Tata Aig Gets Green Signal For Group Pension Plans

Tata AIG today became the first private player to receive in-principle approval for the introduction of group pension products from the Insurance Regulatory and Development Authority (Irda). The company also announced it's plans to launch three products under the retirement plan.

The products to be launched are the 'comprehensive gratuity scheme', 'comprehensive superannuation scheme (defined benefit)' and the 'comprehensive superannuation scheme (defined contribution)'.

All these products will provide reliable, secure and flexible solutions suitable for any employer's pension obligations, said a company release. In addition, provision has been made for an additional benefit of life insurance in the event of premature death.

 

"The provision of a retirement scheme allows employers leeway to provide enhanced benefits to their employees," said George Oommen, managing director, Tata AIG Life Insurance Company. Tata AIG plans to offer clients the flexibility of a one-stop shop, fulfilling all their pension needs with individualised services, he added.

Among the services which the company will offer are designing of pension plans and advice on subsequent changes, actuarial valuation, administration and record keeping, investment services, employee information and staff enrollment seminars.

It will also undertake scheme registration and ongoing legislative compliance and send statements to employers.

Tata AIG is a joint venture between the Tata group and American International Group (AIG) Inc.

AIG is a leading US-based international insurance and financial service organisation and the largest underwriter of commercial and industrial insurance in the US. AIG's international pension operations cover 30 countries, administering in 30,000 retirement schemes with assets exceeding $8 billion.

Tata AIG's non-life insurance arm, Tata AIG General Insurance, will offer automobile insurance, homeowners insurance and personal accident, in addition to travel, energy, marine, property, casualty and several specialised financial lines of insurance.

The life insurance products to be offered will include coverage to both individuals and groups. For individuals, Tata AIG has term products, endowment products and money-back products with various types of add-ons and options.