A unique initiative under which Max Life will fund one year’s education of an underprivileged child for every death claim it settles on term insurance plans
January 06, 2021, New Delhi: Max Life Insurance Company Ltd. (“Max Life” / “Company”) has strengthened its commitment towards society by entering into the second year of its unique initiative ‘Protect a Smile’. Under this initiative, Max Life has committed to fund one year of education of an underprivileged child for every death claim it settles for its ‘Term Insurance Plans’ during the current financial year. The initiative is being driven in partnership with ‘All India Citizens' Alliance for Progress & Development (AICAPD), a national level NGO working towards the upliftment of children of economically and socially underprivileged people.
Over the years, the Company has remained resolute in improving its claims performance which has helped in consistently achieving claims paid ratio of above 98% for the last 3 years*. In FY 2019-20, Max Life achieved an all-time high claims paid ratio of 99.22% in the last 5 years**.
‘Protect a Smile’ initiative serves to help the policyholder make a difference in not just the lives of their loved ones but impact the life of an underprivileged child as well. Since December 2019, Max Life’s ‘Protect a Smile’ initiative has supported the education of 330 underprivileged children***. Upon completion, students enrolled at different levels are provided with certifications by AICAPD to further aid their education and employment journey, nurturing a long term positive impact.
Speaking on the initiative, Aalok Bhan, Director and Chief Marketing Officer, Max Life said, “The role of life insurance is to support loved ones during the most critical moments of life. While the loss of a dear one is irreplaceable, their memory can be honored such that it touches another life meaningfully. Our noble initiative ‘Protect a Smile’ aims to do just that and we’re happy to continue our efforts in that direction with AICAPD for the second year. With this initiative, we strive to protect the future of society’s underprivileged children, and make a difference by contributing to their education for a better tomorrow.”
Sandeep Rajput, Director, AICAPD added, “The impact of the COVID-19 pandemic has been widely felt by the society, especially the underprivileged children who have limited access to education. Amidst this situation, it is heartening to see Max Life Insurance’s continued efforts towards providing support and education to the children in need. Through our partnership, we look forward to alleviating the hardships of the underprivileged families in our society and creating a positive impact on these children’s future.”
Coinciding with the life insurer’s 21st ‘Protection Day’, the initiative underscores Max Life’s commitment towards protecting larger communities and enriching legacy of the policyholder. In May 2019, the company announced that it will dedicate 6th of every calendar month as ‘Protection Day’, aimed towards driving awareness regarding financial protection.
*Source: As per IRDAI Annual Report FY17-18 and FY18-19; Claims Paid Ratio (%) for FY17-18: 98.26%; Claims Paid Ratio (%) for FY18-19: 98.74%
**Source: Max Life Annual Audited Financials FY 19-20, Claims Paid Ratio (%) for FY19-20: 99.22%
***December 2019 – November 2020
About Max Life Insurance (www.maxlifeinsurance.com)
Max Life Insurance Co. Ltd. (“Max Life”) is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is a part of the Max group, an Indian multi business corporation, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance group.
Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multichannel distribution including agency and third distribution partners. Max Life has built its operations over almost two decades through need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital.
As per public disclosures, during the financial year 2019-20, Max Life achieved gross written premium of Rs. 16,184 crore. As on 31st March 2020, the Company had Rs. 68,471 crore of assets under management (AUM) and a Sum Assured in Force of Rs. 913,660 crore.
For more information, please visit the company's website at www.maxlifeinsurance.com