“Pohela Boishakh holds a special significance for the people of Bengal and other parts of East India as it marks the beginning of the year. One can make this auspicious occasion memorable by ensuring a financially secure life for his dear ones with our simple and easy-to-buy income protection solutions,” said Mr Joglekar.
According to a leading market research organisation, investing in life insurance products is the most popular investment option across town, class and zones. However, at the same time life insurance penetration has declined (from 4.4 percent in 2010-11 to 3.2 percent in 2012-13) in recent times, resulting in a huge mortality protection gap which refers to the difference between life insurance cover people have and what they should have.
Tata AIA Life has recently launched a bouquet of solutions, compliant with the new IRDA guidelines applicable from January 1, 2014, which shall satisfy the varying needs of customers. All the solutions allow customers to avail higher protection cover than earlier. These new offerings also provide other benefits such as guaranteed returns, liquidity, compounding of returns, flexibility of premium paying term and flexibility of plan duration.
Tata AIA Life is a joint venture between the Tata Group and pan-Asian life insurance group AIA. Tata AIA Life is one of the first life insurance companies in India to fully switch over to a standard proposal form for all products, consequently offering convenience in making completion of applications faster and easier for the customers. The company has launched an Express 50 initiative, which makes the process of buying life insurance hassle-free. This initiative enables customers to buy higher protection cover faster by optimising the requirements of documents through simpler underwriting norms.
