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