Tata AIA Life Insurance is taking steps to enhance its presence in the health insurance sector by offering a broader range of policies. The company’s goal is to provide short-term health insurance and indemnity plans, pending the approval of the Insurance Regulatory and Development Authority of India (Irdai) to allow insurers a composite license for life and non-life policies. Currently, Tata AIA specializes in long-term health covers with fixed benefits.
Naveen Tahilyani, the Managing Director and CEO of Tata AIA, expressed the company’s keen interest in venturing into short-term health coverage, particularly indemnity plans. Tahilyani emphasized that as a life insurance company, Tata AIA is already capable of offering longer-term health plans with fixed benefits and intends to increase its focus on such policies this year.
Tahilyani also highlighted the potential value-added services that Tata AIA could provide if the law were amended. One such service is their ‘vitality’ program, designed to improve policyholders’ overall health and well-being. If permitted by the revised regulations, this program could be integrated into their life insurance products. Additionally, Tata AIA currently offers a personal care management service through Medix, which offers consultations with leading doctors worldwide. They also provide teleconsultation services with doctors via Practo for select products.
Over the past decade, Tata AIA has experienced a remarkable resurgence, climbing from 17th place to being ranked among the top five insurers in FY23. Tahilyani attributed this achievement to the company’s strategic focus on protection-oriented policies. In terms of retail annualized premium earnings (APE), Tata AIA has now secured the third position in the market.
With their commitment to expanding their health coverage offerings and providing innovative value-added services, Tata AIA Life Insurance aims to cater to the evolving needs of customers and further strengthen its position in the insurance industry.