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Guarantees up to 130%* of Sum Assured along with bonuses Premium Paying Term just half of the Policy Term
Mumbai, 5th May, 2015: Tata AIA Life Insurance Company Limited (Tata AIA Life) announced the launch of the unique Tata AIA Life Money Back Plus (Money Back Plus), a savings solution that offers customers money back in both short and longer term intervals along with bonuses. The premium paying term is only half of the policy term, and the plan offers protection solution including built-in double coverage for accidental death.
Money Back Plus is structured into three equal tranches totaling 20% each of sum assured to take care of short term goals. In addition, a lump sum payment at maturity, which can be as high as an additional 70% sum assured, plus compounded bonus and terminal bonus takes care of medium to longer term goals.
Ravi Vishwanath, Deputy CEO of Tata AIA Life, said, "In line with our belief of 'Making Good Happen', we have launched Money Back Plus. From School to College to Car to Marriage, Money Back Plus will help our customers Make Good Happen for the ones they love."
* Starting from 4th, 5th and 6th policy year respectively at an equal interval throughout the policy term subject to plan option selected.
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").
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