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Presenta t ion Repor t
on
Submit ted in Par t ia l Ful f i l lment for the Award of the Dip loma
of
Pos t Graduate Dip loma in Management
(Sess ion 2010-12)
Submit ted to : Submi t ted By:
Facul ty Name Student Name
(In terna l Guide) Rol l No
PGDM
DEPARTMENT OF MANAGEMENT
INSTITUTE OF MANAGEM ENT STUDIES, NOIDA
A UGC Recognized Ins t i tu te
A-8B, P lo t C, Sec tor-62 , Noida
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I N S T I T U T E O F M A N A G E M E N T S T U D I E S , N O I D A
A UGC Recognized Ins t i tu te
A-8B, P lo t C, Sec tor-62 , Noida
D E C L A R AT I O N
I ____________________________bear ing Rol l No ________
Class __________________of the Ins t i tu te of Management
Studies , Noida hereby dec lare tha t the Pro jec t Repor t -208
ent i t led______________________________________________
_________ i s an or ig ina l work and the same has not been
submi t ted to any o ther Ins t i tu te for the award of any o ther
d ip loma. The sugges t ions as approved by the facul ty were duly
incorpora ted .
S i g n a t u r e o f S t u d e n t
C o u n t e r s i g n e d
S i g n a t u r e o f F a c u l t y G u i d e
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INDEX
S R N O TO P I C PA G E N O
1 N AT U R E O F I N S U R A N C EI N D U S T RY
4
2 H I S TO RY O F I N S U R A N C E I N I N D I A 11
3 T Y P E S O F I N S U R A N C E 1 4
4 TATA G R O U P 2 8
5 A M E R I C A N I N T E R N AT I O N A LG R O U P ( A I G )
29
6 TATA - A I G G E N E R A L I N S U R A N C E 3 1
7 V I S I O N O F TATA A I G 3 2
8 P U R P O S E O F TATA - A I G 3 2
9 VA L U E S 3 2
1 0 I N S U R A N C E S C H E M E O F TATA A I G 3 3
11 C O R P O R AT E S O C I A LR E S P O N S I B I L I T Y ( C S R )
4 1
1 2 M I L E S TO N E 4 3
13 MANAGEMEN T TEAM OF TATAAI G
52
1 4 B I B L I O G R A P H Y 5 4
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NATURE OF THE INSURANCE INDUSTRY
Goods and serv ices .
The insurance indus t ry provides pro tec t ion aga ins t f inanc ia llosses resu l t ing f rom a var ie ty of hazards . By purchas ing
insurance pol ic ies , ind iv idua ls and bus inesses can rece ive
re imbursement for losses due to car acc idents , thef t o f
p roper ty, and f i re and s torm damage; medica l expenses ; and
loss of income due to d isab i l i ty or dea th .
Indus t ry organiza t ion .
The insurance indus t ry cons is t s main ly of insurance car r ie rs
and insurance agencies and brokerages . In genera l , insurance
car r ie rs a re la rge companies tha t provide insurance and assume
the r i sks covered by the pol icy. Insurance agencies and
brokerages se l l insurance pol ic ies for the car r ie rs . Whi le some
of agencies and brokerages a re d i rec t ly a ff i l i a ted wi th a
par t icu lar car r ie r and se l l on ly tha t car r ie r ' s po l ic ies , many are
independent and are thus f ree to marke t the pol ic ies of a
var ie ty of insurance car r ie rs .
In addi t ion to these two pr imary components , the insurance
indus t ry inc ludes es tab l i shments tha t provide o ther insurance-
re la ted serv ices , such as c la ims ad jus tment or th i rd-par ty
adminis t ra t ion of insurance and pens ion funds . These o ther
insurance indus t ry es tab l i shments a l so inc lude a number of
independent organiza t ions tha t provide a wide a r ray of
insurance- re la ted serv ices to car r ie rs and the i r c l ien ts . One
such serv ice i s the process ing of c la ims forms for medica l
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p rac t i t ioners . Other se rv ices inc lude loss prevent ion and r i sk
management . Also , insurance companies somet imes h i re
independent c la ims ad jus te rs to inves t iga te acc idents and
cla ims for proper ty damage and to ass ign a dol la r es t imate to
the c la im.
Insurance car r ie rs assume the r i sk assoc ia ted wi th annui t ies
and insurance pol ic ies and ass ign premiums to be pa id for the
pol ic ies . In the pol icy, the car r ie r s ta tes the length and
condi t ions of the agreement , exac t ly which losses i t wi l l
p rovide compensa t ion for, and how much wi l l be awarded . The
premium charged for the pol icy i s based pr imar i ly on the
amount to be awarded in case of loss and the l ike l ihood tha t
the insurance car r ie r wi l l ac tua l ly have to pay. In order to be
able to compensa te pol icyholders for the i r losses , insurance
companies inves t the money they rece ive in premiums, bu i ld ing
up a por t fo l io of f inanc ia l asse ts and income-producing rea l
es ta te which can then be used to pay off any fu ture c la ims tha tmay be brought . There a re two bas ic types of insurance
car r ie rs : pr imary and re insurance . Pr imary car r ie rs a re
respons ib le for the in i t ia l underwr i t ing of insurance pol ic ies
and annui t ies , whi le re insurance car r ie rs assume a l l o r par t o f
the r i sk assoc ia ted wi th the ex is t ing insurance pol ic ies
or ig ina l ly underwr i t ten by o ther insurance car r ie rs .
Pr imary insurance car r ie rs offe r a var ie ty of insurance pol ic ies .
Life insurance p rovides f inanc ia l p ro tec t ion to benef ic ia r ies
usua l ly spouses and dependent ch i ldrenupon the dea th of the
insured . Disab i l i ty insurance suppl ies a prese t income to an
insured person who i s unable to work due to in jury or i l lness ,
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and h ea l t h insurance pays the expenses resu l t ing f rom
accidents and i l lness . An annui ty (a cont rac t or a group of
cont rac ts tha t furn ishes a per iodic income a t regular in te rva ls
for a spec i f ied per iod) provides a s teady income dur ing
re t i rement for the remainder of one ' s l i fe . P roper ty-casua l ty
insurance protec ts aga ins t loss or damage to proper ty resu l t ing
f rom hazards such as f i re , thef t , and na tura l d i sas te rs . L iab i l i ty
insurance protec ts po l icyholders f rom f inanc ia l respons ib i l i ty
for in jur ies to o thers or for damage to o ther people ' s p roper ty.
Most po l ic ies , such as au tomobi le and homeowner ' s insurance ,
combine both proper ty-casua l ty and l iab i l i ty coverage .Companies tha t underwr i te th i s k ind of insurance a re ca l led
proper ty-casua l ty car r ie rs .
Some insurance pol ic ies cover groups of people , ranging f rom
a few to thousands of ind iv idua ls . These pol ic ies usua l ly a re
i ssued to employers for the benef i t o f the i r employees or to
unions , p rofess iona l assoc ia t ions , o r o ther membersh iporganiza t ions for the benef i t o f the i r members . Among the most
common pol ic ies of th i s na ture a re group l i fe and hea l th p lans .
Insurance car r ie rs a l so underwr i te a var ie ty of spec ia l ized
types of insurance , such as rea l -es ta te t i t l e insurance ,
employee sure ty and f ide l i ty bonding , and medica l malprac t ice
insurance .
Other organiza t ions in the indus t ry a re formed by groups of
insurance companies , to per form funct ions tha t would resu l t in
a dupl ica t ion of e ffor t i f each company car r ied them out
indiv idua l ly. For example , se rv ice organiza t ions a re suppor ted
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by insurance companies to provide loss s ta t i s t ics , which the
companies use to se t the i r ra tes .
Recent deve lopments .
The recent f inanc ia l c r i s i s has resu l ted in la rge losses for the
insurance indus t ry. Indus t ry condi t ions in the near te rm remain
tenuous , par t icu lar ly as many companies wi l l cont inue to
exper ience dec l in ing revenues , inves tment losses , and cred i t
ra t ing downgrades , which can affec t an insurers ab i l i ty to
repay debt by having to pay a h igher in te res t ra te .
Addi t iona l ly, insurance companies who were t rad ing in c red i tdefaul t swaps and o ther r i sky ins t ruments wi thout suff ic ien t
hedging suffered espec ia l ly hard , and some companies even
became inso lvent . Companies wi th prudent r i sk management
s t ra teg ies a l so suffered la rge losses , because most inves tment
ins t ruments owned by insurance companies exper ienced fa l l ing
values as they were be ing so ld or marked down as the s tock
marke t de te r iora ted in la te 2008. Nonethe less , as insurers
rebui ld capi ta l and adhere to s t r ic te r Federa l regula t ions , the
insurance indus t ry i s l ike ly to s tab i l ize .
