TATA AIG LIFE INSURANCE COMPANY

BANKING AND INSURANCE PROJECT

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Table of Contents
INTRODUCTION TO INSURANCE.4

LIFE INSURANCE......6

TATA AIG INSURANCE COMPANY-AT A GLANCE................11

TATA AIG LIFE INSURANCE OVERVIEW......14

PROCESS FOLLOWED BY TATA AIG TO PROVIDE INSURANCE..37

CLAIMS UNDER TATA AIG LIFE INSURANCE POLICIES.......................................39

BENEFITS OF TATA AIG LIFE INSURANCE.42

SAMPLE APPLICATION FORMS FOR TATA AIG LIFE INSURANCE.....43

BIBLIOGRAPHY...................................................................................................................49

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INTRODUCTION TO INSURANCE

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New look at life New look at life TATA TATA AIG AIG LIFE LIFE

Insurance in its basic form is defined as A contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called insured a fixed amount of money on the happenings of a certain event. Insurance is basically a protection against a financial loss which can arise on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection. By paying

INSURANCE INSURANCE

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a very small sum of money a person can safeguard himself and his family financially from an unfortunate event. Insurance may be described as a social device to reduce or eliminate risk of life and property. Under the plan of insurance, a large number of people associate themselves by sharing risk, attached to individual. With the help of Insurance, large number of people exposed to a similar risk makes contributions to a common fund out of which the losses suffered by the unfortunate few, due to accidental events, are made good. Insurance is a basic form of risk management which provides protection against possible loss to life or physical assets. Person who seeks protection against such loss is termed as insured, and company that promises to honor claim, in case such loss is actually incurred by insured, is termed as Insurer. In order to get insurance, insured is required to pay to insurance company a certain amount called premium. Premium is collected by insurance companies which acts as trustee to pool created through contributions made by persons seeking to protect themselves from common risk. Any loss to the insured in case of happening of an uncertain event is paid out of this pool. Insurance business is divided into four classes: Life Insurance Fire Marine Miscellaneous Insurance.

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1.

LIFE INSURANCE

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Life insurance is a contract under which the insurer (Insurance Company) in Consideration of a premium paid undertakes to pay a fixed sum of money on the death of the insured or on the expiry a specified period of time whichever is earlier. In case of life insurance, the payment for life insurance policy is certain. The Event insured against is sure to happen only the time of its happening is not known. So life insurance is known as Life Assurance. The subject matter of insurance is life of human being. Life insurance provides risk coverage to the life of a person. On death of the person insurance offers protection against loss of income and compensate the titleholders of the policy. of

ROLES OF THE LIFE INSURANCE:

1. Life insurance as an investment:

TATA AIG

Insurance products yield more than any other investment instruments and it also provides added incentives or bonus offered by insurance companies. 2. Life insurance as risk cover: Insurance is all about risk cover and protection of life. Insurance provides a unique sense of security that no other form of invest can provide. 3. Life insurance as tax planning: Insurance serves as an excellent tax saving mechanism

LIFE INSURANCE

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INSURANCE CYCLE:

1. Policy Renewal/Change Options/Application:

The Insurance Cycle begins each year with the insurance offer. Actuarial documents are published annually by the Risk Management Agency (RMA). The actuarial documents list the plan of insurance, crop, type, variety, and practice that may be insured in a state and county, and show the amounts of insurance, available insurance options, levels of coverage, price elections, applicable premium rates, and subsidy amounts. The Special Provisions of Insurance list program calendar dates, and general and special statements which may further define, limit, or modify coverage. 2. Sales Closing/Cancellation/Termination Dates: Insurance applications must be completed and signed no later than the sales closing date specified in the crop actuarial documents. Applications signed after the crop sales closing date may be rejected by the insurance provider. Insurance coverage is continuous and can be cancelled by either the insurance provider or the policyholder for the following crop year by providing a written notice to the other party no later than the cancellation date specified in the crop policy. The insurance provider may terminate coverage on a crop if no premium is earned for three consecutive years. 3. Acceptance: Upon receipt of a properly completed and timely submitted insurance application, the insurance provider will accept and process the application, unless the applicant is determined to be ineligible under the contract or Federal statute or regulation. After the application is accepted, the policyholder may not cancel the policy for the initial crop year.
4. Insurance Attaches:

TATA AIG LIFE INSURANCE

For annual crops, insurance attaches annually when planting begins on the insurance unit. The crop must be planted on or before the crop is published final planting date unless late or prevented planting provisions apply. If prevented planting provisions apply, and the crop cannot be timely
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planted due to the causes specified in the crop provisions, such acreage may be eligible for a prevented planting payment. 5. Acreage Reports: The policyholder must annually report for each insured crop in the county the number of insurable and uninsurable acres planted or prevented from being planted if prevented planting is available for the crop, the date the acreage was planted, share in the crop, the acreage location, farming practices used, and types or varieties planted to the insurance provider on or before the applicable acreage reporting date specified in the crop actuarial documents. 6. Summary of Coverage: The insurance provider will process a properly completed and timely filed acreage report, and issue to the policyholder a summary of coverage that specifies the insured crop, the insured acres and amount of insurance or guarantee for each insurance unit. The policyholder may make changes to the filed acreage report, if permitted by the insurance provider. 7. Premium Billing: The annual premium is earned and payable at the time insurance coverage begins. The premium

