afaqs! news bureau

Tata AIA Campaign Encourages Women to Take Control of Their Dreams

In TATA AIA’s Women’s Day spot, the woman aspires to own a car for her family and decides to chase that wish by taking matters into her own hands through a savings plan.

Tata AIA Life Insurance (Tata AIA), one of India’s leading Life Insurance Companies has unveiled a women-centric digital campaign, “Empowering You To Achieve Your Dreams”, that is aimed at empowering Indian women to take control of their financial planning while fulfilling their dreams and aspirations.

The campaign has been launched with simple, clear, and inspirational messaging. The film showcasing a creative take on the independent spirit of every modern Indian woman. She aspires to own a car for her family and decides to chase that wish by taking matters into her own hands through a savings plan like TATA AIA’s Guaranteed Tax Free Income Plan. The income generated from the plan can help her realise her dreams, without having to depend on anyone.

Speaking on the launch, Girish Kalra, Chief Marketing Officer, Tata AIA Life Insurance, said, “At Tata AIA, women are a key consumer segment for us. Our research studies on this front clearly reveal that today’s woman is aspirational and seek financial independence to be able to realise her dreams. We are delighted to celebrate her progressive thinking and align ourselves with her thoughts. Our latest woman-centric campaign is a step forward to enable her to realise her financial independence and fulfil her aspirations in life. We have introduced specific solutions such as the Tata AIA Guaranteed Income plan that enable our women consumers to receive guaranteed tax-free income over the long term and utilize the funds to fulfil their aspirations.”

The task of creating the campaign was entrusted to a creative agency and production powerhouse, FCB Ulka. Sharing his experience, Kulvinder Ahluwalia – Chief Executive Officer, FCB Ulka Pvt. Ltd, added, “In today's day and age, women are more independent than ever. They handle their own finances, pursue their goals, and take control of their lives. Through this campaign, Tata AIA Life Insurance recognizes and shows how financially independent women make for an unstoppable force to fulfil their dreams and ambitions.” 

A recent study by Tata AIA on women and financial independence revealed that while Indian women are moving towards gaining financial stability, they are yet to be financially independent. Most working women and housewives are still dependent on their fathers and spouses to take key financial decisions with regards to saving or investing.

Key insights from the survey are encapsulated below – 

✓ Financial Dependency - The survey findings indicated that 89% of married women depend on their fathers or spouses for financial planning. Thus, marriage is one of the foremost deterrent factors in impeding the independence in financial decision making for women. 

✓ Independence for planning finances - For 39% of the women covered in the survey, financial planning is restricted to planning the monthly budget. Of 42% of the women who have a better understanding of financial planning, only 12% are homemakers. According to the survey findings, for most women being financially independent does not necessarily mean they have the freedom to make their finance related decisions. Among the working women, 59% do not independently take decisions on their finances. The ratio is higher in tier 3 markets, where 65% of working women do not take independent financial decisions. 

✓ Intent towards Financial Planning - Given a choice, however, 44% of women are willing to make their own financial decisions. Encouragingly, in tier-2 markets, women are warming up to the idea of making their own financial decisions. Increased awareness of their rights and a general lifestyle upgrade could contribute to this change. 

It is keeping the findings from the above survey, that Tata AIA decided on the theme of the campaign of helping women consumers find the right footing in the space of financial investing. Tata AIA products also provide an added incentive to women consumers in terms of special discounts, preferred rates of interest, and loans are reduced rates to fulfil all the financial aspirations for themselves and for their loved ones.

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