Insurance car r ie rs now se l l p roducts t rad i t iona l ly assoc ia ted
wi th o ther f inanc ia l ins t i tu t ions , such as banks and secur i t ies
f i rms . These products inc lude secur i t ies , mutua l funds , and
var ious re t i rement p lans . The In te rne t i s an impor tan t too l for
insurance car r ie rs in reaching poten t ia l and ex is t ing cus tomers .
Carr ie rs use the In te rne t to enable cus tomers to access onl ine
account and b i l l ing informat ion , submi t c la ims , v iew insurance
quotes , and purchase pol ic ies . In addi t ion to ind iv idua l car r ie r-
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sponsored In te rne t s i tes , severa l " lead-genera t ing" s i tes have
emerged . These s i tes a l low potent ia l cus tomers to input
informat ion about the i r insurance pol icy needs . For a fee , the
s i tes forward cus tomer informat ion to a number of insurance
companies , which rev iew the informat ion and , i f they dec ide to
take on the pol icy, contac t the cus tomer wi th an offer. This
prac t ice g ives consumers the f reedom to accept the be s t ra te .
Insurance penet ra t ion ( insurance premium as per cent of GDP)
measures the leve l of insurance ac t iv i ty re la t ive to the s ize of
the economy. As GDP per capi ta r i ses , i t i s expec ted tha t
ind iv idua ls wi l l purchase more insurance . The la tes t Swiss Re
repor t revea ls tha t the insurance penet ra t ion in India was 4 . 6
per cent in 2008 cons is t ing of 4 .0 per cent in l i fe bus iness and
0.6 per cent f rom non- l i fe bus iness , unchanged f rom 2007.
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HISTORY OF INSURANCE IN INDIA
Insurance in India has i t s h i s tory da t ing back unt i l 1818, when
Orien ta l L i fe Insurance Company was s ta r ted by Ani ta Bhavsar
in Kolka ta to ca te r to the needs of European communi ty. The pre- independence e ra in India saw d iscr imina t ion be tween the
l ives of fore igners (Engl i sh) and Indians wi th h igher premiums
be ing charged for the la t te r. In 1870, Bombay Mutua l Li fe
Assurance Socie ty became the f i r s t Ind ian insu rer.
At the dawn of the twent ie th century, many insurance
companies were founded. In the year 1912, the Li fe Insurance
Companies Act and the Provident Fund Act were passed to
regula te the insurance bus iness . The Li fe Insurance Companies
Act , 1912 made i t necessary tha t the premium-ra te tab les and
per iodica l va lua t ions of companies should be cer t i f ied by
an ac tuary . However, the d ispar i ty s t i l l ex is ted as
d iscr imina t ion be tween Indian and fore ign companies . The
oldes t ex is t ing insurance company in India i s the Nat iona lInsurance Company Ltd . , which was founded in 1906. I t i s in
bus iness . Before tha t , the indus t ry cons is ted of on ly two s ta te
insurers : L i fe Insurers ( Li fe Insurance Corpora t ion of India ,
LIC) and Genera l Insurers ( Genera l Insurance Corpora t ion of
India , GIC) . GIC had four subs id ia ry companies
The f i sca l 2008-09 wi tnessed g loba l f inanc ia l mel tdown.
Despi te i t , the Indian insurance indus t ry, which has b ig
oppor tuni ty to expand, g iven the la rge popula t ion and untapped
poten t ia l , g rew sa t i s fac tor i ly. Whi le l i fe insurance bus iness
reg is te red a growth of 10 .15 per cent , genera l insurance
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bus iness recorded a growth of 9 .09 per cent in 2008-09 . Wi th
th is , Insurance penet ra t ion (premium volume as a ra t io of GDP)
in rupee te rms for the year 2008-0 9 s tood a t 4 . 7 4 per cent ; 4 . 17
per cent for l i fe insurance and 0 .57 per cent for non- l i fe
insurance . The leve l of pene t ra t ion , par t icu lar ly in l i fe
insurance , t ends to r i se as income leve ls increase . Ind ia , wi th
i t s huge middle c lass households , has exhib i ted growth
poten t ia l for the insurance indus t ry. Sa tura t ion of marke ts in
many developed economies has made the Indian marke t even
more a t t rac t ive for g loba l insurance majors . The insurance
marke t in India has wi tnessed dynamic changes inc luding en t ryof a number of g loba l insurers . Most of the pr iva te insurance
companies a re jo in t ventures wi th recognized fore ign
ins t i tu t ions across the g lobe .
By end March 2009, there were for ty- four insurance companies
opera t ing in India ; o f which twenty- two were in the l i fe
insurance bus iness and the remain ing twenty-one were in
genera l insurance bus iness and one na t iona l re - insurer. Of
these for ty- four companies , 8 a re in the publ ic sec tor ( two
spec ia l i sed insurers , namely ECGC and AIC, one in l i fe
insurance , four in genera l insurance and one re - insurer ) . The
remain ing th i r ty-s ix a re pr iva te sec tor companie s .
( I ) L i fe Insurance
The to ta l cap i ta l o f the l i fe insurers a t end March 2009 s tood a t
Rs .18253.0 4 crore , wi th addi t iona l in fus ion of capi ta l to the
exten t of Rs .5956.62 crore . There had been no infus ion of
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capi ta l in the case of LIC, which cont inued to be Rs .5 c rore .
The infus ion of addi t iona l cap i ta l o f Rs . 5956.62 crore
compr ised of Rs . 987 .05 crore f rom new co mpanies and
remain ing Rs . 4 969.57 crore f rom exis t ing pr iva te insurers .
TABLE 6
PA I D - U P C A P I TA L : L I F E I N S U R E R S
(Rs . Crore) I N S U R E R M a r c h 3 1 ,
2 0 0 8
A d d i t i o n s
d u r i n g 2 0 0 8 -
09
March 31 ,
2 0 0 9
LIC 5.00 0.00 5.00
Pr iva te Sec tor 12291. 4 2 5956.62 182 4 8. 0 4
TO TA L 1 2 2 9 6 . 4 2 5 9 5 6 . 6 2 1 8 2 5 3 . 0 4
N e w P o l i c i e s
New pol ic ies underwr i t ten by the l i fe insurers were 509 .23
lakh in 2008-09 as aga ins t 508 .7 4 l akh dur ing 2007-08 showing
a margina l increase of 0 .10 per cent . The pr iva te insurers
exhib i ted a growth o f 13 .19 per cent , which i s much lower than
67. 4 0 per cent recorded in the previous year. LIC, showed a
negat ive growth for the second consecut ive year a t 4 .52 per
cent as aga ins t i t s p rev ious year nega t i ve growth of 1 .61 per
cent .
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In some sense we can say tha t insurance appears
s imul taneous ly wi th the appearance of human soc ie ty. We know
of two types of economies in human soc ie t ies : money
economies (wi th marke ts , money, f inanc ia l ins t ruments and so
on) and non-money or na tura l economies (wi thout money,
marke ts , f inanc ia l ins t ruments and so on) . The second type i s a
more anc ien t form than the f i r s t . In such an economy and
communi ty, we can see insurance in the form of people he lp ing
each o ther. For example , i f a house burns down, the members
of the communi ty he lp bui ld a new one . Should the same th ing
happen to one ' s ne ighbour, the o ther ne ighbours must he lp .Otherwise , ne ighbours wi l l no t rece ive he lp in the fu ture . This
type of insurance has surv ived to the present day in some
count r ies where modern money economy wi th i t s f inanc ia l
ins t ruments i s no t widespread .
Insurance in India has been v iewed as a tax sav ing ins t rument
and r i sk cover in l i fe insurance was pure ly inc identa l . Themindse t cont inues to be the same, a l though the uni t - l inked
ins t ruments a re becoming popular. The emergence of pure r i sk
p roducts has thus taken a back sea t . Lapsa t ion i s a se r ious
issue . L i fe insurers a re s t r iv ing to des ign imagina t ive products
so as to ensure long te rm commitments f rom the pol icyholders .
In the process there i s a need for the d is t r ibu tors to p lay a key
ro le in ident i fy ing the needs of the prospec t and then se l linsurance so tha t long- te rm re ten t ion of cus tomers i s
es tab l i shed . In India , mos t of the hea l thcare spending i s by
way of ou t -of -pocket expenses and in th i s background the
sudden surge of hea l th insurance wi th a 60 per cent growth i s
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phenomenal . Bes ides , hea l th insurance por t fo l io i s i t se l f new
to the Indian domain and thus the growth i s addi t iona l ly
s igni f icant . A par t o f th i s growth i s cer ta in ly on account of the
increase in the awareness leve ls of the people . Never the less , i t
i s no t tha t every th ing i s hunky dory and f ine wi th the c lass .
