Axis Max Life Insurance's Board of Directors

Managing Director & Chief Executive Officer, Axis Max Life Insurance Ltd

Sumit Madan is the Managing Director & Chief Executive Officer of Axis Max Life Insurance and brings over 25 years of extensive experience in establishing and scaling businesses with strategic clarity, people-centric leadership and operational rigor in high-growth and turnaround environments.

He has held various leadership roles at premier financial institutions. At Citibank, he managed diverse portfolios across geographies and consistently delivered results in challenging markets, building a strong reputation for reviving underperforming business units by bringing strategic clarity, operational discipline, and people-focused leadership to complex, high-pressure situations. His focus on driving transformation through deep customer understanding and ability to translate insights into impactful actions were instrumental in these turnarounds. At AU Small Finance Bank, he built the branch network from the ground up, played a pivotal role during its transformation from a NBFC to a scheduled small commercial bank and contributed significantly to the success of its IPO. At IDFC FIRST Bank, Sumit scaled the branch banking operations and strengthened the retail franchise by driving customer acquisition, deepening engagement, and enhancing productivity. His efforts were marked by a sharp focus on customer-centric metrics and business performance indicators, reinforcing his ability to build efficient, high-impact distribution engines.

Since joining Axis Max Life as Chief Distribution Officer in February 2024, Sumit has been instrumental in strengthening the company’s distribution franchise across proprietary and partnership channels. Under his leadership, Axis Max Life has deepened its bancassurance partnership with Axis Bank, expanded its proprietary agency network, and built new-age distribution models that significantly enhanced customer reach and business growth. His ability to integrate technology with distribution strategies has played a pivotal role in positioning Axis Max Life among the fastest-growing private life insurers in the country.

Under Sumit’s leadership, Axis Max Life has not only sustained its growth momentum but also achieved key milestones, climbing to the #4 position in FY25 and entering the top 3 among private life insurers in the second half of the year. This growth was powered by strong gains across proprietary channels, category leadership, and an accelerated partner expansion strategy. The company achieved the #1 rank in both E-commerce and Protection penetration among top private insurers, while also expanding distribution with over 50 new partners, including three strategic bancassurance alliances, and strengthening its counter share in open architecture partnerships.

As CEO of Axis Max Life, Sumit’s focus is on accelerating the company’s growth momentum and deeply committed to Axis Max Life’s long-term vision of securing financial futures for millions of Indian households while contributing to the regulator’s goal of “Insurance for All by 2047.”

Independent Director, Axis Max Life Insurance Ltd.

Mr Girish S. Paranjpe has been appointed as an Independent Director of Axis Max Life Insurance with effect from April 6, 2021.

He served as the Co-CEO of Wipro's IT Business from 2008-2011 and was a member of the Board of Directors of Wipro Ltd.

Mr Paranjpe served at Wipro Limited, India's third-biggest software company, for over two decades, contributing to the rise of India’s IT industry from its infancy to its current globally dominant position. He led the Wipro's IT business worth USD 5.8 billion and employee strength of over one lakh, spread over 54 countries. More recently, he was the Managing Director for Bloom Energy International, a Silicon-Valley-based alternative energy company. Mr. Girish S. Paranjpe along with his IT industry colleagues has promoted a venture fund, Exfinity Venture Partners, which invests in tech start-ups. He is also a General Partner at Exfinity.

Mr Girish S. Paranjpe serves on the board of Advent invested company Modenik Lifestyle Private Limited. He is an independent director on two publicly listed companies CRISIL Ltd. (subsidiary of S&P Global) and Axis Bank, among top three private banks in India. He is also an Independent Director of IBS Software Ltd and Mphasis Limited.

Mr Girish S. Paranjpe is a Commerce graduate and a member of the Institute of Chartered Accountants of India and the Institute of Cost and Works Accountants of India.

Independent Director, Axis Max Life Insurance Ltd.

Mr Jai Arya has been appointed as an Independent Director of Axis Max Life Insurance Ltd. with effect from April 1, 2024.

Singapore-based Mr Jai Arya is a distinguished professional with a wealth of experience in the financial sector and academia. He serves as the Senior Adviser to the Dean of the NUS Business School, Asia’s leading business school. He is also an independent director on the board of Max Financial Services Ltd.

Mr Arya has also held roles as a Senior Adviser for Asian banking to a global consultancy firm, and consulted on projects for the Asian Development Bank. His extensive career in banking includes 27 years with Bank of New York Mellon and 10 years with Bank of America, working in multiple countries. At BNY Mellon, he served as an Executive Vice President and global head of business with sovereign institutions, as well as being a member of the bank’s Global Operating Committee and Asia Executive Committee. His earlier responsibilities included overseeing Asia client relationships and managing Asian country offices.

