Tata AIA Life Insurance provides term cover via mobile recharge

MUMBAI: Tata AIA Life Insurance has launched mInsurance or mobile insurance where phone users can buy term cover by recharging using a `special tariff voucher’. The company has launched the plan through a pilot project in Andhra Pradesh and Telangana through a tie up with Tata Teleservices Limited.
Indian citizens between 18 to 80 years of age can avail this paperless cover which does not require any medical tests.Customers are auto-enrolled on purchase of Tata DoCoMo’s selected mobile recharge coupon (Special Tariff Voucher or STVs). The life cover comes with two sum assured options – Rs 50,000 and Rs 1,00,000. Consumers receive the details of the life cover via SMS which contains a weblink to download the insurance certificate.
In the event of a claim, the beneficiary must call the Tata AIA Life call centre for settlement. “This initiative is core to the mission of IRDAI, which is not just regulation but development too. Life insurance is all about protection and that incorporates three things offering protection at an affordable price, reaching out to maximum number of people, and offering simple claim settlement. A plan like mInsurance uses technology to cut distribution and service costs, thereby bringing protection to those who would otherwise find it unaffordable. With plans like these, we feel we have done something really valuable for the country”, said IRDAI chairman, TS Vijay at the launch of the plan.
According to H. Venkatachalam, chief of partnership, distribution and corporate solutions at Tata AIG the product has been well received in the pilot stage with over 23,000 lives secured in a short span. Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons Ltd. and AIA Group Ltd. (AIA). The company has written retail new business premium of Rs 572 crores for the nine months ending December 2016, that represents a growth rate of 85% over the previous year.