DIMAPUR, OCTOBER 18 (MExN): The Government of Nagaland has announced a partnership with Tata AIA Life Insurance to implement the "Chief Minister's Universal Life Insurance Scheme" (CMULIS), which will provide life insurance coverage to residents aged 18 to 60. The initiative is aimed at enhancing financial security for families, especially those belonging to low-income groups and employed in unorganized sectors.
The scheme will offer an insurance cover of INR 2 lakh to the primary earning member of the family. This financial safety net is intended to support families in the event of the breadwinner's demise. The State Government will bear the insurance premium costs, making the scheme accessible to a large section of the population, including government employees, who will be automatically enrolled as their family's primary breadwinner.
Chief Minister Neiphiu Rio, while announcing the partnership, expressed optimism about the scheme's impact. “I am extremely happy to partner with Tata AIA Life Insurance and launch this scheme for the working population of Nagaland. Through this program, we are making life insurance accessible to Naga people. We hope to enroll all earning population in Nagaland under this scheme, thereby ensuring the financial security of several families.”
Tata AIA Life Insurance’s Managing Director and CEO, Venky Iyer, emphasized the significance of the partnership. “We are honored to be part of the Chief Minister's Universal Life Insurance Scheme - Nagaland. This landmark initiative by the Government will ensure that the people of Nagaland, especially those in vulnerable segments or employed in unorganized sectors, benefit from the safety net of life insurance. This inclusive scheme will ensure financial security and peace of mind for the families of Nagaland.”
Jeelani Basha, President and Chief Distribution Officer of Tata AIA Life Insurance, added, “Our partnership with the Government of Nagaland will enable us to provide life insurance coverage to nearly 3.5 lakh people in the state. We are committed to working together with the Government in this initiative.”
Tata AIA Life Insurance is a joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd., the largest independent listed pan-Asian life insurance group. Tata AIA ranks among India’s top private insurers, with a premium income of INR 25,692 crore in FY24, reflecting a 25% increase from FY23. The company’s Individual Death Claims Settlement ratio stands at an impressive 99.13%, underscoring its commitment to providing comprehensive coverage and customer satisfaction.
About Tata Group
Founded in 1868, the Tata Group operates across 100 countries, comprising over 30 companies. The group’s collective revenue for 2023-24 was over $165 billion, with a workforce of more than 1 million employees. Tata companies function independently, guided by their own boards of directors, with 26 of them publicly listed.
About AIA Group
AIA Group Limited, founded in 1919 in Shanghai, is the largest independent publicly listed pan-Asian life insurance group. The group has operations in 18 markets, and as of December 31, 2023, it held assets worth US$286 billion. Through its network of agents and partners, AIA serves over 42 million policyholders and 18 million group insurance members across Asia, offering life, health, and pension services.
