Kohima and Mumbai, 15 October 2024: Tata AIA Life Insurance (Tata AIA), one of India’s leading life insurers,has been selected by the Government of Nagaland to implement the Chief Minister’s Universal Life Insurance Scheme (CMULIS). Under this scheme, the primary earning member of the family will be provided with a life insurance cover of INR 2 lakh.
This scheme aims to give families the financial support they need in the unfortunate event of the demise of the breadwinner. It is specifically aimed at helping the vulnerable sections of society, such as those working in unorganized sectors or are part of low-income groups.
As part of the scheme. any one family member in the age group 18–60 years can be designated as the primary earning member or breadwinner. Government employees in the same age group will automatically be considered as the primary breadwinner for their family. The State Government will cover the cost of the insurance premium.
Commenting on this landmark occasion, Shri Neiphiu Rio, Hon’ble Chief Minister, Nagaland said, “I am extremely happy to partner with Tata AIA Life Insurance and launch this scheme for the working population of Nagaland. Through this program, we are making Life Insurance accessible to Naga people. We hope to enroll all earning population in Nagaland under this scheme, thereby ensuring the financial security of several families.”
Mr. Venky Iyer, Managing Director & Chief Executive Officer of Tata AIA Life Insurance, said, “We are honored to be part of the Chief Minister’s Universal Life Insurance Scheme – Nagaland. This landmark initiative by the Government will ensure that the people of Nagaland especially those in vulnerable segments or employed in unorganized sectors, benefit from the safety net of life insurance. This inclusive scheme will ensure financial security and peace of mind for the families of Nagaland”.
Mr. Jeelani Basha, President & Chief Distribution Officer, Tata AIA Life Insurance, said, “Our partnership with the Government of Nagaland will enable us to provide life insurance coverage to nearly 3.5 lakh people in the State. We are committed to working together with the Government in this initiative.”
About Tata AIA Life
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 a total Premium Income of INR 25,692 crore for FY24, up 25% from FY23. The Company continues to rank among the Top 3 Private Insurers in Individual Weighted New Business Premium (IWNBP) with an IWNBP income of INR 7,413 crore. The Individual Death Claims Settlement ratio improved to 99.13%. The Company also achieved industry-leading Persistency performance (based on premiums), ranking #1 in four out of five cohorts.
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