Latest News on Tata AIA Life
ICICI Prudential Life Insurance and Axis Max Life Insurance are leading the way in customer experience.
The Hansa Research Life Insurance CuES 2025 report has ranked the top life insurance companies in India based on customer experience. The report is based on feedback from over 3600 customers across 13 life insurance brands in the country. The report reveals a significant improvement in customer experience in the life insurance industry, with a notable increase in the Net Promoter Score (NPS) from 54% to 58% over the past year. This improvement can be attributed to insurers effectively meeting customer expectations in key areas such as operational efficiency, transparency, and post-sales service support.
The report highlights that customers are associating life insurance brands more positively, especially in aspects like ‘trust and transparency,’ ‘innovation,’ and being ‘customer-oriented.’ The NPS for the insurance industry has seen a remarkable increase of 20 points over the past five years, rising from 38% in 2021 to 58% in 2025. This improvement is a result of insurers effectively meeting customer expectations and delivering exceptional brand and customer experiences.
The top-ranking life insurance companies in the report include ICICI Prudential Life Insurance and Axis Max Life Insurance, which have achieved impressive NPS scores of 65% and 64%, respectively. Tata AIA, Kotak Life Insurance, and HDFC Life Insurance have also shown significant improvement in their customer experience offerings. SBI Life Insurance has made significant strides in improving its NPS and ranking high on trust and affordability.
The report also highlights five key trends that will shape the industry in the future. These trends include the economic influence on financial investment decisions, the evolution of life insurance needs, millennial expectations, what women want, and digital services. The report emphasizes the need for insurers to deliver experiences and products tailored to the diverse needs, preferences, and communication styles of India’s fragmented demographics, especially customers in non-metros, millennials, and women.
The report suggests that brands must focus on addressing financial literacy, behavioral biases, and simplifying product complexity to thrive in the future. Success lies in aligning products with customer needs and profiles while delivering seamless, personalized experiences. The report also notes that customer expectations have shifted from purely transactional interactions to relationship-driven engagement, a trend that continues to strengthen and shape the industry’s evolution.
Overall, the report provides valuable insights for life insurance companies to prioritize and better position their business strategies and investments in the year to come. It emphasizes the importance of continuous enhancements in customer engagement strategies and delivering exceptional brand and customer experiences to drive leadership in the industry.
Naveen Tahilyani has stepped down as the CEO of Tata Digital and will be joining Prudential Plc.
Naveen Tahilyani has resigned as the CEO and Managing Director of Tata Digital, a position he held for just over a year. He will be taking on a new role as Regional CEO for India, Africa, Cambodia, Laos, and Myanmar at UK-based Prudential Plc. Tahilyani will also be overseeing the company’s health vertical and will be a part of the global executive committee. He is set to take charge on July 29 and will be based in India, reporting directly to Prudential CEO Anil Wadhwani.
Tahilyani’s departure from Tata Digital comes at a crucial time for the company, which is working to expand its super-app Tata Neu and venture into quick commerce. During his tenure, Tahilyani played a key role in shaping the company’s strategy and direction. However, his exit is not entirely unexpected, as Tata Digital has experienced several senior leadership changes in recent years, including the departure of President Mukesh Bansal in early 2023.
Before joining Tata Digital, Tahilyani had a successful stint as MD & CEO of Tata AIA Life Insurance, a position he held across two separate terms. He has a diverse career spanning over two decades, with experience in insurance, banking, and consulting. Prior to rejoining Tata AIA, Tahilyani worked as Group Executive for Banking Operations and Transformation at Axis Bank, where he led data analytics, operations, strategy, and technology. He also had a long tenure at McKinsey & Company, where he worked for over 17 years.
Tahilyani’s new role at Prudential Plc is a significant opportunity for him to leverage his expertise and experience in the insurance and financial services sector. As Regional CEO, he will be responsible for driving growth and expansion in several key markets, including India, Africa, and Southeast Asia. His appointment is seen as a strategic move by Prudential Plc to strengthen its presence in these regions and tap into the growing demand for insurance and financial services. With his extensive experience and track record of success, Tahilyani is well-positioned to make a significant impact in his new role.