Mr Arya holds an MBA from the Faculty of Management Studies, Delhi University, and a BA (Honours) in Economics from St. Stephen’s College, Delhi University.

Non-executive Director, Axis Max Life Insurance Ltd.

Ms. Theron was appointed Director of Axis Max Life Insurance with effect from May 2009. Ms. Theron, a Fellow of the Society of Actuaries, has over 40 years’ experience in the financial service industry. She is a Principal of Erlen Street Corporation, Switzerland, a company that specialises in strategic investment and management consulting solutions.

Prior to that, Ms. Theron worked in both consulting and corporate roles for multi-national companies and governments across Europe, Asia, Australia, New Zealand and South Africa, advising on insurance and investment related solutions. She holds a B.Sc. majored in Actuarial Science from Laval University, Canada and is a Fellow of the Society of Actuary (FSA).

Non-executive Director, Axis Max Life Insurance Ltd.

Mr. Mitsuru Yasuda has been appointed as a Director of Axis Max Life Insurance Ltd. effective from July 24, 2020. He is General Manager at Mitsui Sumitomo Insurance Co. Ltd. (“MSI”) as well as MS&AD Insurance Group (”MS&AD”). He has more than 26 years of experience in life insurance business, M&A service advisory business and audit business. He holds a Japanese CPA license.

He is currently a Director of Hong Leong Assurance and Hong Leong MSIG Takaful in Malaysia.

He joined MSI in 2015 and took on a supervisory role in Sinarmas MSIG Life, MSI’s life insurance subsidiary in Indonesia until he got appointed as a Director of Axis Max Life Insurance Ltd. He has broad experiences in life insurance industry including sales channel & product portfolio, budget & profit management, asset management, risk management and others. He also takes a strategic role in helping MS&AD acquire overseas insurance businesses by analyzing transaction structures and accounting/ tax impacts as well as estimating value of the business, including the additional share purchases of Sinarmas MSIG Life and Reassure in UK.

Prior to joining MSI, Mr. Yasuda spent 12 years with Deloitte in its M&A service function in both Tokyo and New York. During the tenure, he provided accounting and tax advices as well as valuation support to his clients including both life and non-life insurance companies. He also spent 4 years with E&Y Tokyo in its audit function before joining Deloitte

Non-executive Director, Axis Max Life Insurance Ltd.

Mr. Mohit Talwar has been associated as a Non-executive Director of the Company w.e.f January 30, 2016.

Mr. Mohit Talwar brings a wealth of experience of over 40 years in Corporate Finance and Investment Banking. He spent 24 years in Wholesale Banking in Standard Chartered, ANZ Grindlays and Bank of Nova Scotia. Prior to this, he spent almost 6 years with the Oberoi Group.Mr. Talwar joined Max Financial Services Limited, the holding company of the Company (MFSL) on November 1, 2007, as Director-Business Development. He was appointed as the Deputy Managing Director of MFSL on February 14, 2012. Mr. Talwar was thereafter elevated as the Managing Director of MFSL with effect from January 15, 2016, for a period of five years. Further, Mr. Talwar was also appointed as the Managing Director of Erstwhile Max India Limited for a period of five years with effect from January 15, 2016. He was also the Vice Chairman of Max Group of companies.

During his tenure with the Max Group, he has successfully leveraged his relationships with institutional investors, hedge funds, banks and private equity firms and has led several complex corporate finance and financial structuring deals to ensure adequate investment and liquidity for the Group’s operations. Given his wealth of experience and the critical matters which are handled by him, the Board of Directors of MFSL engaged him as a Business Advisor to MFSL on completion of his term as the Managing Director of the Company with effect from January 15, 2023. Mr. Mohit Talwar is a post-graduate from St. Stephen's College and completed his management studies in Hospitality from the Oberoi School.

Non-executive Director, Axis Max Life Insurance Ltd.

Mr Munish Sharda has been appointed as a Non-executive Director of Axis Max Life Insurance Ltd. with effect from April 29, 2024.

Munish Sharda is an Executive Director at Axis Bank. He was earlier Group Executive & Head- Bharat Banking, Axis Bank since September 2021. In his role as Executive Director, he is responsible for driving business growth in Rural & Semi urban markets across all product offerings of the Bank and is also responsible for Retail Lending businesses for the bank. He is also the Chairman of A.TReDS Limited (Axis Bank’s subsidiary), and a trustee at Axis Bank Foundation.

