Due to the advancement made by mankind in the fields of science and medicine, life expectation has been increasing at a steady rate, and today one can expect to have a longer life span than the earlier generations. For people, this increase means a longer retirement life, which would mean they would have to provide for a longer time period. So, it is more critical than ever to plan effectively and wisely, in advance, for those incremental retirement years, keeping in view the rising expenses, increase in the cost of living and inflation will be ever present. Therefore one needs a plan to ensure safety, income security and regular returns for the post retirement years for himself and his loved ones. For this purpose, the government employs schemes and designs to not only keep the economy in check but also to ensure the safety of its countrymen by safeguarding their interests. Other than the government, private organizations too play a significant role in this regard by contributing towards their employees' post-retirement years. This work is an attempt to understand the employee group retirement benefits provided by corporate houses. An endeavor was also made to understand the role played by insurance companies in managing the funds allocated for the post-retirement benefits of the employees.
Tags: Market share of Tata AIG life insurance, Competency mapping in Tata AIG, Competitive position of TATA AIG, Data analysis Tata AIG insurance company, Competition to Tata AIG life insurance
[...] In addition to that, life insurance companies haveare taking up the management of Group Life Cover, Gratuity and Superannuation funds. Role of Insurance Companies with respect to Gratuity & Superannuation: GRATUITY: As defined by the Oxford Dictionary, gratuity means gift or present, often in return for favors or services”. In literary sense, it denotes a gratuitous payment made by an employer to is employee for services rendered to him. With the enactment of the Payment of Gratuity Act gratuity payment has become legally compulsory in most of the cases. [...]
[...] To conduct a Market Mapping and Research for Group Pensions Products of Tata AIG Life Insurance Company Limited. INTRODUCTION AN OVERVIEW OF INSURANCE In some sense we can say that insurance appears simultaneously with the appearance of human society. We know of two types of economies in human societies: money economies (with markets, money, financial instruments and so on) and non-money or natural economies (without money, markets, financial instruments and so on). The second type is a more ancient form than the first. [...]
[...] PRODUCTS & SERVICES: Corporate life insurance products: Employee Benefits Credit Life Group Pensions Workplace Solutions Individual life insurance products: Health First Health Protector Mahalife InvestAssure II, InvestAssure Gold Shubh life, Nirbhay life With respect to individual life insurance products, Tata AIG has an array of policies to suit the needs and requirements of all age groups viz, children, students, adults, retirees etc. The ‘SUPPORT' arm of Tata AIG Life is constituted of Operations, Human Resources, Marketing, Corporate Training, Finance and Compliance. [...]
[...] INDIAN INSURANCE INDUSTRY: The history of life insurance in India dates back to 1818 and the General insurance business can trace its roots to the year 1850. Life insurance was initiated in India as a means to provide for the English widows. The first Indian company to come into existence was the Bombay Mutual Life Insurance Society in the year 1870. On the other hand, Triton Insurance Company was the first General insurance company to have been established in India in the year 1850. [...]
[...] FINANCIAL POSITION OF Tata AIG LIFE Tata AIG Life Insurance Company Limited (Tata AIG Life) announced an increase of 77 percent in total premium income to Rs 880 crores for the annual period ending March compared to Rs 497 crores for the corresponding period last year. The First Year Premium income increased by 48 percent to Rs 432 crores for the year ended March compared to Rs 292 crores for the same period last year. Through its wide array of Group life insurance, pensions, gratuity and superannuation products, Tata AIG Life has covered over 7,16,016 lives during the period April 2005- March 2006, an increase of 43 percent over the last fiscal year. [...]
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