Tata AIA has witnessed a 10% increase in buyers choosing term life insurance covers below the age of 70, highlighting the significance of timing over tenure in such policies.
Tata AIA Life Insurance has observed a significant shift in the way customers are purchasing term insurance. Instead of opting for lifelong protection, more people are choosing term plans that cover them only until they are 70 years old. According to Sujeet Kothare, Executive Vice President of Tata AIA Life Insurance, there has been a 10% increase in new customers selecting term plans with coverage below the age of 70. This trend indicates that customers are becoming more informed and are making smarter, life-stage appropriate planning decisions.
Financial planners agree that term insurance is most effective when it covers the years when an individual is earning and supporting dependents, typically between the ages of 25 and 60-70. During this phase, families rely on one or more incomes to meet financial obligations such as loan repayments, children’s education, and daily living costs. However, once a person nears retirement, the need for income protection diminishes, and continuing term cover beyond this point may result in paying higher premiums for unnecessary protection.
The decision to opt for term insurance is not universal and depends on individual circumstances. Those with extended financial responsibilities, such as dependent parents or young children, may still require term cover later in life. Self-employed individuals with income beyond retirement age may also benefit from longer coverage. Experts emphasize that there is no fixed formula, and the key is to match the policy duration with financial responsibilities rather than age alone.
The trend observed by Tata AIA suggests that buyers are moving towards more personalized and efficient financial planning. They are using term insurance where it matters most and letting it go when it doesn’t. This shift reflects a deeper understanding of the core function of term insurance, which is to replace income, not to serve as a legacy or retirement tool. As insurers, companies like Tata AIA Life Insurance are responsible for helping customers understand when insurance is most relevant and when to pivot towards income and health-focused solutions.
The life insurance industry’s Assets Under Management (AUM) has reached Rs. 62 lakh crore in 2024.
The life insurance industry in India has witnessed significant growth, with the Assets Under Management (AUM) increasing by over 9% to Rs. 62 lakh crore in March 2024 from Rs. 55 lakh crore in March 2023, according to data from the Insurance Regulatory and Development Authority of India (IRDAI). Life Insurance Corporation of India (LIC) commands the highest AUM of Rs. 44 lakh crore, accounting for 72% of the total AUM.
Private players have a total AUM of Rs. 18 lakh crore, with SBI Life and HDFC Life taking the second and third positions, managing AUM of Rs. 3.85 lakh crore and Rs. 2.87 lakh crore, respectively. ICICI Prudential Life is at the fourth position with assets of Rs. 2.86 lakh crore. Other notable players include Max Life, Bajaj Allianz Life, Tata AIA Life, and Aditya Birla Sunlife.
The data also reveals that 18 out of 25 life insurers have reported double-digit growth in their AUM over the last year. Tata AIA Life Insurance has reported the highest growth of nearly 39%, followed by Star Union Dai-ichi Life Insurance with a growth of 28%, and SBI Life Insurance with a growth of 26%.
New entrants in the life insurance industry include Go Digit Life, Credit Access Life, and Acko Life. Go Digit Life reported the highest AUM of Rs. 399 crore among the three, followed by Credit Access Life with Rs. 216 crore, and Acko Life with Rs. 159.25 crore.
The top 10 life insurers in terms of AUM are:
1. LIC – Rs. 44,23,580 crore
2. SBI Life – Rs. 3,85,095 crore
3. HDFC Life – Rs. 2,87,137 crore
4. ICICI Prudential Life – Rs. 2,86,820 crore
5. Max Life – Rs. 1,47,428 crore
6. Bajaj Allianz Life – Rs. 1,07,800 crore
7. Tata AIA Life – Rs. 96,799 crore
8. Aditya Birla Sunlife – Rs. 85,763 crore
9. Kotak Mahindra Life – Rs. 79,227 crore
10. PNB Metlife India – Rs. 47,420 crore
The growth in the life insurance industry is a positive sign for the sector, indicating increasing awareness and demand for life insurance products among consumers. The data also highlights the dominance of LIC in the market, as well as the growing presence of private players.
