TATA AIG Life InsuranceIndia
Tata AIG Life Insurance Company Limited is a joint venture company formed by the joining hands of the prestigious Tata Group and the renowned American International Group, Inc. Tata AIG Life combines the Tata Group's pre-eminent leadership position in India and AIG has global presence and is one of the world's leading international company offering insurance and financial services. The Tata Group holds 74 per cent of stake in the insurance venture while AIG holds the remaining 26 per cent as per the rules laid down by the Indian government.
Tata AIG Life Insurance Company Ltd. received the license from IRDA to operate as an Insurance company in India on February 12, 2001. They started their operations on April 1, 2001. Currently, Tata AIG covers 30 lakh population of the country. The total premium income of the company in the last fiscal was Rs.2,100 crore, representing a 53% growth over the corresponding figure of Rs.1,367 crore in 2006-07 fiscal year. By June 2009, the company plans to add 150 more branch offices across the country taking the total to 500 network offices. Along with its huge network, it is also well equipped by its skilled sales force.
Tata AIG Life provides an entire range of life insurance solutions to individuals, associations and corporate. They also provide tailor made additional coverage to ensure the customers an insurance product specially designed to fulfill their needs.
Recently, Tata AIG Life and South Indian Bank entered into an alliance to provide premium renewal collection services to Tata AIG Life customers throughout the country. The facility will be available across 520 Core Banking Solution branches of South Indian Bank. The arrangement enables the customers of Tata AIG Life to make renewal premium payments by cheque or cash upto Rs.49,999/- at any of the branches of South Indian Bank. This is a value added service provided by the company to its customers.