Max Life Insurance Company Ltd (Max Life) has been appointed as the “Lead Insurer” for the State of Uttar Pradesh (UP) by the Insurance Regulatory and Development Authority of India (IRDAI). This move is part of IRDAI’s state insurance plan to enhance financial awareness and insurance inclusion.
Note:
- Max Life has also been appointed as the Lead Insurer for Arunachal Pradesh.
- Liberty General Insurance Ltd was appointed as the Lead Insurer for Delhi by the IRDAI under State Insurance plan.
Features of Max Life as a Lead Insurer:
i.Max Life, by supporting this vision, aims to create awareness, accessibility of affordable insurance coverage across UP in the first phase via digital insurance awareness activities, initiated by Max Life in Chandauli and Varanasi of UP.
ii.It plans to introduce similar initiatives to other districts of Balrampur, Bahraich, Chitrakoot, Fatehpur, Kaushambi, Siddharthnagar, and Shravasti, in the next 6 months.
- These districts are also a part of the Government of India’s (GoI) ‘Aspirational Districts Programme’ that aims to increase financial inclusion and skill development.
iii.It uses the approach of digitally managed distribution ecosystem with custom-made policies.
iv.It aims to support micro-entrepreneurship and employment opportunities, especially for women by adopting the IRDAI’s Bima Vahak model in the near future.
Recent Survey of Max Life:
Max Life recently conducted a survey in association with KANTAR, ‘India Protection Quotient (IPQ), an annual survey of Rural edition in 113 villages to drive awareness and adoption of life insurance in rural India
It was revealed that rural India scored low of 12 points on the protection quotient scale, as compared to urban India’s score of 43
IRDAI State Insurance Plan:
i.The IRDAI’s state insurance plan is a collaborative effort with insurers by assigning two state governments to each insurer to increase financial awareness and drive insurance inclusion.
ii.The initiative aims to enable insurance for all by 2047, where every citizen has an appropriate life, health and property insurance cover, and every enterprise is supported by appropriate insurance solutions.
Cholamandalam MS Insurance Appointed as a Lead Insurer for West Bengal by IRDAI
Cholamandalam (Chola) MS General Insurance Company Ltd, a joint venture (JV) of the Murugappa Group and Mitsui Sumitomo Insurance Company Ltd, Japan, has been appointed ‘Lead Insurer‘ for the state of West Bengal by the IRDAI in line with the its vision of “Insurance for All by 2047” (State Insurance Plan) to increase insurance awareness and penetration throughout West Bengal.
Key Points:
i.Under this plan, Chola MS Insurance will focus on various aspects of health protection, coverage against natural calamities, increasing employment opportunities, and protecting the business of Micro Small and Medium Enterprises (MSMEs) through comprehensive insurance offerings.
ii.The company has devised a bunch of initiatives to ensure the benefits of insurance reach the people including awareness and outreach programs, strengthening the insurance distribution network, and ensuring speedy grievance redressal and efficient claim settlement processes.
iii.Chola MS Insurance has opened a 10,000 square feet state headquarters in Kolkata (West Bengal), which will serve as a hub, offering comprehensive insurance products and services to all subdivisions in West Bengal.
- The State headquarters was inaugurated by Mr. M.M Murugappan, Chairman of Chola MS Insurance, and Mr. V. Suryanarayanan, Managing Director (MD) Chola MS Insurance.
Recent Related News:
On June 2, 2023, The Insurance Regulatory and Development Authority of India (IRDAI) identified SBI Life Insurance Company Limited (SBI Life) as the acquirer–insurer of the business of Sahara India Life Insurance Co. (SILIC).
- In this regard, SBI Life shall take over the policy liabilities of around two lakh policies of SILIC,
About Insurance Regulatory and Development Authority of India (IRDAI)
It is a statutory body formed under an Act of Parliament, i.e., Insurance Regulatory and Development Authority Act, 1999 (IRDAI Act 1999) .It is a public authority as defined in the Right to Information Act, 2005
Chairman– Debasish Panda
Headquarters– Hyderabad, Telangana
Incorporated in– 2000
