Axis Max Life Insurance does not see an immediate reason to raise life insurance premiums in the coming months, according to managing director and chief executive officer Sumit Madan. He said the company and the wider industry continue to see steady demand despite global economic uncertainties.
Madan said Axis Max Life has not identified a trigger that would require higher premium rates for either the company or the overall life insurance industry. He also said the insurer recorded growth of around 16% in the first quarter of the current financial year, compared with about 8-9% growth for the industry.
Axis Max Life focuses on smaller cities
Axis Max Life is also increasing its focus on tier-2 and tier-3 markets. Madan said these markets now contribute around 65-68% of the company’s sales. He linked the shift partly to the company’s brand refresh and the reach of Axis Bank.
The insurer sees growing opportunities beyond India’s major urban centres as insurance awareness expands. Madan said the company has also seen improvements in brand consideration after the transition to the Axis Max Life brand, particularly in markets where its presence had previously been weaker.
The focus on smaller cities also aligns with findings from Axis Max Life’s India Retirement Index Study (IRIS) 6.0, conducted with Kantar. The company’s latest study covered 4,134 households across 40 cities during July and August 2026. Its official study page says the research covers respondents aged 25-65 and examines financial, health and emotional retirement preparedness.
Retirement preparedness improves in tier-2 cities
The latest IRIS findings show that retirement preparedness in tier-2 cities has improved. The tier-2 IRIS score rose to 48 in 2026 from 44 in 2025, while the metro score remained at 50 and the tier-1 score stood at 48.
However, awareness does not always translate into sufficient retirement savings. Axis Max Life’s study found that only 61% of urban respondents knew the corpus they would need to maintain their current lifestyle after retirement. The average accumulated retirement corpus stood at just 28% of the target, highlighting the gap between retirement expectations and financial preparation.
For Axis Max Life, the combination of stable premium expectations, continued industry growth and rising demand from smaller cities points to a strategy centred on expanding insurance penetration while using technology, data and need-based selling to reach more customers.
How Much Cover Is Enough — Understand how to estimate the life insurance cover needed to support your financial goals and family – Find the Right Cover
Also Read: ICICI Lombard August Premiums Rise 0.36% to ₹2,190 Crore; Market Share Slips to 8.8%
Disclaimer: This MyRupia article provides information based on publicly available government, regulatory and industry sources. It does not constitute investment, financial, tax, insurance or legal advice. Information, examples, market data and expert views may change over time and do not represent a recommendation to buy, sell, invest in or surrender any financial product. Readers should consider their individual circumstances and consult a qualified financial professional before making financial decisions.