Tata AIA Life Insurance

 

areas of business | location

Tata AIA Life Insurance Company (Tata AIA Life) is a joint venture company formed by Tata Sons and the

AIA Group (AIA). Tata AIA Life combines Tata's pre-eminent leadership position in India and AIA's presence

as the largest, independent listed pan-Asia life insurance group in the world, spanning 17 markets in Asia

Pacific. Tata Sons holds a majority stake of 74 percent in the company and AIA holds 26 percent through

an AIA Group company. Tata AIA Life started operations on April 1, 2001.

Areasofbusiness

The company offers a broad array of insurance products to individuals, associations and businesses of all

sizes. It is one of the major private sector insurers in India offering life, health and group insurance products

covering entire life-stage needs.  

Location

Headquartered in Mumbai, Tata AIA Life has sales offices in major cities and towns across India.

Tata AIG Life Insurance Company to be now called Tata AIA Life Insurance Company 

The company announces a net profit of 260.31 crore for FY 2011-12

Profit goes up 402 percent - from Rs.51.79 crore to Rs. 260.31 crore

New business premium from traditional business at 45 percent - up from 29 percent

Operating expenses to total premium ratio drops to 21 percent from 24 percent

AUM grows by 15 percent

Mumbai: Tata AIG Life Insurance Company, the life insurance joint venture formed by Tata Sons and AIA Group

(AIA), today announced that it has changed its name to Tata AIA Life Insurance Company (Tata AIA Life).

The company was set up as a joint venture between the leading Indian conglomerate Tata group and the leading

international insurance organisation American International Group (AIG). It was licensed to operate in India on

February 12, 2001, and started operations on April 1, 2001. Since its inception, Tata Sons owns 74 percent stake

in joint venture, with the remaining 26 percent share held by AIA, a 100 percent owned subsidiary of AIG at that

time.

In 2010, AIA went public in Hong Kong and raised $20.51 billion through an initial public offering (IPO). The IPO

was the third largest globally at the time of listing, after which AIA emerged as the largest independent publicly

listed Pan-Asian life insurance group in the world. AIA has a strong heritage and fundamentals of over 90 years in

the Asian insurance market. It has wholly-owned main operating subsidiaries or branches in 14 markets in Asia

Pacific.

To create a uniform identity of AIA owned companies post this IPO, the two promoters of this joint venture have

chosen to change the company’s name to Tata AIA Life. However, the company makes this transition just in its

name; its single-minded focus in protecting the financial well-being of its customers remains unchanged.

Commenting on the occasion, Farrokh K Kavarana, chairman, Tata AIA Life, said, “The Tata group, along with

our valued partner AIA, continue to remain committed to the Indian market and our valued customers and

partners through our renamed entity Tata AIA Life. Over the past 11 years, we as a company have strived to build

a solid foundation of providing financial protection to our customers. We are confident that this strong foundation

will enable us to stand unwaveringly in good stead and realise full potential of the vast Indian market.”

Huynh Thanh Phong, executive vice president and regional chief executive, AIA, said, “In order to reflect the true

brand identity of AIA and communicate its unique market position, history and its ongoing commitment to

customers and partners in Asia Pacific region, the promoters of the joint venture have chosen to change the

name of the company from Tata AIG Life Insurance to Tata AIA Life Insurance. The rechristened Tata AIA Life

will continue to focus on building a premier agency sales force to meet the savings and protection needs of the

customers in India with protection-centric products.”

Suresh Mahalingam, managing director, Tata AIA Life, elaborated, “While we make this transition in our name,

nothing else will change. The promoters, the distribution network, the teams, the products, the technology and

more importantly, our commitment towards putting the customers at the centre of everything we do, remain

unchanged. The foundation of trust that our company has been built upon will continue to be strengthened with

the vast expertise that AIA brings with over 90 years of leadership in the life insurance business in the Asia

Pacific region.”

Performance of Tata AIA Life for the financial year 2011-12

Tata AIA Life also announced its financial results for the fiscal 2011-12, posting a net profit of Rs260.31 crore.

The total premium income for the financial year ending March 2012 stood at Rs3,630 crore as against Rs3,985

crore posted for the financial year 2010-11. Of this, the new business premium collection stood at Rs940 crore.

