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Tata AIA introduces life insurance solutions in US$ for Non-Resident Indians

  • The company launches its branch, based at Gujarat International Finance Tech-City (GIFT City), India’s first International Financial Services Centre (IFSC)
  • NRI consumers can now purchase dollar denominated policies from the company’s website https://international.tataaia.com

AHMEDABAD, India, Sept. 3, 2024 /PRNewswire/ — Tata AIA Life Insurance Co. Ltd. (Tata AIA), one of India’s leading life insurers, has announced the launch of its offshore branch at Gujarat International Finance Tech-City (GIFT City), India’s first International Financial Services Centre (IFSC). The Branch will offer US dollar denominated life insurance products to Non-Resident Indians (NRIs), through its website https://international.tataaia.com.

Venky Iyer, Managing Director & Chief Executive Officer, Tata AIA, said, “The setting up of IFSC GIFT City is a remarkable step by the Government of India towards widening the scope of Indian financial services. It provides a great opportunity for insurers to provide foreign currency denominated products. We are delighted to introduce life insurance solutions for our NRI consumers, enabling them to secure their families and fulfill their aspirations.”

The Company will commence operations with a unique term offering USD denominated Life Protect Supreme, enabling policy benefits in US dollars. The Plan covers risks such as death, accident, disability, and critical illness, for up to 100 years of age. NRI Consumers can choose from five plan options to tailor their coverage according to their lifestyle, medical history, and occupation. The Plan options offer flexibility to include add-on benefits (Riders) such as accidental death benefit, critical illness cover, and waiver of premium on accidental total and permanent disability.

The Company also plans to introduce Unit Linked life insurance products soon, giving consumers the prospect to benefit from exciting investment opportunities in global equity markets.

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.

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.

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% joint venture in India. In addition, AIA has a 24.99% shareholding in China Post Life Insurance Co., Ltd.

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