Tata AIA Life offers additional benefits for policyholders related to COVID-19

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Published: April 3, 2020 5:20:39 PM

The additional benefit offered by Tata AIA, wherein they will offer additional benefit equal to the base sum assured or Rs 5 lakh whichever is lower for valid death claims due to coronavirus.

Coronavirus outbreak, Novel Coronavirus COVID-19, Coronavirus Support Plan, life insurance, health insurance, Insurance Regulatory and Development Authority of India, IRDAI, health insurance, disease-specific insurance plans, death claim, Tata AIA life insurance announced additional benefits relating to COVID-19 for policyholders at no additional cost.

Tata AIA Life Insurance has announced additional benefits relating to COVID-19 for policyholders at no additional cost. This feature will also be extended to agents of the insurance company. The insurer will give its individual policyholders COVID-19 related additional benefit up to Rs 5 lakh at no additional cost. The additional insurance offered by Tata AIA Life will be extended to all their retail policies, including Endowment or ULIP, Term, and TROP.

Rishi Srivastava, MD, and CEO, Tata AIA Life Insurance said, “This situation is like never before. People should come forward and serve society, and we have upheld our promise to policyholders which are especially critical during such times, by extending protection to all near and dear to Tata AIA Life Insurance.”

What does the additional benefit offer?
Further, the offer was extended to its own agents, wherein all ‘active’ agents of the insurance company along with their spouse and children, in case of hospitalization due to COVID-19 will be reimbursed up to Rs 25,000. The current situation of present times has led to a high level of uncertainty and the company says it is their way of showing solidarity and giving back to society.

The additional benefit offered by Tata AIA, wherein they will offer additional benefit equal to the base sum assured or Rs 5 lakh whichever is lower for valid death claims due to coronavirus.

Note that this benefit will be extended for all valid death claims with a date of death on or before 30th June 2020. Additionally, the agents of Tata AIA’s along with their spouse and children are also entitled to up to Rs 25,000 on hospitalization if diagnosed with COVID-19 on or before 30th June 2020.

For policyholders as death benefit as a result of COVID-19 will either be 100 per cent of their base sum assured up to Rs 5 lakh, whichever is lower. For active agents, on hospitalization on account of COVID-19, hospital reimbursement up to Rs 25,000 will be offered as hospitalization expenses incurred on or before 30th June 2020, or in case of death occurred.

Who will not get the benefit?
The offer from Tata AIA life for its policyholders will only cover individual policies and will not be extended for individuals covered under any group policy. Its additional benefit would be customer-basis, hence, customers owning multiple policies would be eligible for the additional benefit for one claim only.

The company has reached its policyholders and are in touch with them through various digitally-enabled mediums, such as WhatsApp services, SMS services, email, and IVRto help policyholders get seamless engagement and redressal in case of any query.

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