The renewal premium for the same period was at Rs2,690 crore, as against Rs2,653 crore in the last fiscal.

Traditional business accounted for 45 percent of the new business premium as against 29 percent in the last

fiscal.

During the financial year, the company further enhanced its operating efficiencies resulting in the reduction of the

operating expenses to total premium ratio to 21 percent against 24 percent in the previous financial year.

The total assets under management of the company has increased by 15 percent to Rs14,519 crore from

Rs12,622 crore in the last fiscal. As on March 31, 2012, the paid-up capital of the company stood at Rs1,954

crore.

Commenting on the company's performance, Mr Mahalingam said, “The company has maintained focus on

optimum utilisation of resources and a healthy balance in the product mix between traditional and unit linked

business. The cost management effectively delivered profitable growth for the company with statutory profit of

Rs260.31 crore. A solvency margin of 284 percent further underlines the robust financial health of the company.”

Recent Performance of AIA

For the year that ended November 30, 2011, AIA reported record new business growth with a 40 percent

increase in value of new business and 22 percent increase in annualised new premium. For the same period,

AIA’s embedded value stood at $27,239 million, up by $2,491 million from $24,748 million as on November 30,

2010. It had total assets of $114,461 million as of November 30, 2011.

The Oriental Insurance Company Ltd was incorporated at Bombay on 12th September 1947. The Company was a wholly owned subsidiary of the Oriental Government Security Life Assurance Company Ltd and was formed to carry out General Insurance business. The Company was a subsidiary of Life Insurance Corporation of India from 1956 to 1973 ( till the General Insurance

Business was nationalized in the country). In 2003 all shares of our company held by the General Insurance Corporation of India has been transferred to Central Government.

The Company is a pioneer in laying down systems for smooth and orderly conduct of the business. The strength of the company lies in its highly trained and motivated work force that covers various disciplines and has vast expertise. Oriental specializes in devising special covers for large projects like power plants, petrochemical, steel and chemical plants. The company has developed various types of insurance covers to cater to the needs of both the urban and rural population of India. The Company has a highly technically qualified and competent team of professionals to render the best customer service.

Oriental Insurance made a modest beginning with a first year premium of Rs.99,946 in 1950. The goal of the Company was “Service to clients” and achievement thereof was helped by the strong traditions built up overtime.

ORIENTAL with its head Office at New Delhi has 30 Regional Offices and nearly 900+ operating Offices in various cities of the country. The Company has overseas operations in Nepal, Kuwait and Dubai. The Company has a total strength of around 15,000+ employees. From less than a lakh at inception, the Gross Premium went up to Rs.58 crores in 1973 and during 2010-11 the figure stood at a mammoth Rs. 5569.88 crores.

Our Corporate Vision

“TO BE THE MOST RESPECTED & PREFERRED NON-LIFE INSURER IN THE MARKETS WE OPERATE”.

Our Corporate Objectives

TO ENSURE THAT WE –

1) ACT AS A FINANCIALLY SOUND CORPORATE ENTITY WITH HIGH BUSINESS ETHICS2) IMPLEMENT BEST HUMAN RESOURCE DEVELOPMENT PRACTICES TO BUILD A HIGHLY EFFICIENT, DEDICATED AND         MOTIVATED WORKFORCE WITH HIGH MORALE AND MORAL VALUES3) OPTIMALLY UTILIZE THE INFORMATION TECHNOLOGY INFRASTRUCTURE4) PROVIDE EXCELLENT CUSTOMER SERVICE 5) RUN THE BUSINESS PROFITABLY THROUGH PRUDENT UNDERWRITING AND EFFICIENT & PROPER CLAIM                         MANAGEMENT 6) EFFECTIVELY MANAGE OUR REINSURANCE OPERATIONS 7) EFFECTIVELY MANAGE OUR INVESTMENTS FOR OPTIMISING YIELD 8) HAVE EFFECTIVE RISK MANAGEMENT SYSTEMS 9) IMPROVE THE PENETRATION OF NON-LIFE INSURANCE BY PROPER UNDERWRITING, INNOVATION & MARKETING

TO EVOLVE AS A VIBRANT & DYNAMIC LEADING NON-LIFE INSURER

Management

Oriental Insurance is a professionally managed independent Board-run Company. Illustrious personalities like Shri T.A.Pai ( who later became Cabinet Minister in the Union Government ), Shri K. R. Puri, who rose to be the Governor of RBI and Shri B.D.Pande (who later became the Governor of West Bengal) were among our past Chairmen.At present Dr.A.K.Saxena is Chairman-Cum-Managing Director of our Company. The Board of Directors of our Company include eminent personalities in various fields.