TATA AIG LIFE INSURANCE TATA AIG LIFE INSURANCE

billing will specify the amount of premium and any administrative fees that may be due. If the premium or administrative fees are not paid by the date specified in the actuarial documents or policy, the insurance provider may assess interest on the outstanding premium balance. 8. Notice of Damage or Loss: A written notice of damage or loss for each unit is to be filed by the policyholder within 72 hours of the policyholder's initial discovery of damage or loss but not later than 15 days after the calendar date for the end of the insurance period unless otherwise stated in the individual crop policy. 9. Inspection: After the insurance provider receives the written notice of damage or loss, it will be processed and, if necessary, a loss adjuster will be sent to inspect the damaged crop and gather pertinent information concerning the damage.

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10. Indemnity Claim: After the claim for indemnity is processed by the insurance provider, an indemnity check and a summary of indemnity payment will be issued showing any deductions to the amount of indemnity for outstanding premium, interest, or administrative fees. 11. Contract Change Date: Changes to the insurance program may be made by RMA from one year to the next. The insurance provider will notify the policyholder in writing of any changes to the policy, actuarial documents, or the Special Provisions of Insurance prior to the calendar date for contract changes specified in the crop policy. The policyholder will have the opportunity to review the changes and, if he/she desires, continue the insurance coverage for the following crop year, change the policy coverage, or cancel the insurance coverage.

LIFE INSURANCE COMPANIES IN INDIA: TATA AIG LIFE INSURANCE

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TATA AIG INSURANCE COMPANY AT A GLANCE..

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TATA

AIG

LIFE

INSURANCE

COMPANY PROFILE:

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TATA GROUP: Tata Enterprises with 82 companies, spread over sectors and with an annual turnover exceeding US seven $ 8.8

billion, employs more than 262,000 people. Tata Group has shown over years that it is a value driven company and has pioneering contributions in various fields including insurance, aviation, iron and steel. In terms of capital market performance as many as 40 listed Tata companies account for nearly 5% of the total market capitalization of all listed companies. The Group has had a long association with India's insurance sector having been the largest insurance company in India prior to the nationalization of insurance. TATA GROUP IN INSURANCE: Tata AIG General Insurance Company Ltd, and Tata AIG Life Insurance Company Ltd., (collectively "Tata AIG") are joint venture companies between the Tata group India's most trusted industrial house and American International Group, Inc. (AIG), the leading U. S. based international insurance and financial services organization. The Late Sir Dorab Tata, was the founder Chairman of New India Assurance Co. Ltd., a group company incorporated way back in 1919. Government of India took over the management of this company as a part of nationalization of general insurance companies in 1972. Not deterred by the move, Tata group have ventured into risk management services having tied up with AIG group, back in 1977, with the incorporation of Tata AIG Risk Management Services Pvt. Ltd. The Tata Group is one of India's largest and most respected business conglomerates, with revenues in 2006-07 of $28.8 billion (Rs129,994 crore), the equivalent of about 3.2 per cent of the country's GDP, and a market capitalization of $72.2 billion as on December 6, 2007. Tata companies together employ some 289,500 people. AIG:

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American International Group, Inc. (AIG) is a major American insurance corporation based at the American International Building in New York City. The British headquarters are located on Fenchurch Street in London, continental Europe operations are based in La Defense, Paris, and its Asian HQ is in Hong Kong. According to the 2008 Forbes Global 2000 list, AIG was the 18thlargest company in the world.

THE JOINT VENTURE: Tata AIG Life Insurance Co. Ltd. is capitalized at Rs. 185 crores of which 74 per cent has been brought in by Tata Sons and the American partner brings in the balance 26 per cent. Mr. George Oommen has been named managing director of Tata AIG Life. Tata-AIG plans to provide broad array of life insurance plans to cover to both individuals and groups. The company headquartered in Mumbai, with branch operations in Delhi, Chennai, Hyderabad, Bangalore Calcutta, Pune and Chandigarh. ABOUT TATA-AIG: Tata AIG Insurance Solutions is one of the leading insurance companies that provide both life insurance as well as general insurance. This pioneer company is a joint collaboration between the American International Group, Inc. (AIG) and Tata Group. They own the company in the ratio of 26:74. It is a leading financial institution that has carved a niche for itself all over the world. Tata AIG Insurance provides facilities to both corporate and individuals. Starting its operations on April 1, 2001, it seeks to serve different categories of people. It acquired its license for carrying out operations in India on February 12, 2001. Tata AIG Insurance Solutions is one of the most prestigious organizations in the business world. It employs thousands of employees and offers various opportunities to people to build a prospective career. Tata AIG Insurance offers a number of products for the General Insurance holders. General insurance products include: Individual insurance Small business insurance Corporate insurance
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TATA AIG LIFE INSURANCE

Tata AIG Insurance offers flexible life insurance to the individuals, business organization and other association. For the corporate, there are various insurance products like group pensions, employee benefits, work place solutions and credit life. For the individuals, Tata AIG Insurance offers various products for adults, children and for retirement planning.

