Bharti AXA Life Leads the Charge for ‘Insurance for All’ in Odisha

Bhubaneswar: Bharti AXA Life Insurance is reinforcing its commitment to driving life insurance awareness and penetration in Odisha, aligning with IRDAI’s broader mission of ‘Insurance for All by 2047.’ As the IRDAI-mandated lead insurer for Odisha, the company has been at the forefront in promoting financial literacy, increasing insurance adoption, and driving long-term socio-economic impact in the state.

Bharti AXA Life, along with other lead insurers, had successfully organized and participated in the first meeting of the Odisha State Level Insurance Committee (SLIC), chaired by Ms. Anu Garg, Development Commissioner and Additional Chief Secretary to the Government of Odisha. To regulate and drive this mission forward, the Odisha State Government intends to hold regular State level Insurance Committee (SLIC) meetings. The meeting reinforced a collective goal of achieving ‘Insurance for All’ by 2036, coinciding with Odisha’s 100th anniversary.

As part of this unified mission, the company with a strategic vision in mind has partnered with Orissa Small Scale Industries Association (OSSIA). These efforts by the company have been instrumental in raising life insurance awareness among MSMEs, supporting over 100 enterprises in understanding the significance of financial protection.

Bharti AXA Life has also been actively engaging with local communities in Odisha. Through partnerships with 35 Gram Panchayats across four districts and collaborations with NGOs, the company is conducting financial literacy workshops in rural areas to educate the underserved population on the importance of life insurance.

Recognizing the unique needs of Odisha’s diverse population, Bharti AXA Life has introduced tailor-made products with small ticket size and business insurance solution under the Married Women’s Property (MWP) Act.Additionally, the company is at the forefront to encourage local talent, especially women, to explore professional avenues and build career opportunities in the life insurance sector. This perfectly aligns with the company`s agenda of increasing women workforce and promote financial independence. Bharti AXA Life provided employment to over 700+  women personnel which includes 501 agents and 264 employees as of YTD Jan’25. With these committed efforts, the company plans to expand its presence in the state of Odisha.

Appreciating the company`s commitment, Bharti AXA Life was honoured with Best MSME Support Award in 2023 by Shri Saswata Mishra, Principal Secretary of the Finance Department, Government of Odisha and in 2024 by Shri Gokulananda Mallik, Hon’ble Minister, Fisheries & Animal Resources Development, Micro, Small & Medium Enterprises recognizing the company`s effort for its participation in the EMTECH Roadshow organized by OSSIA, underlining its commitment to financial inclusion.  

Speaking on Bharti AXA Life’s mission in Odisha, Mr. Nitin Mehta, Chief Distribution Officer – Partnership Distribution and Head of Marketing, said: “At Bharti AXA Life, we are deeply committed to the vision of ‘Insurance for All’ and are honoured to play a pivotal role in Odisha’s journey towards financial security. Our concerted efforts in financial literacy, tailored product offerings, and community engagement are driving meaningful change. We are dedicated to working closely with the state government and key stakeholders to ensure every individual has access to life insurance, fostering long-term economic resilience in the state. Currently, the state’s insurance penetration stands at 3%, and with joint efforts, we aim to fulfill the State`s objective to increase this to over 5% by FY29 through sustained initiatives, strategic partnerships, and targeted awareness programs.”

As a key stakeholder in the state’s financial inclusion agenda, Bharti AXA Life remains committed to actively contributing to the state and IRDAI’s vision by bridging the insurance gap, safeguarding lives, and promoting financial empowerment.