Max Life Insurance strengthens partnership with Royal Challengers Bangalore for IPL 2020, to be the team’s official life insurance partner for second consecutive year
Max Life Insurance Company Ltd. (“Max Life” / “Company”) today announced its official partnership with Royal Challengers Bangalore (RCB) for the upcoming Indian Premier League (IPL) T20 season. As part of the partnership, Max Life will be the official life insurance partner of the Royal Challengers Bangalore (RCB) team for the second consecutive year. In addition to being the team’s official life insurance partner, Max Life is also among the apparel partners for RCB for the 13th edition of Indian Premier League T20.
While every year IPL sees a wide range of commercial partnerships across teams, there have been limited partnerships that highlight important life events such as life risks through an association with the game. Just like comprehensive cricketing gear prevents players from physical risks and injuries on ground, a protective gear in the form of life insurance is required to safeguard them against the financial risks and uncertainties of life off – the field as well.
The partnership will not only inspire RCB cricketers to play with ‘Protection on the Front Foot’ but also encourage the larger fan base to financially protect themselves with life insurance. The association follows through on the Company’s belief ‘You Are the Difference’ which iterates that as an individual, it is ‘You’, who brings a difference to the lives of your loved ones when it comes to safeguarding them from life’s hardships and securing their wellbeing.
Speaking on the partnership, Prashant Tripathy, Managing Director & CEO, Max Life said, “With term insurance being the most fundamental and cost effective form of financial protection, it is essential to improve awareness and ownership among the younger audience. India is a young country and T20 offers a great platform to connect with the youth. We are happy to partner with Royal Challengers Bangalore for the second consecutive year as their official life insurance partner. Through the means of our partnership, we aim to reach out to the team’s diverse and dynamic youth audience base with the message of sound financial protection. With this partnership, we hope to encourage the youth to consider life insurance and most importantly term insurance to embrace the most comprehensive form of financial protection against life’s uncertainties.”
As per Max Life’s recent India Protection Quotient Express survey conducted in association with Kantar, it was found that during COVID-19, only 51% digitally savvy, urban Indian millennials feel financially secure under current circumstances. The survey also revealed that only 36% millennials own term insurance during COVID-19. Given the uncertainties around us, term insurance is a must-have tool to ensure financial protection of family and loved ones, making it important to fortify its awareness especially among millennials.
Speaking on the partnership, Sanjeev Churiwala, Chairman of Royal Challengers Bangalore said, “While protection of players is taken care of in many ways, the financial manifestation is something that needs to be given equal thought too. We couldn’t be more excited to have Max Life Insurance as our official life insurance partner for the second consecutive year. This partnership aims to drive the message of the importance of financial protection in today’s world.”
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 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.
