Page 14 - Insurance Times April 2021

company is focusing for accelerated which is a key metric to gauge the payment option offers the freedom to
growth by implementing a number of efficiency of life insurer, grew to Rs. go for joint life coverage. Single
initiatives which include cultural 22,425.21 crore in February, 2021 for premium offers the freedom to opt for
transformation projects, heightened India's 24 life insurers, in contrast with joint life, which ensures that policy
customer value proposition, and Rs. 18,533.19 crore in the identical continues even if one of the two passes
technological and digital upgrade. interval final 12 months. NBP is the away.
premium accrued from new insurance
Being recongnised as a Great Place to Venky Iyer, CDO and Head Marketing
Work strengthens the company's policies for a selected 12 months. & Communication, Tata AIA Life
commitment towards offering its In the meantime, in February, 2021, Insurance, while commenting on the
employees conducive work personal insurers continued to register occasion, remarked, "In today's times
environment where team work and strong progress as NBP grew by 16% of economic uncertainty, a long term
excellence is highly valued. The to Rs. 9,504.64 crore, in contrast with guaranteed income plan is a must have
certification is a four-step process Rs. 8,128.51 crore in the identical in every financial portfolio. An
which includes an organization-wide interval a 12 months earlier. unfortunate event or sudden illness in
Employee Engagement Survey and the policyholder's life is devastating for
submission of a culture brief. Tata AIA Life launches the family in more ways than one.
Dola Mukherjee, Director, Human Fortune Guarantee Plus In the absence of assured regular
Resources, Exide Life Insurance income, fulfilling financial obligations
commented, "As an organization, we savings plan becomes immensely challenging.
have always focused on offering the Tata AIA Life Insurance has recently Fortune Guarantee Plus is a composite
best-in-class work culture where announced the launch of Tata AIA Life solution that assures a long-term
employees are encouraged to Fortune Guarantee Plus. It is a flexible, guaranteed income with security
collaborate with each other to achieve non-linked, non-participating savings against medical emergencies and
individual as well as company goals. plan which promises a secure financial
While we believe in promoting healthy future with guaranteed long-term other life risks. Our research indicates
competition, we also do our best to income along with comprehensive that today's customers consider life
ensure that every employee takes protection cover. The plan also offers and health insurance solutions as
pride in their work and contribution health protection in the event when essential financial investments, and
towards the company's growth. We the policyholder is diagnosed with a many of them would consider buying
are confident that this certification will critical Illness. these solutions in the immediate
help us identify key improvement areas Fortune Guarantee Plus offers two future."
and enhance our employee experience
income options - Regular Income and
further." Regular Income with an inbuilt critical UP CM assures insurance
Life insurance industry illness benefit. If the insured is of Rs. 2 lakh to labourers
diagnosed with a critical illness during
bucks recent slump; the premium payment term, all future working abroad

registers 21% growth in premiums stand waived, and Uttar Pradesh Chief Minister Yogi
guaranteed income will commence, Adityanath during the launch of Bandai
February, 2021 allowing the customer to focus on Dam in Lalitpur, Bundelkhand region
The life insurance industry has health recovery rather than worrying said that his government has decided
registered a powerful New Enterprise about his income. to provide Rs. 2 lakh insurance to
Premium (NBP) progress of 21% in In the plan, the policyholder can labourers from the state who are
February, 2021, bucking its current choose the income frequency between working in other parts of the country
development the place it registered monthly or annual payout options. The or abroad. The state government will
both tepid or damaging progress since guaranteed income starts from the 6th also provide Rs. 5 lakh health insurance
November, 2020. policy year for a period ranging from to each worker along with other family
According to the latest information 20 to 45 years. One can select members. For this, the registration of
from Insurance Regulatory and premium payment term between 5 to labourers will take place in every
Development Authority, the NBP, 12 years, and the single premium district.

14 The Insurance Times, April 2021