Tata AIA Life Insurance today announced the launch of ‘Revive’, an initiative to reinstate lapsed insurance policies. As part of the scheme, customers will be given waivers on health certificate and interest for selected lapsed policies (subject to underwriting exclusions and other terms and conditions of the policy). The offer will be valid till November 30, 2016.
Often, for a number of reasons, policy holders cannot pay their premiums even after the grace period. The inevitable happens and the insurance policy gets lapsed. Once lapsed, the policy will not provide any benefit or coverage to the consumers, exposing them and their loved ones to financial risks. This is an undesirable scenario dreaded by most policy holders. Tata AIA understands the inconvenience the lapse can cause customers, since sometimes theymay fail to pay the premium due to unavoidable circumstances.
In order to protect their customers, Tata AIA Life, through the Revive initiative, will reinstate lapsed policies with premium due from January 1, 2012 with thesubject to terms and conditions of the offer.As a mark of its commitment towards its loyal customers, the company has extended the offer even to those policy holders who have not paid their premium after 4th policy year.
Commenting on the Revive campaign, Amitabh Verma, Chief Operating Officer, Tata AIA Life said, “Revival of life insurance policy is like extendinga helping hand for policyholders to safeguard their familiesfinanciallyalong with the benefit ofno additional premium cost. It is anopportunity for all those who were unable to pay their premium on the due date. The initiative is a part of our endeavours to reduce the protection gap in the country andsimplifying processes for better customer experience.”
Tata AIA Life has introduced a host of initiatives to improve the customer experience.These initiatives include introduction of a service charter where the customers are promised pre-defined timelines to address proposal processing, service request, pay-out process, claim processing and grievance redressal. Addressing grievances, an important step in enhancing customer experience, also provides valuable consumer insights, which can be used to boost customer satisfaction. Keeping this in mind, the company has devised a robust escalation matrix to help the customers manage their policies and connect with senior management of the company effectively in the time of major grievances.
The initiatives taken by Tata AIA Life in the area of claim settlement have translated into promising results. The organisation has registered an individual claim settlement ratio of 96.8 percent for FY15-16, which is one of the best in the private life insurance sector in India. This is an improvement from the previous year’s 94.5 percent. The Company has also gone the extra mile to ensure that all the claims received were decided by the end of the financial year, leaving no instance of an outstanding claim.