Protection gap is the difference between the resources needed, and the resources already available for dependants to maintain themselves and their living standards, if the prime working member is no longer able to support or provide for the family.
In the last few years, the protection gap for Indian households has grown significantly and today the protection gap for Indian households is nearly 92 %. Indeed, most Indian families are living behind the time when it comes to their life insurance and this fact forms the theme of Tata AIA Life's 'Catch Up with the Times' campaign.
A tongue-in-cheek look at an era gone by, the campaign features families dressed in yesteryear's fashion coupled with an old background score. While the visuals evoke a sense of nostalgia, the undercurrent feeling is that the bygone era is best left behind. The campaign reminds the viewers of the years gone by in a satirical way, while subtly introducing the brand's message on how most Indian families are living behind the times when it comes to their insurance cover; and how they can now assess their right value by using Tata AIA Life's 'Catch Up Calculator'.
The brand wishes to make more and more people aware about the life cover disparity In India and get them to update their life cover. What is particularly interesting about the 'Catch Up' Calculator is that it offers users two options - a quick calculator and an advance check - allowing consumers to calculate their protection gap within 30 seconds to 2 minutes based on the option selected.
Overall, the campaign has created quite a buzz and was successful in garnering impressions across social media with over 408,922 views. This campaign stood out for the way it was curated, planned and executed.
Keeping up with the spirit of the digital campaign, the brand had also created customized employee videos and uploaded them on their Facebook page. These videos generated over 14 lac (YouTube and Facebook) views, 3875 likes and were shared 778 times.