Tata AIG General Insurance Company Limited (Tata AIG General) is a joint venture company, formed by the Tata Group and American International Group, Inc. (AIG). Tata AIG General combines the Tata Group's pre-eminent leadership position in India and AIG's global presence as the world's leading international insurance and financial services organization. The Tata Group holds 74 per cent stake in the insurance venture with AIG holding the balance 26 percent. Tata AIG General Insurance Company, which started its operations in India on January 22, 2001, provides insurance solutions to individuals and corporates.
Offerings of Tata AIG
It offers a complete range of general insurance products including insurance for automobile, home, personal accident, travel, energy, marine, property and casualty as well as several specialized financial lines. The Company believes in offering innovative and relevant insurance solutions in the retail and commercial space. Each product offering is backed by expertise and an unparalleled claims service. The Company's products are available through various channels of distribution like agents, brokers, banks (through banc assurance tie ups) and direct channels like Tele Marketing, Digital Marketing, worksite etc.
- Motor Insurance
- Home Insurance
- Health Insurance
- Travel Insurance
- Lifestyle Insurance
The Tata Group companies operate in seven business sectors: Communications and Information Technology, Engineering, Materials, Services, Energy, Consumer Products and Chemicals. The Group was founded by Jamsetji Tata in the mid 19th century, a period when India had just set out on the road to gaining independence from British rule. Consequently, Jamsetji Tata and those who followed him aligned business opportunities with the objective of nation building. This approach remains enshrined in the Group's ethos to this day.
The Tata Group is one of India's largest and most respected business conglomerates, with revenues in 2007-08 of $ 62.5 billion (Rs. 251,543 crore). Tata companies together employ some 350,000 people. The Group's 27 publicly listed enterprises have a combined market capitalization of some $ 60 billion and a shareholder base of 3.2 million. The major Tata Companies are Tata Steel, Tata Consultancy Services, Tata Motors, Tata Chemicals, Tata Communications, Tata Power, Indian Hotels and Tata Tea. The Tata Group has operations in more than 85 countries across six continents, and its companies export products and services to 80 countries.
American International Group, Inc. (AIG)
American International Group, Inc. (AIG) is a leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services around the world. AIG common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.
Advantages of LIC
It manage and administer insurance and risk management arrangements on behalf of public authorities (Government Agencies) and provide services, facilities and advice to public authorities in respect of the management of claims against them or against funds maintained or administered by them under any written law..
Rebate is available under Section 80C of Income Tax Act, 1961. For the financial year 2008-09, the basic income tax exemption limit has been raised from Rs. 1,10,000 to Rs. 1,50,000. The exemption for women asseesees has been raised from Rs. 1,45,000 to Rs. 1,80,000, and for senior citizens it’s raised from Rs. 1,95,000 to Rs. 2,25,000.
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