer support

. Trusted insurance company with a strong market reputation

. Attractive product offerings

. Affordable premium rates

. Easy procedures and verification process

9.2 Attendance sheet

9.3 Lakhpati Certificate
9.4 ‘I am the difference’ Certificate