Tata AIA Launches ‘Pledge to Protect’ Initiative to Drive Insurance Awareness in Bengaluru
Tata AIA Life Insurance has launched its “Pledge to Protect” initiative in Bengaluru, aiming to secure one lakh lives in the fourth quarter of FY25. The initiative is part of the company’s efforts to promote life insurance awareness and financial security among Indians. On its 24th Foundation Day, the Tata AIA Agency team in Bengaluru engaged with nearly 200 consumers through awareness sessions and distributed leaflets, water bottles, and other essential items to old age homes.
The company’s Chief Distribution Officer, Amit Dave, emphasized the importance of life insurance in providing financial security to people, including vulnerable sections of! society. He stated that Tata AIA is committed to advancing financial inclusion and financial security for Indians through the “Pledge to Protect” movement.
The initiative involves various activities, including roadshows, jogger’s park activities, housing society engagements, and health camps, across 599 branches and over 1.43 lakh tied agents and employees in India. The company will also collaborate with local NGOs, Panchayats, and Self-Help Groups to educate and onboard individuals in rural and semi-urban areas.
As part of the initiative, over 550 Tata AIA branches have already engaged close to 70,000 agents, employees, and customers. Additionally, the company is promoting financial empowerment through its “Jagruti” initiative, which provides financial literacy training to underprivileged communities. More than 3,300 Tata AIA employees have volunteered for this initiative, aiming to educate at least four individuals in their network to make informed financial decisions.
The “Pledge to Protect” initiative is a significant step towards expanding insurance coverage in India, and Tata AIA is committed to working tirelessly to achieve its goal of securing one lakh lives in the January-March quarter. By promoting life insurance awareness and financial security, Tata AIA aims to make a positive impact on the lives of Indians and contribute to the country’s economic growth and development. With its extensive network of branches and agents, the company is well-positioned to reach out to a large number of people and make a meaningful difference in their lives.
Recent Updates
Tata AIA has launched two new funds, aiming to capitalize on the growing consumption trends in India.
Tata AIA Life Insurance has launched two new funds that aim to capitalize on the growing consumption trends in India. The company has introduced the “Tata AIA Life Insurance Consumption Fund” and the “Tata AIA Life Insurance India Opportunities Fund”, which will invest in companies that are expected to benefit from the increasing consumer spending in the country.
The Indian economy has been witnessing a significant shift towards consumption-driven growth, with rising incomes, urbanization, and a growing middle class driving demand for goods and services. The launch of these two funds is a strategic move by Tata AIA to tap into this trend and provide investors with opportunities to benefit from the growth of consumer-facing companies.
The Tata AIA Life Insurance Consumption Fund will invest in companies that are involved in the production and distribution of consumer goods, such as food, beverages, and personal care products. On the other hand, the Tata AIA Life Insurance India Opportunities Fund will have a broader mandate, investing in companies across various sectors that are expected to benefit from India’s consumption story, including retail, hospitality, and entertainment.
Both funds will be managed by Tata AIA’s experienced investment team, which has a strong track record of delivering returns in the Indian market. The funds will be available to policyholders of Tata AIA Life Insurance, providing them with an opportunity to diversify their investment portfolio and benefit from the growth of the Indian economy.
The launch of these funds is expected to be well-received by investors, given the strong growth prospects of the Indian consumer market. India is expected to become the third-largest consumer market in the world by 2025, with consumer spending projected to reach $6 trillion. The government’s efforts to boost economic growth, including initiatives such as the “Make in India” program, are also expected to contribute to the growth of the consumer sector.
