Tata AIA Life Aims for Growth in Vidarbha Region
OREANDA-NEWS. Tata AIA Life Insurance Company (Tata AIA Life), the life insurance joint venture between Tata Sons and AIA Group, today announced its commitment to strengthen its Agency network in Vidarbha to address life protection needs of people of Vidarbha and to provide meaningful employment as advisors.
As on March 31, 2014, the Company has a network of 261 advisors in the Vidarbha region, including 166 advisors who belong to the district of Nagpur.
"Adequate life insurance cover ensures that in case of an unfortunate event the life insurance proceeds provide the dependant family with required financial income, which would help them maintain same 'Standard of Living', as before," said Amitabh Tapadar, Chief Marketing Officer, Tata AIA Life, who visited Nagpur to inaugurate the new office in the city.
According to a Swiss Re survey, the size of 'mortality protection gap' in India, which refers to the difference between the life insurance cover people have and what they should have, is a staggering USD 6.67 trillion. This implies that for every Rs. 100 that needs to be spent on life Insurance cover in India, only Rs. 7.4 is actually spent on life insurance and savings put together - leading to a GAP of 92.6% in our family's financial protection against the uncertainties of Life.
“As it is evident from India's huge mortality protection gap, there is an enormous need for long-term income protection solutions. At Tata AIA Life we believe that having the “Right” Advisors will enable us to bridge the Income Protection gap in the country and facilitate long term saving habits amongst Indians,” Mr. Tapadar added further.
The ongoing uncertainties in global economic scenario make income protection a key concern for today. In keeping with this, Tata AIA Life has launched a bouquet of solutions, which provide income protection and satisfy the varying needs of the customers. All these solutions allow customers to avail higher protection cover than earlier.
One such solution is Tata AIA Life Insurance MahaLife Gold, a Whole of Life plan that provide insurance cover up to age 85 and other assured benefits to fulfill both short term as well as future life needs. The plan can be bought even from age zero (30 days). This means that if one buys this policy for his/her child he/she has to pay premiums only for the first 15 years, after which the child gets a guaranteed annual income* as well as life coverage till the age 85 years.
Tata AIA Life has a presence in more than 140 cities and towns in the country. The Company has been awarded six ISO certifications for customer-centric intent and processes. This includes an ISO 10002:2004 certificate for setting up a Grievance Redressal Cell, the first-of-its-kind achievement in the domestic life insurance industry.
For the financial year 2013-14, the Company has posted a net profit of Rs. 412.95 crores. During the same period, it had a healthy Solvency Ratio of 409%, and an Asset Under Management (AUM) of Rs. 17,522.73 crores.