Tata AIA Life Insurance asks Indians to Catch Up with the Times

In view of the fact that majority of the population in India is under-insured despite having life insurance, Tata AIA Life Insurance - a joint venture between the Tata Sons and AIA Group - has recently kick-started a new digital campaign titled ‘Catch Up with the Times’.

Its foremost aim is to make Indians aware of the alarming protection gap of 92.2% that is prevailing in the country and encourage more people to use what’s called a ‘Catch up calculator’. This tool, the company says, will help people learn about their protection gap so that they can update their life insurance cover accordingly.

Now, what is a protection gap exactly? It’s the difference between the resources needed and the resources already available for dependents to maintain their living standards when the prime working member is no longer able to support the family.

Notably, the protection gap for Indian households, as per the company, has grown significantly in the last few years. Citing a recent study in this regard, Tata AIA Life states that the protection gap for the entire population of India has been estimated at $8,555 billion (approximately Rs 563 lakh crore) in 2014. According to the Asia Pacific mortality protection gap by Swiss Re, a typical Indian household has only 7.8 % of savings and insurance in place, leaving a huge mortality protection gap of about 92.2%.

Highlighting this, the new campaign showcases a nostalgic video that takes us back in time and, ends with a powerful message that many Indian families are living behind the times and how it’s time to catch up!



Describing the video, Tata AIA Life says, “that every year we update our homes, our cars, our phones… our standards of living. This year many Indian families will be updating their life insurance cover as well. You too can resolve to fully protect your family by choosing a cover that’s right for your current needs and lifestyle.”

Since India’s mortality protection gap reflects a worrying figure, Tata AIA Life’s campaign will help India understand the importance of ‘Catch Up Calculator’ – a tool which will be instrumental in exploring the need for long-term savings and protection solutions in the country.

(This article is sponsored by Tata AIA Life Insurance)