Overall, the launch of the Tata AIA Life Insurance Consumption Fund and the Tata AIA Life Insurance India Opportunities Fund is a strategic move by the company to capitalize on the growing consumption trends in India. With a strong investment team and a well-diversified portfolio, these funds are expected to provide investors with attractive returns and help them benefit from the growth of the Indian economy.
Term insurance is gaining popularity among working members of Generation Z, according to a report by Tata AIA Life Insurance.
According to a recent report by Tata AIA Life Insurance, term insurance is gaining popularity among working Gen Z individuals in India. The report highlights a significant shift in the mindset of younger generations towards life insurance, with increasing awareness about the importance of financial planning and protection.
The report reveals that Gen Z, born between 1997 and 2012, is showing a keen interest in term insurance, which provides a death benefit to the nominee in the event of the policyholder’s untimely demise. This age group is actively seeking out term insurance plans that offer comprehensive coverage, flexibility, and affordability.
Key findings of the report include:
- Increased awareness: Gen Z is more aware of the importance of life insurance, with 70% of respondents considering it a necessary investment.
- Digital savvy: Online platforms are the preferred mode of purchasing term insurance, with 60% of Gen Z buyers opting for digital channels.
- Financial planning: Gen Z is prioritizing financial planning, with 55% of respondents aiming to secure their families’ financial futures.
- Customization: Gen Z is looking for personalized term insurance plans that cater to their specific needs and budgets.
- Affordability: The report notes that Gen Z is price-sensitive, with 45% of respondents opting for term insurance plans with affordable premiums.
The report attributes this growing interest in term insurance among Gen Z to several factors, including:
- Increased financial independence: Gen Z is entering the workforce earlier and earning higher incomes, enabling them to make independent financial decisions.
- Rising awareness of financial risks: Gen Z is more aware of the financial risks associated with unforeseen events, such as accidents or illnesses.
- Digital literacy: Gen Z is digitally savvy, making it easier for them to research, compare, and purchase term insurance plans online.
Tata AIA Life Insurance’s report suggests that the life insurance industry must adapt to the changing needs and preferences of Gen Z. Insurance companies need to offer customized, affordable, and digitally accessible term insurance plans to cater to this demographic.
In conclusion, the report highlights a significant shift in the life insurance landscape, with Gen Z driving the demand for term insurance. As this generation becomes increasingly financially independent and aware of the importance of financial planning, the life insurance industry must evolve to meet their unique needs and preferences. By offering flexible, affordable, and digital term insurance plans, insurers can tap into this growing market and help Gen Z secure their financial futures.
Term insurance gaining popularity among working Gen Z, reveals Tata AIA Life Insurance report
A recent report by Tata AIA Life Insurance has highlighted the growing popularity of term insurance among the working Generation Z (Gen Z) population. Gen Z, born between 1997 and 2012, is becoming increasingly aware of the importance of life insurance, particularly term insurance. The report suggests that this demographic is driving growth in the term insurance segment, which has traditionally been dominated by older generations.
According to the report, Gen Z is demonstrating a higher propensity to purchase term insurance, with 71% of respondents indicating that they prefer term insurance over other types of life insurance products. This is a significant shift in behavior, as younger generations have historically been less inclined to buy life insurance.
So, what’s driving this trend? Several factors are contributing to the growing popularity of term insurance among Gen Z:
- Increased awareness: Gen Z is more financially aware and informed about the importance of life insurance, thanks to online platforms and social media.
- Digital savvy: Gen Z is comfortable purchasing insurance products online, which has made it easier for them to buy term insurance.
- Financial independence: As Gen Z enters the workforce, they are becoming more financially independent and taking control of their financial planning, including buying life insurance.
- Flexibility and affordability: Term insurance is often more affordable and flexible than other types of life insurance, making it an attractive option for Gen Z.
