Tata AIG unveils new life-insurance product
By Our Banking Bureau | 31 May 2002
31 May 2002
Pune: Tata AIG Life Insurance has launched an easy-to-buy
The Special 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.
Tata AIG 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."
The company 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.
"If the 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.
