On the eve of Baisakhi, which is celebrated as the beginning of a new year in large part of Northern India including Punjab and Haryana, Mr. Sachin Joglekar, Chief Agency Officer of Tata AIA Life Insurance Company Ltd (Tata AIA Life), urged people to celebrate this auspicious occasion by renewing the promise of protecting their families with life protection solutions.
“Baisakhi holds a special significance for the people of Punjab and Haryana as it commemorates the establishment of the Khalsa Panth and marks the beginning of harvesting season. One can make this auspicious occasion memorable by ensuring a financially secured life for his near and dear ones with our simple and easy to buy, income protection solutions,” said Mr. Joglekar.
According to a leading market research organisation, investing in Life Insurance products is the most popular investment option across town, class and zones. However, at the same time life Insurance penetration has declined (from 4.4% in 2010-11 to 3.2% in 2012-13) in the recent time, resulting in huge ‘Mortality Protection Gap’ which refers to the difference between the life insurance cover people have and what they should have.
To understand how much life insurance is enough to maintain one’s family’s standard of living, a Rs. 50,00,000 insurance cover will provide a bare minimum monthly income of Rs. 25,000 assuming that the family would put the maturity amount in a Fixed Deposit which over the long term generates an average interest of 6% per annum. When we compare this with the average sum assured amount of a life insurance policy which was around Rs. 1,17,144 on 31st March 2011 (source: IRDA Annual Report); one understands how much more life insurance is needed.
Tata AIA Life has recently launched a bouquet of solutions, compliant with the new IRDA guidelines applicable from 1st January, 2014, which shall satisfy the varying needs of the customers. All the solutions allow customers to avail higher protection cover than earlier. These new offerings also provide other benefits such as guaranteed returns, liquidity, compounding of returns, flexibility of premium paying term and flexibility of plan duration.
Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture between the leading Indian conglomerate Tata Group and leading pan-Asian life insurance group AIA. Tata AIA Life is one of the first life insurance companies in India to fully switch over to a ‘Standard Proposal Form’ for all products consequently offering convenience in making completion of applications faster and easier for the customers. The Company has launched ‘Express 50’ initiative, which makes the process of buying life insurance hassle-free. This initiative shall enable customers to buy higher protection cover faster by optimizing the requirements of documents through simpler underwriting norms.
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