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Mumbai, 29th July, 2015: Tata AIA Life Insurance Company Limited (Tata AIA Life) announces the launch of one-of-its-kind saving solution Tata AIA Life Insurance Fortune Guarantee (Fortune Guarantee). The product offers guaranteed return* to the customers to help them achieve their financial goals.
Fortune Guarantee is a unique solution wherein the customer pays premium only for 5 years and reaps the guaranteed benefit at the end of 10th policy year. Besides, the product offers 10 times life cover of the annualized premium. It also offers higher maturity benefit for female lives.
Additionally, the customer has the flexibility to enhance the protection by adding Tata AIA Life Insurance Accidental Death and Dismemberment (Long Scale) rider.
Mr. Ravi Vishwanath, Deputy CEO, Tata AIA Life said, "In the era of complex life insurance products, here is an easy-to-understand yet highly rewarding product, which is specifically designed to guarantee medium term financial goals. This product not only offers compelling value proposition for young professionals who are look for a lump sum for life's important goals but also, for those eyeing a solution to secure their golden years. With only 5 years premium payment term, high guaranteed returns at maturity and 10 times life cover makes the product extremely appealing for the customers."
* Condition apply
Tata AIA Life Insurance Company Ltd.
About Tata AIA Life
Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons Ltd. and AIA Group Ltd. (AIA). Tata AIA Life combines Tata's pre-eminent leadership position in India and AIA's presence as the largest, independent listed pan-Asian life insurance group in the world spanning 17 markets in Asia Pacific. Tata Sons holds a majority stake (74 per cent) in the company and AIA holds 26 per cent through AIA International Limited. Tata AIA Life Insurance Company Limited was licensed to operate in India on February 12, 2001 and started operations on April 1, 2001.
The Tata group's core purpose is to improve the quality of life of the communities it serves globally, through long-term stakeholder value creation based on leadership with trust.
Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise headquartered in India, and comprises over 100 operating companies, with operations in more than 100 countries across six continents, exporting products and services to over 150 countries. The revenue of Tata companies, taken together, was $103.27 billion (around Rs624,757crore) in 2013-14, with 67.2 percent of this coming from businesses outside India. Tata companies employ over 581,000 people worldwide.
Good corporate citizenship is part of the Tata group's DNA. Sixty six percent of the equity of Tata Sons, the promoter holding company, is held by philanthropic trusts, thereby returning wealth to society. As a result of this unique ownership structure and ethos of serving the community, the Tata name has been respected for more than 140 years and is trusted for its adherence to strong values and business ethics..
Each Tata company or enterprise operates independently and has its own board of directors and shareholders, to whom it is answerable. There are 32 publicly-listed Tata enterprises and they have a combined market capitalisation of about $131.6 billion (as on January 15, 2015), and a shareholder base of 3.9 million. Tata companies with significant scale include Tata Steel, Tata Motors, Tata Consultancy Services, Tata Power, Tata Chemicals, Tata Global Beverages, Tata Teleservices, Titan, Tata Communications and Indian Hotels.
AIA Group Limited and its subsidiaries (collectively "AIA" or the "Group") comprise the largest independent publicly listed pan-Asian life insurance group. It has operations in 17 markets in Asia-Pacific - wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, a 97 per cent subsidiary in Sri Lanka, a 26 per cent joint venture in India and a representative office in Myanmar.
The business that is now AIA was first established in Shanghai over 90 years ago. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$159 billion as of 31 May 2014.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia-Pacific, AIA serves the holders of more than 28 million individual policies and over 16 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code "1299" with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: "AAGIY").