Business

Tata AIG gets equity infusion

By Our Staff Correspondent

MUMBAI, MARCH 30. Tata AIG Life Insurance Company has announced that it has received additional equity capital of Rs. 60 crores from its two promoters, Tata Group and American International Group, Inc. (AIG).

The Tata Group, which holds 74 per cent of the equity in Tata AIG Life Insurance Company, contributed Rs. 44.40 crores and AIG with a 26 per cent stake in the equity, contributed Rs. 15.60 crores to the capital increase. With this, the capitalisation of Tata AIG Life Insurance Company increases from Rs. 125 crores to Rs. 185 crores.

Tata AIG Insurance will provide general and life insurance solutions to individuals and corporates. The non-life insurance arm, Tata AIG General Insurance, will offer complete range of automobile, homeowners, personal accident, travel, energy, marine, property, casualty and several specialised financial lines of insurance.

Tata AIG Life products will include a broad array of life insurance coverage to both individuals and groups. For groups, the company has life products whereas for individuals, the company has term products, endowment product as well as money back products. For groups and individuals, various types of add-ons and options are available to give consumers flexibility and choice. The range of products will continue to grow throughout the year.

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