- The company launches its branch, based at Gujarat
International Finance Tech-City (GIFT City), India's first International Financial Services
Centre (IFSC)
- NRI consumers can now purchase dollar denominated
policies from the company's website
https://international.tataaia.com
AHMEDABAD,
India, Sept. 3,
2024 /PRNewswire/ -- Tata AIA Life Insurance Co.
Ltd. (Tata AIA), one of India's leading life insurers, has announced
the launch of its offshore branch at Gujarat International
Finance Tech-City (GIFT City), India's first International Financial Services
Centre (IFSC). The Branch will offer US dollar denominated life
insurance products to Non-Resident Indians (NRIs), through
its website https://international.tataaia.com.
Venky Iyer,
Managing Director & Chief Executive Officer,
Tata AIA, said, "The setting up of IFSC GIFT City is a
remarkable step by the Government of India towards widening the scope of Indian
financial services. It provides a great opportunity for insurers to
provide foreign currency denominated products. We are delighted to
introduce life insurance solutions for our NRI consumers, enabling
them to secure their families and fulfill their
aspirations."
The Company will commence operations with a
unique term offering USD denominated Life Protect Supreme,
enabling policy benefits in US dollars. The Plan covers risks such
as death, accident, disability, and critical illness, for up to 100
years of age. NRI Consumers can choose from five plan options to
tailor their coverage according to their lifestyle, medical
history, and occupation. The Plan options offer flexibility to
include add-on benefits (Riders) such as accidental death benefit,
critical illness cover, and waiver of premium on accidental total
and permanent disability.
The Company also plans to introduce Unit Linked
life insurance products soon, giving consumers the prospect to
benefit from exciting investment opportunities in global equity
markets.
About Tata AIA Life
Tata AIA Life Insurance Company Limited (Tata
AIA) is a joint venture Company formed by Tata Sons Pvt. 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 reported a total Premium Income of INR
25,692 crore for FY24, up 25% from
FY23. The Company continues to rank among the Top 3 Private
Insurers in Individual Weighted New Business Premium (IWNBP) with
an IWNBP income of INR 7,413 crore.
The Individual Death Claims Settlement ratio improved to 99.13%.
The Company also achieved industry-leading Persistency performance
(based on premiums), ranking #1 in four out of five cohorts.
About the Tata Group
Founded by Jamsetji Tata in 1868, the Tata group
is a global enterprise, headquartered in India, comprising 30 companies across ten
verticals.
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 2023-24, the revenue of Tata companies, taken
together, was more than $165 billion.
These companies collectively employ over 1 million people.
Each Tata company or enterprise operates
independently under the guidance and supervision of its own board
of directors. There are 26 publicly listed Tata enterprises with a
combined market capitalisation of more than $365 billion as on March
31, 2024.
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 – wholly-owned branches and subsidiaries
in Mainland China, Hong Kong SAR(1),
Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New
Zealand, the Philippines,
South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR(2), and a 49% joint venture in India. In addition, AIA has a 24.99%
shareholding in China Post Life
Insurance Co., Ltd.
The business that is now AIA was first
established in Shanghai more than
a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and
holds leading positions across the majority of its markets. It had
total assets of US$286 billion as of
31 December 2023.
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, AIA serves the holders of more than 42
million individual policies and over 18 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 codes
"1299" for HKD counter and "81299" for RMB counter with American
Depositary Receipts (Level 1) traded on the over-the-counter market
under the ticker symbol "AAGIY".
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