Tata AIG to foray into medical and pension sector

Kolkata, May 25 (UNI) Life Insurance major Tata AIG today disclosed their expansion plans in the fields of medical, super annuation gratuity and Unit Link Insurance Plans(ULIP).

Speaking at a press conference here Tata AIG Life Insurance Managing Director Trevor Bull said, ''We will come out with mediclaim policy in the model of other Insurance companies. Our mediclaim will cover the extra surgical benefits arising from operation.'' Adding that the current capital investment of the company is Rs 440 crore, Mr Bull said, ''We have to increase our capital to expand our market. A request for capital has already been placed before the Company Board of Directors to increase the amount.'' The company is also planning to expand its base in the health product market. ''The premium rates of the insuree will vary according to their health condition,'' he said. Besides the two existing health plans, Health First and Health Protector, the company is planning to introduce two new health product.

''After proper market research we will introduce women specific insurance products,'' Mr Bull added.

Besides, the company is also venturing into the Micro Insurance market. ''The Micro Insurance will cover mainly the rural market as per the Insurance Regulatory and Development Authority(IRDA) norms.'' He added that the company would launch Micro Insurance in three categories- Term Insurance, Endowment and Single Premium.

UNI