This Life Insurance Company Ltd. is one of the celebrated insurance companies in India offering assorted effectual life insurance policies. This Life Insurance Company Limited is frequently known as Tata AIG Life. This Life is a joint venture of the Tata Group and American International Group, Inc. ( AIG ) . Offers many criterion & A ; usage made life insurance policies. It is one of the oldest and taking concern group of India. Tata group has a long association with India ‘s insurance sector being the largest insurance company in India prior to the nationalisation.
American International Group INC is taking US board International insurance & A ; fiscal service organisation this Life Insurance Company Limited or this insurance company brings to you a broad pick of life insurance policies for persons, little and big concern industries and for ventures. Apart from these, the company besides provides extra life insurance coverage to guarantee the clients an insurance policy designed for them.
The Tata Group holds 74 % interest in the insurance venture with AIG keeping the remainder 26 % . Tata AIG Life provides insurance solutions to persons and corporate sectors. This Life Insurance Company received licence for operating in India on February 12, 2001 and started its operations on April 1, 2001.
Chief executive officer of TATA -AIG is Mr. Ian J. Watts & A ; Joydeep K. Roy, the alternate channels.
Retirement Plans:
Life Nirvana
Life Easy Retire
Life Invest Assure Gold
Corporate life insurance merchandises offered by this Life Insurance Company Ltd: –
The Tata AIG Life Insurance Company Limited besides offers assorted corporate life insurance merchandises that include –
Group Pension
Employee Benefit
Workplace Solution
Credit Life
THE CASE
American Insurance group in USA will hold a bearing on its concern in India, peculiarly its insurance concern which it is running in coaction with Tata.
However beginnings in the industry say that policy holders are non required to worry as the fiscal status of insurance subordinates of AIG in India is rather stable, and they are able to run into all the liabilities emerging out of claims from their policy holders.
Insurance Regulatory Development Authority ( IRDA ) has besides expressed its concern over the recent developments in the United States fiscal markets. AIG, which is one of the taking insurance group of US, has asked fiscal aid from the Federal Reserves. AIG is runing in both the life and non-life insurance sectors.
In a statement IRDA said that studies of life insurance and general insurance companies promoted by Tata and AIG as on March 29, 2008 indicated that both companies have satisfactory solvency place which suggests that they have adequate assets which is capable of run intoing their liabilities. IRDA farther clarified that life and general insurance companies promoted by Tatas and AIG are companies registered under the Indian Companies Act and are restricted by the commissariats of the Insurance Act.
From the dependable beginnings we found that policy holders should wait for elucidation before taking any determination. AIG in USA has a solvency issue but in India there is no liquidness issue due to the intervension of IRDA. So at that place may non be a job in the Indian insurance market.
Though in many states, policy holders are in a haste to call off their policies, but in India there is no demand to take such stairss. Therefore Industry experts said that there is no demand to worry and policy holders should maintain their insurance policies intact.
This company ‘s general insurance is among the top 5 general insurance companies of the universe and has earned a net premium of RS.812 in 2008-09. This company is besides one of the taking primary sectors and has earned a annual premium of Rs.970 corer.
Solution of the instance
One of the functionaries Tata said that if AIG is non able to last in the USA & A ; is forced to register for insolvency, Tata will purchase out the 26 % portion of AIG in both the companies and the client ‘s involvement will stay safe. Then happen some other foreign company and sell that 26 % to them. So IRDA took the determination that they will seek a new booster incase Tata ‘s bargains out the portion or non the policiers ‘ involvement will stay unaffected.
But later on the affair settled down and AIG slightly regained its lost place and therefore Tata decided non to purchase off their portions and till day of the month they are go oning their insurance company together.
Decision
In India the insurance market was enduring before but now it has regained its lost position. But still now Life Insurance Corporation of India acquires 64 % portion of the full insurance holders followed by ICICI prudential which has merely 9 % approx. of the market. Tata AIG has about a negligible Insurance market portion which is less than 2 % . So they need to work a batch in order to set up their clasp in Indian market.
