<?xml version="1.0" encoding="UTF-8" standalone="no"?><xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2024-05-31/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/InvestorComplaints/2024-05-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/InvestorComplaints/2024-05-31/in-capmkt-roles" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:xlink="http://www.w3.org/1999/xlink"><link:schemaRef xlink:href="in-capmkt-ent-2024-05-31.xsd" xlink:type="simple"/><xbrli:context id="OneI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NameOfTheCompany">Axis Max Life Insurance Limited</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2025-12-31</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="FourD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NameOfTheCompany">Axis Max Life Insurance Limited</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-10-01</xbrli:startDate><xbrli:endDate>2025-12-31</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="PY_I"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NameOfTheCompany">Axis Max Life Insurance Limited</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2025-09-30</xbrli:instant></xbrli:period></xbrli:context><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:ClassOfSecurityDebtOrEquity contextRef="OneI">Debt</in-capmkt:ClassOfSecurityDebtOrEquity><in-capmkt:NSESymbol contextRef="OneI">INE511N</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="OneI">Axis Max Life Insurance Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="OneI">123456</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="OneI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneI">INE511N08032</in-capmkt:ISIN><in-capmkt:IsSCORESIDAvailable contextRef="OneI">false</in-capmkt:IsSCORESIDAvailable><in-capmkt:ReasonForNonavailableSCOREID contextRef="OneI">We have few investors (13, 6 and 6 in number for Non-convertible Debentures issued under ISIN INE511N08016, INE511N08024 and INE511N08032 respectively as on December 31, 2025). Further, we are not an equity listed company and only the Non-convertible Debentures issued by the Company are listed on NSE.</in-capmkt:ReasonForNonavailableSCOREID><in-capmkt:DateOfEndOfReportingPeriod contextRef="OneI">2025-12-31</in-capmkt:DateOfEndOfReportingPeriod><in-capmkt:TypeOfSubmission contextRef="OneI">Original</in-capmkt:TypeOfSubmission><in-capmkt:CompanyRemarksExplanatory contextRef="OneI">None</in-capmkt:CompanyRemarksExplanatory><in-capmkt:NoOfInvestorComplaints contextRef="PY_I" decimals="0" unitRef="pure">0</in-capmkt:NoOfInvestorComplaints><in-capmkt:NoOfInvestorComplaintsReceivedDuringThePeriod contextRef="FourD" decimals="0" unitRef="pure">0</in-capmkt:NoOfInvestorComplaintsReceivedDuringThePeriod><in-capmkt:NoOfInvestorComplaintsDisposedOffDuringThePeriod contextRef="FourD" decimals="0" unitRef="pure">0</in-capmkt:NoOfInvestorComplaintsDisposedOffDuringThePeriod><in-capmkt:NoOfInvestorComplaints contextRef="OneI" decimals="0" unitRef="pure">0</in-capmkt:NoOfInvestorComplaints><in-capmkt:NoOfInvestorComplaintsDuringThePeriod contextRef="FourD" decimals="0" unitRef="pure">0</in-capmkt:NoOfInvestorComplaintsDuringThePeriod></xbrli:xbrl>