Sun, Jul 23, 2017 | updated 02:33 PM IST

Tata AIA Life announces 'Revive' to give customers opportunity to reinstate lapsed insurance policies

Updated: Nov 02, 2016 10:30 IST      
Tata AIA Life announces 'Revive' to give customers opportunity to reinstate lapsed insurance policies

Mumbai (Maharashtra) [India], Nov. 2 (ANI- Business Wire India): Tata AIA Life Insurance today announced the launch of 'Revive', an initiative to reinstate lapsed insurance policies.

As part of the scheme, customers will be given waivers on health certificate and interest for selected lapsed policies (subject to underwriting exclusions and other terms and conditions of the policy). The offer will be valid till November 30, 2016.

Often, for a number of reasons, policy holders cannot pay their premiums even after the grace period. The inevitable happens and the insurance policy gets lapsed. Once lapsed, the policy will not provide any benefit or coverage to the consumers, exposing them and their loved ones to financial risks. This is an undesirable scenario dreaded by most policy holders. Tata AIA understands the inconvenience the lapse can cause customers, since sometimes they may fail to pay the premium due to unavoidable circumstances.

In order to protect their customers, Tata AIA Life, through the Revive initiative, will reinstate lapsed policies with the premium due from January 1, 2012 with the subject to terms and conditions of the offer. As a mark of its commitment towards its loyal customers, the company has extended the offer even to those policy holders who have not paid their premium after fourth policy year.

Commenting on the Revive campaign, Amitabh Verma, Chief Operating Officer, Tata AIA Life said, "Revival of life insurance policy is like extending a helping hand for policy holders to safeguard their families financially along with the benefit of no additional premium cost. It is an opportunity for all those who were unable to pay their premium on the due date. The initiative is a part of our endeavours to reduce the protection gap in the country and simplifying processes for better customer experience."

Tata AIA Life has introduced a host of initiatives to improve the customer experience. These initiatives include introduction of a service charter where the customers are promised pre-defined timelines to address proposal processing, service request, pay-out process, claim processing and grievance redressal.

Addressing grievances, an important step in enhancing customer experience, also provides valuable consumer insights, which can be used to boost customer satisfaction. Keeping this in mind, the company has devised a robust escalation matrix to help the customers manage their policies and connect with senior management of the company effectively in the time of major grievances.

The initiatives taken by Tata AIA Life in the area of claim settlement have translated into promising results. The organisation has registered an individual claim settlement ratio of 96.8 percent for FY15-16, which is one of the best in the private life insurance sector in India. This is an improvement from the previous year's 94.5 percent. The Company has also gone the extra mile to ensure that all the claims received were decided by the end of the financial year, leaving no instance of an outstanding claim.

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 Asia Pacific. Tata AIA Life has written retail new business weighted premium of Rs. 344 crore in the first half of FY 17, which represents a growth rate of 102 percent over previous year. As of Sep 30, 2016, the 13th-month persistency of the company stands at 80.5 percent. At the end of FY 16, the retail claims settlement ratio of the company was 96.8 percent.

About Tata

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 2014-15, the revenue of Tata companies, taken together, was $108.78 billion. These companies collectively employ over 600,000 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, a 97 per cent subsidiary in Sri Lanka, a 49 per cent joint venture in India and a representative office in Myanmar and Cambodia.

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$168 billion as of 30 November 2015.

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 29 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"). (ANI- Business Wire India)

New Delhi [India], July 22 (ANI): The fourth edition of Madhya Pradesh Travel Mart themed 'Seek-Discover-Explore' will be held at Bhopal from October 27 to 29.

Full Story >>

New Delhi [India], July 22 (ANI): Telecom Regulatory Authority of India (TRAI) Chairman R S Sharma on Saturday said that the authority is in view of creating a framework for data privacy and protection, which will be specifically limited to the telecom sector.

Full Story >>

New Delhi [India], July 22 (ANI): Toronto Recombinant Antibody Centre (TRAC) from the University of Toronto, Canada agreed to license MedGenome's patented cancer immunotherapy solution OncoPept to develop biomarkers for their drug candidates against immune modulators to treat cancer.

Full Story >>

Tokyo [Japan], July 22 (ANI): AVX Corporation signed a definitive agreement to acquire the transportation, sensing and control division (hereinafter called TS&C), from the UK company, TT Electronics PLC.

Full Story >>

Planning easy travel, refer to these top five apps!

Updated: Jul 22, 2017 14:20 IST     

New Delhi [India], July 22 (ANI): With the season of festivals getting back to its fervor, it is time again to plan, save time and fly to your preferred destination, without particularly burning a giant hole in your pocket.

