Tata AIA Life offers Easy to Buy, Easy to Sell solutions
MahaLife Supreme is a simple offering that provides income protection with added advantage of guaranteed* returns
Mumbai, 16 January 2014: Income protection is a key requirement in today’s environment. Tata AIA Life Insurance Company Limited (Tata AIA Life) helps fulfill this critical need through Tata AIA Life Insurance MahaLife Supreme, a simple offering that provides income protection with the added advantage of guaranteed^ returns.
“Our research shows that customers have varying expectations from their insurance solution; be it investing during early years to earn returns during golden productive phase, or preparing for their retirement needs. Tata AIA Life Insurance MahaLife Supreme is a long term pay plan that opens doors to a guaranteed future, wherein initial investments fructify into a guaranteed additional income with the added benefit of maturity payment,” said Mukesh Dhawan, Deputy CEO & CDO, Tata AIA Life Insurance.
Tata AIA Life has launched a bouquet of solutions, compliant with the new IRDA guidelines applicable from 1st January, 2014. A key highlight of these solutions is the higher protection cover that is now available to both existing and prospective customers. These new offerings also provide additional benefits such as guaranteed returns, liquidity, and flexibility of plan duration.
“It is our constant endeavor to serve our customers and partners better by offering solutions which are ‘Easy to Buy, Easy to Sell. As an important step in this direction, Tata AIA Life is one of the first insurance companies to fully switch over to a Standard Proposal Form for all its products thereby offering convenience in completion of applications to its customers. This also simplifies the sales kits of our advisors as they won’t have to carry different proposal forms for different products,” added Mr. Dhawan.
*Guaranteed Annual Income will start from the end of 16th policy year for option A and from the end of 13th policy year for option B. Option A and Option B are based on Policy Term and Premium Payment Term.
Tata AIA Life Insurance Company Ltd.
About Tata AIA Life
Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons and AIA Group Limited (AIA). Tata AIA Life combines Tata’s pre-eminent leadership position in India and AIA’s presence as the largest, independent listed pan-Asia life insurance group in the world spanning 17 markets in Asia Pacific. Tata Sons holds a majority stake (74 per cent) in the company and AIA holds 26 per cent through an AIA Group company. Tata AIA Life Insurance Company Limited was licensed to operate in India on February 12, 2001 and started operations on April 1, 2001.
The Tata group comprises over 100 operating companies in seven business sectors: communications and information technology, engineering, materials, services, energy, consumer products and chemicals. The group has operations in more than 80 countries across six continents, and its companies export products and services to 85 countries. The total revenue of Tata companies, taken together, was $100.09 billion (around Rs475,721 crore) in 2011-12, with 58 percent of this coming from business outside India. Tata companies employ over 450,000 people worldwide. The Tata name has been respected in India for more than 140 years for its adherence to strong values and business ethics. Every Tata company or enterprise operates independently. Each of these companies has its own board of directors and shareholders, to whom it is answerable. There are 32 publicly listed Tata enterprises and they have a combined market capitalisation of about $93.10 billion (as on August 14, 2013), and a shareholder base of 3.9 million. The major Tata companies are Tata Steel, Tata Motors, Tata Consultancy Services (TCS), 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 operations in 17 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 26 per cent joint venture in India and a representative office in Myanmar. The business that is now AIA was first established in Shanghai over 90 years 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$147 billion as of 31 May 2013. AIA meets the savings and protection needs of individuals by offering a range of products and services including retirement savings plans, life insurance and accident and health insurance. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents and employees across Asia-Pacific, AIA serves the holders of more than 27 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”).