The report also highlights that Gen Z is prioritizing protection over savings when it comes to life insurance. This is reflected in their preference for term insurance, which provides a death benefit to the nominee in the event of the policyholder’s passing, but does not offer a maturity benefit.
Tata AIA Life Insurance’s report is based on a survey of over 1,000 respondents across India, representing various age groups, income levels, and occupations. The findings suggest that the life insurance industry is undergoing a significant shift, driven by changing consumer behaviors and preferences.
In conclusion, the popularity of term insurance among working Gen Z is a significant trend in the life insurance industry. As this demographic continues to drive growth in the term insurance segment, insurers will need to adapt their products and distribution strategies to meet the evolving needs and preferences of Gen Z. With their increased awareness, digital savvy, and financial independence, Gen Z is poised to shape the future of the life insurance industry in India.
Star Health announces new board appointments
Star Health and Allied Insurance Company, a prominent retail health insurance provider, has made significant announcements regarding key appointments and leadership updates. The company aims to bolster its executive leadership and operational capabilities with these changes. Two key elevations have been made: Amitabh Jain, the current Chief Operating Officer, has been promoted to Whole-Time Director and designated as a key managerial personnel. Jain brings over 25 years of experience in financial services, having previously been a founding member of ICICI Lombard. He joined Star Health in 2023 as COO.
Similarly, Himanshu Walia, the Chief Marketing Officer, has also been elevated to Whole-Time Director and designated as a key managerial personnel. With over 22 years of experience in the insurance sector, Walia has been an integral part of Star Health Insurance since 2007. He has played a crucial role in building the company’s brand and market presence. Prior to joining Star Health, Walia held leadership roles at ICICI Lombard and Tata AIG.
Both Jain and Walia’s appointments are subject to approval by the Insurance Regulatory and Development Authority of India (IRDAI), with their effective dates of appointment pending confirmation. These leadership updates demonstrate Star Health’s commitment to strengthening its executive team and enhancing its operational capabilities. The company’s decision to promote experienced professionals from within its ranks underscores its focus on continuity and consistency in its leadership.
The elevations of Jain and Walia are expected to have a positive impact on Star Health’s future growth and development. With their extensive experience and expertise, they are well-equipped to drive the company’s strategic initiatives and navigate the complexities of the health insurance market. As key managerial personnel, they will play a vital role in shaping the company’s direction and ensuring its continued success. Overall, these appointments reflect Star Health’s efforts to reinforce its leadership team and maintain its position as a leading player in the retail health insurance sector.
Star Health elevates COO and CMO as whole-time directors.
Star Health and Allied Insurance, a leading Indian retail health insurance company, has made a significant move by elevating its Chief Operating Officer (COO) and Chief Marketing Officer (CMO) to whole-time directors and designating them as key managerial personnel. This decision is subject to approval from the Insurance Regulatory and Development Authority of India (IRDAI). The appointments of Amitabh Jain as COO and Himanshu Walia as CMO will become effective once the necessary approval is received.
Amitabh Jain, the newly elevated COO, brings over 25 years of experience in financial services to the table. Prior to joining Star Health in 2023, he was a founding member of ICICI Lombard, where he developed a deep understanding of operational excellence and strategic growth. Jain holds an engineering degree, an MBA, and is a CFA charter holder. His expertise is expected to drive the company’s operational efficiency and strategic expansion.
Himanshu Walia, the elevated CMO, has over 22 years of experience in the insurance industry. He has been an integral part of Star Health Insurance since 2007 and has made significant contributions to building the company’s brand and market presence. Before joining Star Health, Walia held senior positions at ICICI Lombard and Tata AIG. He holds an MBA in marketing and is well-equipped to drive the company’s marketing efforts.
The elevation of these two experienced professionals demonstrates Star Health Insurance’s focus on enhancing its leadership depth and driving future growth. The company boasts a strong multi-channel distribution network, with 913 offices, over 14,000 network hospitals, and a vast network of licensed agents and financial institution partners. In the fiscal year 2025, Star Health’s gross written premium stood at Rs. 17,553 crore, with a net worth of Rs. 8,668 crore. With a robust foundation and experienced leadership, Star Health Insurance is well-positioned for continued growth and success in the Indian retail health insurance market.
