New Delhi, Mar 20 (KNN) Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Limited, has entered into a strategic corporate agent partnership with Saarathi Finance and Credit Private Limited to expand insurance coverage for micro, small and medium enterprises (MSMEs).
Partnership To Expand Insurance Access For MSMEs
Saarathi Finance, a greenfield non-banking financial company (NBFC) focused on bridging the MSME credit gap, will leverage its last-mile reach to distribute Axis Max Life’s Group Credit Life Secure (GCLS) product, aimed at providing financial protection to micro and nano-entrepreneurs.
The product is designed to act as a safeguard by ensuring that in case of unforeseen events, the outstanding loan burden does not fall on the borrower’s family or business.
Focus On Financial Protection And Inclusion
Commenting on the partnership, Sumit Madan, Managing Director and CEO of Axis Max Life, said the collaboration integrates digital-first lending with insurance protection, making financial security more accessible for small businesses, reported Business Standard.
He added that embedding insurance within the credit journey would help strengthen resilience among MSMEs and support growth in local markets.
Vivek Bansal, Founder and CEO, Saarathi Finance, highlighted that a large proportion of MSMEs operate with limited capital buffers, making them vulnerable to disruptions.
He noted that integrating insurance with credit solutions would help convert loans into more secure financial frameworks, enabling businesses to focus on growth.
The partnership is aligned with the broader national vision of ‘Insurance for All by 2047’ and aims to improve financial inclusion, particularly in Tier 3 and Tier 4 markets.
By combining insurance expertise with targeted MSME lending, both entities seek to address the protection gap and support sustainable growth of small enterprises.
(KNN Bureau)
