 Broadly insurance can be classified in two categories: First - Life Insurance which matures in event of death of the insured/policyholder. On occurrence of such an event the insurance company pays a sum of money assured to the nominee/beneficiary (person nominated by the policyholder). Life Insurances are of two types: Traditional Plans - which contain Endowment Plan , Cash Back Plan, Term Plan , (Term Life Insurance) and Whole life policy. And Unit-linked Insurance Plans - are of 4 types - Endowment cum Ulips, Children Plan , Retirement Plan or Pension plan and investment/saving plans. Second - General insurance. All insurance policies other than life insurance policies come under general insurance segmentation. (Also known as non-life insurance policies). These policies include Home Insurance, Auto Insurance, Travel Insurance, Marine Insurance, Theft Insurance, Office insurance and Health insurance Health insurance is most acquired policy in general insurance segment. Health insurances are of 3 types - Comprehensive Plan - which include Mediclaim and Fixed benefits plan, Accidental Insurance and Critical Care plan . |
MUMBAI: Tata AIG General Insurance is planning to launch a slew of motor insurance products in the next few months, a top company executive said.
"We have filed 10-12 products in the motor insurance segment with the regulator. We hope by April 1 this year, our products will be in the market," Tata AIG General Insurance's CEO and Managing Director, Gaurav Garg, said at an insurance summit here.
Of the overall revenue of the company, motor insurance contributes 35 per cent, accidental and health insurance 20-25 per cent while the rest comes from property and casualty, he said.
The joint venture company between Tata Sons and American International Group, is also eyeing a growth of 14-15 per cent by March this year.
"This fiscal (FY 09), we will grow at 14-15 per cent and have a premium-collection worth Rs 700-800 crore," he said.
The company so far has collected a premium of around Rs 600 crore, he said.
Source : Economic Times
February’09
