Farrokh Kavarana has been named chairman of Tata AIG Life, while George Oommen will be managing director of the company. Oommen was earlier with the Malaysia operations of AIG.

According to Tata Sons chairman, Ratan Tata, "The Life insurance sector in the country promises to be exciting and is poised for tremendous growth in the years to come. Tatas have always been committed to the insurance sector and we are very happy at the opportunity to participate in it once again. Our partnership with AIG, a global leader in insurance and financial services, will ensure that we bring to Indian consumers products marked by global best practices."

Managing director Tata AIG Life Insurance Co George Oommen said, "Tata AIG Life Insurance products will be launched in late February pending product approval from the authorities. We will commence operations immediately in Mumbai and later in other cities. Our products will include a broad array of life insurance coverage to both individuals and groups."

In the individual products category, Tata AIG Life expects to offer term products and endowment products, as well as money-back products with various types of add-ons and options to give consumers flexibility and choice. Tata AIG Life is also developing a special product for the rural sector.

Tata AIG Life plans to establish offices in the six metro areas of Mumbai, Delhi, Chennai, Bangalore, Hyderabad and Kolkata in the first year itself. Tata AIG Life Insurance products will be available through the company's insurance agents around the country, as well as through alternate distribution channels like bancassurance tie-ups, direct marketing and work-site marketing. The first group of insurance agents will undergo Irda training immediately, as Tata AIG has necessary approvals from the Authorities to commence training.