PremiumA revolutionary wellness programme called Tata AIA Vitality has been launched by Tata AIA Life Insurance (Tata AIA), a leading life insurer in India. It is offered through its rider packages, Vitality Protect and Vitality Health. With this introduction, Tata AIA makes the well-known Vitality platform—which is already accessible in 40 countries and has benefited more than 30 million individuals over the course of 25 years—available to users in India. Tata AIA customers have access to a user-friendly smartphone app that they may use to access health checkups and engage in wellness activities, leading to a better lifestyle. Additionally, customers receive an upfront discount and premium renewals.
Utilizing data-driven analytical tools, the Tata AIA Vitality wellness programme encourages customers to take significant steps to achieve overall well-being. The UI for mobile apps is divided into three parts:
Know Your Health – Enables consumers to assess their current health and wellness status
Improve Your Health – Comprises weekly challenges and activities that consumers can participate in to improve their mental, physical, and social wellbeing
Get Rewarded – Helps consumers avail discount on premiums upon reaching specific wellness milestones.
By purchasing riders offered with Tata AIA's insurance products for term, saving, and retirement, customers may access this comprehensive wellness platform. Customers can buy riders for a nominal additional price in addition to the primary insurance policy and receive valuable benefits. Along with allowing customers the opportunity to enhance their term insurance coverage, the Vitality Protect rider provides comprehensive coverage against events including accidental death and accidental total and permanent disability. The Vitality Health rider provides benefits including critical illness insurance and daily cash in the event that a person requires hospitalisation.
Speaking on the occasion, Venky Iyer, President & Chief Distribution Officer, Tata AIA Life Insurance, said, “At Tata AIA, we are driven by our value of consumer obsession. We continuously evolve in line with the changing needs of consumers and ensure introduction of innovative and consumer centric solutions. Introducing Vitality proposition is a significant step in our transition from a Payor to Partner. We are confident that our initiative will provide the opportunity to our consumers to adopt a healthier lifestyle and give them additional benefits, over and above what they enjoy from our other solutions"
Commenting on the announcement, Barry Swartzberg, CEO of the Vitality Global, said, “We are very proud to be associating with TATA AIA to expand the reach of Vitality program and its ability to make millions of people healthier. This is a significant milestone for us as the addition of India to the list of countries linking Vitality to insurance marks the 40th market across the globe."
On launching the initiative, Neeraj Chopra, Tata AIA Brand Ambassador said, “The importance of being healthy and agile, cannot be emphasized enough. But being healthy is going beyond mere physical fitness and needs to encompass all facets including mental, nutritional, and social fitness. I am proud to be a part of the launch of Tata AIA Vitality in India, as I believe this is a significant step taken in changing how we view wellness. By incentivising good health, Tata AIA Vitality will contribute to transforming the health status of Indians."
The Vitality Wellness Program was established in South Africa more than 20 years ago, and it is led by the amount of data and information available to it. Utilizing its enormous data asset, which consists of behaviorally linked insurance data spanning more than 50 million life years, Vitality can constantly improve its model. It employs actuarial savings, which are based on reliable clinical and scientific studies, to encourage healthier lifestyle habits. The age-based assessment offered by the app-based wellness programme informs users about their health objectives, how to live a healthier lifestyle, and how to avoid any conditions that can increase their risk of illness. Using a study of 14 modifiable health risk variables, individuals are assessed for potential health hazards. Customers' convenience has been carefully considered by the app, which allows users to access their Virtual Health Record (VHR) both online and on the app. According to scientific research, programme participants live longer and spend less money on healthcare.
Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons Pvt. Ltd. and AIA Group Ltd. (AIA). Tata AIA Life brings together Tata's dominant status as a leader in India with AIA's reputation as the largest, independent listed pan-Asian life insurance firm in the world, operating in 18 markets in the Asia Pacific region. The overall premium income of Tata AIA Life climbed to INR 14,445Cr for the fiscal year 2021–2022—a 30% jump. The company reported a Retail New Business Weighted Premium of INR 4,455 Cr. for the same period. The company's 13th-month persistency was 87.8%, while the ratio for settling individual death claims was 98.53%. Tata AIA Life, one of the Life Insurance industry's fastest-growing businesses, kept its position as the fifth-ranked company based on Individual Weighted New Business Premium.