Press Release

April, 2020

Tata AIA becomes the first Life Insurance Company to announce additional benefits related to COVID-19 for Policyholders and Agents at no additional cost

  • Tata AIA Life Insurance will give an additional amount up to Rs. 5 lakhs for death claims due to COVID-19
  • Active Tata AIA Life Insurance agents and their families to get medical reimbursement up to Rs. 25,000 for COVID 19 related hospitalisation

Mumbai, April 2, 2020: Following in the large footsteps of the recently announced contribution by Tata Trusts and Tata group towards management of COVID-19 pandemic in India, Tata AIA Life Insurance today announced additional benefits for its Policyholders and Agents. As part of Tata AIA Life’s initiative, its individual policyholders will get COVID-19 related additional benefit up to Rs. 500,000 at no additional cost. Further, to extend the Circle of Protection to its own Agents, all ‘active’ Agents of Tata AIA Life Insurance along with their spouse and children will be reimbursed up to Rs. 25,000 in case of hospitalisation due to COVID-19. This is a first of its kind initiative in India.

The suddenness of present times has led to a high level of uncertainty and this is Tata AIA’s own way of showing solidarity & giving back to society. All employees and Agents are working completely on a digital platform from the comfort of their homes to ensure full suite of services to consumers. Tata AIA has already in place several measures to provide for its employees during these times such as Mediclaim policy for employees and their families and an emergency medical funds trust which can be used for COVID-19 diagnosis hospitalisation as well.

With an intent to offer similar support during COVID-19 pandemic to its Policyholders and Agents, Tata AIA has launched this initiative. All policyholders of Tata AIA will get an additional benefit equal to the base sum assured or Rs. 500,000 whichever is lower for valid death claims due to COVID-19. This benefit is applicable for all valid death claims with date of death on or before 30th June 2020. Further, Tata AIA’s agents along with their spouse and children are entitled for up to Rs. 25,000 hospitalization cover if diagnosed with COVID-19 within this period as well.

Tata AIA Life Insurance, a leader in the Life Insurance Protection space with the highest claims settlement ratio, has offered this unique cover for all of its retail policies, comprehensively covering all categories of retail policies, be it Term, TROP, Endowment or ULIP, as part of its commitment to give back to society.

Speaking on the initiative, Mr. Rishi Srivastava, MD & CEO, Tata AIA Life Insurance said, “We are all collectively facing a situation like never before. This is an opportunity for each one of us to come forward and serve society. For us Protection is the way to serve society. We have done this by digitally enabling our employees and Agents to stay safe at home while continuing to be available for our consumers 24/7 for all their needs so that we uphold our promise to Policyholders which is especially critical during such times.”

He then added “Further, for our employees and their families we have in place robust medical insurance scheme and an emergency medical funds trust that covers COVID-19. We will take this a step further by going above and beyond the promise made to our Policyholders and by being there for our Agents when it’s most needed. Thus, we have come a full circle in extending Protection to all near and dear to Tata AIA Life Insurance.”

This initiative covers individual policies only and is not applicable for lives covered under any group policy. It would be applicable on a unique customer basis and, therefore, a customer owning multiple policies would be eligible for the additional benefit for one valid claim only.

Apart from the COVID-19 cover, Tata AIA also has a pre-existing accidental cover that ranges between INR 300,000 – INR 10,00,000 for its Agent workforce. For its employees, Tata AIA has group Mediclaim policies covering the individual as well as immediate family along with an emergency medical funds trust.

Tata AIA Life can be reached via its various digitally enabled mediums – 24/7 WhatsApp services, SMS services, email, and IVR [which has been smoothly transitioned to calling from home]. The Company has also equipped their employees with technology that allows smooth Work from Home facility to ensure utmost safety and minimal disruption. This will help provide seamless customer engagement and redressal of any customer queries.

About Tata AIA Life

Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons Pvt. 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 the Asia Pacific region. Tata AIA Life has written retail new business weighted premium of Rs. 2,232 crore for the financial year 2018-19. For the same period, the 13th month persistency of the company was at 83.3% and, the individual death claims settlement ratio was 99.07%. One of the fastest growing companies in the Life Insurance sector, Tata AIA Life is now ranked at no. 5, based on individual weighted new business premium.

About the Tata group

Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise, headquartered in India, comprising 30 companies across ten verticals.

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 2017-18, the revenue of Tata companies, taken together, was $110.7 billion. These companies collectively employ over 700,000 people.

Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors. There are 28 publicly-listed Tata enterprises with a combined market capitalisation of about INR 1,111,414 crore (as on March 31, 2019).

Companies include Tata Consultancy Services, Tata Motors, Tata Steel, Tata Chemicals, Tata Global Beverages, Titan, Tata Capital, Tata Power, Tata Advanced Systems, Indian Hotels and Tata Communications.

About AIA

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 SAR, Thailand, Singapore, Malaysia, Mainland China, South Korea, the Philippines, Australia, Indonesia, Taiwan (China), Vietnam, New Zealand, Macau SAR, Brunei, Cambodia, Myanmar, a 97 per cent subsidiary in Sri Lanka, and a 49 per cent joint venture in India.

The business that is now AIA was first established in Shanghai a century ago in 1919. 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$256 billion as of 30 June 2019. 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 34 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”).