Tata AIG to launch new life insurance products

Mumbai, Dec 21: Based on the findings of a recent survey, Tata AIG Life Insurance Company Ltd is mulling over launching two new products in the life insurance segment with focus on non-claimed bonus and cover against some of the major illnesses.

Briefing mediapersons here today, Director of the insurance firm, Bimal Balasingham said ''As per the study, which was conducted by TNS, 71 per cent of Indians are not adequately covered against major illness.

''It is why we've decided to launch a life insurance product which will provide cover to the insured against some of the major illnesses relating to heart, kidney, child-birth and diseases like Parkinsons and Alzheimer's.'' The other new product which had been on the drawing board of his company was non-claimed bonus, he said.

He informed that Tata AIG would put a formal application in this connection before IRDA (Insurance Regulatory Development Authority) somewhere next month. He clarified that unlike the two already existing products by his company, namely Health First and Health Protector minimum period for whose maturity is merely five years, the proposed new products will look at longer maturity periods.

Prior to it, presenting the outlines of the study, Sujata Dutta, V-P, Accident&Health, Tata AIG said ''The survey will be an annual exercise of my company from now on. The idea is to evaluate and understand the changing market needs for insurance products like accident/health insurance.'' The survey would also help crearte an annual index that would track the progress of the growth of this sector and benchmark India against other Asian countries, she added.

UNI