On of the India’s admired private insurance companies, Max Life Insurance has announced its partnership with Royal Challengers Bangalore for the upcoming 12th season of the India’s major T20 league of Indian Premier League(IPL). As a part of the partnership, Max Life Insurance will be the official life insurance partner of the Bengaluru team for the cash awash T20 League.
The cricketing ground has often witnessed fatal injuries to players and over the years cricketing gear has become more sophisticated to provide on-ground protection to the players. However, there is a need to bring in greater awareness about protecting against the risks these players face in their personal lives. This partnership between Max Life Insurance and RCB will not only inspire their cricketers but also their large fan base to consider protection against risks in their lives.
Speaking on the partnership, Prashant Tripathy, managing director and CEO, Max Life Insurance, said: “T20 offers a great platform to connect with the youth. The partnership of Max Life with Royal Challengers Bangalore is aimed at reaching out to the youth in an impactful manner through their diverse and dynamic fan base. The recent India Protection Quotient survey conducted by Kantar IMRB across India has revealed that only 17% of youth own term insurance, which is one of the cheapest forms of life insurance. As life insurance partners of the team, we hope to increase awareness around protection with the youth and drive the message to build a more protected nation.”
In a recent study conducted by Max Life Insurance, termed as the India Protection Quotient, it was found that urban India’s term insurance uptake was at a mere 21%. Despite being one of the cheapest forms of life insurance, consumers in India are slow to adopt term insurance. India Protection Quotient is a three-dimensional metric to analyze, level of life insurance awareness; ownership and mental preparedness around protection.
Speaking on the partnership, Sanjeev Churiwala, chairman of Royal Challengers Bangalore, stated: “While protection of players is taken care of in many ways, the financial manifestation is something that needs to be given equal thought to. Max Life Insurance has one of the best claims paid ratio currently in the country. We aim to drive the message of the importance of financial protection through this partnership.”
The India Protection Quotient survey had also revealed that for more than 50% of urban Indian, the biggest fears related to the demise of the breadwinner are financial insecurity and impact on their current lifestyle. The threat perception gets further increased due to a feeling of inadequacy of funds. More than one-third (36 per cent) of urban Indians feel that their savings would last less than a year if critical illness or death was to befall. More than one-fifth of the population feels they have no one to support them in the event of critical illness or death.
The partnership between Max Life and Royal Challengers Bangalore aims to draw the attention of fans and public alike, to the importance and criticality of financial protection in today’s world. Royal Challengers Bangalore will play Chennai Super Kings at the MA Chidambaram Stadium on March 23 to kick start the 12th edition of Indian Premier League.