Financial Daily from THE HINDU group of publications
Monday, Oct 31, 2005
Financial Daily from THE HINDU group of publications Monday, Oct 31, 2005 |
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Money & Banking
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Life Insurance Tata AIG Life plans more health cover products Radhika Menon
Mumbai , Oct. 30 IT HAS been over two years since Tata AIG came up trumps with `Health First', a health insurance plan with life cover. The company is gearing up to launch similar products. Mr Ian J. Watts, Managing Director, Tata AIG Life Insurance, said the company has been selling around 2,000 policies of Health First every month. "Health First has been very successful. So, we are going to launch more such products, with one planned in November." "This is in line with the IRDA's concerns about increasing the penetration of health insurance in the country," he added. Besides life insurance products with a health insurance slant, Tata AIG Life will be offering an individual single premium product after staying away from this segment for nearly five years. The company is now set to launch a single premium unit-linked insurance plan(ULIP). Incidentally, 40 per cent of the company's business comes from regular premium ULIPs. "Many people do not purchase single premium policies because they might not have that much money at one time. But we are now looking at the mass retail consumer and will hence offer a whole range of products," Mr Watts said. Tata AIG Life Insurance will leverage the contribution of its agency force and use bancasssurance to achieve higher growth. "Our 35,000-strong agency force will be increased to 50,000 by next year. Our aim is to increase our geographical reach," he added. The company is expanding the agency force and training agents is a priority. Of the company's 35,000 agents, only 10,000 are allowed to sell ULIPs. The contribution of bancassurance to the total premium has grown 226 per cent for the first half of the fiscal. The geographical network has been expanded to cover 40 cities and 64 sales offices.
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