Axis Max Life Insurance partners with Khyaal to Strengthen Retirement Readiness for Senior Citizens in Mumbai

VMPL
Mumbai (Maharashtra) [India], December 19: Axis Max Life Insurance Limited ("Axis Max Life" / "Company"), formerly known as Max Life Insurance Company Limited, strengthened its commitment to building a retirement-ready India by partnering with Khyaal, an app for senior citizens, as an investment and insurance partner for Khyaal 50Above50 event held recently in Mumbai.
The two-day celebration brought together over 5,500 senior citizens and their families, a vibrant hub of engagement, education, and empowerment for India's 50+ community. Axis Max Life supported Khyaal's initiative by engaging senior citizens and educating them about the importance of financial preparedness, long-term planning and the role of life insurance in enabling a secure and confident retirement.
The event also focused on comprehensive financial readiness for retirement, featuring interactive activities and information about long-term planning. It highlighted the opportunities available to seniors looking for a "Grand Transition" into their next great chapter, inviting them to become Life Advisors and offering the interactive 'Ring Your Retirement' game.
The event generated considerable lead interest for retirement planning solutions and advisor recruitment, demonstrating the strong synergy between Axis Max Life's offerings and Khyaal's engaged community. Building on this shared commitment to retirement preparedness, Axis Max Life recently released the fifth edition of its India Retirement Index Study (IRIS), a proprietary study conducted in partnership with Kantar that evaluates retirement readiness across financial, health and emotional pillars.
According to the findings, Western India's Retirement Index rose to 50 in IRIS 5.0, up from 46 in IRIS 2.0. This growth was driven by proactive health management, greater financial product adoption and earlier planning behaviour among the population. However, the study also noted that emotional readiness remains a significant concern, with 70% of respondents in Western India expressing anxiety around loneliness and financial dependence during retirement.
Khyaal's community-led event supported this need by combining annuity education with meaningful in-person social experiences.
Anurag Gupta, Chief Business Officer and Head of Retirement, Axis Max Life Insurance, said: "IRIS 5.0 clearly shows that consumers are beginning to view retirement in a more holistic manner, with stronger focus on early planning, disciplined investing and overall wellbeing. What matters equally is the environment in which these conversations take place. Through our partnership with Khyaal, we have been able to engage senior citizens in a warm and personal setting that blends retirement awareness with genuine community connection. This is the kind of engagement that creates lasting impact and strengthens our commitment to building a purpose-led retirement ecosystem for India."
Hemanshu Jain, Founder & CEO of Khyaal, added: "Khyaal 50Above50 event was about celebrating the vibrancy and potential of India's senior community. Partnering with Axis Max Life allowed us to combine this celebration with critical financial education, ensuring our senior citizens have both the confidence and the knowledge to design their next great chapter. This is exactly the kind of meaningful partnership that enriches the Khyaal ecosystem."
Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Limited, is a joint venture between Max Financial Services Limited ("MFSL") and Axis Bank Limited. Axis Max Life Insurance offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution, including agency and third-party distribution partners. It has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per annual audited financials for FY2024-25, Axis Max Life Insurance has achieved a gross written premium of INR 33,223 Cr. Axis Max Life Insurance has recently transitioned to a new domain https://www.axismaxlife.com as part of its rebranding exercise. This migration has no impact on existing policyholders who will continue to receive all policy benefits and services as earlier.
About Khyaal:
Khyaal is India's number one app for senior citizens with over 4 million seniors and growing. The app enables seniors above the age of 50 years to attend live workshops, participate in fun games, make safe payments, avail on-demand assistance, digi-gold, find curated travel packages, and enjoy many more benefits. The Khyaal app also acts as a bridge that allows family members to provide care and support to their loved ones. Established in 2020 by Hemanshu Jain and Pritish Nelleri during the COVID-19 pandemic, the startup's primary mission is to simplify retirement and enrich the lives of senior citizens by fostering engagement, learning, and independence. For more information, please visit www.khyaal.com
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