Two insurance firms resume cashless facility at Ahmedabad’s Ahmedabad Nursing Home Association (AHNA) hospitals.
The Ahmedabad Hospitals & Nursing Homes Association (AHNA) has reinstated the cashless facility for policyholders of Star Health Insurance and Care Health Insurance. This decision was made after both insurance companies committed to resolving outstanding issues related to claim settlements and service delays.
The suspension of cashless facilities for these insurance companies was initially announced on April 2, along with Tata AIG, due to unresolved issues. During the suspension, patients were advised to opt for reimbursement options, and hospitals were instructed to minimize inconvenience to patients. AHNA took this action as part of a broader movement against defaulting health insurance companies, aiming to protect the interests of healthcare providers.
However, following discussions with Star Health Insurance and Care Health Insurance, both companies expressed their commitment to resolving outstanding issues in a timely and constructive manner. In response to this positive development, AHNA decided to resume cashless facilities for policyholders of these two insurance companies.
This move is expected to provide relief to patients holding policies with Star Health Insurance and Care Health Insurance, who can now avail of cashless treatment at AHNA member hospitals without facing financial burdens. The resumption of cashless facilities is a significant step towards ensuring seamless healthcare services for policyholders.
The decision to suspend cashless facilities was a collective effort by AHNA to address the long-standing issues with health insurance companies. By taking a strong stance, AHNA aimed to prompt insurance companies to take responsibility for their obligations and work towards finding solutions. The successful resolution with Star Health Insurance and Care Health Insurance sets a precedent for other insurance companies to follow, promoting a more cooperative and efficient healthcare ecosystem.
AHNA Lifts Suspension on Care and Star Insurance
The Ahmedabad Hospitals & Nursing Homes Association (AHNA) has lifted its suspension on cashless facilities for policyholders of Care Health Insurance and Star Health Insurance. The decision comes after constructive dialogue between AHNA and the two insurance companies, which resulted in a commitment to resolve pending issues related to delayed claim settlements and service inefficiencies. AHNA had initially suspended cashless services for Care, Star Health, and Tata AIG Insurance on April 2, 2025, citing unresolved concerns.
According to AHNA president Dr. Bharat Gadhvi, the association held productive meetings with senior representatives of Care Health and Star Health Insurance, who demonstrated a genuine commitment to resolving the pending issues in a timely and constructive manner. As a result, AHNA has reinstated cashless facilities for Care and Star Health policyholders with immediate effect. All AHNA-affiliated hospitals and nursing homes have been instructed to resume cashless services for clients of these two insurance companies.
However, the suspension on Tata AIG Insurance remains in place, as the insurer and AHNA have yet to reach a resolution. AHNA had suspended cashless services for Tata AIG, along with Care and Star Health, due to unresolved concerns over delayed claim settlements and service inefficiencies. The association’s decision to lift the suspension for Care and Star Health Insurance is seen as a positive development, but the ongoing standoff with Tata AIG continues to be a concern.
AHNA’s actions are part of its broader “Movement Against Defaulting Health Insurance Companies,” which aims to safeguard the interests of healthcare providers and promote accountability among insurers. The association has been urging patients to opt for reimbursement during the suspension period, assuring that member hospitals would do their best to minimize inconvenience. With the reinstatement of cashless facilities for Care and Star Health policyholders, patients can now access medical services without having to pay out-of-pocket expenses. However, the situation with Tata AIG remains unresolved, and it is unclear when the suspension will be lifted.
Tata AIA Life’s Smart Pension Secure Plan is redefining the concept of retirement for the modern Indian, offering a secure and fulfilling post-work life.