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TATA AIG LIFE INSURANCE OVERVIEW..

TATA AIG LIFE INSURANCE

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Tata Aig Life Insurance is the main department which deals with various insurance for a person or for a group of people. There are three main divisions in the insurance department. They are:

1. The Life needs solutions division deals with a insurance policies for an individual. 2. The Group is a second division which deals with a insurance policies for a group of members especially in an organizations. 3. The Micro Incurance is the final division which deals with the insurance policies for the people who are living in small towns and villages All plans under the above three groups are mentioned below and few of them are explained in detail.

A.

LIFE NEEDS SOLUTIONS: TATA

At Tata AIG Life, their aim is to support the customers on the days when they need that extra push. With their comprehensive and innovative range of insurance products, the customers will not only have the financial cover to meet all their needs head on but also the confidence to leap higher.

AIG LIFE

Structure:

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The Life needs solutions helps the customers through various six plans we will see everything briefly.
1. RISK PLANS:

It is important to ensure your loved one's financial security to meet the uncertainties and make your family feel fully protected. One of the best ways to do this is through Term plans, the
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purest form of insurance. TATA AIG will help the customer to solve this problem by taking insurance on Risk plans through Life needs Solutions.

Tata AIG Life Life Plus is a non-participating term policy that not only provides life cover but also assures the return of premiums paid by you, in case of no claims made during the policy term. The plan offers a term of 20 years with limited pay of 15 years. And in case of unfortunate death due to accidents, this plan pays double Death Benefit. Features:

Secure your family financially from unfortunate events In case of no claims till maturity, get your premiums back - guaranteed On death of the insured before maturity entire Sum Assured is paid to the nominee In-built double death benefit in case of death of the insured due to accident Pay for 15 years and get coverage for entire policy term of 20 years

TATA AIG LIFE

Tata AIG Life Assure Lifeline is a non-participating term insurance plan that provides you life coverage at an affordable cost. With a range of terms to pick from, this flexible policy is the perfect answer to your specific requirements. And with rider options that can be chosen over and above your basic cover, this plan provides you an additional coverage at a nominal extra cost. Features: Flexible policy terms at affordable premiums to suit your individual needs
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On death of the insured the nominee gets the entire Sum Assured Riders options to provide you the comprehensive cover at nominal extra cost Option to convert into any Tata AIG Life Savings Plan

1. HEALTH PLANS: Insurance plans under TATA AIG health plans:

This plan provides comprehensive health cover to the family by combining health and accident benefits in one policy. And, irrespective of your actual medical bill, you get a lump sum benefit in addition to any claim that you may have made under other medical policies. Features:

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A unique health policy with "Four in One" Health Benefits - Critical Illness (CI) or Cancer Care Benefit, Accidental Death Benefit (ADB), Term Life Benefit, Total & Permanent Disability Benefit (TPD)

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5 year Guaranteed Renewal Health Plan Level premium for 5 years and may change at the time of renewal

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Tata AIG Life Hospi CashBack offers fixed lump sum benefits for expenses arising from hospital charges, care charges, ambulance charges and other charges irrespective of actual hospital bills, starting from the first day of hospitalization. It offers a guaranteed return of premium on maturity even if you make claims, thus making your health cover virtually free Features:

The cover starts from day 1 of hospitalization Guaranteed return of premium on maturity, irrespective of number of claims made Return of premium, with 10% Guaranteed Addition(option available) Guaranteed issuance with no medical test required Pre-existing diseases covered after 24 months of continuous renewal of the insurance

1. SAVINGS PLAN:

Insurance saving plans can help you organize specific needs like saving for your child's education, marriage, settlement in life, purchase of a house, retirement and other financial goals. The various plans under this section are as follows:

TATA AIG LIFE

Tata AIG Life Maha Guarantee is a non-participating endowment plan that meets your need for a

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secured investment with a high life cover. This plan provides you the benefit of Guaranteed Annual and Maturity Additions. It also provides a double life cover which increases with time. Features: On maturity, you get

100% of the Basic Sum Assured, plus, Accrued Guaranteed Additions up to 5% of Basic Sum Assured payable annually, plus,
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Guaranteed Maturity Additions up to 50% of Basic Sum Assured.

