Max Life Insurance Company Ltd. and Ujjivan Small Finance Bank have launched a cooperation to provide Ujjivan SFB customers with holistic life insurance options. Max Life and Ujjivan SFB will offer a variety of savings, protection, retirement, and group life insurance plans to over 73 lakh Ujjivan SFB customers through this cooperation.
Ujjivan SFB, founded in 2017, is one of the country’s top small financing banks, with a strong presence across India, committed to serving unserved and underserved groups through financial and digital inclusion. As of January 31, 2023, the bank has a Pan-India presence with 606 branches in 254 districts encompassing 25 states and union territories. With technology as a key enabler, Ujjivan SFB continues to increase its reach and improve client experience through online banking, mobile applications, tablet-based origination, and phone banking, among other channels.
Prashant Tripathy, Managing Director and CEO, Max Life said, “Max Life is focused on forging key bank partnerships as a driver of sustainable growth. We welcome Ujjivan Small Finance Bank in our journey towards enabling more customers with financial inclusion & security through life insurance. With our customer-first approach, the most comprehensive suite of products combined with our digital tools and assets, we are confident of delivering a seamless customer experience. This partnership further strengthens the Bancassurance business at Max Life.”
Ittira Davis, MD & CEO, Ujjivan Small Finance Bank said, “We are delighted to announce our partnership with Max Life Insurance, a leading life insurance company in India. Through this partnership, we aim to increase the middle-class aspirants’ access to protection, savings, and retirement solutions through our national network, assisting them in securing their future. We believe that this partnership will enable us to bridge the gap on the demand side for insurance services, particularly in the rural and underbanked regions, to enable us further solidify our position as an industry leader in SFB space.”
Max Life’s new product offerings include advancements in a variety of consumer sectors, including homemakers, NRIs, and self-employed individuals. The firm has used digital and AI at scale to provide improved customer experiences with frictionless onboarding, risk management, and the creation of a digital enterprise.
