Tata AIG Life Insurance Company Limited (Tata AIG Life) first year premium income rose 72 per cent to Rs108.6 crore for the half yearly period ended September 30, 2004, against Rs 63.1 crore for the same period last year. Total premium income increased by 118 per cent to Rs 194.3 crore during the same period, against Rs 89.1 crore for the same period last year.
The company covered over 1,54,712 lives between April and September 2004, an increase of 119 per cent over the corresponding period last year, under group life insurance, pensions, gratuity and superannuation products.
The number of policies sold under the individual life business during the period rose to 97,806 - an increase of 55 per cent over the corresponding period last year. The bancassurance business grew by 400 per cent YoY (April-September).
During this period, Tata AIG Life announced a reversionary bonus of 3.25 per cent for the financial year 2003-04. This bonus was in line with the prevailing interest rate scenario and was applicable for all eligible participating plans.