Premium discounts for large Sum Assured policies Option to attach Tata AIG Life Accidental Death Benefit Limited Underwriting Rider Simplified Issuance at specific age bands and Sum Assured limits

Tata AIG Life Assure 10/20/30 Years Security and Growth is a participating endowment assurance plan with Compound Reversionary and Terminal bonuses along with Guaranteed Loyalty Additions. It helps you build a corpus for chosen term of 10/20/30 years as per your needs and goals. Along with the choice of different terms, you get the opportunity to plan your maturity benefits with your time bound needs like child education, settlement in life and marriage. Features: High Life cover can be opted for, to provide adequate financial protection to the entire family. On death or at maturity, the beneficiary gets 100% of Sum Assured, plus Guaranteed Loyalty Addition of 10% of Sum Assured, plus Compound Reversionary and Terminal Bonuses to augment your savings corpus Option to attach Riders for comprehensive cover at nominal extra cost

TATA AIG LIFE

Tata AIG Life ShubhLife is a deferred participating affordable endowment assurance plan that gives you the flexibility to choose from multiple policy terms and premium payment terms to suit your individual needs. Features:

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Guaranteed Addition of 3% of Basic Sum Assured once every 2 years till half the policy term Simple Reversionary Bonus from 6th year till end of policy anniversary

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On maturity or death of life insured, the beneficiary gets : Sum Assured, plus Accrued Guaranteed Addition plus Vested Simple Reversionary Bonus Option to attach Riders for 'added protection' at nominal extra cost.

1. CHILD PLANS:

Tata AIG Life Insurance United Ujjwal Bhawishya Supreme is a non participating unit linked endowment insurance plan which provides you the assurance to realise the childs dreams. The plan has an inbuilt Waiver of Premium benefit which ensures that the childs financial needs are well taken care of, so that he/she can achieve his/her dreams, even in their parents absence. Features: In case of unfortunate demise of the parent (Life Assured), the death benefit is paid and policy benefits continue till maturity. The company will waive all future regular premiums in case of Death or Total Permanent Disability of the parent (Life Assured). On maturity, get Fund Value that provides for your childs education needs You can withdraw money from your fund for the important events in your childs life Option of 7 Investment Funds to suit your investment risk profile You can avail of additional protection by attaching Riders to your basic policy

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Tata AIG Life is a participating money-back plan that helps you fund your child's education and career needs during his/her crucial years (18 to 21 years) and also ensure financial security in case of an unfortunate event. Features:

From policy anniversaries following 18th birthday till 21st birthday, 20% of Sum Assured is paid to ensure expenses such as college fees etc. are provisioned On maturity, the balance 20% of Sum Assured is paid along with Simple Reversionary Bonus, Terminal Bonus and Guaranteed Additions ,equal to five years premium In-built Payer benefit - protects your child's future in case of an unfortunate event in your life In case of death/disability of the payer During the premium paying term: all future premiums will be waived off After premium paying term and before maturity: 50% of the Sum Assured is paid to the nominee In case of death of insured child, the nominee gets Sum Assured, plus Guaranteed Addition equal to 5 years premium, plus Simple Reversionary Bonus accrued till death and Terminal Bonus S

TATA AIG LIFE INSURANCE

Tata AIG Life Assure Career Builder is a participating money-back plan that helps to fund the child's education and/or career needs during his/her crucial years (18, 21, 24 and 27). So that parents don't have to worry about financing his/her career. Features:

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20% of Sum Assured paid on 18th, 21st and 24th birthday which can be used to finance your child's college, post-graduation and professional studies On maturity at age 27, get 40% of Sum Assured + Guaranteed Addition of 10% of Sum Assured + Simple Reversionary Bonus and Terminal Bonus In case of death of insured, the nominee gets Basic Sum Assured, plus Guaranteed Addition of 10% of Basic Sum Assured, plus Simple Reversionary Bonus accrued till death and Terminal Bonus Periodic payments do not affect the Sum Assured payouts in case of the insured's death

IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER Tata AIG Life Insurance Gyan Kosh is a non-participating unit linked endowment insurance plan, with in-built benefits, that helps the parents to build the desired corpus via regular savings and ensures the same is protected even in their absence. Features:

TATA AIG LIFE

2 protection propositions to safeguard your child's education Safety Net (Inbuilt Waiver of Premium Benefit) In case of death of the insured, Sum Assured is paid, policy benefits continue, future premiums waived and paid by the company In case of total permanent disability too, future premiums paid by the company

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Security Net (Inbuilt Waiver of Premium Benefit + Family Income Benefit)

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Safety Net benefits + additional Family Income Benefit that serves as readjustment income to supplement your family's expenses

2 options available to choose from the Waiver of Premium benefit as per your needs
Family Guard to guard your child's education savings by investing 100% future

premiums into your fund

Family Advantage to provide supplementary income for other educational needs where

50% of the future premiums gets invested into your fund and 50% given as cash payouts

