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States » East

Tata AIA announce additional benefits related to COVID-19 for Policyholders & Agents at no additional cost

Kolkata, Apr 3 (UNI) 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, its individual policyholders will get COVID-19 related
additional benefit up to Rs. 500,000 at no additional cost.
Further, to extend the Circle of Protection to its own Agents, all ‘active’ Agents of Tata AIA
Life Insurance along with their spouse and children will be reimbursed up to Rs. 25,000 in
case of hospitalisation due to COVID-19. This is a first of its kind initiative in India, a Tata
AIA Life Insurance spokesperson here said.
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.
With an intent to offer similar support during COVID-19 pandemic to its Policyholders and
Agents, Tata AIA has launched this initiative. All policyholders of Tata AIA will get an additional benefit equal to the base sum assured or Rs. 500,000 whichever is lower for valid death claims
due to COVID-19. This benefit is applicable for all valid death claims with date of death on or
before June 30 next.
Further, Tata AIA’s agents along with their spouse and children are entitled for up to
Rs 25,000 hospitalization cover if diagnosed with COVID-19 within this period as well.
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 retail policies, be it Term, TROP, Endowment
or ULIP, as part of its commitment to give back to society.
Speaking on the initiative, 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 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. 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 individual policies only and is not applicable for lives covered under
any group policy. It would be applicable on a unique customer basis and, therefore, a
customer owning multiple policies would be eligible for the additional benefit for one valid
claim only.
Apart from the COVID-19 cover, Tata AIA also has a pre-existing accidental cover that
ranges between INR 300,000 – INR 10,00,000 for its Agent workforce. For its employees,
Tata AIA has group Mediclaim policies covering the individual as well as immediate family
along with an emergency medical funds trust.
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