Page 29 - The Insurance Times April 2025

abuse of stimulants or depressants. This exclusion shall the peril ( in this case, the disease ) covered by the Policy
apply only in case illness/accident is caused due to the goes wrong ( presuming it was not evidence-based) due to
above-mentioned abuse by the insured. overmedication or overdose. Are we going to deny the claim
because of an overdose? This is a case of an insured peril
One can find out there is no consistency in policy wording preceding an excepted peril. Such claims should be paid.
as regards the above exclusion. It could mean any drug or
In many a case, the mere mention of drugs, substances or
substance use is excluded from the Policy's purview, and a
alcohol prompts an insurer to deny a claim. They fail to
claim can be denied for the above mentioned reason. In
some cases, the use or, more importantly, abuse has to be come out with corroborative clinical evidence to establish
whether there was a causal relationship between the illness
the proximate or the most dominant cause. There has to
be a causal relationship between the illness and the abuse and the drug/substance/alcohol. While some of the exclusion
(please note the mention of the word abuse and no mention wordings have clarity, most others can have various
of the word 'use'). interpretations that require the intervention of the Contra
Proferentum Rule - which is not a healthy development.
How can one interpret an exclusion such as medical expenses
incurred as the result of alcohol and/or drug abuse, addiction Referance:
or overdose? Will it not require corroborative evidence to Dyoll Insurance Company Ltd v David Cordoza - chrome-
prove the abuse, addiction or overdose? What would be the extension://efaidnbmnnnibpcajpcglclefindmkaj/https://
ramifications when the overdose or a wrong dose was www.courtofappeal.gov.jm/sites/default/files/judgments/
prescribed and administered by the doctor? Take a Dyoll%20Insurance%20Co.%20Ltd.%20v.%20Cordoza%
hypothetical example: a treatment advised by the doctor and 20% 28David%29.pd

Axis Max Life Unveils Smart Innovation Fund to Tap High-Growth

Sectors
Axis Max Life Insurance Ltd., formerly known as Max Life Insurance Company Ltd. ("Axis Max Life"/"Company"), has
announced the launch of the Axis Max Life Smart Innovation Fund (SFIN: ULIF03301/03/25INNOVATION104), a thematic,
actively managed fund designed to provide investors with exposure to high-growth, innovation-led companies across
key sectors. As an innovation-themed fund in the life insurance industry, it will invest in a diversified portfolio of large,
mid, and small-cap companies, focusing on businesses at the forefront of technological and sectoral transformation.
The fund will be open for subscription from March 5, 2025, to March 20, 2025.
The Axis Max Life Smart Innovation Fund aims to capitalize on emerging opportunities in artificial intelligence,
healthcare, biotechnology, Financial sector, energy, consumer sector and other disruptive industries, offering potential
long-term capital appreciation.
Sachin Bajaj, EVP and Chief Investment Officer, Axis Max Life Insurance, stated, "Innovation is the key driver of economic
growth, and investors today are keen to participate in transformative sectors that define the future. The Axis Max
Life Smart Innovation Fund is designed to identify companies across sectors, that are going to benefit from the
innovation theme and strategies. With a dynamic and actively managed investment approach, we aim to deliver
sustainable long-term growth while aligning with evolving investor preferences."
In order to identify the most promising investment opportunities, Axis Max Life will assess and benchmark companies’
innovation capabilities and potential across three critical dimensions: Commitment, Influence, and Originality. These
parameters help evaluate businesses striving to enhance their competitive edge through innovative practices and
technologies. Moreover, the fund’s active management approach ensures adaptability to market conditions, making
it a compelling addition to Axis Max Life’s growing suite of ULIP investment options.

The fund will be available through Axis Max Life's- ULIP products, including the Online Savings Plan, Flexi Wealth
Advantage Plan, and Smart Term with Additional Returns ULIP.

The Insurance Times April 2025 27