- Tata AIA to offer its comprehensive, consumer centric Life Insurance Solutions to Federal Bank’s customers
- The association will enable Tata AIA to further strengthen its presence in South India
Bengaluru: Tata AIA Life Insurance Co Ltd, one of India’s leading life insurance companies, announced a Bancassurance tie-up with Federal Bank, a prominent private sector bank in India. This strategic alliance aims to provide Federal Bank’s customers, access to Tata AIA Life’s comprehensive insurance product suite.
Federal Bank has an extensive network, which will enable Tata AIA to further strengthen its footprint. Both the entities focus on technology enabled, consumer centric business model, adding to the synergies of the partnership.
For Federal Bank customers, the partnership will enable them to benefit from Tata AIA’s diverse, consumer centric life insurance solutions, including term insurance, savings and wealth creation plans, retirement, and pension solutions etc. Further, they can avail Tata AIA’s innovative plans such as Param Rakshak that offer triple benefits of high life cover, market linked returns and health & wellness benefits. The solutions are backed by Tata AIA’s empathy led; tech enabled service experience powered by best-in-class technology solutions.
Ramesh Viswanathan, Chief Distribution Officer- Bancassurance, Tata AIA Life Insurance, said, “At Tata AIA, our endeavour is to partner our consumers, giving them access to best-in-class life insurance solutions, backed by empathy led service experience, to enable them to live a fikar-free life. We are delighted to enter a long-term relationship with a reputed and technology savvy bank like Federal Bank. This association will enable us to offer our diverse insurance solutions to the bank’s customers, empowering them to fulfil their aspirations and secure their loved ones across all stages of life.”
Shalini Warrier, Executive Director, Federal Bank said – We are pleased to announce a strategic Corporate Agency Bancassurance partnership with TATA AIA Life Insurance Company. This partnership aims to bring the best of insurance products to our valued customers. It is a well-known fact that the penetration of insurance amongst Indian consumers is low, and through this partnership, the Bank aims to enhance financial security and wealth management for our customers. The coming together of these two revered brands reflects our commitment to always exceeding customer expectations.”
This partnership comes at a time when the insurance industry is undergoing multiple transformations, led by the regulator, IRDAI’s consumer-focused regulations, and digital disruptions opening new avenues for development and growth. Tata AIA fully supports the vision of IRDAI towards achieving ‘Insurance for all’ by 2047 and the partnership with Federal Bank is a step in this direction. Through this association, can look forward to financial security and wealth creation opportunities, enabling them to be Har Waqt Ke Liye Taiyaar or prepared for grabbing the various opportunities that come their way.
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%.