He has worked for over 25 years in banking and financial services sectors across product categories in all the major markets of the country. He brings in rich leadership experience in scaling businesses, leveraging digital &technology to drive business outcomes, building people capabilities, and enhancing customer experience.

Munish started his financial services career with Global Consumer Bank, Citibank India, where he worked across geographies, products and businesses for over a decade.

Prior to joining Axis Bank, Munish was the Managing Director & CEO of Future Generali India Life Insurance for over 7 years where he led transformation & growth & scaled up the business with improved profitability. He has also worked in the consumer goods industry with Blow Plast Limited and with engineering major Larsen & Toubro Limited.

Munish holds a Bachelor’s degree in Mechanical Engineering from Punjab Engineering College and has completed his post graduate diploma in Management from IIM Lucknow. He also holds a Certification in ESG Investing by CFA Institute, USA.

Independent Director, Axis Max Life Insurance Ltd.

Mr Pradeep Pant was appointed as an Independent Director of Axis Max Life Insurance with effect from February 07, 2019. He is a highly experienced senior business leader, with active involvement in business consulting and education, and holds several board positions. With over 37 years of experience in the FMCG industry, Mr Pradeep Pant is an expert in building businesses in both mature and emerging markets. He has a deep understanding of market dynamics and cultural diversity. He has a proven track record and passion for turning organisations around.

Mr Pant was Executive Vice President and President of Asia Pacific (AP) and Eastern Europe, Middle East and Africa (EEMEA) for Mondelēz International till the end of 2013. He has served as the President of Asia Pacific, since 2008, and he assumed his responsibility for the EEMEA region in 2012. Previously, Mr Pant was the Regional Managing Director for Asia, Africa, and the Middle East for Fonterra Brands. He was a member of the Fonterra leadership team as well as the company’s global brands marketing group. Prior to Fonterra, he spent 19 years with The Gillette Company working in India, Russia, Turkey, and as President Asia Pacific. Mr Pant has also worked with Nestle, J Walter Thompson, and the Tata group.

Mr. Pant is also the Founding President of Food Industry Asia (FIA) and now serves as Honorary Advisor to the Council. He was an Advisory Board Member of SMU Lee Kong Chian School of Business 2010-2018 and an Affiliated Faculty, Centre for Marketing Excellence and Dean’s Fellow till early 2024.

He sits on the Supervisory Boards of DSM-Firmenich (previously Royal DSM N.V. Netherlands), Niva Bupa Health Insurance India, Max India and Antara Senior Living India. He is also Chairman of Nurasa Pte Ltd, the Asia Sustainable Foods platform at Temasek as well as its holding company Nurasa Holdings Pte Ltd.

Mr Pant holds a Master of Management Studies degree from the Jamnalal Bajaj Institute of Management Studies, Bombay University, and a BA Honours degree in Economics from Shri Ram College of Commerce, Delhi University.

Independent Director, Axis Max Life Insurance Ltd.

Mr. Rajesh Khanna has been appointed as an Independent Director with effect from April 6, 2021.

Mr. Rajesh Khanna is the founder & CEO of Arka Capital Advisors Pvt. Ltd., and is an investor in various companies. He is a Senior Advisor of Kae Capital. Previously, he served as a Managing Director and India Head of Warburg Pincus, a global private equity firm, and was a member of its global Executive Management Group.

Mr. Rajesh Khanna is a PGDM from the Indian Institute of Management, Ahmedabad and is a Chartered Accountant.

Non-executive Director, Axis Max Life Insurance Ltd.

Mr Rajesh Kumar Dahiya has been appointed as a Non-executive Director on the Board of Axis Max Life, effective April 6, 2021.

He previously served as the Executive Director (Corporate Centre) at Axis Bank, where he oversaw all functions within the Corporate Centre, including Internal Audit, Human Resources, Banking Operations, Compliance, Corporate Governance, Corporate Communications, Corporate Real Estate Services, Corporate Social Responsibility, Ethics and Sustainability, and Law. Additionally, Mr Rajesh Kumar Dahiya managed the operations of the Axis Bank Foundation. Prior to joining Axis Bank, he spent 20 years with the Tata Group, where he took on various responsibilities in areas such as Human Resources, Manufacturing, Exports, Distribution, and Institutional Sales.

He serves as a board member at BlueStone Jewellery and Calibre Chemicals, is a Trustee at Axis Bank Foundation, The Buddha Fellowship Program, and acts as an advisor to The Grameen Foundation.

He is also engaged as a visiting faculty member at ISB Hyderabad.

Non-executive Director, Axis Max Life Insurance Ltd.

Ms. Rajkamal Vempati has been appointed as a Non-executive Director of Axis Max Life Insurance Ltd. with effect from October 1, 2025.

