Page 14 - Insurance Times April 2021
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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
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