Max Life collaborates with IIA to provide insurance access to 11 lakh MSMEs in UP
- ByStartupStory | May 8, 2023
Max Life Insurance Company has collaborated with the Indian Industries Association (IIA) to offer life insurance policies to employees working in micro, small, and medium enterprises (MSMEs) in Uttar Pradesh. As per the new State Insurance Plan by the Insurance Regulatory and Development Authority of India (IRDAI), Max Life intends to boost insurance penetration and improve accessibility in Uttar Pradesh, according to a statement released by the insurer.
Max Life Insurance has highlighted the extensive network of the Indian Industries Association (IIA) across industrialised districts. The collaboration with IIA aims to provide life insurance policies to underserved populations in Uttar Pradesh, India’s most populous state. According to V Viswanand, Deputy Managing Director of Max Life Insurance, “the partnership targets the financial security of over 11 lakh MSME workforce and their families”.
Indian Industries Association (IIA) President Ashok Kumar Agarwal stated that IIA has been working towards promoting industrial growth for micro, small, and medium enterprises (MSMEs) in India for nearly four decades. To engage with the MSME workforce, Sana Insurance Brokers will act as the enrolment partner for the activities. Max Life Insurance is the lead insurer for Uttar Pradesh under the Insurance Regulatory and Development Authority of India’s (IRDAI) State Insurance Plan.
The Insurance Regulatory and Development Authority of India (IRDAI) has launched an initiative to improve insurance product accessibility and reach across all Indian states. The regulator has collaborated with state governments to identify a lead insurer for each district. Max Life Insurance is a joint venture between Axis Bank Limited and Max Financial Services Limited, a part of the Max Group. The Indian Industries Association (IIA) is an apex representative organization for micro, small, and medium enterprises (MSMEs).
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