Guaranteed Maturity Addition to augment savings planned for your child's dreams Avail additional risk protection through 3 Riders Customize your investment strategy as per your risk profile through
Choice of 7 Fund options Choice of Portfolio Strategies: SMART (Systematic Money Allocation & Regular

Transfer ) and AAA (Automatic Asset Allocation)

TATA

Tata AIG Life Assure 21 Years Money Saver is a participating money-back plan that gives you an opportunity to fulfill short-term goals by providing Guaranteed Benefits and Additions. This plan gives you the dual benefits of life insurance coverage plus the flexibility of periodic payments which makes it a perfect way to cater to your children's needs when they need you the most. Features:

AIG LIFE

Guaranteed coupons of 10% of Sum Assured every 3 years from 3rd policy anniversary to meet your periodic short-term and mid-term goals On maturity, you get Final coupon of 40% of Sum Assured, plus Guaranteed Loyalty Addition of 10% of Sum Assured, plus Compound Reversionary and Terminal Bonuses On death of the insured, the nominee gets : Sum Assured, plus Guaranteed Loyalty Addition of 10% of Sum Assured, plus Compound Reversionary and Terminal Bonuses

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1. RETIREMENT PLANS: [27]

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Tata AIG Life Nirvana Plus is a participating pension plan that helps you build a corpus for retirement with Guaranteed Additions and Bonuses and also protects you by offering a double death cover in case of death due to accident Features:

On Maturity, up to 1/3rd of the benefit amount can be taken as a lumpsum and the rest will be used to buy an annuity to provide you a regular income Guaranteed Additions of 10% of Sum Assured every 5 years to enhance your retirement corpus Compound Reversionary Bonus and Terminal Bonus to take care of inflationary costs Special Guaranteed Bonus of 2% of Sum Assured credited in first year itself In-built benefit of double Sum Assured in case of death due to accident Lump sum benefit in case diagnosed with critical illness within first 3 years of policy Simplified issuance with a simple health declaration

TATA AIG LIFE

Tata AIG Life Easy Retire is a non participating single premium immediate annuity plan with return of purchase price, which takes care of your financial needs after retirement by converting your lump sum retirement corpus into regular annuity payment. All you have to do is pay a single premium as your purchase price and choose the frequency at which you want the income, i.e. monthly, quarterly, half-yearly or annual. These returns can be availed either as Post Dated Cheques (PDCs) or direct credit in your back account as PDCs / Electronic Clearing Services (ECS). Features:
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Helps you cope with the expenses that continue even after you have retired Annuity payments are paid throughout the life term of the policyholder On death of the life insured, the nominee gets Sum Assured equal to purchase price

1. WEALTH PLANS:

Wealth creation plans offer more liquidity options and are ideal for customers who are risk savvy and want the protection of a life insurance cover along with the returns of market-linked instruments.

Tata AIG Life Insurance Invest Assure Maximizer, a non participating endowment unit linked

TATA

plan, which offers you the flexibility of choosing between two risk protection options. Features:

AIG

Two death benefit options to choose from, depending on how you want to orient your plan Standard Life Cover : Death benefit is Higher of Sum Assured or Fund Value Premium Life cover : Death benefit is Sum Assured + Fund Value Loyalty Additions of 0.25% of the Regular Premium Fund Value paid every 5 years, starting from the 10th policy anniversary Flexibility to choose from 7 Fund options for enhanced investment opportunities Flexibility to customize the product with additional riders, through two Unit Deducting Riders Choice of Portfolio Strategies like Systematic Money Allocation & Regular Transfer (SMART) and Automatic Asset Allocation (AAA)

LIFE

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A. Group Insurance:
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I.

EMPLOYEE BENEFITS:

The Corporate Solutions-Employee benefit is a range of corporate insurance plans of solutions to employers of all sizes, ranging from SME, local enterprises to multinational companies. The insurance solution provides cover not only in case of mortality but also provides security and benefit in case of terminal illness, which is payable in advance of any eventuality.

1. Tata AIG Life Group Term Life: Tata AIG Life Group Term Life is a customized insurance plan for your employees and is designed to meet their needs and support them and their loved ones. As an organization, this policy gives you the ability to provide easy and hassle - free financial help to the employee's

TATA

family, in case of an unfortunate death. Features: The Sum Assured can be structured in the following manner: The benefit can be a flat sum assured (e.g. Rs. 2,00,000 Sum Assured for each insured member) or, The benefit can be graded according to job status (e.g. Rs. 5,00,000 Sum Assured per insured member for Senior Managers, Rs. 3 ,00,000 Sum Assured per insured member for Junior Managers) or, The benefit can be a multiple of salary (e.g. Sum Assured per insured member equivalent to 3 times his/her Cost to Company). 1. Tata AIG Life Group Term Life in Lieu of EDLI:

AIG LIFE INSURANCE

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If your company is covered by the Employees' Provident Funds & Miscellaneous Provisions Act, 1952 and is contributing to the Employees' Deposit-Linked Insurance Scheme (EDLI), 1976; EDLI provides coverage in the event of death to all eligible employees of your company. Features:

The employer would be entitled for an exemption under EDLI scheme 1976 if they opt for the plan. Minimum entry age for the plan is 18 years and maximum entry age extendable beyond retirement for this plan The plan offers a Flat lump sum which would be higher than the benefit provided under EDLI scheme 1976 by EPFO and further amendment notification dated 18th June 2010 of Ministry of Labour and employment.

