One of the leading players in the Indian insurance business, Max New York Life Insurance and the third largest bank in industry, Axis Bank today entered into a strategic tie-up for 10 years under which Max New York Life will provide customized life insurance solutions to customers via the bank's vast network.

The deal will be in effect from today i. e. May 3, 2010 and is expecting to serve 20 lakh customers in 5 years through the over 1000 branches of Axis Bank spread across over 650 cities in the Indian market.

Analjit Singh, Chairman, Max New York Life Insurance said that Max New York Life has a good history of making partnerships a success in the Indian market and is expecting the current deal to replicate the success of the company.

Singh further added that both the companies share a similar DNA and hence the agreement between the two parties is an attempt to create a top of the rung balanced multi-channel distribution. Shikha Sharma, Managing Director & CEO, Axis Bank added the fact this agreement will provide a platform for the banking giant to expand its product portfolio for the Indian consumer.