Max Life Insurance announces a partnership with Royal Challengers Bangalore
Kolkata / Bengaluru, MAr 19 (IBNS): Max Life Insurance on Tuesday announced its partnership with Royal Challengers Bangalore for the upcoming T20 season.
As a part of the partnership, Max Life Insurance will be the official life insurance partner of the Bengaluru team for T20 League.
T20 league has witnessed a wide range of commercial partnerships across teams.
However, there have been few partnerships that highlight important life events such as life risks through an association with the game. 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 & CEO, Max Life Insurance said, “India is a young country and 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 with 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. We are happy to be partnering with Max Life Insurance, a life insurer that also 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.”