Mumbai: The Insurance Regulatory and Development Authority has accorded an in-principle approval to Tata AIG Life Insurance Company to introduce group pension products in India. Tata AIG Life Insurance is the first private player to receive this approval.

The company announced the launch of three products under the pension schemes Comprehensive Gratuity Scheme, Comprehensive Superannuation Scheme (defined benefit), and Comprehensive Superannuation Scheme(defined contribution).

According to a company release, all these products will provide reliable, secure and flexible solutions suitable for any employers pension obligations. In addition, provision has been made for an additional benefit of life insurance in the event of premature death.

"The provision of a retirement scheme allows employers leeway to provide enhanced benefits to their employees," says George Oommen, managing director of the company. "The plans offer the clients the flexibility of a one-stop shop, fulfilling their pension needs with individualised services.".

The services that the company will offer are designing of pension plans and advice on subsequent changes, actuarial valuation, administration and record-keeping, investment services, employee information and staff-enrolment seminars. It will also undertake scheme registration and ongoing legislative compliance and send statements to employers.