The Hindu Business Line : Tata AIG Life unveils micro-cover products

TAPPING MICRO SEGMENT: Mr Sunil Mehta (left), Country Head & Chief Executive, AIG, and Mr Trevor Bull, Managing Director, Tata AIG Life Insurance, at a press conference in Mumbai on Tuesday. - Shashi Ashiwal

Mumbai , Aug. 8

Tata AIG Life Insurance has launched three micro-insurance products. This is the first time that an insurance company has designed products as per Insurance Regulatory and Development Authority's micro-insurance guidelines released in November 2005.

As per the guidelines, the maximum cover (sum-assured) that can be offered on health and life insurance policies ranges between Rs 30,000andRs 50,000. The training requirement for micro-insurance agents has also been lowered to 25 hours.

Tata AIG Life has also set up micro-insurance sales offices in Kodad, Chitoor, Joanpur, Jhalawar and Kannur.

Mr Trevor Bull, Managing Director, Tata AIG Life, said that the micro-insurance offices would eventually also be used by Tata AIG General, which was devising its own micro-insurance product. He said that the micro-insurance agents would then be able to cross-sell the products of both the companies.

In terms of distribution, the company has hired 400 women agents besides its tie-ups with NGOs and community groups. Product information, application forms and training material have been introduced in nine vernacular languages

The products introduced by Tata AIG are traditional products. Mr Vijay Athreye, National Head-Rural and Social, Tata AIG Life, said that the company hoped to cover one lakh lives by the end of the fiscal through these products.

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