Max Life, IIA partner to offer insurance access to 11 lakh MSMEs in UP

Max Life Insurance Company on Monday announced a partnership with the Indian Industries Association (IIA) to provide life insurance plans to the workforce of micro, small, and medium enterprises (MSME) in Uttar Pradesh.

Under the recently announced Insurance Regulatory and Development Authority of India's (IRDAI) State Insurance Plan, Max Life aims to enhance accessibility and drive insurance penetration across Uttar Pradesh, the insurer said in a release.

IIA has an extensive network across industrialised districts, it added.

"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 Viswanand, Deputy Managing Director, Max Life Insurance.

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Ashok Kumar Agarwal, President, Indian Industries Association said that for close to four decades, IIA has been working consistently towards creating an environment conducive to industrial growth, especially for MSMEs in India.

The activities will be undertaken with Sana Insurance Brokers as the enrolment partner to engage with the MSME workforce.

Max Life is the appointed lead insurer for Uttar Pradesh under IRDAI's State Insurance Plan.

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.