Ms. Rajkamal Vempati is the Group Executive & Head of Human Resources at Axis Bank. She is a member of the Management Committee and a passionate advocate of sustaining a human workplace & creating an inclusive culture geared for the future. Her team of HR professionals at Axis Group is focused on nurturing distinctive career experiences that matter to the people and wherein they thrive. Axis Bank has been recognized externally as an employer of choice for its Diversity, Equity & Inclusion efforts and its Giga Opportunities program has been widely lauded. She is also the Co- chairperson of FICCI HR Committee. She graduated in Science from Himachal Pradesh University and holds an MBA from XLRI Jamshedpur. She is a recipient of “Distinguished Alumnus Award” from XLRI, Jamshedpur and she has also been honored with Honoris Causa, Doctor of Philosophy (Ph.D.) by Manav Rachna International Institute of Research and Studies.

Prior to Axis Bank, she was heading Human Resources for ICICI Lombard General Insurance Company. Ms. Vempati was a consultant with Hewitt Associates, part of the HR Leadership Program at GE Capital and has worked with ICICI Prudential Life Insurance across diverse roles.

Non-executive Director, Axis Max Life Insurance Ltd.

Mr Sahil Vachani has been appointed as a Director of Axis Max Life Insurance Ltd. effective from May 18, 2018.

Mr Sahil Vachani is the Vice Chairman & Managing Director of Max Estates Limited, one of the three listed companies of the USD 5 billion Indian conglomerate – The Max Group. Max Estates Limited is emerging as a most preferred brand in real estates in NCR. Sahil is the driving force behind Max Estates Ltd. and aims to revolutionize the Indian real estate landscape by bringing in Max Group’s values of Sevabhav, Excellence and Credibility to the sector. He also serves as a Director on the Boards of Max Financial Services Limited as a representative of the Owner Sponsor Group led by Mr. Analjit Singh.

Sahil joined the Max Group in 2016 with a focus on creating a powerful Real Estate brand – Max Estates Limited and steering Max Ventures and Industries Limited (“MaxVIL”) (Now merged with Max Estates Limited) and other businesses towards growth. Since assuming his role at MaxVIL, Sahil has successfully completed key transactions which will have an enduring impact on the Company’s growth journey over the next few years.

He started his career as an investment banker with Citigroup in London, where he worked on Mergers and Acquisitions across the Middle East and Africa region. In 2004, he joined Dixon Technologies, a consumer appliance manufacturing firm as Business Head and setup new verticals across multiple locations and was involved in the launch of new products, setting up of new manufacturing facilities and establishing relationships with leading brands as customers.

His next career progression was in 2008 as Co-founder and Managing Director of Dixon Appliances Pvt. Ltd., where he was responsible for the business from inception including designing of products, building the team, setting up the manufacturing facility, operations and building relationships with leading brands in India such as Panasonic, Godrej, LG, among others. The Company emerged as the single-largest third party contract manufacturer of Washing Machines for the Indian market. In July 2015, Sahil sold his shareholding in the company to pursue opportunities in Max Group.

He holds a Bachelor’s degree in Management Sciences from the University of Warwick, U.K. backed up by an Executive Management Program on Disruptive Innovation from the Harvard Business School.

Non-executive Director, Axis Max Life Insurance Ltd.

Mr Subrat Mohanty has been appointed as a Non-executive Director of Axis Max Life Insurance on the Board of Axis Max Life with effect from April 6, 2021.

Mr Subrat Mohanty is the Executive Director – Banking Operations & Transformation at Axis Bank, where he leads all functions under Retail & Wholesale Banking Operations, Information Technology & Digital Banking, Business Intelligence, Group Strategy & Subsidiary Governance, Customer Experience, Vigilance and Internal Audit of the Bank.

Mr Mohanty has more than 24 years of experience, spanning different industries and functions. In his previous stint, he served as the Group President of Manipal Education & Medical Group responsible for business performance and strategy across the group’s interests in Education, Healthcare and Insurance. Prior to joining Manipal group, he was the COO, HDFC Life responsible for a wide range of functions including Strategy, Operations, Technology, Digital and Health Insurance. Previously, at Infosys, he held multiple leadership roles across Operations, Solutions, Strategy, and technology-led Transformation Programs. He started his career with Andersen Consulting (now Accenture).

He is the director on the Boards of Freecharge Payment Technologies Private Limited, Axis Securities Limited and Freecharge Business and Technology Services Limited.

Mr Mohanty is an alumnus of NIT, Rourkela and IIM Calcutta. In his personal time, he runs marathons, writes about movies and has an interest in popular Indian culture.