Insurer to give additional benefits for COVID-19 claims

By Jimmy John

Tata AIA, a private life insurer in India, has announced additional benefits to its individual policyholders and its agents for COVID-19.

All individual policyholders of the company will get additional benefit equal to the base sum assured or INR 500,000 ($6,500) whichever is lower for valid death claims due to COVID-19 at no additional cost. This benefit is applicable for all valid death claims which occurs on or before 30 June 2020.

Apart from this, all ‘active’ agents of the company along with their spouse and children will be reimbursed up to INR25,000 in case of hospitalisation due to COVID-19, which is an industry first initiative.

The scheme for agents is valid till 30 June 2020. The company has already put in place several measures to provide for its employees during this crisis period and this includes a ‘mediclaim’ policy for employees and their families and an emergency medical funds trust which can be used for COVID-19 diagnosis and for hospitalisation expenses.

Tata AIA managing director and CEO Rishi Srivastava said that the current situation was an opportunity for everyone to come forward and serve society. “We are going above and beyond the promise made to our policyholders and by being there for our agents when it’s most needed,” he said. All employees and agents of the company are working completely on a digital platform from the comfort of their homes to ensure a full suite of services to consumers.

Asia Insurance Review

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