Ease of Doing Business for MSMEs: Life insurance company Max Life on Monday announced a strategic tie-up with an MSME representative body Indian Industries Association (IIA) to provide life insurance to employees working in micro, small, and medium enterprises (MSMEs) based in Uttar Pradesh. The insurance programme will cover more than 11 lakh MSME workers affiliated with IIA and their families in the state and will be undertaken with Sana Insurance Brokers as the enrolment partner to engage with the MSME workforce, the company said in a statement.
“Under the recently announced IRDAI’s State Insurance Plan, Max Life aims to enhance accessibility and drive affordable insurance penetration across UP,” the insurer said.
“Access to life insurance can play a significant role in mitigating risks faced by the workforce of such (MSME) 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,” said V Vishwanand, Deputy Managing Director, Max Life Insurance.
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Max Life Insurance Company is a joint venture between Max Financial Services (part of Max Group) and Axis Bank and offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners.
As per public disclosures and annual audited financials for FY2021-22, Max Life had achieved a gross written premium of Rs 22,414 crore.
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“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 a meaningful impact and driving awareness around the need for life insurance among the Members,” said Ashok Kumar Agarwal, President, IIA.
Established in 1985, the association represents around 11,000 registered MSMEs.
According to the data available with the MSME ministry’s dashboard, Uttar Pradesh had 13.61 lakh registered MSMEs — third highest volume among states in India after Maharashtra with 29.2 lakh registered MSMEs and Tamil Nadu with 16.5 lakh registered MSMEs. Meanwhile, according to the Uttar Pradesh government’s investment promotion body Udyog Bandhu’s portal, the state had the largest share of the MSME population — 14.2 per cent in India, comprising 90 lakh registered and non-registered units.
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