Cus tomer gr ievances cont inue to haunt the hea l th insurers .
I ssues re la t ing to provid ing hea l th insurance to sen ior c i t izens ,
and a t a ffordable premiums are an a rea tha t has been in the
l imel ight . Wi th be t te r c la r i ty on pre-ex is t ing d iseases and
premium ra tes , i t i s hoped t ha t a lo t o f cont rovers ies assoc ia ted
wi th th i s c lass could be nul l i f ied . I t i s a l so impor tan t , tha t po l icyholders should rea l ize the impor tance and the bas ic
pr inc ip les of insurance , before ge t t ing in to any c la im-re la ted
disputes .
Ty p e s o f i n s u r a n c e
Any r i sk tha t can be quant i f ied can poten t ia l ly be insured .Spec i f ic k inds of r i sk tha t may g i ve r i se to c la ims are known as
"per i l s" . An insurance pol icy wi l l se t ou t in de ta i l which per i l s
a re covered by the pol icy and which are not . Below are (non-
exhaus t ive) l i s t s of the many d i ffe ren t types of insurance tha t
ex is t . A s ingle pol icy may cover r i sks in one or more of the
ca tegor ies se t ou t be low. For example , au to insurance would
typica l ly cover both proper ty r i sk (cover ing the r i sk of thef t o r
damage to the car ) and l iab i l i ty r i sk (cover ing lega l c la ims
from caus ing an acc ident ) . A homeowner ' s insurance pol icy in
the U.S . typ ica l ly inc ludes proper ty insurance cover ing damage
to the home and the owner ' s be longings , l i ab i l i ty insurance
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cover ing cer ta in lega l c la ims aga ins t the owner, and even a
smal l amount of coverage for medica l expenses of gues ts who
are in jured on the owner ' s p roper ty.
Bus iness insurance can be any k ind of insurance tha t pro tec ts
bus inesses aga ins t r i sks . Some pr inc ipa l subtypes of bus iness
insurance a re (a ) the var ious k inds of p rofess iona l l i ab i l i ty
insurance , a l so ca l l ed p rofess iona l indemni ty i nsurance , wh ich
are d iscussed be low under tha t name; and (b) the bus iness
owner ' s po l icy (BOP) , which bundles in to one pol icy many of
the k inds of coverage tha t a bus iness owner needs , in a way
analogous to how homeowners insurance bundles the coverages
tha t a homeowner needs
A u t o i n s u r a n c e
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Auto insurance pro tec ts you aga ins t f inanc ia l loss i f you have
an acc ident . Auto insurance provides proper ty, l i ab i l i ty and
medica l coverage :
1. Proper ty coverage pays for damage to o r thef t o f the car.
2 . Liabi l i ty coverage pays for the lega l respons ib i l i ty to
o thers for bodi ly in jury or proper ty damage .
3. Medica l coverage pays for the cos t o f t rea t ing in jur ies ,
rehabi l i ta t ion and somet imes los t wages and funera l
expenses .
Most count r ies requi re you to buy some, bu t no t a l l , o f thesecoverages . When a car i s used as co l la te ra l for a loan the
lender usua l ly requi res spec i f ic coverage . Most au to pol ic ies
are for s ix months to a year.
H o m e i n s u r a n c e
Main ar t ic le : Home insurance
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Home insurance provides compensa t ion for damage or
des t ruc t ion of a home f rom disas te rs . In some geographica l
a reas , the s tandard insurances exc lude cer ta in types of
d i sas te rs , such as f lood and ear thquakes , tha t requi re addi t iona l
coverage . Main tenance- re la ted problems are the homeowners '
respons ib i l i ty. The pol icy may inc lude inventory, o r th i s can be
bought as a separa te pol icy, espec ia l ly for people who ren t
hous ing . In some count r ies , insurers offe r a package which may
inc lude l iab i l i ty and lega l respons ib i l i ty for in jur ies and
proper ty damage caused by members of the household ,
inc luding pe ts .
H e a l t h I n s u r a n c e
Main ar t ic les : Heal th insurance and Denta l insurance
Heal th insurance pol ic ies by the Nat iona l Heal th Serv ice in the
Uni ted Kingdom (NHS) or o ther publ ic ly- funded hea l th
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p rograms wi l l cover the cos t o f medica l t rea tments . Denta l
insurance , l ike medica l insurance , i s coverage for ind iv idua ls
to pro tec t them agains t denta l cos ts . In the U.S . and Canada ,
denta l insurance i s of ten par t o f an employer ' s benef i t s
package , a lon g wi th hea l th in surance .
A c c i d e n t , S i c k n e s s a n d U n e m p l o y m e n t I n s u r a n c e
y Disabi l i ty insurance pol ic ies provide f inanc ia l suppor t in
the event the pol icyholder i s unable to work because of
d i sab l ing i l lness or in jury. I t p rovides month ly suppor t to
he lp pay such obl iga t ions as mor tgage loans and cred i tcards . Shor t - te rm and long- te rm disabi l i ty pol ic ies a re
ava i lab le to ind iv idua ls , bu t cons ider ing the expense ,
long- te rm pol ic ies a re genera l ly obta ined only by those
wi th a t l eas t s ix- f igure incomes , such as doc tors , l awyers ,
e tc . Shor t - te rm d isabi l i ty insurance covers a person for a
per iod genera l ly up to s ix months , paying a s t ipend each
month to cover medica l b i l l s and o ther necess i t ie s .
y Long- te rm disabi l i ty insurance covers an ind iv idua l ' s
expenses for the long te rm, up unt i l such t ime as they are
cons idered permanent ly d isab led and thereaf te r. Insurance
companies wi l l o f ten t ry to f ind o ther ways to employ the
person and re in tegra te them back in to the work force in
preference to and before dec lar ing them unable to work a t
a l l and therefore to ta l ly d isab led . Insurance companies ,
for obvious reasons , f requent ly go to grea t lengths ,
inc luding undercover surve i l lance v ia v ideocam and
repea ted independent medica l eva lua t ions by company
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doctors , in hopes of avoid ing the necess i ty of paying
permanent d i sab i l i t y s t ipends to a c la i mant .
y Disabi l i ty overhead insurance a l lows bus iness owners to
cover the overhead expenses of the i r bus iness whi le they
are unable to work .
y Tota l permanent d i sab i l i ty insurance provides benef i t s
when a person i s permanent ly d isab led and can no longer
work in the i r p rofess ion , of ten taken as an ad junc t to l i fe
insurance .
y Workers ' compensa t ion insurance rep laces a l l o r par t o f a
worker ' s wages los t and accompanying medica l expensesincurred because of a job- re la ted in jury.
C a s u a l t y
Casual ty insurance insures aga ins t acc idents , no t necessar i ly
t ied to any spec i f ic proper ty.
Main a r t ic le : Casua l ty insurance
y Crime insurance i s a form of casua l ty insurance tha t
covers the pol icyholder aga ins t losses a r i s ing f rom the
cr imina l ac ts of th i rd par t ies . For example , a company can
obta in c r ime insurance to cover losses a r i s ing f rom thef t
or embezzlement .
y Pol i t ica l r i sk insurance i s a form of casua l ty insurancetha t can be taken out by bus inesses wi th opera t ions in
count r ies in which there i s a r i sk tha t revolu t ion or o ther
po l i t i ca l condi t ion s wi l l resu l t in a loss .
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l i fe insurance as a tax-eff ic ien t method of sav ing as wel l as
pro tec t ion in the e vent of ear ly dea th .
In U.S . , the tax on in te res t income on l i fe insurance pol ic ies
and annui t ies i s genera l ly defer red . However, in some cases the
benef i t der ived f rom tax defer ra l may be offse t by a lo w re turn .
This depends upon the insur ing company, the type of po l icy
and o ther var iab les (mor ta l i ty, marke t re turn , e tc . ) . Moreover,
o ther income tax sav ing vehic les (e .g . , IRAs, 4 01(k) p lans ,
Roth IRAs) may be be t te r a l te rna t ives for va lue accumula t ion .
P r o p e r t y
Main ar t ic le : Proper ty insurance
Th i s tornado damage to an I l l i no i s home would be cons idered
an " Act of God " for insurance purposes
Proper ty insurance provides pro tec t ion aga ins t r i sks to
property, such as f i re , thef t or weather damage . This inc ludes
spec ia l ized forms of insurance such as f i re insurance , f lood
insurance , ear thquake insurance , home insurance , i n l and
mar ine insurance or bo i le r insurance .