Oriental Insurance is a Government of India undertaking. Oriental Insurance became nationalized in 1973. The

Oriental Company Limited is one of the leading global insurance groups and has offices and branches throughout

India and in many countries abroad.

The Oriental is headed by a team of highly accomplished personnel who have helped the company to achieve

numerous feats and stay distinctively ahead of the competition in India and meet global standards of insurance.

Dr. R.K.Kaul is the Chairman-cum-Managing Director.

Headquartered in New Delhi Oriental Insurance has established itself in the Indian as well as global insurance

industry and has gained significant recognition owing to numerous achievements.

The Oriental Insurance offers a multitude of insurance products for individuals, families and businesses from

various commercial fields. The company has been a pioneer in the concept development and designing a

number of insurance products. These products provide insurance coverage to the policyholders from threats,

damages and losses from all plausible causes and ensure financial security for their property and business.

Oriental General Insurance - Product Portfolio

Oriental Health Plans:

Hospitalisation burn a hole in our pocket and alter our quality of life by imposing financial restrictions

Orientalhealth plans guarantee peace of mind for the insured against financial perils caused due to sudden

hospitalisation.

Individual Mediclaim Policy

Family Floater Health Insurance

Oriental Car Insurance Plans:

Oriental plans provide you with a comprehensive motor policy that lets you take care of yourself rather than a car

in case of an accident.

Private Car Package Policy

Motor Cycle Package Policy

Pedal Cycle Insurance Policy

Oriental Travel Insurance Plans:

Oriental travel insurance policies become a great companion for you on your holidays, business trips or visits and

help in safeguarding the dilemma of lost baggage on the way.

Overseas Mediclaim Business and Holiday

Overseas Mediclaim Employment and Study

It is advisable to compare all Oriental General insurance plans from other General insurance companies in India

to choose the best insurance plan that suits you the most.

Oriental Insurance Distribution Network:

Oriental Insurance has more than 26 regional offices and more than 900 operating offices across India. It also

has operations in countries such as Nepal, Kuwait and Dubai. It has a total strength of more than 15,000

employees.

 Tata AIG Life Insurance - Life Insurance Company - Tata AIG

Tata AIG Life Insurance Company Limited is a joint venture between Tata Group and the renowned American

International Group, Inc.

The Tata Group holds 74 per cent of stake in the insurance venture while AIG holds the remaining 26 per cent.

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.

Tata Group has its presence in seven business sectors communications and information technology,

engineering, materials, services, energy, consumer products and chemicals. The group has operations in more

than 80 countries across six continents, and its companies export products and services to 85 countries.

AIG Group is the largest the largest independent publicly listed pan-Asian life insurance group in the world. It has

wholly-owned main operating subsidiaries or branches in 14 markets in Asia Pacific – Hong Kong, Thailand,

Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau

and Brunei

Tata AIG Life Life Insurance - Product Portfolio

Tata AIG Life Term Plans:

These plan provide your family financial independence I case of an eventuality

Tata AIG Life Raksha

Tata AIG Life Life Plus

Tata AIG Life ULIP Plans:

These are unit linked insurance plans which give you flexibility to suit your needs and priorities and help you to

achieve your financial goals. This plan also provides the much needed life insurance protection in case of any

unfortunate event.

Regular Premium

Tata AIG Life Insurance InvestAssure Gold Supreme

Tata AIG Life Insurance InvestAssure Maximizer

Tata AIG Life Insurance Swarna Bhavishya

Tata AIG Life Insurance Swarna Pratigya

Tata AIG Life Lakshya Supreme

Tata AIG Life Insurance InvestAssure Apex Supreme 

Tata AIG Life InvestAssure Flexi Supreme

Tata AIG Life Pension Plans:

Pension plans help you accumulate wealth for your old age so that you have worry free golden years

Tata AIG Life Assure Golden Years

Tata AIG Life Easy Retire

Tata AIG Life Child Plans:

Tata AIG policies help you plan ahead for your child’s future.