No medicals required under this plan. Employer can claim the deduction of Premium paid for this plan as allowable business expenditure Premium paid under this plan are eligible for tax benefit as per Income Tax Act, 1961 and are subject to modification made thereto from time to time 1st year suicide exclusion waived under this plan.

TATA

I.

CREDIT LIFE: Credit Life Insurance Plans are developed to offer comprehensive protections to organizations / groups issuing credit to its customers such as home loan, personal loan, auto loan, education loan and credit cards etc. Credit Life Insurance Plans are flexible and can be tailor made to meet the unique requirements of the product segment and the characteristics of the group.

AIG LIFE INSURANCE

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Mortgage Loans / Personal Loans / Other Asset categories Unique plans for all segments ForCredit Life Credit Cards

Investment Plans under Credit Life

For Credit Cards Tata AIG Life Credit Shield Plus For Mortgage Loans / Personal Loans / Other Asset categories Tata AIG Life Group Single/Regular Premium Mortgage Reducing Term Insurance Plan Tata AIG Life Group/Regular Single Premium Personal Loan Reducing Term Insurance Protection Plan Tata AIG Life Group Total Suraksha Unique plans for all segments Tata AIG Life Group Health Plus Tata AIG Life Group Life Protector Plus

Tata AIG Life Group Credit Card Term Insurance Protection Plan

TATA AIG LIFE

1. Tata AIG Life Group Single/Regular Premium Mortgage Reducing Term Insurance Plan These plans are offered through a group policy issued to the organization and offer to pay off the outstanding loan amount in the event of an unfortunate death or total & permanent disability of the insured borrower. These products are offered to groups with a minimum group size of 50 eligible members and to traditional mortgage housing loan or loan against property customers only.

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Features

Eligibility Criteria

Coverage for primary and joint borrower Primary or joint borrower of the mortgage (optional). Life insurance plan linked to the loan. Attractive group premium rate. loan. Entry age: 18 to 64 years. Maximum coverage up to 70 years.

Choice of premium payment- Single or Completion of enrolment requirement. regular. Option to attach the Tata AIG Life Group Residential mortgage loan borrower who Total and permanent disability rider at a fulfils our underwriting requirements nominal extra cost. Simple enrolment with high non-medical limits.

2. Tata AIG Life Group Total Suraksha Tata AIG Life Group Total Suraksha ensures financial support to your family against unfortunate loss and helps the family to clear out debts.
Features Eligibility Criteria

TATA TATA AIG AIG

Cover for death and disability Coverage for primary borrower of the loan.

Minimum entry age: 14 years Maximum entry age: 65 Years

LIFE LIFE

Option to offer coverage for one co-borrower Maximum coverage up to 75 years. of the loan. Reducing Sum Assured or Level Sum Assured Minimum Sum Assured: Rs. 1,000 options. Single premium payment. Minimum term: 1 year

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3. Tata AIG Life Group Health Plus Tata AIG Life Group Health Plus provides protection against 12 critical illnesses and helps employees / customers of organizations to secure themselves against unplanned expenses in case of diagnosis of any of the critical illnesses covered.
Features Eligibility Criteria

Coverage for 12 critical illnesses.

A minimum of 50 eligible members are required to avail this group insurance policy

Flexible Sum Insured from Rs. 25,000 to Rs. Entry age: 18 to 55 years. 5,00,000 (in multiples of Rs. 25,000). Flexible, short to medium policy terms- 3/4/5 years. Coverage up to 60 years.

Choice of premium payment- Single or Completion of enrolment requirement. regular. Simple enrolment process, no medical

TATA TATA

examination required Single premium plan with no renewals.