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y Automobi le insurance , known in the UK a s motor
insurance , i s p robably the most common form of
insurance and may cover both lega l l i ab i l i t y c l a ims
agains t the dr iver and loss of or damage to the insured ' s
vehic le i t se l f . Throughout the Uni ted S ta tes an au to
insurance pol icy i s requi red to lega l ly opera te a motor
vehic le on publ ic roads . In some jur i sd ic t ions , bodi ly
in jury compensa t ion for au tomobi le acc ident v ic t ims has
been changed to a no-fau l t sys tem, which reduces or
e l imina tes the ab i l i ty to sue for compensa t ion but
provides au tomat ic e l ig ib i l i ty for benef i t s . Credi t cardcompanies insure aga ins t damage on ren ted cars .
o Driv ing School Insurance provides cover for any
author ized dr iver whi l s t undergoing tu i t ion , cover
a l so unl ike o ther motor pol ic ies provides cover for
ins t ruc tor l i ab i l i ty where both the pupi l and dr iv ing
ins t ruc tor a re equal ly l iab le in the event of a c la im.
y Avia t ion insurance insures aga ins t hu l l , spares ,
deduct ib les , hu l l wear and l iab i l i ty r i sks .
y Boi le r insurance (a lso known as boi le r and machinery
insurance or equipment breakdown insurance) insures
aga ins t acc identa l phys ica l damage to equipment or
machinery.
y Bui lder ' s r i sk insurance insures aga ins t the r i sk of
phys ica l loss or damage to proper ty dur ing cons t ruc t ion .
Bui lder ' s r i sk insurance i s typ ica l ly wr i t ten on an "a l l
r i sk" bas is cover ing damage due to any cause ( inc luding
the negl igence of the insured) not o therwise express ly
exc luded . Bui lder ' s r i sk insurance i s coverage tha t
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p ro tec ts a person ' s or organiza t ion ' s insurable in te res t in
mater ia l s , f ix tures and/or equipment be ing used in the
cons t ruc t ion or renovat ion of a bu i ld ing or s t ruc ture
should those i tems sus ta in phys ica l loss or damage f rom a
covered cause . [ 1 8 ]
y Crop insurance "Farmers use c rop insurance to reduce or
manage var ious r i sks assoc ia ted wi th growing crops . Such
r i sks inc lude c rop loss or damage caused by weather, ha i l ,
d rought , f ros t damage , insec ts , o r d i sease , for
ins tance ." [ 1 9 ]
y Ear thquake insurance is a form of proper ty insurance tha t pays the pol icyholder in the event of an ear thquake tha t
causes damage to the proper ty. Most ord inary homeowners
insurance pol ic ies do not cover ear thquake damage . Most
ear thquake insurance pol ic ies fea ture a h igh deduct ib le .
Rates depend on loca t ion and the probabi l i ty of an
ear thquake , as wel l as the cons t ruc t ion of the home .
y A fide l i ty bond is a form of casua l ty insurance tha t covers
pol icyholders for losses tha t they incur as a resu l t o f
f raudulent ac ts by spec i f ied ind iv idua ls . I t usua l ly insures
a bus iness for losses caused by the d ishones t ac t s of i t s
employees .
y Flood insurance pro tec ts aga ins t p roper ty loss due to
f looding . Many insurers in the U.S . do not provide f lood
insurance in some por t ions of the count ry. In response to
th is , the federa l government c rea ted the National Flood
Insurance Program which serves as the insurer of las t
resor t .
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y Home insurance , a l so commonly ca l led hazard insurance
or homeowners insurance (of ten abbrevia ted in the rea l
es ta te indus t ry as HOI) , i s the type of proper ty insurance
tha t covers pr iva te homes .
y Landlord insurance covers res ident ia l and commerc ia l
p roper t ies which a re ren ted to o thers . Most homeowner ' s
insurance covers only owner-occupied homes .
y Marine insurance and mar ine cargo insurance cover the
loss or damage of sh ips a t sea or on in land waterways , and
of cargo in t rans i t , regard less of the method of t rans i t .
When the owner of the cargo and the car r ie r a re separa tecorpora t ions , mar ine cargo insurance typ ica l ly
compensa tes the owner of cargo for losses sus ta ined f rom
fi re , sh ipwreck , e tc . , bu t exc ludes losses tha t can be
recovered f rom the car r ie r or the car r ie r ' s insurance .
Many mar ine insurance underwr i te rs wi l l inc lude " t ime
element" coverage in such pol ic ies , which ex tends the
indemni ty to cover loss of prof i t and o ther bus iness
expenses a t t r ibu tab le to the de lay caused by a covered
loss .
y Supplementa l na tura l d i sas te r insurance covers spec i f ied
expenses a f te r a na tura l d i sas te r renders the
pol icyholder ' s home uninhabi tab le . Per iodic payments a re
made d i rec t ly to the insured unt i l the home i s rebui l t o r a
spec i f ied t ime per iod has e lapsed .
y Sure ty bond insurance i s a th ree par ty insurance
guarantee ing the per formance of the pr inc ipa l .
y Terror i sm insurance provides pro tec t ion aga ins t any loss
or damage caused by ter ror i s t ac t iv i t i e s .
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y V olcano insurance i s an insurance tha t covers volcano
damage in Hawai i .
y Windstorm insurance i s an insurance cover ing the damage
tha t can be caused by hur r icanes and t ropica l cyc lones .
L i a b i l i t y
Main ar t ic le : Liab i l i ty insurance
Liabi l i ty insurance i s a very broad superse t tha t covers lega l
c la ims aga ins t the insured . Many types of insurance inc lude an
aspec t of l i ab i l i ty coverage . For example , a homeowner ' s
insurance pol icy wi l l normal ly inc lude l iab i l i ty coverage which
pro tec ts the insured in t he event of a c la im brought by someone
who s l ips and fa l l s on the proper ty ; au tomobi le insurance a l so
inc ludes an aspec t of l i ab i l i ty insurance tha t indemnif ies
aga ins t the harm tha t a c rash ing car can cause to o thers ' l ives ,
hea l th , o r proper ty. The pro tec t ion offered by a l iab i l i ty
insurance pol icy i s twofold : a lega l defense in the event of alawsui t commenced aga ins t the pol icyholder and
indemnif ica t ion (payment on behal f of the insured) wi th
respec t to a se t t lement or cour t verd ic t . L iab i l i ty pol ic ies
typica l ly cover only the negl igence of the insured , and wi l l no t
apply to resu l t s of wi l fu l o r in ten t iona l ac ts by the insured .
y Publ ic l iab i l i ty insurance covers a bus iness aga ins t c la imsshould i t s opera t ions in jure a member of the publ ic or
damage the i r p roper ty in some way.
y Direc tors and off icers l i ab i l i ty insurance pro tec t s an
organiza t ion (usua l ly a corpora t ion) f rom cos ts assoc ia ted
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with l i t iga t ion resu l t ing f rom mis takes made by d i rec tors
and off icers for which they are l iab le . In the indus t ry, i t
i s usua l ly ca l led "D&O" for shor t .
y Environmenta l l i ab i l i ty insurance pro tec ts the insured
f rom bodi ly in jury, p roper ty damage and c leanup cos ts as
a resu l t o f the d ispersa l , re lease or escape of po l lu tan t s .
y Errors and omiss ions insurance : See "Profess iona l
l iab i l i ty insurance" under "Liabi l i ty insurance" .
y Pr ize indemni ty insurance pro tec ts the insured f rom
giving away a la rge pr ize a t a spec i f ic event . Examples
would inc lude offer ing pr izes to contes tan ts who can makea ha l f -cour t shot a t a baske tba l l game, or a ho le- in-one a t
a gol f tournament .
y Profess iona l l i ab i l i ty insurance , a l so ca l l ed p rofess iona l
indemni ty insurance , p ro tec ts insured profess iona ls such
as a rch i tec tura l corpora t ion and medica l prac t ice aga ins t
po ten t ia l negl igence c la ims made by the i r pa t ien ts /c l ien ts .
Profess iona l l i ab i l i ty insurance may take on d i ffe ren t
names depending on the profess ion . For example ,
p rofess iona l l i ab i l i ty insurance in re ference to the
medica l profess ion may be ca l led malprac t ice insurance .
Notar ies publ ic may take out er rors and omiss ions
insurance (E&O). Other poten t ia l E&O pol icyholders
inc lude , for example , rea l es ta te brokers , Insurance
agents , home inspec tors , appra isers , and webs i te
developers .
