Tue, Feb 21, 2017 | updated 01:39 AM IST

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

Updated: Nov 02, 2016 10:30 IST

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)

Mumbai [India], Feb. 20 (ANI): Tata Consultancy Services (TCS) Ltd on Monday appointed V. Ramakrishnan as the Chief Financial Officer (CFO) of the company.

Full Story >>

Mumbai, [India], Feb. 20 (ANI): Reliance Jio Infocomm Ltd and Uber have announced a strategic partnership aimed at bringing the benefits of Jio Digital Life ecosystem to their users.

Full Story >>

New Delhi [India], Feb. 20 (ANI): The most anticipated Goods and Services Tax (GST) bill, which is most likely to be a game-changer in terms of cost cutting will provide leverage to implement cost cutting mechanisms, thus paving way for consumers to avail Gensets at lower costs, said Sanjeev Nimkar, Vice President, Business Head Kirloskar Oil Engines Ltd., at the launch of their new range of High Horsepower (HHP) Gensets.

Full Story >>

New Delhi [India], Feb.20 (ANI): Kissandhan Agri Financial services Pvt. Ltd (Kissandhan), a wholly-owned subsidiary of Sohan Lal Commodity Management Pvt Ltd (SLCM Group), India's leading post harvest agri-management Group, today announced activation of loan facility at Narela Mandi, which is Asia's largest mandi for wheat and rice. The company has also started penetrating the market at Bikaner Mandi in Rajasthan and Latur Mandi in Maharashtra.

Full Story >>

Kolkata (West Bengal) [India], Feb.20 (ANI-Businesswire India): India's much acclaimed inner wear brand; Rupa Frontline has launched its latest ad campaign starring Ranveer Singh. This is the first campaign post its logo launch earlier this year, which reiterates the brand's proposition of comfort in a fun and lively manner.

Full Story >>

New Delhi [India], Feb 20 (ANI): NEC Corporation today announced that NEC Laboratories Europe has developed a new technology, Net2Vec that brings Artificial Intelligence (AI) to communication networks.

Full Story >>

Idea launches 4G services in UP West

Updated: Feb 20, 2017 16:12 IST

New Delhi [India], Feb 20 (ANI): Telecom operator Idea Cellular on Monday announced the launch of world class 4G services in UP West Telecom circle.

Full Story >>

TCS approves buyback of up to 5.6 crore shares

Updated: Feb 20, 2017 15:56 IST

New Delhi [India], Feb 20 (ANI): The Tata Consultancy Services (TCS) board on Monday announced buyback of up to 5.6 crore equity shares of the company for an aggregate amount not exceeding Rs. 16,000 crore.

Full Story >>

New Delhi [India], Feb 20 (ANI): The State Bank of India (SBI) on Monday announced rebranding of its corporate website as 'bank.sbi' from earlier sbi.co.in in respect of generic Top Level Domain (gTLD). gTLD adoption that enables an organization to use its corporate name (.sbi) as their website's top-level identifier.

Full Story >>

New Delhi [India], Feb 20 (ANI): Largest online marketplace Snapdeal on Monday revealed interesting statistics around its zero cost EMI offering, launched in December 2016.

Full Story >>

New Delhi [India], Feb 20 (ANI): Microsoft on Monday announced its strategic partnership with Flipkart to provide consumers in India with the best online shopping service.

Full Story >>

New Delhi [India], Feb 20 (ANI): India-born chief executive of Microsoft Satya Nadella on Monday said that the company is very excited about the potential of augmented reality along with Microsoft's Cortana's AI offering, which has the capability to do human-level speech recognition.

Full Story >>

New Delhi [India], Feb 20 (ANI): India's top mobile balance management service app True Balance on Monday announced that it has raised a sum of Rs. 100 crore in Series B round of funding from Softbank Ventures Korea.

Full Story >>

New Delhi [India], Feb 20 (ANI): Global OTT leader in South-Asian content YuppTV on Monday announced that it has entered an exclusive partnership with ETV Telugu in the United States.

Full Story >>

New Delhi [India], Feb 20 (ANI): Connect Broadband, the telecom arm of the Videocon Group and market leader in broadband in Punjab has collaborated with Indian mobile wallet major 'MobiKwik' to offer and promote cashless digital transactions.

Full Story >>

New Delhi [India], Feb. 19 (ANI): CAclubindia's Goods and Services Tax (GST) app became the number one app on GST on Google Play Store, with a successful 85,000 plus downloads within a month's time, scoring an average of 4.4 rating by over 700 users.

Full Story >>

New Delhi [India], Feb. 19 (ANI): Indian food processing sector has the potential to attract USD 33 billion of investment and create nine million jobs by FY 2024, revealed an ASSOCHAM-Grant Thorton Research paper.

Full Story >>

New Delhi [India], Feb. 19 (ANI): ONE Co.Work, the end-to-end co-working space provider, announced the launch of its Gurugram-based co-working office on Saturday. The event received a phenomenal response from the start-up community, investors, freelancers, and bloggers, and was also attended by several industry veterans.

Full Story >>

New Delhi [India], Feb. 18 (ANI): Khadi and Village Industries Commission (KVIC) which has, in the last six months, bagged large orders from several public and private sector companies since the Narendra Modi government came to power, has bagged the largest ever order from the Ministry Of Health on February 16, 2017.

Full Story >>

New Delhi [India], Feb. 18 (ANI-BusinessWire India): Working towards its vision of enhancing the employability of youth by skill development, CMC Skills Pvt. Ltd. in consortium with Mitcon Consultancy Services Limited was recently selected by Jharkhand Skill Development Mission to Establish and Operate Mega Skill Development Centre in Jharkhand on PPP mode.

Full Story >>