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November 7, 2001 		Feedback  
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Tata AIG Life to sell group pension plans

Tata AIG Life Insurance Company Ltd on Wednesday said it had received regulatory approval to sell group pension products in the country, and will be the first private insurer to enter this segment.

Only state-owned Life Insurance Corporation of India now sells pension plans.

Tata AIG will launch three products under its retirement plan -- the Comprehensive Gratuity Scheme, Comprehensive Superannuation Scheme (Defined Benefit) and Comprehensive Superannuation Scheme (Defined Contribution).

Tata AIG is among the new private players in India's insurance sector. It began operations in February 2001.

Private players have been operating in India only since 2000 after the sector was opened to private and foreign participation in 1999.

Tata AIG is a joint venture between the Tata group, India's second-largest business group, and American International Group, Inc. The two also have a general insurance venture.

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