Tata AIA Life to support AIA in 'One Billion Movement' campaign – Mint
New Delhi: Tata AIA Life Insurance Co. has announced its support to the AIA’s ‘One Billion Movement’ campaign initiated by the Hong Kong-based insurer. The campaign intends to engage with a billion people globally to live healthier, longer, better lives by 2030, said the company in a statement.
The campaign will see the two entities o engage with communities across India to improve wellness with financial inclusion.
While the pandemic has increased the general awareness on the importance of health and wellness, the company said people are still witnessing an increase in lifestyle-related diseases, accounting for more than 70% of all deaths. And so, it is important for insurers like them, it said, to play a responsible and positive role.
The initiative proposes to motivate consumers to embrace 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 and CEO of the Tata group backed firm said, “We hope to make a significant contribution to this cause given a part our vision has always been to enable dreams, and inspire healthier, happier lives. It is critical that we craft consumer conversations that create awareness about holistic health and wellness.”
According to the India Brand Equity Foundation, a government export promotion agency for the distribution of and sale of Indian products internationally, in India, the overall market size of the insurance sector was expected to be around $280 billion in 2020. The life insurance industry is expected to increase at a CAGR of 5.3% between 2019 and 2023 and the country’s insurance penetration was pegged at about 4.2% in FY21, with life insurance penetration at 3.2% and non-life insurance penetration at 1.0%. In terms of insurance density, the country’s overall density stood at $78 in FY21.
In the first half of FY22, the life insurance industry recorded a growth rate of 5.8% compared with 0.8% in the same period last year. In September 2021, new premiums of life insurers registered 22.2% growth in September 2021, up from 2.9% in September 2020.
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