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Knowledge Base Life Insurance Basics Tata AIG Life Insurance
Thursday, 27 January 2011 16:08

Tata AIG Life Insurance

Written by  Yashish Dahiya
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Tata AIG Life Insurance:


Incorporated in February, 2001 Tata AIG is the joint venture between Tata Group – multi business conglomerate and AIA- Asian unit of American International Group (AIG), US based insurance organization. Tata Sons holds a majority stake 74% and AIA holds 26% equity in the joint venture.

Product Portfolio:


Tata AIG Life has vast portfolio of insurance products:

Retirement Plan: Better known as Pension plan, this plan takes care of financial needs after retirement by investing a part of your savings for limited period. With rising inflation, it’s absolutely necessary to make provisions for the future which makes retirement plan an important financial decision.  Pension plan provides steady income after retirement and takes care of daily needs. The pension plans offered by Tata AIG Life are Nirvana, Nirvana Plus, Assure Golden Years, Life MahaLife Gold and Easy Retire.

Child Plan: Parenthood brings responsibilities and no one is better judge of that than you. Child Plan is a plan specifically designed to take care of financial needs of your child. Child plan provides with necessary funds that will take care of child’s education, marriage etc. By investing small portion of your savings you secure the financial end of your child. Child plans of Tata AIG Life are called StarKid, Assure Career Builder, Assure Educare, Tata AIG Life Assure 21 years Money Saver Plan, MahaLife Gold and Assure 10/20/30 years Security & Growth.

Term Plan: A risk plan which provides comprehensive cover for your family in the unfortunate event of untimely demise. A term life insurance plan provides good cover at relatively nominal cost and has no survival benefits. Tata AIG Life term plans are Raksha, LifePlus and Assure Lifeline Plans.

Investment Plan:
Popularly known as ULIP, an investment plan invests part of your savings in equity or debt market as per your preference. The objective of investment plan is to give you returns which easily beat the rising costs since the usual returns in a bank are extremely low. ULIP’s offered by Tata AIG Life are Maha Guarantee, Maha Guarantee Flexi, Assure 10/20/30 Security & Growth, Assure Golden Years, Assure 21 years Money Saver Plan, ShubhLife, Lakshya Supreme, InvestAssure Flexi Supreme, InvestAssure Plus Supreme and United Ujjwal Bhawishya Supreme.

Health Plan: Slightly different from health insurance, health plan provides cover for surgery costs, critical illness. A lump sum is paid irrespective of actual hospital bill. Health First, Health Protector, Health Investor and Hospi CashBack are Tata AIG’s health plan.


Distribution Network:


The company is headquartered in Mumbai and has some 200 offices in the country. Tata AIG life has also tie ups with corporate agents for distribution. Tata AIG products like Mahalife Gold, Nirvana and Health First are available online.

Financial Information:


The total premium earned for the half year ended September 30, 2010 was Rs 17,767 million. The profit after tax for the same period is Rs 526 million. A total of 1,105 claims were made during the period out of which 909 claims were settled and 170 cases were rejected.

Marketing Campaigns:


Tata AIG began its campaign with corporate slogan of “With You Always”. Tata AIG life signed up with popular TV commentator Harsha Bhogle and Bollywood icon Naseerudin Shah to be its brand ambassadors. In a changing environment, slogan was shifted to “A new look at life” which meant that Tata AIG would be proactive and anticipate the requirements of customers. In 2009, in an attempt to stand out, Tata AIG created two animated characters- Sukhi & Dukhi to communicate their products. Dukhi voices the concerns in the customer’s mind while Sukhi answers those issues.

Distinctions:


 

  • Tata AIG Life Insurance Company (Tata AIG Life) has been awarded the LOMA (Life Office Management Association) award for outstanding professional life insurance education of its employees. ( 2004)
  • The globally renowned Life Insurance Marketing and Research Association (LIMRA) awarded the prestigious International Quality Agent (IQA) award to 61 Tata AIG Life Insurance Company Ltd. (Tata AIG Life) advisors. Tata AIG Life Insurance is the only company in India whose advisors have been awarded this unique distinction.

Management:


M Suresh is the MD of Tata AIG Life.

Vivek Mathur is the CFO of Tata AIG Life.
Saravana Kumar is the CIO of Tata AIG Life.
Heerak Basu is the Appointed Actuary of Tata AIG Life.

Reach Tata AIG Life:


Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 

Telephone: 1800 119 966

Tata AIG Life Product Table:


 

Retirement/Pension Plan

Tata AIG Life Nirvana

Retirement/Pension Plan

Tata AIG Life Nirvana Plus

Retirement/Pension Plan

Tata AIG Life Assure Golden Years

Retirement/Pension Plan

Tata AIG Life Life MahaLife Gold

Retirement/Pension Plan

Tata AIG Life Easy Retire

Child Plan

Tata AIG Life StarKid

Child Plan

Tata AIG Life Assure Career Builder

Child Plan

Tata AIG Life Assure Educare

Child Plan

Tata AIG Life Assure 21 years Money Saver Plan

Child Plan

Tata AIG Life MahaLife Gold

Child Plan

Tata AIG Life Assure 10/20/30 years Security & Growth

Term Plan

Tata AIG Life Raksha

Term Plan

Tata AIG Life LifePlus

Term Plan

Tata AIG Life Assure Lifeline Plans

Savings & Investment Plan

Tata AIG Life Maha Guarantee

Savings & Investment Plan

Tata AIG Life Maha Guarantee Flexi

Savings & Investment Plan

Tata AIG Life Assure 10/20/30 Security & Growth

Savings & Investment Plan

Tata AIG Life Assure Golden Years

Savings & Investment Plan

Tata AIG Life Assure 21 years Money Saver Plan

Savings & Investment Plan

Tata AIG Life ShubhLife

Savings & Investment Plan

Tata AIG Life Lakshya Supreme

Savings & Investment Plan

Tata AIG Life InvestAssure Flexi Supreme

Savings & Investment Plan

Tata AIG Life InvestAssure Plus Supreme

Savings & Investment Plan Tata AIG Life Insurance United Ujjwal Bhawishya Supreme

Health Plan

Tata AIG Life Health First

Health Plan

Tata AIG Life Health Protector

Health Plan

Tata AIG Life Health Investor

Health Plan

Tata AIG Life Hospi CashBack


Sources:


Tata AIG Life Website

 

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