Full Story >>

India was funded by invisible money for 70 years: Jaitley

Updated: Jul 22, 2017 11:09 IST     

New Delhi [India], July 22 (ANI): Finance Minister Arun Jaitley, while calling for a greater degree of transparency in political funding, said India was being funded by invisible money for 70 years.

Full Story >>

Return on PMVVY scheme exempted from GST: Jaitley

Updated: Jul 21, 2017 20:18 IST     

New Delhi [India], July 21 (ANI): Union Finance Minister Arun Jaitley on Friday said that rate of return being provided to senior citizens under the Life Insurance Corporation of India's (LIC) new scheme will be exempted under the new Goods and Services Tax (GST) regime, and will be free from fluctuation, thus ensuring more stability to the aged.

Full Story >>

New Delhi [India], July 21 (ANI): Bank of Baroda on Friday announced entering into a Memorandum of Understanding (MoU) with the Directorate General of Supplies and Disposal (DGS&D) for extending various banking services to the Government e-Marketplace (GeM) initiative.

Full Story >>

Mercedes-Benz India launches new AMG GLC 43 4MATIC Coupe

Updated: Jul 21, 2017 17:34 IST     

New Delhi [India], July 21 (ANI): Commemorating the completion of 50 years of its performance brand-AMG, luxury car maker Mercedes-Benz India on Friday launched the all new Mercedes-AMG GLC 43 4MATIC Coupe, an SUV Coupe which embodies superlative driving performance and agility.

Full Story >>

Uber launches UPI-linked payment services on Android

Updated: Jul 21, 2017 17:34 IST     

New Delhi [India], July 21 (ANI): Taxi aggregator Uber on Thursday announced third payment option for their Android app users, apart from cash, e-wallet and credit/debit card with the integration of the Unified Payment Interface (UPI) payments platform.

Full Story >>

New Delhi [India], July 21 (ANI): While addressing shareholders at 40th annual general meeting (AGM) of Reliance Industries Chairman Mukesh Ambani announced a bonus issue of 1:1, which means that shareholders will get one bonus share for every one share held by an investor.

Full Story >>

New Delhi [India], July 21 (ANI-NewsVoir): EO Gurgaon organised conversation with Vikram Oberoi, the third generation scion of India's best-known luxury hospitality chain. He is the most successful purveyor of luxury hospitality in the country. Over the 10 years, when he stepped into a mainstream management role as General Manager of the Oberoi Rajvilas in Jaipur, he has relentlessly focused on quality and succeeded.

Full Story >>

New Delhi [India], July 21 (ANI): Government think-tank NITI Aayog on Friday approved investments worth Rs. 18,000 crore for high-speed rail projects for major routes of Delhi-Mumbai and Delhi-Kolkata, Union Minister for Railways Suresh Prabhu said at an ASSOCHAM event here today.

Full Story >>

ShopClues appoints Deepak Sharma as new CFO

Updated: Jul 21, 2017 15:23 IST     

New Delhi [India], July 21 (ANI): India's first and largest managed online marketplace ShopClues on Friday announced appointment of Deepak Sharma as CFO.

Full Story >>

Mumbai (Maharashtra) [India], July 21 (ANI): Reliance Industries Chairman and Managing Director (CMD) Mukesh Ambani on Friday launched its VoLTE feature phone, JioPhone, in India at an 'effective price' of Rs 0.

Full Story >>

New Delhi [India], July 20 (ANI): Paytm now enables customers to get their cashback as Paytm Gold. This will combine the spending and saving experience with an asset that is close to the hearts of Indians.

Full Story >>

Reliance Industries announces Q1 profit at Rs. 9108 crore

Updated: Jul 20, 2017 18:46 IST     

New Delhi [India], July 20 (ANI): Reliance Industries' on Thursday announced its earnings with a consolidated profit at Rs. 9,108 crore, partly driven by one-time gain of Rs. 1,087 crore.

Full Story >>

New Delhi [India], July 20 (ANI-NewsVoir): Created with an objective to deliver striking blow to counterfeiting, LetsVeriFy, an innovative and cutting-edge application by ThinkCurve is witnessing a high growth in popularity amongst customers and manufacturers in India.

Full Story >>

New Delhi [India], July 20 (ANI-NewsVoir): Preethi Kitchen Appliances, an inseparable brand of any Indian kitchen, entered Global Book of World Records, Asia Book of Records and India Book of Records recently for the demonstration of its mixer grinder's grinding prowess by organising the Longest Mixer Grinder Grinding Marathon-the first brand across the globe to achieve such a feat.

Full Story >>

New Delhi [India], July 20 (ANI-BusinessWireIndia): Been into the news since its inception, Applancer has become a renowned name in IT industry. After continuous enhancements, Applancer has become world's first decentralized software development outsourcing platform. We all are pretty aware that mobile apps are ruling the digital industry currently.

Full Story >>