C r e d i t I n s u r a n c e
Main ar t ic le : Credi t insurance
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Credi t insurance repays some or a l l o f a loan when cer ta in
th ings happen to the bor rower such as unemployment ,
d i sab i l i t y , o r dea th .
y Mortgage insurance insures the lender aga ins t defaul t by
the bor rower. Mor tgage insurance i s a form of c red i t
insurance , a l though the name cred i t insurance more of ten
is used to re fer to pol ic ies tha t cover o ther k inds of debt .
y Many credi t cards offe r payment pro tec t ion p lans which
are a form of c red i t insurance .
O t h e r t y p e s o f I n s u r a n c e
y All - r i sk insurance i s an i n s u r a n c e tha t covers a wide-
range of inc idents and per i l s , except those noted in the
pol icy. Al l - r i sk insurance i s d i ffe ren t f rom per i l - spec i f ic
insurance tha t cover losses f rom only those per i l s l i s ted in
the pol icy. [ 2 0 ] In car insurance , a l l - r i sk pol icy inc ludes
a lso the damages caused by the ow n dr iver.y Business in te r rupt ion insurance covers the loss of income,
and the expenses occurred , a f te r a covered per i l in te r rupts
normal bus iness opera t ions .
y Col la te ra l p ro tec t ion insurance or CPI , insures proper ty
(pr imar i ly vehic les ) he ld as co l la te ra l for loans made by
lending ins t i tu t ions .
y Defense Base Act Workers ' compensa t ion or DBA
Insurance provides coverage for c iv i l ian workers h i red by
the government to per form cont rac ts ou ts ide the U.S . and
Canada . DBA is requi red for a l l U.S . c i t izens , U.S .
res idents , U.S . Green Card holders , and a l l employees or
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subcont rac tors h i red on overseas government cont rac ts .
Depending on the count ry, Fore ign Nat iona ls must a l so be
covered under DBA. This coverage typ ica l ly inc ludes
expenses re la ted to medica l t rea tment and loss of wages ,
as wel l as d i sab i l i ty and dea th benef i t s .
y Expat r ia te insurance provides ind iv idua ls and
organiza t ions opera t ing outs ide of the i r home count ry
wi th pro tec t ion for au tomobi les , p roper ty, hea l th , l i ab i l i ty
and bus iness pursu i t s .
y Financia l loss insurance or Bus iness In te r rupt ion
Insurance pro tec ts ind iv idua ls and companies aga ins tvar ious f inanc ia l r i sks . For example , a business might
purchase coverage to pro tec t i t f rom loss of sa les i f a f i r e
in a fac tory prevented i t f rom car ry ing out i t s bus iness for
a t ime. Insurance might a l so cover the fa i lure of a
cred i tor t o pay money i t owes to the insured . This type of
insurance i s f requent ly re fer red to as "bus iness
in te r rupt ion insurance ." Fide l i ty bonds and sure ty bonds
a re inc luded in th i s ca tegory, a l though these products
provide a benef i t to a th i rd par ty ( the "obl igee") in the
event the insured par ty (usua l ly re fer red to as the
"obl igor") fa i l s to per form i t s ob l iga t ions under a cont rac t
wi th the obl igee .
y Kidnap and ransom insurance
y Legal expenses insurance covers pol icyholders aga ins t the
poten t ia l cos ts of lega l ac t ion aga ins t an ins t i tu t ion or an
indiv idua l . When someth ing happens which t r iggers the
need for lega l ac t ion , i t i s known as the event ' . There a re
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two main types of lega l expenses insurance , Before the
event insurance and After the event insurance .
y Locked funds insurance is a l i t t l e -known hybr id insurance
pol icy jo in t ly i ssued by governments and banks . I t i s used
to pro tec t publ ic funds f rom tamper by unauthor ized
par t ies . In spec ia l cases , a government may au thor ize i t s
use in pro tec t ing semi-pr iva te funds which a re l iab le to
tamper. The te rms of th i s type of insurance a re usua l ly
very s t r ic t . Therefore i t i s used only in ex t reme cases
where maximum secur i ty of funds i s requi red .
y Media Insurance i s des igned to cover profess iona ls tha tengage in f i lm, v ideo and T V product ion .
y Nuclear inc ident insurance covers damages resu l t ing f rom
an inc ident involv ing rad ioac t ive mater ia l s and i s
genera l ly a r ranged a t the na t iona l leve l . See the Nuclear
exc lus ion c lause and for the Uni ted S ta tes the Pr ice-
Anderson Nuclear Indus t r ies Indemni ty Act )
y Pet insurance insures pe ts aga ins t acc idents and i l lnesses
- some companies cover rout ine /wel lness care and bur ia l ,
as wel l .
y Pol lu t ion Insurance which cons is t s of f i r s t -par ty coverage
for contaminat ion of insured proper ty e i ther by ex terna l
or on-s i te sources . Coverage for l i ab i l i ty to th i rd par t ies
ar i s ing f rom contaminat ion of a i r, water, o r land due to
the sudden and acc identa l re lease of hazardous mater ia l s
f rom the insured s i te . The pol icy usua l ly covers the cos ts
of c leanup and may inc lude coverage for re leases f rom
underground s torage tanks . In ten t iona l ac ts a re
spec i f ica l ly exc luded .
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y Purchase insurance i s a imed a t p rovid ing pro tec t ion on the
products people purchase . Purchase insurance can cover
ind iv idua l purchase pro tec t ion , warran t ies , guarantees ,
care p lans and even mobi le phone insurance. Such
insurance i s normal ly very l imi ted in the scope of
p roblems tha t a re co vered by the pol icy.
y Ti t le insurance provides a guarantee tha t t i t l e to rea l
property is ves ted in the purchaser and/or mor tgagee , f ree
and c lear of l i ens or encumbrances . I t i s usua l ly i ssued in
conjunct ion wi th a search of the publ ic records per formed
at the t ime of a rea l es ta te t ransac t ion .y Travel insurance is an insurance cover taken by those who
t rave l abroad , which covers cer ta in losses such as medica l
expenses , loss of personal be longings , t rave l de lay,
personal l i ab i l i t i es , e tc .
Ta ta Group
The Tata Group companies opera te in seven bus iness sec tors :
Communica t ions and Informat ion Technology, Engineer ing ,
Mater ia l s , Serv ices , Energy, Consumer Products and
Chemica ls . The Group was founded by Jamset j i Ta ta in the mid
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19th century, a per iod when India had jus t se t ou t on the road
to ga in ing independence f rom Br i t i sh ru le . Consequent ly,
Jamset j i Ta ta and those who fo l lowed h im a l igned bus iness
oppor tuni t ies wi th the objec t ive of na t ion bui ld ing . This
approach remains enshr ined in the Group ' s e thos to th i s day.
The Tata Group i s one of India ' s l a rges t and most respec ted
bus iness conglomera tes , wi th revenues in 2007-08 of $ 62 .5
b i l l ion (Rs . 251 ,5 4 3 crore) . Ta ta companies toge ther employ
some 350,000 people . The Group ' s 27 publ ic ly l i s ted
enterpr i ses have a combined marke t capi ta l iza t ion of some $ 60 b i l l ion and a shareholder base of 3 .2 mi l l ion . The major Ta ta
Companies a re Tata S tee l , Ta ta Consul tancy Serv ices , Ta ta
Motors , Ta ta Chemica ls , Ta ta Communica t ions , Ta ta Power,
Indian Hote ls and Tata Tea . The Tata Group has opera t ions in
more than 85 count r ies across s ix cont inents , and i t s companies
expor t p roducts and serv ices to 80 count r ies .
The Tata fami ly of companies shares a se t o f f ive core va lues :
in tegr i ty, unders tanding , exce l lence , un i ty and respons ib i l i ty.
These va lues , which have been par t o f the Group ' s be l ie fs and
convic t ions f rom i t s ear l ies t days , cont inue to guide and dr ive
the bus iness dec is ions of Ta ta companies . The Group and i t s
en terpr i ses have been s teadfas t and d is t inc t ive in the i r
adherence to bus iness e th ics and the i r commitment to corpora te
soc ia l respons ib i l i ty. This i s a legacy tha t has earned the
Group the t rus t o f many mi l l ions of s takeholders in a measure
few bus iness houses anywhere in the wor ld can match .
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About Amer ican In te rna t iona l Group, Inc . (AIG)
Amer ican In te rna t iona l Group, Inc . (AIG) i s a lead ing
in terna t iona l insurance organiza t ion wi th opera t ions in more
than 130 count r ies and jur i sd ic t ions . AIG companies serve
commerc ia l , ins t i tu t iona l , and ind iv idua l cus tomers through
one of the most ex tens ive wor ldwide proper ty-casua l ty
ne tworks of any insurer. In addi t ion , AIG companies a releading providers of l i fe insurance and re t i rement se rv ices
around the wor ld . AIG common s tock i s l i s ted on the New York
Stock Exchange , as wel l as the s tock exchanges in I re land and
Tokyo.
