· Pledges to increase the green cover in India by planting a tree for every Tata AIA Life Insurance Term policy purchased
· Term policy-holder now contributes to the green cover making him a Rakshakaran Hero
· Initiative in line with Tata Group’s, socially responsible and environmentally sound way of doing business
Mumbai, September , 2019: Addressingenvironmentalconcerns stemming from global warming, Tata AIA Life Insurance has taken concrete steps to combat it through a new initiative called Rakshakaran Hero.This aligns with Tata AIA Life Insurance philosophy of ‘protection’ that secures people’s future. Extending the same philosophy to the environment, is this new initiative, that promises to protect the planet’s collective future.
Tata AIA Life Insurance has pledged to plant a sapling in the name of the policy-holder for every Term policy that is bought. These saplings will be planted indesignated regions across India to enhance the much-required green cover in country.
Through this initiative, consumers will now not only provide financial protection to their families, but also become active participants in making the world a greener place.They will take care of their family’s future by purchasing the Life insurance policy along with the promise of a greener, cleaner environment in the future.
Tata AIA Life Insurance, one of the Top 5 private life insurance companies in India [as per Individual Weighted New Business Premium for FY 2018-19] and Grow-Tree, an organization dedicated towards increasing the green cover in India, have entered into a tie-up wherein Grow-Tree will plant a tree for every term policy bought by a consumer from Tata AIA Life.
Mr. Saurabh Agrawal, Chairman - Tata AIA Life Insurance&Chief Financial Officer of Tata Sons, launched the initiative spearheaded by Mr. Rishi Srivastava, MD & CEO Tata AIA LifeInsurance.
Speaking on the occasion, Mr. Saurabh Agrawal, Chairman - Tata AIA Life Insurance&Chief Financial Officer of Tata Sons said: “This initiative by Tata AIA Life perfectly aligns with Tata Group’s ethos and objectives of achieving participative, sustainable and ecology-strengthening development. The group has always believed in creating value for the stakeholders along with creating value for the shareholders.
With mounting concerns over fast-degrading quality of air and waning green cover, we feel we must play a proactive role in reversing the effects of deforestation. I congratulate Rishi and Tata AIA Life for this inclusive way of environment protection.”
“We are really excited about the ‘Rakshakaran Hero’ initiative as it helps us fulfil our objective of ‘giving back to society’, by financially protecting people as well as protecting the environment. Our consumers are heroes because not only do they protect their families’ future but also secure our collective future by protecting the environment. Our consumers are the real heroes who are promoting our cause of environmental sustainability,” said Mr. Rishi Srivastava, MD & CEO Tata AIA Life Insurance.
“I am happy at the encouraging response from the policy-holders. Amid fast-depleting green cover, we are proud to roll out a campaign that promises a cleaner, brighter future to our coming generations”, he added.
Tata AIA Life Insurance is already begun planting a sapling for every Term Plan bought by their policy holders in collaboration with Grow-Tree.
The tree plantation will happen for rural communities in Chintamani, Karnataka, for Tribals in Koraput, Odisha and for Tigers in the periphery of Sundarbans National Park, West Bengal. The initiative will also further plant trees for Farmers in Harda, Madhya Pradesh, trees for Elephants in Jharkhand and trees for tribal in Srikakulam, Andhra Pradesh. To start with, Tata AIA pledges 1.50.000 trees in Karnataka and Odisha.
At a time when global warming is wreaking havoc in the country, in the form of flooding, droughts, air pollution, water pollution, and much more, there is a dire need to take concrete measures to fight climate change that is impacting every nation and living creatures globally. Rakshakaran Hero from Tata AIA Life Insurance is a great start to combat global warming and safeguard the collective future of the nation and planet.
About Tata AIA Life
Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons 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 Life has written Individual Weighted New Business Premium (IWNBP) of INR 2,232 Cr for the FY 2018-19. For the same period, the 13th month persistency of the company was at 83.3% and, the individual Claims Settlement Ratio was 99.07%. One of the fastest growing companies in the Life Insurance sector, Tata AIA Life is now ranked no. 5, based on IWNBP.
About the Tata group
Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise, headquartered in India, comprising 30 companies across 10 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.
In 2017-18, the revenue of Tata companies, taken together, was $110.7 billion. These companies collectively employ over 700,000 people.
Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors. There are 28 publicly-listed Tata enterprises with a combined market capitalisation of about $145.3 billion (as on March 31, 2018).
Companies include Tata Consultancy Services, Tata Motors, Tata Steel, Tata Chemicals, Tata Global Beverages, Titan, Tata Capital, Tata Power, Tata Advanced Systems, Indian Hotels and Tata Communications.
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 in Asia-Pacific – wholly owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, Mainland China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, Cambodia, a 97 per cent subsidiary in Sri Lanka and a 49 per cent joint venture in India. In April 2019, AIA was also granted approval as a preferred applicant to operate in Myanmar through a 100 per cent wholly-owned subsidiary.
The business that is now AIA was first established in Shanghai a century ago in 1919. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$256 billion as of 30 June 2019.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia-Pacific, AIA serves the holders of more than 34 million individual policies and over 16 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).
Source – IRDAI
All the figures pertain to FY 18-19 and emanates from Audited financial statements