Max Life Insurance Company Ltd. (“Max Life” / “Company”) announces a strategic partnership with the Indian Industries Association (IIA) to provide life insurance plans to the Micro, Small, and Medium Enterprises (MSME) sector’s workforce 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 industrialized 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 lac 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 :
“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 lac MSME workforce and their families. Max Life will continue to build responsible interventions, and empower the ecosystem to focus on growth, and be resilient.”
Ashok Kumar Agarwal, President, Indian Industries Association said :
“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.”
About Max Life Insurance
Max Life Insurance is a Joint Venture between Max Financial Services Limited and Axis Bank Limited.
As Max Financial Services Ltd. is a part of Max Group. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners.
Max Life has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital.
As per public disclosures and annual audited financials for FY2021-22, Max Life has achieved a gross written premium of INR 22,414 crore.
About Indian Industries Association
Indian Industries Association (IIA) is an apex representative body of Micro, Small and Medium Enterprises (MSME) with a strong membership base of about 11000 Micro, Small and Medium Enterprises (MSMEs).
IIA is a member of the National Board of MSME as well as an accredited association from NABET, QCI with GOLD GRADE.
IIAs motto is to create an enabling environment for the development of MSMEs in today’s ever-changing and extremely competitive industrial scenario.
For more than 38 years now IIA has worked consistently in creating an environment conducive to industrial growth, especially for MSMEs, disseminating valuable information on legal & technical aspects, the latest development in industry & market, about latest Government policies, procedures, and laws etc. apart from solving the teething problems of the industry.
