New York Life Insurance Co is in talks to sell its stake in a joint-venture with healthcare and life insurance company Max India, the Economic Times reported on Wednesday citing an unnamed source.

The U.S.-headquartered insurer has a close to 26 per cent stake in Max New York Life, India's largest non-banking private insurance company, estimated to be worth around Rs 35 billion, the report said.

Around one-third of the sale proceeds would be paid to Max India, it said citing a person familiar with the development.

"Our JV is a highly successful operation that provides important insurance products to the people of India. We do not comment on rumours," a New York Life spokesman was quoted as saying by the newspaper.

A spokesman for Max India could not be immediately reached for comment by Reuters. New York Life was not available outside its business hours.

Max India holds a 70 per cent stake in the joint venture, and Indian lender Axis Bank owns the remaining 4 per cent.