Max Life Insurance Company (Max Life), a private life insurer, has entered into a strategic partnership with the Indian Industries Association (IIA) to provide life insurance plans to the 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.
Max Life is the appointed lead insurer for the state of Uttar Pradesh under IRDAI’s State insurance plan
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 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.
Securing MSME workforce
V Viswanand, Deputy Managing Director, Max Life Insurance said, “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: “We are elated to partner with Max Life in financially protecting the employees and promoters of the MSME 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.”