31 May 2002
Tata AIG Life
Insurance has launched an easy-to-buy
life-insurance product for the 18-to-45 age group which does not
need bothersome medical tests.
Life 501K is a 15-year life-insurance term policy, has low
premiums and includes an additional cover for accidental death and
dismemberments. The company has also announced a 5 per cent bonus,
among the highest in the industry, for those who have signed up
for full 12 months for life insurance.
Insurance chairman Farrokh K Kavarana, who was here to open the
Tata-AIG Pune operations, launched the product. Without disclosing
the exact numbers he said his companys performance has exceeded
the expectations in the first year of operations. "The
results will be announced in Mumbai next week."
has achieved its growth targets without going in for a brand
splash. "Instead of spending an awful lot of money on
advertising and campaigns we think it is better to spend money on
building reserves and service the customers," he said.
top player spends Rs 100 we have managed it with Rs 20,"
Kavarana said. In the life business the company has the family of
2,30,000 Tata employees to vend its products. It has already
started the worksite marketing in Telco Pune and Jabalpur.
"The response at Tata Tea and Titan was good," he added.