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 Pune to address life protection needs of people of the region and to provide meaningful employment as advisors.

As on March 31, 2014, the Company has a network of more than 1,600 advisors in Maharashtra, including approximately 800 advisors who are based in Pune.

According to a survey by leading global reinsurer Swiss Re, 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 - third largest in Asia Pacific after China and Japan.

“The huge mortality protection gap in India implies that for every Rs. 100 which needs to be spent on life Insurance cover, only Rs. 7.4 is actually spent on life insurance which also includes element of savings. This leaves us with a 92.6% GAP in our family's financial protection against the uncertainties of Life,” said Sachin Joglekar, Chief Agency Officer, Tata AIA Life, who visited Pune.

“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. It is our belief that having a professional Agency force will enable us to address the long-term protection requirements of the country through a 'need based' sales process,” Mr. Joglekar added further.

The rising cost of living and high level of inflations 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 provides 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.