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Mumbai, 17 October, 2016: As caregivers, it is only natural to want the best for our loved ones. We do everything in our capacity to safeguard their aspirations against any financial upheavals that may play spoilsport. But our lives are fraught with uncertainties,and it is difficult to predict what the future holds. What we need is a safety shield to ensure that our family’s needs are never compromised.
Keeping this in mind, Tata AIA Life launchedthree new products, Tata AIA Life Sampoorna Raksha - anon-linked non-participating term assurance plan, Tata AIA Life Sampoorna Raksha+ - anon-linked non-participating term assurance planwith return of premium on maturity, and Tata AIA Life Vital Care Pro, anon-linked non-participating health insuranceplanto help the customers protect their families from financial dependency in case the earning member is no more or is rendered incapable by critical illness. All the three solutions guarantee a lumpsum benefit with options to choose regular monthly income,ensuringone’s loved ones would meet all their life goals without worrying on daily needs at any point.
According the Asia Pacific Mortality Protection Gap*Report published by Swiss Re, there existsa big gap in insurance coverage in Indian households. The report estimated that the gap was $8,555 billion in 2014. This means for every $100 needed for protection, only $7.8 of saving and insurance is in place for a typical Indian household, leaving a massive mortality protection gap of $92.2.It is evident from thisstartling gap that there is a pressing need for long-term savings and protection solutions in the country.
Focusing on the need ofadequate life insurance, which ensures a stable financial future for one’s family,Rishi Srivastava, Chief of Proprietary Channels, Tata AIA Life said, “People are usually underprepared to deal with adversities because they are generally caught up in planning for their future. Our newly-launched products will not only help customers lay the foundation of well-planned financial future, but also secure sustenance in case of unforeseen circumstances. Our well-trained sales force helps customer calculate actual coverage needed to live a financially secured future without compromising on theiraspirations.”
With a wide range of policy terms starting from 10 years and going to as high as 40 years, coupled with the maximum maturity age of 80 years, Sampoorna Raksha maximises the life insurance coverage period of an individual’s lifetime. The consumers have the flexibility to choose a lump sumbenefiton death along with a regular monthly income. They can also opt for increasing life cover. It offers preferential premium rates for women and people with leading a healthy lifestyle.
Sampoorna Raksha+is aterm assurance plan with return of premiums on maturity.Like Sampoorna Raksha, this plan enables flexibility to the customers to opt for lump sum benefit on death along withmonthly income for next tenyears.One can choose to pay the premium for a limited period of fiveto tenyears.
Changing lifestyles and an exponential increase in medical expenses may put people in a vulnerable state of financial planning. Vital Care Pro is aimed at protecting the customers and their loved ones from such harsh uncertainties.The product offers protection against 15 critical illnesses. Furthermore, the product offers premium rate guarantee for the entire policy term, which can be as long as 30 years. With a hassle-free purchase experience and affordable premiums, the plan also empowers its customers to protect their spouses.
* Swiss Re’s 2015 Mortality Protection Gap Report
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 18 markets in Asia Pacific. Tata AIA Life has written retail new business weighted premium of Rs. 344 crore in the first half of FY 17, which represents a growth rate of 102% over previous year. As of Sep 30, 2016, the 13th month persistency of the company stands at 80.5%. At the end of FY 16, the retail claims settlement ratio of the company was 96.8%.
Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise, headquartered in India, comprising over 100 independent operating companies. The group operates in more than 100 countries across six continents, with a mission 'To improve the quality of life of the communities we serve globally, through long-term stakeholder value creation based on Leadership with Trust'. Tata Sons is the principal investment holding company and promoter of Tata companies. Sixty-six percent of the equity share capital of Tata Sons is held by philanthropic trusts, which support education, health, livelihood generation and art and culture. In 2014-15, the revenue of Tata companies, taken together, was $108.78 billion. These companies collectively employ over 600,000 people. Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors and shareholders. There are 29 publicly-listed Tata enterprises with a combined market capitalisation of about $116.41 billion (as on March 31, 2016). 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 a presence in 18 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 49 per cent joint venture in India and a representative office in Myanmar and Cambodia.
The business that is now AIA was first established in Shanghai almost a century 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$168 billion as of 30 November 2015.
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 29 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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