AIG is a major Amer ican insurance corpora t ion based a t the
Amer ican In te rna t iona l Bui ld ing in New York Ci ty. The Br i t i sh
headquar te rs a re loca ted on Fenchurch St ree t in London
cont inenta l Europe opera t ions a re based in La Defense , Par i s ,
and i t s As ian HQ is in Hong Kong. Accord ing to the 2008
Forbes Global 2000 l i s t , AIG was the 18th- la rges t company in
the wor ld .
Company Background: AIGs h is tory da tes back to 1919, when
Cornel ius V ander S tar r es tab l i shed an insurance agency in
Shanghai , China . S ta r r was the f i r s t Westerner in Shanghai to
se l l insurance to the Chinese . In 1962, S tar r gave
management of the company ' s less than successfu l U.S .
hold ings to Maur ice R. \ "Hank\" Greenberg , who sh i f ted the
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company ' s U.S . focus f rom personal insurance to h igh .1969.
Amer ican In te rna t iona l Group, Inc i s the lead ing U.S . based
in terna t iona l insurance and f inanc ia l se rv ices organiza t ion and
the la rges t underwr i te r of commerc ia l and indus t r ia l insurance
in the Uni ted S ta tes . I t s member companies wr i te a wide range
of commerc ia l and personal insurance products th rough a
var ie ty of d i s t r ibu t ion channels in over 130 count r ies and
jur i sd ic t ions throughout the wor ld . AIG's Li fe Insurance
opera t ions compr ise of the most ex tens ive wor ldwide ne twork
of any l i fe insurer. AIG's g loba l bus inesses a l so inc lude
f inanc ia l se rv ices and asse t management , inc luding a i rc raf tleas ing , f inanc ia l p roducts , t rad ing and marke t making ,
consumer f inance , sav ings products .
Ta ta AIG Genera l Insurance
Tata AIG Genera l Insurance Company Limi ted (Tata AIG
Genera l ) i s a jo in t venture company, formed by the Tata Group
and Amer ican In te rna t iona l Group, Inc . (AIG) . Ta ta AIG
Genera l combines the Tata Group ' s pre-eminent leadersh ip
pos i t ion in India and AIG's g loba l presence as the wor ld ' s
leading in te rna t iona l insurance and f inanc ia l se rv ices
organiza t ion . The Tata Group holds 7 4 per cent s take in the
insurance venture wi th AIG hold ing the ba lance 26 percent .
Ta ta AIG Genera l Insurance Company, which s ta r ted i t s
opera t ions in India on January 22 , 2001, provides insurance
solu t ions to ind iv idua ls and corpora tes . I t o ffe rs a comple te
range of genera l insurance products inc luding insurance for
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automobi le , home, personal acc ident , t rave l , energy, mar ine ,
p roper ty and casua l ty as wel l as severa l spec ia l ized f inanc ia l
l ines . The Company be l ieves in offe r ing innovat ive and
re levant insurance so lu t ions in the re ta i l and commerc ia l space .
Each product offe r ing i s backed by exper t i se and an
unpara l le led c la ims serv ice . The Company ' s products a re
ava i lab le through var ious channels of d i s t r ibu t ion l ike agents ,
b rokers , banks ( through banc assurance t ie ups) and d i rec t
channels l ike Tele Marke t ing , Dig i ta l Marke t ing , works i te e tc
Tata AIG Li fe Insurance Company Ltd . "Tata AIG Li fe" offe rsa broad ar ray of l i fe insurance products to ind iv idua ls ,
assoc ia t ions and bus inesses of a l l s izes , wi th a wide var ie ty of
addi t iona l coverage to ensure our cus tomers can f ind an
insurance product to meet the i r needs .
AIG's progress i s the resu l t o f the ta len t and dedica t ion of
thousands of employees a round the g lobe , who have been
s teadfas t in the i r commitment to serv ing cus tomers and
repaying taxpayers .
THE JOINT V ENTURE:
Tata AIG Li fe Insurance Co. Ltd . i s cap i ta l ized a t Rs . 185
crores of which 7 4 per cent has been brought in by Tata Sons
and the Amer ican par tner br ings in the ba lance 26 per cent . Mr.
George Oommen has been named managing d i rec tor of Ta ta
AIG Li fe . Ta ta-AIG plans to provide broad ar ray of l i fe
insurance p lans to cover to both ind iv idua ls and groups . The
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company headquar te red in Mumbai , wi th branch opera t ions in
Delh i , Chennai , Hyderabad , Bangalore Calcu t ta , Pune and
Chandigarh .
V ISION OF TATA AIG
To be India ' s mos t prefer red Genera l Insurance Company.
PURPOSE OF TATA AIG
To crea te unmatched va lue for our cus tomers , employees , bus iness par tners and shareholders by de l i ver ing remarkable
serv ice tha t i s cons is ten t , fa i r and t ransparent
V ALUES
Our va lues represent the core , shared be l ie fs tha t gu ide how we
act and work toge ther t o achieve our goa ls . We share a se t o f 6
core va lues : Cus tomer F i rs t , People , Pass ion , Per formance ,
In tegr i ty and Empathy.
y C u s t o m e r F i r s t : Ant ic ipa te the i r p r ior i t ies . Exceed the i r
expec ta t ions .
y I n t e g r i t y : We must conduct our bus iness fa i r ly, wi th
hones ty and t ransparency. Every th ing we do must s tandthe tes t o f publ ic sc ru t iny.
y P e o p l e : We must work cohes ive ly wi th our co l leagues
across the Group and wi th our cus tomers and par tners
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around the wor ld , bu i ld ing s t rong re la t ion ships based on
to lerance , unders tanding and mutua l coopera t ion . S t r ive to
develop d iverse ta len t and reward exce l lence .
y P e r f o r m a n c e : We must cons tan t ly s t r i ve to achieve the
highes t poss ib le s tandard s in our day- to-day work and in
the qua l i ty of the goods and serv ices we provide .
y P a s s i o n : We must be exc i ted about what we do . We must
have a s t rong in te rna l ized dr ive to meet goa ls . Relen t less
de termina t ion to so lve cus tome r problems.
y R e s p e c t : We must be car ing , show respec t , compass ion
and humani ty for our co l lea gues and cus tomers a round the
wor ld , and a lways work for the benef i t o f the communi t ie s
we serve .
INSURANCE SCHEMES(YOJANA) OF TATA AIG
FOR ADULT___________________________
Tata AIG Li fe Maha Guaran tee , a non-par t ic ipa t ing
endowment p lan , i s one such p lan tha t meets a l l your demands
for a secured inves tment wi th a h igh l i fe cover. Not only tha t ,
the p lan benef i t s g rows every year, to he lp you meet your
increas ing needs .
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Tata AIG Li fe Assure One yea r / F ive Years /10 Years / 15
Ye a r s / 2 0 Ye a r s / 2 5 Ye a r s L i f e l i n e P l a n s , a n d Te r m t o a g e
6 0 k n o w n a s A s s u r e L i f e l i n e t o A g e 6 0
You ge t the luxury of h igh coverage but a t an a ffordable cos t .
You have the f lex ib i l i t y to choose the te rm of cover. To learn
more ,
Tata AIG Li fe Assure 10 Years / 20 Years / 30 Years
S e c u r i t y & G r o w t h P l a n s
This amazing endowment pol icy enabl es you keep your money
safe and have i t g row. In the unfor tuna te event you d ie whi leunder th i s cover, your dependants wi l l ge t the su m assured .
However, i f you out l ive the te rm, you s t i l l ge t the sum assured
a long wi th a whole range of bonuses . To learn more ,
Tata AIG Li fe Assure 21 yea rs Money Saver
This p lan offers you cash payments a t the end of every 3 years
dur ing the te rm of the pol icy. You a lso ge t the dua l benef i t s o f
l i fe insurance coverage p lus the f lex ib i l i ty of per iodic
payments . To learn mo
Tata AIG Li fe Assure Golden Years P lan
This endowment pol icy g ives you safe ty AND re turns . In case
of dea th , your dependants ge t the sum assured o therwise your
sav ings grow. I f you l ive pas t the te rm you s t i l l ge t tha t sum
assured a long wi th a whole hos t of bonuses . To learn more ,
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Tata AIG Li fe Easy Re t i r e
This i s an immedia te annui ty p lan wi th Return of PurchasePr ice (RoPP) which can be purchased through a s ing le premium
payment . The p lan provides for annui ty payments which a re
pa id throughout the l i fe t ime of an annui ta n t . To learn more ,
Ta t a A I G L i f e H o s p i C a s h B a c k
This p lan a l lows mul t ip le c la ims aga ins t unforeseen
hospi ta l iza t ion expenses and you a l so ge t your money back . To
learn more ,
Tata AIG Li fe Hea l th Inves to r
This p lan offers a lumpsum benef i t on d iagnos is of 12 c r i t ica l
i l lnesses , a cover in case of unfor tuna te dea th and a 100%
return of premium in case of no c la ims . To learn more ,
Tata AIG Li fe L i feP lus
This p lan le t s you win no mat te r what happens . Get your
p remiums back i f you out l ive the te rm. Get sum assured in ca se
of dea th by na tura l causes . Get DOUBLE the sum assured in
case of dea th by acc identa l causes . To learn more ,
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Tata AIG Li fe MahaLi fe Gold
This i s the idea l p lanning vehic le for your re t i rement . I t p rovides you a s teady income and insurance coverage for l i fe !