AIG AIG LIFE LIFE

I. Group Pensions: Tata AIG Life is the first private insurance company to offer Group Pensions products in India.

INSURANCE INSURANCE

1. Tata AIG Life Comprehensive Gratuity Scheme As per the Payment of Gratuity Act 1972, an employer is obliged to pay gratuity to an employee after he/she has rendered a continuous service of at least 5 years. Tata AIG Life
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Comprehensive Gratuity Scheme, offers you a Managed Trust that fulfils all your employee gratuity obligations. Features: Plan design and advice on Trust Formation/Deed of Variation Actuarial valuation as per AS 15 standards on the policy anniversary every year Scheme registration and ongoing legislative compliance Investment management and reporting to trustees Administration services and benefit payments

1. Tata AIG Life Group Immediate Annuity with Return of Purchase Price Tata AIG Life presents "Group Immediate Annuity with Return of Premium" plan, the ideal solution to convert your employee's corpus to regular income. How the plan does works? All your employee has to do is pay or authorize transfer of a single premium to Tata AIG Life Insurance Company Limited (This amount is their purchase price) They need to choose annuity payment modes (the frequency at which they want the income) - monthly, quarterly, half-yearly or yearly Tata AIG Life guarantees you a rate per thousand at the time of purchase and this depends on the age as well as the purchase price Employee needs to opt for either receiving post dated cheques or a direct credit into their bank account i.e. PDCs / ECS

TATA AIG LIFE INSURANCE

A.

MICRO INSURANCE:
Micro Insurance products from Tata AIG Life simplify the product offerings and provide financial security, are specially designed to meet the needs of low income groups by offering benefits like low premiums, simple policy terms and exclusions and no medical examinations.
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Tata AIG Life Navkalyan Yojana is a non-participating, life insurance protection plan without any maturity benefit. To safeguard against other uncertainties in life, the policyholder can add the Tata AIG Life Accidental Death Benefit Rider (paid to nominee) to this product at a nominal extra cost. Features: Policy Term of 5 years Option to choose Life Cover from a minimum of Rs.5,000 to a maximum of Rs.50,000 Premium payment frequency : Monthly, Quarterly, Semi-annual & Annual

A non participating single premium plan, Tata AIG Life Ayushman Yojana is ideal for rural population who has seasonal income. With payment of a single premium at the beginning of policy term, a person will be insured for 10 years. Besides being insured, the policyholder, upon maturity of the policy receives 125% of the single premium paid. Features: Convenience of single premium payment Policy Term of 10 years Death Benefit paid to the nominee in case of unfortunate death of life insured Option to choose Life Cover from a minimum of Rs.5,000 to a maximum of Rs.50,000 On maturity, get 125% of the single premium paid

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Tata AIG Life Sumangal Bima Yojana, a non-participating limited premium payment money back plan, gives guaranteed returns at specified intervals during term of the policy besides an insurance cover for 15 years. Features:

Death Benefit paid to the nominee in case of unfortunate death of life insured On maturity at the end of 15 years, all premiums paid will be returned# to the policyholder. Option to choose Life Cover from a minimum of Rs.5,000 to a maximum of Rs.50,000 Pay premiums for 10 years and stay covered for entire policy term of 15 years Premium payment frequency : Monthly, Quarterly, Semi-annual & Annual

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PROCEDURE FOLLOWED BY TATA AIG TO PROVIDE INSURANCE AT A GLANCE..

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New look at life

In order to understand the process followed by Tata AIG to provide life insurance to willing customers, I visited Tata AIG branch office at Peninsula Towers in Lower Parel, Mumbai. Following is the process explained by an insurance agent Mr. Arvind Barke.

s or is approached by clients who wish to take insurance. The agent then goes on field, creates the lead, and pitches the be COPY OF APPLICATION FORM

mer and collects the KYC documents from the client. These documents include the ID Proof, the Address Proof, the Incom

The agent then sends the form along with documents attached to the Branch Officer. The branch officer will log in that form in the branch record system.

ead office. The issuance team will go through the details and once that is done all the physical documents (KYC docume

e policy. This is also known as fetching the risk i.e. the insurance company will decide how much risk can be borne by th

ents are verified again and if there are any pending documents, the client is given intimation and after he submits the aske

printing and then the printed policy is dispatched off to the client by courier. This document is the true copy of the policy

TATA AIG LIFE INSURANCE

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uarterly/monthly) has to be paid in advance either through Auto-debit facility (premium paid through card) or ECS (Elect

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CLAIMS UNDER TATA AIG LIFE INSURANCE POLICIES

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Filing a life insurance claim: Claim settlement is one of the most important services that an insurance company can provide to its

customers. You will need to fill a claim form and contact the financial advisor from whom you bought your Tata AIG policy. Submit all relevant documents such as original death certificate and policy bond to your insurer to support your claim. Most claims are settled by issuing a cheque within 7 days from the time they receive the documents. How can a client make a claim at Tata AIG? A client can make a claim by intimating Tata AIG Life in the following ways: Through an agent or advisor(how are they different)

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New look at life

By walking into any of the branches/Zones/H.O./Corporate Office of Tata AIG Life Insurance Company. Ltd.

Through letters or by claim notification card from MNTL & BSNL).

