Axis Max Life Insurance appointed Sumit Madan as the MD and CEO of the company, effective from October 1.Sumit Madan will serve in this role for a period of five years until September 30, 2030, subject to shareholder approval.The retirement of Prashant Tripathy as the MD and CEO was approved by the board, effective from the end of the day on September 30.Axis Max Life Insurance is a joint venture between Max Financial Services Ltd. and Axis Bank Ltd., with positive market outlook and analyst ratings.