Premiums are payable only for the f i r s t 15 years . You can even
use th i s to cover fu ture expenses of your ch i ldren . To learn
more ,
Ta t a A I G L i f e R a k s h a 1 0 / 1 5 / 2 0 / 2 5
This p lan offers you a la rge cover a t a smal l p remium wi th the
f lex ib i l i ty to choose the te rm of cover. To learn more ,
Ta t a A I G L i f e S h u b h L i f e
This p lan provides you 100% l i fe insurance pro tec t ion and h igh
re turns on your inves tment but the premiums you pay are
among the lowes t of any s imi la r endowment pol icy. To learn
more ,
Tata AIG Li fe Hea l th F i r s t
Qual i ty hea l thcare i s incredib ly expens ive . You need a pol icy
tha t covers a l l cont ingencies inc luding pro longed
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hospi ta l iza t ion , major surgery, c r i t i ca l i l lness , pos t
hospi ta l iza t ion fees and even the unfor tuna te event of your
dea th . Heal thFi rs t p rovides a lump sum i r respec t ive of what
your medica l b i l l s a re . To learn more ,
Tata AIG Li fe Hea l th Pro tec to r - 5 Year Guaran te ed
R e n e w a l A c c i d e n t a n d H e a l t h PLAN
The average cos t for a major surgery or t rea tment in hospi ta l i s be tween three to f ive lakh . Heal th Pro tec tor i s the f i r s t p roduct
of i t s k ind in India tha t offe rs you pro tec t ion in case ANYONE
in your fami ly has an acc ident or fa l l s i l l . To learn more
Ta t a A I G L i f e I n v e s t A s s u r e F l e x i S u p r e m e
This p lan i s a un i t l inked endowment insurance p lan tha t provides you wi th ample f lex ib i l i ty to su i t your needs and
pr ior i t ies and he lps you to achieve your f inanc ia l goa ls . This
p lan a l so provides the much needed l i fe insurance pro tec t ion in
case of any unfor tuna te event . To learn more
Ta t a A I G L i f e L a k s h y a S u p r e m e
Present ing , Ta ta AIG Li fe Lakshya Supreme a non-
par t ic ipa t ing s impl i f ied i ssuance Uni t L inked Endowment
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Insurance p lan wi th enhanced fea tures tha t provides you the
dual benef i t o f inves tment and pro tec t ion . To learn more
Ta t a A I G L i f e I n v e s t A s s u r e P l u s S u p r e m e
Present ing , Ta ta AIG Li fe Inves tAssure P lus Supreme, a non-
par t ic ipa t ing , un i t l inked , endowment p lan , which combines the
secur i ty of insurance wi th an oppor tuni ty of en joying
poten t ia l ly h igher re turns on your inves tments a t the
convenience of a S ingle Premium. This s ing le payment of
p remium ensures benef i t s for the en t i re po l icy te rm, wi thout
worry ing about any fu ture payment obl iga t ions .
FOR CHILDREN
To ensure your ch i ldren lead happy and successfu l l ives , i ts
impor tan t to p lan now so tha t they wi l l have the f inanc ia lsuppor t they need in the fu ture .
Tata AIG has a range of f lex ib le insurance products to he lp you
secure your ch i ldrens f inanc ia l fu ture . Our products inc lude :
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Tata AIG Li fe Assure Caree r Bu i lde r
This money-back pol icy provides f inanc ia l ass i s tance a t key
s tages of your ch i lds l i fe , f rom educa t ion to the i r f i r s t s teps
in to a new career.
Tata AIG Li fe Assure Educare a t 18 & Ta ta AIG Li fe
A s s u r e E d u c a r e
This f i r s t o f i t s k ind juveni le endowment pol icy i s geared
toward funding your ch i lds educa t ion . You can choose
be tween Assure Educare 18 and Assure Educare 21 , depending
on your ch i lds needs .
Tata AIG Li fe Assure 21 yea rs Money Saver
This sav ings p lan provides you wi th cash payments in the form
of surv iva l benef i t s a t regular in te rva ls to fund your ch i lds
needs a t c r i t i ca l mi les tones or suppor t your f inanc ia lobl iga t ions . You ge t the dua l benef i t s o f l i fe insurance
coverage p lus the f lex ib i l i ty of per iodic payments .
Tata AIG Li fe MahaLi fe Gold
This unique pol icy ensures tha t your ch i ld wi l l have a s teady
income and insurance coverage for l i fe ! Premiums are payable
only for the f i r s t 15 years .
Tata AIG Li fe S ta rk id
An except iona l endowment pol icy tha t ensures you can afford
to g ive your ch i ld the very bes t fo r h i s career & marr iage .
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FOR RETIREMENT PLANNING
The es t imated l i fespan of an average ly hea l thy person i s
a round 75 years . This means tha t you wi l l have to fund your l i fes ty le for 20 years wi thout a regular sa la ry i f you p lan to
re t i re a t the age of 55 . Le t us show you how you can t ru ly
make your re t i rement years in to Golden years .
Tata AIG Li fe Assure Golden Years P lan
This endowment pol icy g ives you safe ty AND re turns . In case
of dea th , your dependants ge t the sum assured o therwise your
sav ings grow. I f you l ive pas t the te rm you s t i l l ge t tha t sum
assured a long wi th a whole hos t of bonuses . To learn more ,
Tata AIG Li fe Easy Re t i r e
This i s an immedia te annui ty p lan wi th Return of Purchase
Pr ice (RoPP) which can be purchased through a s ing le premium
payment . The p lan provides for annui ty payments which a re
pa id throughout t he l i fe t ime of an annui tan t . To learn more.
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Tata AIG Li fe MahaLi fe Gold
This d is t inc t ive pol icy i s the idea l p lanning vehic le to fund
your re t i rement . I t p rovides you a s teady income and insurance
coverage for l i fe ! Premiums are payable only for the f i r s t 15years . To learn more .
Tata AIG Li fe Ni rvana
The h ighly f lex ib le Nirvana re t i rement p lan le t s you choose
your re t i rement age ( f rom 50 t o 65 years ) . To learn more .
Tata AIG Li fe Ni rvana P lus
This i s Ind ias f i r s t and only pens ion pol icy wi th a guaranteed
addi t ion of 10 percent of sum assured every 5 years . You can
choose f rom three leve ls of cover, and a l so dec ide the age you
want to re t i re . To learn more ,
CORPORATE SOCIAL RESPONSIBILITY (CSR) OF TATA
GROUP
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The Tata Group was one of a l l the f i r s t to promote CSR (what
i t ca l l s corpora te c i t izenship) in India . The Group be l ieves , as
does the au ther, tha t a rea l cont r ibu t ion comes when
communi t ies a re enabled in a manner tha t has a sus ta ined
development impact . Approximate ly 30 percent of prof i t a f te r tax (PAT) of the Tata Group as a whole i s inves ted in
communi ty deve lopment programmes across India . The group
has a cent ra l ly adminis te red agency Tata Counci l for
communi ty In i t ia t ives tha t he lps i t s companies through
spec i f ic process in soc ia l deve lopment , envi ronment
management , b iodivers i ty res tora t ion and employee
volunteer ing . The Tata Groups corpora te c i t izenship
in i t ia t ives range f rom hea l th and educa t ion to l ive l ihoods and
women ch i ldren wel fare , f rom t r iba l hamle ts to
d isadvantaged v i l lages a mul t i tude of in i t ia t ives tha t have
touched the l ives of thousands of people across the na t ion . The
Group has a l so c rea ted c i t ies and towns around some of the i r
indus t r ia l fac i l i t i es Jamshedpur, Mi thapur, Babra la , Math ig i r i
which a re tangib le mani fes ta t ion of a commitment to
employees tha t s t re tches much fur ther than formal or mandered
cont rac t .
