Tata AIA extends Covid insurance cover to over 41,000 advisors and their families Takes comprehensive measures for consumers and employees as well
Mumbai, June 24, 2021: Tata AIA Life insurance has extended its COVID Kavach insurance cover to over 41,000 advisors and their families during the second wave of Covid, thereby becoming among the first companies in the life insurance space to have taken this step.
The policy covers the advisors along with spouses and two children (up to 25 years) with a reimbursement benefit of Rs. 25,000 in case of hospitalization and Rs.10,000 home care package due to COVID-19. The Company has also provided them with telemedicine benefits and access to health articles, Doctor consultation, and a 20% discount on medicine and diagnostic bookings, in a tie-up with Practo. Additionally, the Company will reimburse vaccination costs of all advisors older than 45 years.
The Company has also undertaken a slew of measures for consumers to provide them with comprehensive guidance and awareness. These include a tie-up with Practo for digitally-enabled consultations with health specialists, email & SMS campaigns, and vaccination reminder activities.
An exclusive webinar on Covid awareness and safety protocols featuring one of India’s most eminent heart surgeons, Padma Bhushan Dr. Ramakanta Panda, Vice Chairman and Managing Director of the Asian Heart Institute.
An interesting activity was the #SelflessSelfie Campaign where, when a consumer uploaded a selfie post-vaccination, Tata AIA Life contributed Rs. 25 to Tata Trusts’ ‘One Against COVID-19’ fund on their behalf.
Earlier this month, the AIA Group contributed US$2.5 million to the Taj Public Welfare Trust in support of larger community relief efforts in India.
For employees, the initiatives undertaken were Covid Kavach cover of Rs. 2 Lacs for the employee and family, pre and post-Covid care services, emergency support including provision of oxygen concentrators, priority RT-PCR and other necessary medical investigation services, quarantine support at Ginger hotels, and other 45 isolation facilities across India, Care@Home packages from Fortis Hospitals, emergency financial assistance, vaccination awareness and communication of protocols, employee engagement, counseling for emotional and physical well-being, etc.
In collaboration with other Tata Group companies, over 5,800 of the total of 8,384 employees at Tata AIA were administered the first dose of the vaccine in camps conducted pan-India. All employees above 45 years of age have already been covered with one dose.
All these measures have been decided and monitored by an apex committee comprising the company’s Chief Distribution Officer, Chief of Human Resources and Chief of Operations, and a special task force.
Venky Iyer, Chief Distribution Officer, Tata AIA Life Insurance, said, “As a socially committed organization, we are conscious of our responsibility to support our consumers, distribution partners, and employees. It is our constant endeavor to support the emotional, physical and financial well-being of all our stakeholders. These are trying times for humanity as a whole and we are taking all efforts to live up to the ethos of the Tata and AIA Group through all our initiatives. ”
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. 3,416 crore for the financial year 2020-21. For the same period, the 13th-month persistency of the Company was at 88.28%. For the Financial Year 2019-20, the Individual Death Claims Settlement ratio of the Company was 99.06%. One of the fastest-growing companies in the Life Insurance sector, Tata AIA Life maintained its rank 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 are 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 2019-20, the revenue of Tata companies, taken together, was $106 billion (INR 7.5 trillion). These companies collectively employ over 750,000 people. Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors. There are 29 publicly-listed Tata enterprises with a combined market capitalization of $123 billion (INR 9.3 trillion) as of March 31, 2020.
Companies include Tata Consultancy Services, Tata Motors, Tata Steel, Tata Chemicals, Tata Consumer Products, Titan, Tata Capital, Tata Power, Tata Advanced Systems, Indian Hotels, and Tata Communications.
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 – wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR(1), Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei, Macau SAR(2) and New Zealand, and a 49 percent joint venture in India.
The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$326 billion as of December 31, 2020.
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, AIA serves the holders of more than 38 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”).