Press Release

March,2017

Tata AIA launches m-Insurance in partnership with Tata Teleservices Ltd. (TTSL) to provide life insurance cover

Launched in line with IRDAI and Indian government’s focus on financial inclusion & also bring security to the economically weaker sections

  • Protection of up to INR 1,00,000 term insurance for TTSL’s prepaid customers
  • Pilot offer currently rolled out for select customers in Andhra Pradesh and Telangana

Hyderabad, March, 2017: Tata AIA Life Insurance Co Ltd (Tata AIA Life) has joined hands with TTSL (Tata Teleservices Ltd.) to launch a unique insurance plan, m-Insurance, which will also bring the economically weaker sections under insurance cover.

m-Insurance at a glance

Benefit to Customer

Process

Convenient Enrolment
Customers can recharge using selected Special Tariff Voucher (STV) at the same Tata DoCoMo retail outlet that they usually visit
No Extra Documentation
Customers need not present any new documentation at the time of purchasing the selected STV that offers insurance as part of its bundled services
Easy Renewal
Customers need to recharge at expiry of STV, to continue with the cover
Hassle free Claims
Claimant needs to call the Tata AIA Life Call Centre and get the claim settled through the claim process

On the occasion of the formal launch of m-Insurance, Mr. T. S. Vijayan, Chairman IRDAI, said, “I am here to attend the event because this initiative is core to the mission of IRDAI, which is not just regulation but development too. Life insurance is all about protection and that incorporates three things - offering protection at an affordable price, reaching out to maximum number of people, and offering simple claim settlement. A plan like m-Insurance uses technology to cut distribution and service costs, thereby bringing protection to those who would otherwise find it unaffordable. With plans like these, we feel we have done something really valuable for the country”, he added.

Indian citizens between 18-80 years of age can avail this unique offer which is paperless and does not require any medical tests. Customers are auto-enrolled on purchase of Tata DoCoMo’s selected mobile recharge coupon (Special Tariff Voucher-STV). Life cover comes with two sum assured options – INR 50,000 and INR 1,00,000. Consumers receive the details of the life cover via SMS which contains a weblink to download the Certificate of Insurance from www.tataaia.com. Life insurance cover will continue till the validity / renewal of the recharge STV.

Mr. Ishaat Hussain, chairman Tata AIA Life, ,spoke about the Insurance sector and its role. “Insurance in our country is under-penetrated largely because it is not explained very well and therefore not understood very well. In early 2000, when we were putting our insurance and telecom plans together, a big thrust was on serving the bottom of the pyramid as well. 80% of our population that is buying pre-paid services belongs to that section of the pyramid. The m-Insurance product brought about by the Tata AIA and Tata DoCoMo partnership is in alignment with the IRDAI and GOI objective of reaching out to that very section of society. M-Insurance helps us in our aim to spread the protection cover as far and wide as possible”.

Commenting on the launch, H. Venkatachalam, Chief - Partnership Distribution & Corporate Solutions.of Tata AIA Life said, “We are proud to launch m-Insurance, a novel initiative in the insurance sector that offers a simple, easy to get and transparent plan. Tata AIA’s intent is to be a vehicle of change in empowering the society with relevant products and services that protect as well as build wealth in the long run. Together with TTSL we will bring a large number of people in India under the blanket of financial security. The product has been well received in the pilot stage with over 23,000 lives secured in a short span.”

“The bundled life insurance cover is a step towards our commitment to offer added benefits to our customers along with our regular telecom products and services. Being a customer-centric company, we will continue to bring such services to enhance value for our customers. We are confident that this offer will be well received,” said Mr. Sunil Tandon, President-Regulatory & Corporate Affairs, Tata Teleservices Ltd.

Post the purchase of selected STV, customer is informed of the policy & cover details by a SMS, immediately followed by another text message encouraging the customer to share nominee details. Customers will also receive regular reminders to renew STV so as to keep the insurance cover valid. The claims process would require minimal documents and will be managed by Tata AIA Life centrally from their HO in Mumbai.

About Tata AIA Life
Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons 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 INR. 572 crores for the nine months ending December 2016, that represents a growth rate of 85% over the previous year. As of Dec 31, 2016, the 13th month persistency of the company stands at 81.3%. At the end of FY 16, the retail claims settlement ratio of the company was 96.8%.

About the Tata group

Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise, headquartered in India, comprising over 100 independent operating companies. 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 is 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 2015-16, the revenue of Tata companies, taken together, was $103.51 billion. These companies collectively employ over 660,000 people .

Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors and shareholders. There are 29 publicly-listed Tata enterprises with a combined market capitalisation of about $116.41 billion (as on March 31, 2016). Tata companies with significant scale include Tata Steel, Tata Motors, Tata Consultancy Services, Tata Power, Tata Chemicals, Tata Global Beverages, Tata Teleservices, Titan, Tata Communications and Indian Hotels.

About AIA

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 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, Cambodia, a 97 per cent subsidiary in Sri Lanka, a 49 per cent joint venture in India and a representative office in Myanmar.

The business that is now AIA was first established in Shanghai almost a century 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$185 billion as of 30 November 2016.

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-Pacific, AIA serves the holders of more than 30 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”).

About Tata Teleservices Limited & Tata Teleservices (Maharashtra) Limited (collectively “TTL”)

TTL is one of India’s leading mobile telecommunications service providers delivering mobile connectivity, content and services to consumers across the country. The company has been at the forefront of redefining the telecom experience in India, launching technologically advanced innovative products and services, playing an enabling role in simplifying consumer lives and expanding digital inclusion. TTL offers integrated telecom solutions to its customers under the unified brand name Tata Docomo and operates its wireless networks on GSM, CDMA and 3G technology platforms. TTL is one of the most preferred and relied upon data service provider through its integrated data services and is one of the fastest growing players, in the data market across small screen as well as large screen. Additionally, TTL commands a market leadership in the large screen data space with its Tata Photon family of 3G and Wi-Fi products. In non-voice services the company through its wide range of pioneering offerings such as e-Governance, Machine to Machine (M2M) and m-Remittance (m-Rupee) services has helped to improve citizen services, public safety and governance. TTL is a growing market leader in the Enterprise space and provides end to end integrated Voice, Data and Managed solutions to Large and Small Medium Enterprises through its wider network footprint, better operational structure and enhanced customer service support to deliver incremental value. TTL has a robust and largest fibre optic backbone backhaul network running across 1,00,000 km and with a 25,000 km access network covering key cities which is a huge differentiator in providing seamless data services. With 2000 people TTL’s strong enterprise business is present in more than 60 cities across India, works with over 750 partners and over 1600 channel For details, visit www.tatateleservices.comand www.tatadocomo.com

L&C/Advt/2017/Mar/076

Disclaimer
  • Tata AIA Life Insurance Company Limited (IRDA of India Regn. No. 110) CIN U66010MH2000PLC128403;registered and corporate address: 14th Floor, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013
  • For complete details please contact our insurance advisor or visit the nearest branch office of Tata AIA Life or call 1-860-266-9966 (local charges would apply) or write to us at customercare@tataaia.com.
  • Visit us at: www.tataaia.com or SMS 'LIFE' to 58888.

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