Tata AIA Organises Bimarath to Increase Insurance Awareness and Penetration in North Bengal

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Tata AIA Organises Bimarath to Increase Insurance Awareness and Penetration in North Bengal

  • Wednesday, November 29, 2023 2:25PM IST (8:55AM GMT)
 
Kolkata, Siliguri, West Bengal, India:  
  • Tata AIA has introduced 3600 campaign across digital media as a lead insurer in West Bengal, aligned to IRDAI’s vision of ‘Insurance for All’ by 2047. The campaign has reached over 4 cr people till date.
  • The company has now launched a special on-ground initiative, ‘Bimarath’, starting with North Bengal to reach the masses directly and spread awareness on life insurance.
  • Health-checkup camps are being organised in 5 districts of North Bengal, namely Siliguri, Malada, Coochbeher, Jalpaiguri and Alipurduar.

Tata AIA Life Insurance Ltd., one of the leading life insurers, has recently launched a host of new initiatives in North Bengal, in line with the Insurance Regulatory and Development Authority of India (IRDAI) vision of 'Insurance for All by 2047’. The mission is to create awareness and educate the people in smaller towns and cities about the importance of life insurance and provide the best and simplest life and health insurance solutions. With the help of a Bimarath that will travel throughout North Bengal between 25-29 November, the initiative aims to raise awareness of the benefits and importance of life insurance in five districts, including Siliguri, Malada, Coochbeher, Jalpaiguri and Alipurduar. The activity will be continued in December to reach other locations of North Bengal and other parts of the state.
 
As part of the exercise, Tata AIA also organised free health check-up camps in these districts with the help of trained medical experts. The report of the same will be hand delivered by the Members of Tata AIA's Agency Distribution team to the people.
 
In another initiative running since Nov’22, Tata AIA has been executing digital and social media campaigns that has enabled it to communicate the benefits of life insurance and its solutions to over 4 crore people across the state. Using Digital, social media, OTT and other online platforms, the company reached out to consumers with the local Mascot Bimasen, highlighting the importance of various insurance solutions like Savings Plan, Pension Plans, Term Plans and Unit-linked Plans.
 
To deliver much-needed life insurance coverage to the rural areas of West Bengal, Tata AIA supported over 1,500 Village Level Entrepreneurs (VLEs) as part of association with Common Services Centers (CSE), an organisation run by the Ministry of Electronics & IT. Known as the last mile of distribution, a VLE provides essential government and non-government services from CSC outlets for the welfare and development of rural communities. Tata AIA provided permanent visibility at CSC outlets and trained these VLEs about life insurance solutions to help them solicit life insurance business.
 
Girish Kalra, Chief Marketing Officer of Tata AIA Life Insurance, said, “According to the Indian Readership Survey findings*, only 25% of people in urban West Bengal own life insurance policies. In rural West Bengal, the situation is unlikely to be better. It is, therefore, important that insurance awareness and penetration in West Bengal is increased. As a company created by the Tata Group and AIA, two leading global organisations that focus on people's welfare, we aim to inspire Indians to secure their future with consumer-centric financial products that provide protection, savings and health wellness plans.
 
In West Bengal, out of the total adult population of ~8.71 Crore, ~3.2 Cr (36%) stays in urban areas and ~5.4 Cr (64%) in rural areas. 72% of the state’s total population lives in natural calamity-prone areas. These factors make life insurance a must-have financial tool for the people of the state.
 
With 47 branches, Tata AIA has a widespread network in West Bengal, covering every major city and district town, including Kolkata, Siliguri, Burdwan, Durgapur, Asansol, and Haldia.
 
*Source: IRS, August 2022; Insurance ownership is for Urban active online consumers (Daily Internet users)


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 an Individual Weighted New Business Premium (IWNBP) income of INR 7,092 Cr in FY23, an increase of 59% over FY22. The Individual Death Claims Settlement ratio improved from 98.53% in FY22 to 99.01% in FY23. The Persistency ratio, reflecting the percentage of consumers who choose to renew their policies with Tata AIA, has earned the Company the top rank in four out of five cohorts, including 13th-month persistency. Compared to FY22, the 13th Month Persistency ratio (based on Premium) of the Company improved to 88.1%.
 
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 2022-23, the revenue of Tata companies, taken together, was $150 billion (INR 12 trillion). 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 29 publicly listed Tata enterprises with a combined market capitalisation of $300 billion (INR 24 trillion) as on July 31, 2023.
 
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 per cent joint venture in India. In addition, AIA has a 24.99 per cent 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$276 billion as of 30 June 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 41 million individual policies and 17 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”.
 
Notes:
(1) Hong Kong SAR refers to the Hong Kong Special Administrative Region.
(2) Macau SAR refers to the Macau Special Administrative Region.

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