Transitions from being a Payor of benefits & claims to the more value adding role of a Partner to consumers in their life stages with holistic wellbeing
· Tata AIA enhances its suite of life insurance protection solutions with the launch of the globally renowned Vitality Wellness program
· This unique wellness platform empowers and rewards consumers through its personalized program, guiding them in their day-to-day wellness regime, enabling them to live healthier and happier lives
· In addition to Tata AIA Vitality’s wellness benefits, consumers’ can look forward to upfront and renewal discount on their premiums
Tata AIA Life Insurance (Tata AIA), a leading Life Insurer in India has enhanced its bouquet of life insurance solutions with the launch of a unique wellness program - Tata AIA Vitality -available through its rider packages, Vitality Protect & Vitality Health. With this launch, Tata AIA introduces consumers in India to the globally renowned Vitality platform, that is already available in 40 countries and has benefitted over 30 million individuals over the last 25 years.
Accessible through an easy-to-use mobile app, Tata AIA’s policyholders can use it to avail health check-ups and adopt wellness activities thereby benefiting from a healthier lifestyle. Add to this, consumers get upfront discount and renewal on their premiums.
Tata AIA Vitality wellness program uses data driven analytical tools to help consumers take essential measures towards holistic well-being. The mobile app-based interface is divided into three sections:
* Know Your Health – Enables consumers to assess their current health and wellness status
* Improve Your Health – Comprises weekly challenges and activities that consumers can participate in to improve their mental, physical, and social wellbeing
* Get Rewarded – Helps consumers avail discount on premiums upon reaching specific wellness milestones.
Consumers can avail this holistic wellness platform by purchasing riders available with Tata AIA’s insurance plans spanning term, saving and, retirement. Riders provide valuable benefits to consumers on payment of small additional premium along with the base insurance policy. Vitality Protect rider offers comprehensive cover against eventualities such as Accidental Death, Accidental Total & Permanent Disability, apart from giving consumers the option to increase their term insurance cover. The Vitality Health rider covers like Critical illness cover and daily cash in case one is hospitalized for any treatment.
Speaking on the occasion, Venky Iyer, President & Chief Distribution Officer, Tata AIA Life Insurance, said, “At Tata AIA, we are driven by our value of consumer obsession. We continuously evolve in line with the changing needs of consumers and ensure introduction of innovative and consumer centric solutions. Introducing Vitality proposition is a significant step in our transition from a Payor to Partner. We are confident that our initiative will provide the opportunity to our consumers to adopt a healthier lifestyle and give them additional benefits, over and above what they enjoy from our other solutions”
Commenting on the announcement, Barry Swartzberg, CEO of the Vitality Global, said, “We are very proud to be associating with TATA AIA to expand the reach of Vitality program and its ability to make millions of people healthier. This is a significant milestone for us as the addition of India to the list of countries linking Vitality to insurance marks the 40th market across the globe.”
On launching the initiative, Neeraj Chopra, Tata AIA Brand Ambassador said, “The importance of being healthy and agile, cannot be emphasized enough. But being healthy is going beyond mere physical fitness and needs to encompass all facets including mental, nutritional, and social fitness. I am proud to be a part of the launch of Tata AIA Vitality in India, as I believe this is a significant step taken in changing how we view wellness. By incentivising good health, Tata AIA Vitality will contribute to transforming the health status of Indians.”
The Vitality Wellness Program was founded over 20 years ago in South Africa, and Vitality is guided by the wealth of data and information at its disposal. Vitality can continuously evolve its model by using its massive data asset – over 50 million life years of behavioral-linked insurance data. Based on sound clinical and scientific research, it uses actuarial savings to incentivize better health choices.
The app-based wellness program delivers age-based assessment to educate consumers about their health goals, ways to pursue a fitter lifestyle, and keep at bay any factors that might put them at risk for disease. Users are assessed for health risks, with a review that involves 14 modifiable health risk factors. The app is specifically designed keeping in mind consumer convenience - users can access their Virtual Health Record (VHR) both online as well as on the app. Scientific evidence shows that members who actively engage in the program live longer and have lower healthcare expenses
About Tata AIA Life
Tata AIA Life Insurance Company Limited (Tata AIA Life) 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. For the financial year 2021-22, the total premium income of Tata AIA Life increased to INR 14,445Cr., a growth of 30%. For the same period, the Company registered a Retail New Business Weighted Premium of INR 4,455 Cr. The 13th month persistency of the Company was at 87.8%, and the Individual Death Claims Settlement ratio was at 98.53%. One of the fastest growing companies in the Life Insurance sector, Tata AIA Life maintained its rank no. 5, based on Individual Weighted New Business Premium.
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 2021-22, the revenue of Tata companies, taken together, was $128 billion (INR 9.6 trillion). These companies collectively employ over 935,000 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 $311 billion (INR 23.6 trillion) as on March 31, 2022. Tata companies include Tata Consultancy Services, Tata Motors, Tata Steel, Tata Chemicals, Tata Consumer Products, Titan, Tata Capital, Tata Power, Indian Hotels, Tata Communications, Tata Digital, and Tata Electronics.
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.
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$340 billion as of 31 December 2021.
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 39 million individual policies and over 16 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 code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).
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