In a groundbreaking move, Tata AIA Life Insurance has unveiled a new facility that allows customers to conveniently pay their premiums through WhatsApp and Unified Payments Interface (UPI).
This announcement marks an industry first, as Tata AIA leverages the immense popularity of WhatsApp, with approximately 500 million users in India, and the widespread adoption of UPI, boasting over 300 million users.
The company’s Executive Vice President and Head of Operations, Sanjay Arora, highlighted the collaboration with WhatsApp and PayU in developing this in-house feature.
Tata AIA has also ensured a seamless premium collection experience by incorporating digital innovations, available in English, Hindi, Tamil, Gujarati, and Bengali.
Impressive Financial Performance Boosts Tata AIA Life Insurance
Tata AIA Life Insurance has experienced a remarkable surge in net income during the previous fiscal year. The company’s net income skyrocketed to Rs 506 crore, a significant leap from the previous year’s Rs 71 crore.
Likewise, the new business premium for the Tata Group company reached Rs 7,093 crore, reflecting a substantial 59% increase compared to the 2022 fiscal year when it stood at Rs 4,455 crore.
Tata AIA Life Insurance has secured the third position in terms of business premium segment income among private life insurance companies.
Dividend Declaration for Policyholders by Tata AIA Life Insurance
In a move that underscores its commitment to policyholders, Tata AIA Life Insurance has announced a dividend of Rs 1,183 crore for the last fiscal year, marking a 37% increase compared to the previous year.
This dividend distribution represents an unprecedented milestone for the company. Tata AIA has consistently rewarded its policyholders with bonuses in previous years, including a bonus of Rs 861 crore in the 2022 fiscal year.