Via the Helpline No's at 1-860-266-9966 (local charges apply) or 1-800-119-966 (toll free

Via an SMS by keying in 'SERVICE' to 8888 or by emailing to customercare@tata-aig.com

Types of claims: 1) Maturity Claim On the date of maturity life insured is required to send maturity claim /discharge form and original policy bond well before maturity date to enable timely settlement. 2) Death Claim In case of death claim the following procedure should be followed. Claim intimation/notification The claimant must submit the written intimation as soon as possible to enable Tata AIG to initiate the claim processing. The claim intimation should consist of basic information such as policy

TATA

number, name of the insured, date of death, cause of death, place of death, name of the claimant. The claimant can also get a claim intimation/notification form from the nearest local branch office of the insurance company or their insurance advisor/agent. Documents required for claim processing The following documents are required in order to make a Death claim: Claim Form Part I: Application Form for Death Claim (Claimant's Statement) Part II: Physician's Statement Death Certificate of the life insured Medical cause of death' Certificate issued by attending physician Attested True copy of Indoor Case Papers of the hospital(s)
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AIG LIFE INSURANCE

New look at life New look at life

Burial or Cremation ground certificate Original Policy Document The Insured's Photo ID with Date of Birth (if not submitted for policy issue) Photo Identification of the beneficiary or nominee or appointee or assignee who is entitled to receive the payment Photo Identification of the beneficiary or nominee or appointee or assignee who is entitled to receive the payment Proof of legal title to the claim proceeds (e.g. legal succession paper, assignment deed) Additional requirements may be called for depending upon the circumstances of death at the discretion of Tata AIG Life Insurance Company Ltd. In case of a death due to accident following additional documents should be submitted: All police reports / First Information Report and Final Investigation Report. Proof of Accident - Panchnama / Inquest report Newspaper cutting / Photographs of the accident - if available For claiming the Critical Illness rider benefit, the below mentioned documents are required: Claimant Statement Attending Physician's Statement All related medical / hospitalization records Diagnostic tests reports Submission of required documents for claim processing For faster claim processing, it is essential that the claimant submits complete documentation as early as possible. The life insurer will not be able to take a decision until all the requirements are complete. Once all relevant documents, records and forms have been submitted, Tata AIG can take a decision about the claim. Settlement of claim As per the regulation 8 of the IRDA (Policy holder's Interest) Regulations, 2002, Tata AIG is required to settle a claim within 30 days of receipt of all documents including clarification sought.

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If the claim requires further investigation, Tata AIG has to complete its procedures within six months from receiving the written intimation of claim.

BENEFITS OF TATA AIG LIFE INSURANCE:

As explained in the previous sections, Tata AIG Life Insurance Plans are very beneficial. They are flexible and cater to the needs of the client in an efficient manner. The client has a range of plans to choose from depending on his requirements. Hence Tata AIG plans give a personalized touch since the client can choose the best suitable plan for himself. Tata AIG has different benefits for different plans. Few of the benefits in different ranges of plans are mentioned below: Terminal Illness Benefit: In the event of an Insured employees diagnosis with a terminal illness that can reduce the life expectancy, the policy offers advance payment of part of the sum insured to the insured employee. Death Benefit: In case of unfortunate death of the insured employee due to accident, illness or natural causes, the policy provides a lump sum payment to the nominated beneficiary. Cover applies worldwide 24-hours a day Tax Benefits: All premiums paid under this policy are eligible for tax benefits as per the Income Tax Act, 1961, and are subject to modifications made thereto from time to time In addition to this there is a large pool of benefits different for different plans. However information on all the benefits was not available and those available are mentioned while explaining the plans in previous section.

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SAMPLE OF FORMS PERTAINING TO TATA AIG LIFE INSURANCE

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Sample copy of Tata AIG Unit Ujjwal Bhavishya application form acquired by me from the Tata AIG Head office in Lower Parel, Mumbai

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Sample of Tata AIG Life Shubh Life Application Form acquired by me from the Tata AIG head office at Lower Parel, Mumbai (page 1)

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Sample of Tata AIG Life Shubh Life Application Form (page 2)

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Sample of Tata AIG Life Shubh Life Application Form (page 3)

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Sample of Tata AIG Life Shubh Life Application Form (page 4)

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BIBLIOGRAPHY: All my Primary data for understanding the process Tata AIG follows to provide insurance was collected by:

Visiting the Mumbai Head office of Tata AIG Insurance Company situated at B-6, Peninsula Towers, Lower Parel, Mumbai. Telephonic interview with Mr. Arvind Barke, insurance agent at Tata AIG Life. Calling on the toll free number of Tata AIG : 1800-11-9966

All my secondary data was acquired from: http://www.tata-aig-life.com/ http://en.wikipedia.org/wiki/Insurance http://en.wikipedia.org/wiki/Life_insurance http://www.scribd.com/doc/28493338/project-on-tata-aig-life-insurance http://www.indiainfoline.com/PersonalFinance/Insurance/Tata-AIG-Life-Insurance-CompanyLtd/TATA-AIG-InvestAssure-II/171490627/42275772 http://www.myinsuranceclub.com/insurance-news/category/tata-aig-life

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