Tata AIA Life’s Smart Pension Secure Plan is a comprehensive retirement solution designed to meet the evolving needs of modern Indians. In today’s fast-paced and unpredictable world, retirement planning has become a pressing concern for many individuals. The plan aims to provide a secure and stable financial foundation for retirement, allowing individuals to maintain their lifestyle and pursue their passions without worrying about financial constraints.
The Smart Pension Secure Plan offers a unique combination of benefits, including a guaranteed pension, life insurance coverage, and flexibility to customize the plan according to individual needs. The plan provides a guaranteed pension for a specified period, ensuring a steady income stream during retirement. Additionally, it offers a life insurance cover, which provides a lump sum payment to the nominee in the event of the policyholder’s unfortunate demise.
One of the key features of the plan is its flexibility, allowing policyholders to tailor it to their specific requirements. Individuals can choose from various pension options, including a leveled pension, increasing pension, or a pension with a return of purchase price. The plan also offers the option to increase the pension amount at a later stage, providing the flexibility to adapt to changing financial needs.
The Smart Pension Secure Plan is designed to cater to the diverse needs of Indians, regardless of their age, income level, or occupation. It is an ideal solution for individuals who are nearing retirement, as well as for those who are just starting their careers and want to plan ahead. The plan is also suitable for individuals who are self-employed, freelancers, or those working in the gig economy, who may not have access to traditional retirement benefits.
Tata AIA Life’s Smart Pension Secure Plan is a testament to the company’s commitment to providing innovative and customer-centric insurance solutions. By reimagining retirement planning, the company aims to empower Indians to take control of their financial future and live a secure and fulfilling life after retirement. With its comprehensive benefits, flexibility, and customization options, the Smart Pension Secure Plan is an attractive proposition for individuals seeking a reliable and stable retirement solution.
In conclusion, Tata AIA Life’s Smart Pension Secure Plan is a pioneering retirement solution that addresses the unique needs of modern Indians. By providing a guaranteed pension, life insurance coverage, and flexibility to customize the plan, it offers a comprehensive and secure financial foundation for retirement. As Indians continue to navigate the complexities of modern life, the Smart Pension Secure Plan is an excellent option for those seeking to secure their financial future and live a fulfilling life after retirement.
TATA AIG broadens its health insurance coverage to increase accessibility.
TATA AIG General Insurance has launched a new health insurance product, MediCare Select, as part of its expansion strategy in India’s retail health segment. The company aims to strengthen its presence in non-metropolitan regions and diversify its health portfolio. The launch of MediCare Select is a key step towards achieving this goal, and the company plans to increase its hospital network from 11,500 to over 14,000 by the end of fiscal year 2027.
MediCare Select is designed to respond to evolving consumer demands and offers a range of optional features, including unlimited reinstatement of the insured sum, coverage for high-cost claims, and outpatient treatment coverage. The product also includes additional options such as maternity-related benefits, daily hospital cash support, and premium discounts for salaried individuals and families with younger members.
According to Mr. Neel Chheda, Chief Underwriting and Data Science Officer at TATA AIG, the product is designed to provide meaningful protection that aligns with the changing healthcare needs of consumers. He noted that medical costs are rising and health conditions are evolving, and MediCare Select enables individuals and families to stay covered without compromise.
The launch of MediCare Select is also part of TATA AIG’s efforts to tap into untapped markets and population segments with lower insurance penetration. The company expects Tier 2 and Tier 3 cities to account for 35% of its health business by the end of fiscal year 2027, up from 26% currently. With the growing adoption of its retail health offerings over the past three years, TATA AIG is confident that MediCare Select will help extend its reach to more geographies and segments, ensuring broader access to quality healthcare.
Overall, the launch of MediCare Select is a significant milestone for TATA AIG General Insurance, and the company is well-positioned to capitalize on the growing demand for health insurance in India. With its comprehensive features and flexible options, MediCare Select is an attractive offering for individuals and families seeking quality health insurance coverage.