Tata AIA Life to support AIA in ‘One Billion Movement’ campaign

The campaign will connect the two entities with communities across India to improve well-being with financial inclusion.

While the pandemic has raised general awareness on the importance of health and wellness, the company said that people are still seeing a rise in lifestyle-related diseases, which account for more than 70% of all deaths. And so, it is important for insurance companies like them to play a responsible and positive role, it said.

The objective of this initiative is to motivate the consumers to adopt health and wellness oriented activities through simple steps. For this, the company has made a 1.25 second video clip that has been released on YouTube.

Naveen Tahilyani, MD & CEO of Tata Group backed firm said, “We expect to make a significant contribution to this cause in view of a part our vision has always been to enable dreams, and inspire healthy, happy Life. It is important that we craft consumer interactions creating awareness of overall health and wellness.”

According to the India Brand Equity Foundation, a government export promotion agency for the distribution and sale of Indian products internationally in India, the total market size of the insurance sector was expected to be around $280 billion in 2020. The life insurance industry is expected to grow at a CAGR of 5.3% between 2019 and 2023 and the country’s insurance penetration was pegged at around 4.2% in FY21, with life insurance penetration of 3.2% and non-life insurance penetration at 1.0%. Was. In terms of insurance density, the country’s overall density stood at $78 in FY21.

In the first half of FY 2012, the life insurance industry registered a growth rate of 5.8% as compared to 0.8% in the corresponding period of the previous year. In September 2021, new premiums from life insurers registered a growth of 22.2% in September 2021 from 2.9% in September 2020.