Mumbai, April 02, 2020: Following in the large footsteps of the recently announced contribution by Tata Trusts and Tata group towards management of COVID-19 pandemic in India, Tata AIA Life Insurance today announced additional benefits for its Policyholders and Agents. As part of Tata AIA Life’s initiative all of its in-force existing and new individual policyholders will get COVID-19 related additional life cover up to INR 500,000 at zero additional cost. Further, to extend circle of Protection to its own Agents, all ‘active’ Agents of Tata AIA Life Insurance along with their spouse and children will be reimbursed Rs. 25,000 in case of hospitalisation due to COVID-19. This is a first of its kind initiative in India.
The suddenness of present times has led to a high level of uncertainty and this is Tata AIA’s own way of showing solidarity & giving back to society. All employees and Agents are working completely on a digital platform from the comfort of their homes to ensure full suite of services to consumers. Tata AIA has already in place several measures to provide for its employees during these times such as Mediclaim policy for employees and their families and an emergency medical funds trust which can be used for COVID-19 diagnosis hospitalisation as well. Wanting to offer similar support during COVID-19 pandemic to its Policyholders and Agents Tata AIA has launched this initiative. All new and existing holders of Tata AIA’s in-force policy are entitled to additional death benefit of up to INR 500,000 for death claims, due to COVID-19, until June 30, 2020. Further, Tata AIA’s agents along with their spouse and children are entitled for up to INR 25,000 hospitalization cover if diagnosed with COVID-19 within this period as well.
|Benefit Type||Coverage Amount**
|For in-force new and existing policyholders – Death Benefit as a result of COVID-19 *||Additional coverage of 100% Base Sum Assured up to Rs. 5,00,000|
|For Active agents – Hospitalization on account of COVID-19 Income Benefit*
|Hospital reimbursement up to Rs. 25,000|
* Applicable for death occurred/ hospitalization expenses incurred on or before 30th June 2020.
** subject to terms and conditions and as per company policy
Tata AIA Life Insurance, a leader in the Life Insurance Protection space with the highest claims settlement ratio, has offered this unique cover for all of its retail policies, comprehensively covering all categories of policies, be it Term, TROP, Endowment or ULIP, as part of its commitment to give back to society.
Speaking on the initiative, Mr. Rishi Srivastava, MD & CEO, Tata AIA Life Insurance said, “We are all collectively facing a situation like never before. This is an opportunity for each one of us to come forward and serve society. For us Protection is the way to serve society. We have done this by digitally enabling our employees and Agents to stay safe at home while continuing to be available for our consumers 24/7 for all their needs so that we uphold our promise to Policyholders which is especially critical during such times.”
He then added “Further, for our employees and their families we have in place robust medical insurance scheme and an emergency medical funds trust that covers COVID-19. Starting today we will take this a step further by going above and beyond the promise made to our Policyholders and by being there for our Agents when it’s most needed. Thus, we have come a full circle in extending Protection to all near and dear to Tata AIA Life Insurance.”
This initiative covers retail individually held in-force policies only and is not applicable for customers covered under group policy. This is an additional cover for COVID 19 claims along with all types of claim benefits as promised in the base policy. The amount is proposed to be equal to base policy sum assured with a maximum cap of INR 500,000. It would be applicable on a unique customer basis and, therefore, a customer owning multiple policies would be eligible for one claim only.
Apart from the COVID-19 cover, Tata AIA also has a pre-existing accidental cover for its Agent workforce that ranges between 300,000 – 10,00,000. For its employees, Tata AIA has group Mediclaim policies covering the individual as well as immediate family along with an emergency medical funds trust.
Tata AIA Life can be reached via its various digitally enabled mediums – 24/7 WhatsApp services, SMS services, email, and IVR [which has been smoothly transitioned to calling from home]. The Company has also equipped their employees with technology that allows smooth Work from Home facility to ensure utmost safety and minimal disruption. This will help provide seamless customer engagement and redressal of any customer queries.