Tata AIG Life United Ujjwal Bhavishya Supreme

Tata AIG Life  Insurance Gyan Kosh

Tata AIG Life StarKid

Tata AIG Life Assure Career Builder

Tata AIG Life Assure Educare

Tata AIG Life Mahalife Gold

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

Tata AIG Life Assure 21 years Money Saver Plan

Tata AIG Life Traditional Plans:

These are low risk investment plans which provides guaranteed amount on maturity and help you plan for all your

financial needs.

Endowment

Tata AIG Life Maha Guarantee Flexi

Tata AIG Life Maha Guarantee

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

Tata AIG Life Assure Golden Years

Tata AIG Life Shubh Life

Money Back

Tata AIG Life Assure 21 years Money Saver Plan

Tata AIG Life Health Insurance Plans:

Tata AIG life Plans help you plan for you health eventualities

Tata AIG Life Health First

Tata AIG Life Health Protector

Tata AIG Life Health Investor

Tata AIG Life HospiCashback

Compare all Tata AIG Life life insurance plans from other life insurance companies in India to get the best

insurance plan that suits you most.

Tata AIG Life Distribution Network:

Since its inception in Tata AIG life insurance has come a long way in penetrating Indian market.

Tata AIG Life has pan India presence with 1000 offices across the country. Tata AIG Life products are also

available online through their website and insurance aggregators.

Reliance general insurance is well established company in India with strong presence across different cities

and towns throughout India. Reliance caters to both individuals and groups.

Reliance general health insurance policy:

Health Insurance: A very good reliance general health insurance policy whose salient features include

no claim based premium loading, no sub limits, no co-payment, health check up etc. There are

alsovalue added covers available which are road ambulance services, expenses for accompanying

person.

Critical Illness Insurance: A health insurance plan specifically targeted for covering critical illnesses.

This reliance general health insurance policy covers 10 critical illnesses. Other features include no clam

bonus, wide Sum Assured, lump sum payment and no medicals till age of 45.

Comparison of Reliance general health insurance premium and health insurance quotes can be done on different

websites online. Compare reliance general health insurance premium with health insurance premium of

otherhealth insurance companies to get the most affordable and the best deal. Also compare Reliance general

health insurance claim with other insurer’s claims.

Oriental Car Insurance - General Insurance Company - Orientalinsurance

Oriental Insurance Company Limited is one such company. The company’s formation goes way back to 1947

and it was incorporated in Mumbai. The company has been a subsidiary of various public sector organizations

like oriental government life assurance company ltd and Life Insurance Corporation of India till the time when

general insurance business was nationalized in India. In 2003, all shares held by General Insurance Corporation

of India were transferred to Central government. Oriental Insurance Company has big presence all over the

country and is the major operator in the general insurance market. Oriental Insurance provides Car insurance,

Personal Accident, Home insurance as well as Travel insurance.

Oriental Motor Insurance Plans:

Motor insurance plans provided by Oriental Insurance Company limited are discussed below:

Oriental Two-Wheelers: Two wheeler insurance policy provides third party cover, personal accident

cover as well as cover to motor vehicle. Some add on covers are also provided on payment of extra

premium. Loss of damage to two wheeler is covered in case it is caused by natural calamity like floods,

earthquake, landslides or rockslides, theft, burglary etc. The amount of insurance is the Insured

declared value of the vehicle. The Oriental Insurance Company limited motor insurance renewal can be

done after one year as duration of most of the policies is one year.

Oriental Car Insurance: The Oriental Insurance company limited car insurance premium for private

cars is calculated on the basis of type of car, zone of registration, capacity of the vehicle etc. Car

insurance plans cover third party liability as well as comprehensive personal liability including damages

to the car. Depreciation and accident caused by driver without license are not covered by policy.

The Oriental Insurance Company limited claims can be made at over 900+ offices in the country. The Oriental

Insurance car insurance are market leaders and various Oriental car insurance quotes can be compared online.

