Tata AIG General Insurance Company Limited is an Indian general insurance company and a

joint venture A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acces ...

between the

Tata Group The Tata Group () is an Indian multinational conglomerate headquartered in Mumbai. Established in 1868, it is India's largest conglomerate, with products and services in over 150 countries, and operations in 100 countries across six continent ...

and

American International Group American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. , AIG companies employed 49,600 people.https://www.aig.com/content/dam/aig/amer ...

(AIG). Tata Group holds a 74 percent stake in the insurance venture with AIG holding the balance of 26 percent. Tata AIG General Insurance Company, which started its operations in

India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...

on 22 January 2001, provides insurance to individuals and corporates. It offers a range of general insurance products including insurance for

automobile A car or automobile is a motor vehicle with Wheel, wheels. Most definitions of ''cars'' say that they run primarily on roads, Car seat, seat one to eight people, have four wheels, and mainly transport private transport#Personal transport, pe ...

home A home, or domicile, is a space used as a permanent or semi-permanent residence for one or many humans, and sometimes various companion animals. It is a fully or semi sheltered space and can have both interior and exterior aspects to it. H ...

, personal accident,

travel Travel is the movement of people between distant geographical locations. Travel can be done by foot, bicycle, automobile, train, boat, bus, airplane, ship or other means, with or without luggage, and can be one way or round trip. Travel c ...

, energy,

marine Marine is an adjective meaning of or pertaining to the sea or ocean. Marine or marines may refer to: Ocean * Maritime (disambiguation) * Marine art * Marine biology * Marine debris * Marine habitats * Marine life * Marine pollution Military * ...

property Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the right to consume, alter, share, r ...

and

casualty Casualty may refer to: *Casualty (person), a person who is killed or rendered unfit for service in a war or natural disaster **Civilian casualty, a non-combatant killed or injured in warfare * The emergency department of a hospital, also known as ...

as well as specialized financial lines. The company's products are available through distribution channels like agents,

brokers A broker is a person or firm who arranges transactions between a buyer and a seller for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Neither role should be confu ...

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

s (through bank assurance tie ups), and direct channels like

telemarketing Telemarketing (sometimes known as inside sales, or telesales in the UK and Ireland) is a method of direct marketing in which a salesperson solicits prospective customers to buy products or services, either over the phone or through a subsequent f ...

digital marketing Digital marketing is the component of marketing that uses the Internet and online based digital technologies such as desktop computers, mobile phones and other digital media and platforms to promote products and services. Its development duri ...

, worksite etc.

History

Tata AIG General Insurance Company Limited (Tata AIG General) is a business

collaboration Collaboration (from Latin ''com-'' "with" + ''laborare'' "to labor", "to work") is the process of two or more people, entities or organizations working together to complete a task or achieve a goal. Collaboration is similar to cooperation. Most ...

of the

and American International Group, Inc. (

AIG American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions. , AIG companies employed 49,600 people.https://www.aig.com/content/dam/aig/amer ...

). This joint venture has started its operations in

from 22 January 2001. The company provides corporate and personal insurance services and automotive insurance as well. The organization offers general insurance. The commercial sector covers

Energy In physics, energy (from Ancient Greek: ἐνέργεια, ''enérgeia'', “activity”) is the quantitative property that is transferred to a body or to a physical system, recognizable in the performance of work and in the form of heat a ...

Marine Marine is an adjective meaning of or pertaining to the sea or ocean. Marine or marines may refer to: Ocean * Maritime (disambiguation) * Marine art * Marine biology * Marine debris * Marine habitats * Marine life * Marine pollution Military * ...

Property Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the right to consume, alter, share, r ...

and specialized

Financial Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fina ...

covers. The consumer insurance service offers a variety of general

Insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

products such as insurance for

Automobiles A car or automobile is a motor vehicle with wheels. Most definitions of ''cars'' say that they run primarily on roads, seat one to eight people, have four wheels, and mainly transport people instead of goods. The year 1886 is regarded as ...

