Tata AIG Life Insurance company, a joint venture between the Tata group and the American International Group Inc (AIG), is looking forward to launch products on potential but inadequately tapped sectors like rural & women health in the current fiscal, said Joydeep Roy, chief distribution officer of the company.
At present, the private life insurance company has three micro insurance products with a premium as low as Rs 345 a year, he told FE . But in the current fiscal one more rural product is going to be incorporated, he assured. However, he declined to divulge details about the products.
Plans in the current fiscal also include addition of another 150 branch offices across the country by June 2009 taking the total network to 500 offices, he told FE .
Currently, Tata AIG covers 30 lakh lives in the country. The total premium income of the company in the last fiscal was Rs 2,100 crore, representing a 53% growth over the corresponding figure of Rs 1,367 crore in the 2006-07 fiscal.
Talking about the eastern region, he said it contributes 26% of the national income of the company.