Moreover, Oriental car insurance plans can be compared online with plans provided by policies provided by other

car insurance providers through various insurance aggregators and best plan can be selected.

Oriental Home Insurance - General Insurance Company - Orientalinsurance

The Oriental Insurance Company Limited is one such company providing us home protection with the help of

its home insurance policies. The Oriental insurance company limited is a central government undertaking

company as it holds every share of the company. The Oriental Insurance company was formed in Mumbai in

1947. The company provides Home insurance, personal accident insurance, travel insurance, motor insurance

and health insurance products. The company has wide presence all over the country as well as foreign presence

in countries like Kuwait, Nepal and Dubai.

Oriental Home Insurance Policy:

Below is the home insurance pan provided by the company:

Oriental’s House Holder Insurance Policy : The Oriental Insurance Company limited home insurance

policy provides comprehensive cover including residential building and its contents against risks

occurring from fire, theft or any natural calamity. The policy covers loss of jewelry, accidental breakage

of glass, damage to household electrical appliances like refrigerator, television, mixer etc. due to

electrical or mechanical breakdown, personal computers or laptops. There is no upper limit for sum

assured under this policy. The general exclusion in this plan is damage from nuclear radiations and war.

The Oriental Insurance company limited home insurance plan is one of better coverage plans available in the

market. Comparison of Oriental insurance premium and Oriental insurance quotes can help you in understanding

this policy further. Moreover, comparison between Oriental insurance home insurance plans and home insurance

policies offered by other general insurance providers can be done as well in order to select a policy. This can be

done online with the help of insurance aggregators

 Oriental Personal Accident Insurance - General Insurance Company - Orientalinsurance

The Oriental Insurance Company Limited is a central government entity and all its shares are held by the

government. This company came into existence in 1947 in Bombay. The company was a subsidiary of several

government institutions but after nationalization of general insurance business in 1973, Oriental insurance itself

became an independent entity. The Oriental Insurance company limited provides personal accident insurance,

motor insurance, home insurance, health insurance and travel insurance.

Oriental Personal Accident Plans:

Below are the personal accident plans offered by the company:

The Oriental Insurance personal accident plan compensates insured in case of sustaining injuries

suffered by insurer from any accident, solely and directly, by violent or external means covering death,

permanent disability and temporary disability. There are some add on benefits like children education

fund, reimbursement of expenses for carriage of the body. The Oriental insurance personal accident

plan also provides cumulative bonus in which compensation payable is increased by 5% thereof in case

of any claim free year. There is certain exclusion in the plan as well like any injury due to insured under

the influence of drugs or alcohol at the time of accident, attempted suicide etc.

Oriental NagrikSuraksha Policy : Under this policy, company compensates an individual in the event of

accident which may result in death and disabilities including hospitalization reimbursement. The

disability must not be less than 40% in aggregate for becoming entitled to any claim under this policy.

Oriental Janata Personal accident policy : This policy has a wide coverage with person from 10 to 80

years of age can take this policy. Sum assured ranges from 50 to 100% depending upon the injury. The

minimum sum assured under this plan is 25000 per annum with maximum up to 500000 per annum.

The Oriental Insurance personal accident plans are unique in themselves with so many benefits. For better

understanding, comparison of Oriental insurance premium and Oriental insurance quotes can be done. Further,

for appropriate selection of the personal accident plan, Oriental insurance personal accident plan can be

compared with personal accident plans offered by other general insurance companies in the industry.

Tata AIG Life Term Plans - Tata AIG Life Term Plan - Term Insurance Plans

TATA AIG Life term insurance plans provide your family financial independence I case of an eventuality. There

are 2 types TATA AIG Life term plans that provide complete financial protection to you and your loved ones.

Tata AIG Life Raksha: A term insurance policy that provides adequate life cover for financial protection

of the entire family at affordable premiums.

Tata AIG Life Life Plus: A limited premium term plan with return of premium that financially secures

your family from unfortunate events

Comparison of TATA AIG Life premium for term insurance and TATA AIG Life quotes will help you to understand

every term plan provided by TATA AIG Life Life insurance company.