Max Life PFM to discontinue operations to avoid 'unintended' brand misinterpretation

Max Life Pension Fund Management Ltd (Max Life PFM), a wholly owned subsidiary of Axis Max Life Insurance Ltd (formerly Max Life Insurance Co. Ltd.), has announced plans to discontinue its operations as a pension fund manager and a point of presence under regulations set by the Pension Fund Regulatory and Development Authority (PFRDA).

The decision follows a brand-related ambiguity between Max Life PFM and Axis Pension Fund Management Limited (Axis PFM), a pension fund management entity within Axis Bank’s group.

"In light of the recent change in the corporate name of Axis Max Life from “Max Life Insurance Company Limited” to “Axis Max Life Insurance Limited” and inclusion of ‘Axis’ logo in its brand, the presence of two separate pension fund management entities with similar branding may result in unintended misinterpretation among the general public and the NPS subscribers of both the PFM entities," Max Life PFM said in a statement.

In a regulatory filing, Axis Max Life confirmed that Max Life PFM will wind up its operations once all required approvals are in place. The remaining capital, after settling all dues, will be repatriated to the company as its shareholder.

"During this transition, we will ensure the continued safety of funds of our NPS subscribers and the said funds shall be dealt in accordance with the applicable regulations and regulatory guidance," the company said.