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Insurance
08-May-23
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Max Life partners with IIA to offer life insurance access to 11L MSMEs in UP
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Max Life Insurance Company Limited on Monday announced a strategic partnership with the Indian Industries Association (IIA) to provide life insurance plans to workforce of the Micro, Small and Medium Enterprises (MSME) sector in Uttar Pradesh (UP).
Under the recently announced IRDAI's State Insurance Plan, Max Life aims to enhance accessibility and drive affordable insurance penetration across UP.
IIA has an extensive network across industrialised districts, and this partnership positions Max Life as IIA's preferred partner, thus providing an opportunity to offer life insurance access to more than 11 lakh MSME workforce affiliated with IIA and their families in the state.
These activities will be undertaken with Sana Insurance Brokers Pvt. Ltd. as the enrolment partner to engage with the MSME workforce.
V Viswanand, Deputy Managing Director, Max Life Insurance said in a statement, “Micro, small, and medium-sized enterprises (MSMEs) are a key component of every economy. Access to life insurance can play a significant role in mitigating risks faced by the workforce of such enterprises and their families, respectively. Through this partnership, we aim to reach the underserved population in Uttar Pradesh, the country's most populous state, and financially secure the future of more than 11 lakh MSME workforce and their families.”
Ashok Kumar Agarwal, President, Indian Industries Association said in a statement, “We are elated to partner with Max Life in financially protecting the employees and promoters of this sector. For close to four decades, IIA has been working consistently towards creating an environment conducive to industrial growth, especially for MSMEs in India. We look forward to creating meaningful impact and driving awareness around the need for life insurance among the members."
Max Life is the appointed lead insurer for Uttar Pradesh under IRDAI's State Insurance Plan.
Insurance Regulatory and Development Authority of India (IRDAI) has undertaken an initiative to enhance the reach and accessibility of insurance products across all Indian states. As part of this initiative, the regulator has collaborated with state governments to identify a lead insurer for each district.
Max Life Insurance Company is a joint venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services is a part of Max Group.
IIA is an apex representative body of MSME.
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