Bangalore, December 14, 2022: Max Life Insurance Company Ltd. (“Max Life” / “Company”) is celebrating the 5th anniversary of its ‘Rakshak’ program – an initiative dedicated to financially securing India’s armed forces personnel against life’s uncertainties. In five years, the Rakshak program has financially secured more than 39,000 defence servicemen and their families, with a sum assured of more than INR 2,100 crores.
Under the program, It offers insurance plans that cover all types of casualties that include ‘war and war-like situations’, servicing the specific needs of the armed forces. Serving over 65 locations, the program allows personnel of Indian Army, the Central Reserve Police Force (CRPF), Border Security Force (BSF), and State Police to purchase life insurance.
V Viswanand, Deputy Managing Director, Max Life said, “The armed forces are the backbone of our nation, and ensuring their protection is a key priority. As we celebrate the 5th anniversary, Rakshak is our way of thanking the armed forces for their selfless service and dedication towards the country and each of us. With Max Life’s Rakshak program, we hope to serve and protect the armed personnel, veterans, and their families from financial hardships, just as they protect us from life’s adversities.”
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As part of the initiative, Max Life also recruits ex-servicemen, their kin, and war widows or Veer Naaris within the Rakshak team. This helps empower them financially and contributes to the overall well-being of communities and the nation. The Company also drives several CSR activities and welfare drives within cantonments, Military Stations, and Asha Schools across the country. It aims to extend protection benefits to 45% of the Indian defence sector over the next three years. Additionally, the Company plans to offer life coverage to the Indian Navy and Central Industrial Security Force (CISF) and expand the Rakshak channel to 85 locations across the country.
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About Max Life Insurance
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners. Max Life has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per public disclosures and annual audited financials for FY2021-22, Max Life has achieved a gross written premium of INR 22,414 crore.
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