Tata AIA Life Insurance hopes to maintain its growth momentum

Despite the difficult business environment following the pandemic and an increase in Covid-related claims, Tata AIA Life Insurance hopes to maintain its growth momentum in the current fiscal year, supported by continued demand for protection and plans. long-term guaranteed income. .

According to Venky Iyer, director of distribution, Tata AIA Life, millennials, early-stage jobbers and women are some of the key segments leading to “rapid growth” going forward.

Tata AIA Life saw an almost 27% growth in Individual Weighted New Business Bonus (IWNBP) revenue to 3,416 crore in FY21, compared to 2,692 crore in FY20. Total premium income grew 34% to 11,105 crore from 8,309 crore in fiscal year 20, while renewal premium income grew 37% to 6,961 crore in fiscal year 21 versus 5,066 crore in the fiscal year- 20.

“We believe that protection solutions will continue to experience demand and growth. In addition, given the current economic uncertainty, long-term guaranteed income plans will be essential in every portfolio. We see growth opportunities in all segments continuing given the wide variety of emerging life stage and lifestyle needs. We are very optimistic for young people – millennials, early jobbers and women as key segments of rapid growth, ”said Iyer in an email response to a questionnaire sent by Activity area.

As of March 31, 2021, Total Assets Under Management (AUM) had increased by 47% to 46,281 crore yen, from 31,450 crore yen in the last fiscal year.

Product launch

The pandemic has led to a marked decline in household allocations for discretionary spending on basic necessities and savings, particularly in the space of guaranteed returns. Therefore, the need for comprehensive protection, covering health and life insurance, would continue to persist, supported by much greater awareness than before.

Also Read: Tata AIA Life Insurance Launches Express Claims Service That Promises Payments In 4 Hours

The company plans to innovate further in the field of protection and also to bring customizable proposals in the field of long-term savings with guaranteed long-term income. “We also see opportunities in the single payment product space in the savings and annuity categories. In a context characterized by greater awareness of the protection and acceptance of digital lifestyles, we firmly believe that product innovation, convenience through digitization and addressing new segments such as Generation Y and women will be essential, ”he said.

The life insurer had introduced the Param Rakshak series, a 360-degree protection proposition on a unit-linked platform. That aside, it also introduced a set of value increasing endorsements, including a wide variety of coverages ranging from accident, disability to multi-stage critical illness.

He also launched Fortune Guarantee Plus, a plan with multiple payment terms for premiums and benefits as well as the flexibility to be customized based on cash flow needs.