Tata AIA Life Insurance, a joint venture between Tata Group of India and Asia-wide insurer AIA, has released three insurance products to further protect its policyholders and their families.
- Tata AIA Life Sampoorna Raksha - a non-linked, non-participating term assurance plan
- Tata AIA Life Sampoorna Raksha+ - a non-linked non-participating term assurance plan which returns premiums upon maturity
- Tata AIA Life Vital Care Pro, a non-linked non-participating health insurance plan that helps customers protect their families from financial dependency in case of death or incapacitation of the breadwinner
All three policies will provide a lump sum benefit, with the option to choose a regular monthly income, to make sure dependents do not need to worry about their daily needs.
According the Asia Pacific Mortality Protection Gap Report by Swiss Re, there is a large gap in insurance coverage for Indian households. It revealed that from US$100 needed for protection, only US$7.80 goes to savings and insurance for a typical Indian household, meaning there is a massive mortality protection gap of US$92.20.
Rishi Srivastava, chief of proprietary channels at Tata AIA Life, commented on the new policies: “People are usually underprepared to deal with adversities because they are generally caught up in planning for their future. Our newly-launched products will not only help customers lay the foundation of well-planned financial future, but also secure sustenance in case of unforeseen circumstances. Our well-trained sales force helps customer calculate actual coverage needed to live a financially secured future without compromising on their aspirations.”
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