, personal accident, casualty, home, health and travel. The company has made the availability for its services from end to end channels of distribution like agents, banks (through bancassurance tie ups), brokers and direct channels like tele-marketing, e-commerce, website, etc. In 2019,Indian Bank had joined hands with company to offer the latter’s diverse range of general insurance policies for the benefit of the bank’s customers by way of protection, wealth creation and savings and as per the agreement Tata AIG General Insurance will work with the bank for sales training, product support and ensuring smooth operational processes. In 2020,the company had launched Tata AIG Tara, which is an insurance service through WhatsApp and with the help of artificial intelligence this initiative will offer customers a variety of solutions to their policy related queries in a timely, efficient and precise way. This will help customers to access their policies in a virtual form, avail policy documents, request and receive renewal details, make premium payment online, seek support on claims, locate network hospitals and garages, make changes in address or any other personal details and can be used as a forum to buy a health or motor policy of their choice. The headquarters is in

Mumbai Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the second- ...

. The company is active in more than 160 locations.

Product and services

*Tata AIG Car Insurance *Tata AIG Two Wheeler Insurance *Tata AIG Health Insurance *Tata AIG Travel insurance *Tata AIG Home Insurance *Tata AIG Property Insurance *Tata AIG Marine Insurance *Tata AIG Liability Insurance In 2020,the company had launched new policy called 'AutoSafe',which offers usage-based insurance cover to private car owners which will help reduce the overall premium payout. The app helps policyholders by saving on premium amount by providing an option to select the kilometers-driven, promoting safe driving and works as anti-theft device as it comes with a GPS-based tracking facility and uses telematics-based next-generation application system and as a device to track the usage of the car and decide on the premium amount. The app helps in tracking the distance covered by the vehicle, running speed and other driving related features and also offers extra kilometers for efficient driving practices at the time of the renewal and is available on all policies offered on personal accidental cover to the tune of Rs 15 lakh for owner and driver. The app will help Policyholders to benefit from flexible kilometer-based premium as it will promote savings and policyholders can choose between 2,500, 5,000, 7500, 10,000, 15,000 and 20,000 km and if all the kilometers is exhausted within the policy time period it has a option of top-up km between 500 and 1,500 km. The device is GPS-enabled which is linked to the mobile app which will help in recording all information, tracking the distance travelled and generates reports about vehicle condition or driving habits of the policyholder and is fitted or linked to the car as the insurance policy becomes valid and must be held during the valid period of the policy and comes with motion sensor and generates fuel based saving reports in addition to monitoring hard-braking, night time driving and acceleration apart from guarding against fuel slippage and dangerous driving habits. In 2021,company launched Tata AIA Life Fortune Guarantee Plus, a flexible, non-linked, non-participating savings plan which offers policy holders guaranteed long-term income along with comprehensive protection cover and in addition to long-term guaranteed income for future financial needs, the plan also covers health protection in the event of the policyholder getting diagnosed with a Critical diseases. This scheme offers two income options – Regular Income or Regular Income with an inbuilt Critical Illness benefit wherein all future premiums stand waived if the insured is diagnosed with a Critical Illness during the premium payment term and guaranteed minimum income will commence which frees the policyholder on worrying about his income and focus on his health recovery. The policyholder also has the option to choose the income frequency between monthly or annual payout options and as per the terms of the policy the guaranteed income starts from the 6th Policy year for a period ranging from 20 to 45 years and they can select a premium payment term between 5-12 years, and the single premium payment option offers the freedom to go for Joint Life coverage which ensures that policy continues even if one of the two passes away. Additionally it offers an benefit of inbuilt Return of Premium benefit which allows the policyholder to get the total premiums paid (excluding loading for modal premiums and discount) after the duration of income Period.

References

{{Insurance in India General insurance companies of India Tata Group subsidiaries Multinational joint-venture companies Financial services companies based in Mumbai 2001 establishments in Maharashtra Indian companies established in 2001 Financial services companies established in 2001