DIMAPUR, OCTOBER 18 (MExN): The Authorities of Nagaland has introduced a partnership with Tata AIA Life Insurance coverage to implement the “Chief Minister’s Common Life Insurance coverage Scheme” (CMULIS), which is able to present life insurance coverage protection to residents aged 18 to 60. The initiative is geared toward enhancing monetary safety for households, particularly these belonging to low-income teams and employed in unorganized sectors.
The scheme will supply an insurance coverage cowl of INR 2 lakh to the first incomes member of the household. This monetary security internet is meant to help households within the occasion of the breadwinner’s demise. The State Authorities will bear the insurance coverage premium prices, making the scheme accessible to a big part of the inhabitants, together with authorities staff, who might be robotically enrolled as their household’s major breadwinner.
Chief Minister Neiphiu Rio, whereas asserting the partnership, expressed optimism concerning the scheme’s influence. “I’m extraordinarily completely satisfied to associate with Tata AIA Life Insurance coverage and launch this scheme for the working inhabitants of Nagaland. By this program, we’re making life insurance coverage accessible to Naga folks. We hope to enroll all incomes inhabitants in Nagaland beneath this scheme, thereby making certain the monetary safety of a number of households.”
Tata AIA Life Insurance coverage’s Managing Director and CEO, Venky Iyer, emphasised the importance of the partnership. “We’re honored to be a part of the Chief Minister’s Common Life Insurance coverage Scheme – Nagaland. This landmark initiative by the Authorities will be certain that the folks of Nagaland, particularly these in weak segments or employed in unorganized sectors, profit from the protection internet of life insurance coverage. This inclusive scheme will guarantee monetary safety and peace of thoughts for the households of Nagaland.”
Jeelani Basha, President and Chief Distribution Officer of Tata AIA Life Insurance coverage, added, “Our partnership with the Authorities of Nagaland will allow us to offer life insurance coverage protection to almost 3.5 lakh folks within the state. We’re dedicated to working along with the Authorities on this initiative.”
Tata AIA Life Insurance coverage is a three way partnership between Tata Sons Pvt. Ltd. and AIA Group Ltd., the most important unbiased listed pan-Asian life insurance coverage group. Tata AIA ranks amongst India’s prime non-public insurers, with a premium revenue of INR 25,692 crore in FY24, reflecting a 25% enhance from FY23. The corporate’s Particular person Demise Claims Settlement ratio stands at a formidable 99.13%, underscoring its dedication to offering complete protection and buyer satisfaction.
About Tata Group
Based in 1868, the Tata Group operates throughout 100 international locations, comprising over 30 corporations. The group’s collective income for 2023-24 was over $165 billion, with a workforce of greater than 1 million staff. Tata corporations operate independently, guided by their very own boards of administrators, with 26 of them publicly listed.
About AIA Group
AIA Group Restricted, based in 1919 in Shanghai, is the most important unbiased publicly listed pan-Asian life insurance coverage group. The group has operations in 18 markets, and as of December 31, 2023, it held property price US$286 billion. By its community of brokers and companions, AIA serves over 42 million policyholders and 18 million group insurance coverage members throughout Asia, providing life, well being, and pension companies.