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Tata S tee l ca te rs to over 600 v i l lages and severa l company
towns in the s ta tes of Or issa and Jharkhand. I t has c rea ted
Town Serv ices , a Communi ty Development ans Socia l Welfare
Depar tment and an Energy and Envi ronment Cel l . Ta ta S tee l
has promoted rura l economy through na tura l resources
management , micro f inanc ing and cred i t and t ra in ing for
ga infu l employment . I t has c rea ted a r ipp le e ffec t across towns
and v i l lages , and i t s se rv ices have grown to cover 700 ,000
benef ic ia r ies . Today, Ta ta S tee l i s a l so respons ib le for
envi ronment management , fami ly in i t ia t ives , medica l se rv ices ,
emergency f i re se rv ices , a i rpor t , mobi le medica l se rv ices ,spor t s fac i l i t i es and educa t ion cent res . In Jamshedpur, Ta ta
Stee l takes care of publ ic u t i l i t i es inc luding road main tenance ,
water and e lec t r ic i ty supply, s t ree t l igh ts , san i ta t ion and more .
The company a lsa runs e ights pr imary schools , n ine h igh
school and a co l lege , whi le suppor t ing many more schools
indi rec t ly. Communi t y in i t ia t i ves a re a h igh on the Tata agenda
as educa t ion and th is has spawned a wide var ie ty of
p rogrammes , most no tab ly on AIDS awareness and drug abuse .
Tata S tee l has a l so u t i l i zed a web of income genera t ion ,
empowerment and hea l th and hygiene scheme in i t s rura l
development programmes for the t r iba l communi t ies in the
s ta tes of Jharkhand, th i s in tegra ted programme employs the
companys bes t p rac t ices whi le drawing on the exper ience and
exper t i se of independent deve loped agencies . I t a l so takes
management lear ing and sk i l l s to the grass roots popula t ion . In
i t s huge p lan ta t ion hold ing in Munnar in south India , Ta ta Tea
has in i t ia ted three pro jec ts to equip menta l ly and phys ica l ly
d isabled ch i ldren to secure a be t te r fu ture . Through i t s micro
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insurance scheme for v i l lagers , Ta ta AIG has been provid ing
secur i ty cover to the weaker sec t ion of soc ie ty. Ta ta
Consul tancy Serv ices works to promote l i t e racy to adul t s who
cannot read or wr i te . This spec ia l computer based programme
has l i f ted more than 4 6,000 people out of i l l i t e racy and has the
poten t ia l to de l iver to mi l l ions more . Ta ta Chemica ls
in i t ia t ives to empower v i l lage women, run a biodivers i ty
reserve p lan ta t ion pro jec t dr iven by employee volunteers to
crea te a bo tan ica l reserve for endangered p lan t spec ies , Ta ta
Motors an t i - leprocy crusade a re fur ther examples of the Tata
creed of communi ty work . Envi ronment i s another focus a reawi th in the Tata Groups overa l l corpora te respons ib i l i ty
mat r ix . A hos t of the Tata companies adhere to the
envi ronmenta l procedures drawn up by the GRI . (The Tata
Grouop fo l lows the c lass ica l t rad i t ion of companies such as
Bounevi l le in the UK ( the forerunner of Cadburya) which
be l ieved in c rad le- to-grave care for i t s workers . Ta ta , o f
course , goes beyond i t s own workers . There a re quibbles tha t
the Tata soc ia l venture a re done to consol ida te i t s many
monopol i s t ic bus iness ac t iv i t ies I Ind ia . On t ime wi l l t e l l
whether these ac t iv i t ies wi l l cont inue in the new, less
pa te rna l i s t ic , Ind ia .
M i l e s t o n e s
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The Tata group i s one of India ' s o ldes t , l a rges t and mostrespec ted bus iness conglomera tes . The group ' s bus inesses a respread over seven bus iness sec tors .
F o u n d a t i o n 1868-1931
C o n s o l i d a t i o n1932-1989
E x p a n s i o n 1990 onwards
T h e s e e d s o f w h a t w o u l d m a t u r e a n d b e c o m e t o d a y ' s Ta t ag r o u p w e r e l a i d l o n g y e a r s b e f o r e I n d i a b e c a m e i n d e p e n d e n t
1868
Jamset j i Nusserwanj i Ta ta s ta r t s a pr iva te t rad ing f i rm, lay ingthe foundat ion of the Tata group.
187 4
The Cent ra l Ind ia Spinning , Weaving and Manufac tur ingCompany i s se t up , marking the group ' s en t ry in to tex t i les and
i t s f i r s t l a rge-sca le indus t r ia l venture .
1902
The Indian Hote ls Company i s incorpora ted to se t up the Taj
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Mahal Pa lace and Tower, Ind ia ' s f i r s t luxury hote l , whichopened in 1903.
1907
The Tata I ron and Stee l Company (now Tata S tee l ) i ses tab l i shed to se t up India ' s f i r s t i ron and s tee l p lan t i nJamshedpur. The p lan t s ta r ted product ion in 1912.
Se ts up i t s f i r s t o ff ice overseas , Ta ta Limi ted in London.
1910
The f i r s t o f the three Tata Elec t r ic Companie s , The TataHydro-Elec t r ic Power Supply Company i s se t up . The second,Andhra V a l ley Power Supply Company was es tab l i shed in1917 and Tata Power in 19 19. The f i r s t two companie s weremerged wi th Tata Power in 2000 to form a s ingle en t i ty.
1911
The Indian Ins t i tu te of Sc ience i s es tab l i shed in Bangalore toserveas a cent re for advanced lea rn ing .
1912
Tata S tee l in t roduces e ight -hour working days , wel l before
such a sys tem was implemented by law in much of the West .
1917
The Tatas en ter the consumer goods indus t ry, wi th the Tata
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Oil Mi l l s Company be ing es tab l i shed to make soaps ,de te rgents and cooking o i l s . The co mpany was so ld toHindus tan Lever (now Uni lever ) in 198 4 .
T h e Ta t a g r o u p v e n t u r e d i n t o n e w a r e a s a n d b u i l t o n t h ef o u n d a t i o n s , i n s p i t e o f t h e r e s t r a i n t s i m p o s e d b y ac o n t r o l l e d e c o n o m y
1932
Tata Air l ines , a d iv is ion of Ta ta Sons , i s es tab l i shed , openingup the av ia t ion sec tor in India . Ai r India was na t iona l i sed in1953.
1939
Tata Chemica ls , now the la rges t p roduce r of soda ash in thecount ry, i s es tab l i shed .
19 4 5
Tata Engineer ing and Locomot ive Company ( renamed TataMotors in 2003) i s es tab l i shed to manufac ture locomot ive andengineer ing products .
Ta ta Indus t r ies i s c rea ted for the promot ion and develop mentof h i - tech indus t r ies .
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1952
Jawahar la l Nehru , Ind ia ' s f i r s t Pr ime Minis te r, reques ts thegroup to manufac ture cosmet ics in India , l ead ing to these t t ing up of Lakme. The company was so ld to Hindus tanLever (now Uni lever ) in 1997.
195 4
Ind ia ' s major marke t ing , engineer ing and manufac tur ingorganisa t ion , V ol tas , i s es tab l i shed .
1962
Tata F in lay (now Tata Tea) , one of the la rges t t ea producers ,i s es tab l i shed .
Tata Expor ts i s es tab l i shed . Today the company, renamedTata In te rna t iona l , i s one of the leading expor t houses inIndia .
1968
Tata Consul tancy Serv ices (TCS) , Ind ia ' s f i r s t sof twareserv ices company, i s es tab l i shed as a d iv is ion of Ta ta Sons .
1971
Tata Prec is ion Indus t r ies , t he f i r s t Ta ta company inSingapore , i s founded to des ign and manufac ture prec is ionengineer ing products .
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198 4
The f i r s t 500 MW thermal power uni t a t the Trombay s ta t ionof the Tata Elec t r ic Companies i s commiss ioned .
T h e l i b e r a l i s a t i o n o f t h e I n d i a n e c o n o m y u n l e a s h e d a p e r i o d
o f r e m a r k a b l e g r o w t h f o r t h e Ta t a g r o u p , i n I n d i a a n d
w o r l d w i d e
1995
Tata Qual i ty Management Serv ices ins t i tu tes the JRD Q V
Award , model led on the Malcolm Baldr ige Nat iona l Qual i ty
V a lue Award of the Uni ted S ta tes , l ay ing the foundat ion of the
Tata Bus iness Exce l lence Model .
1996
Tata Teleserv ices (TTSL) i s es tab l i shed to spearhead the
group ' s foray in to the te lecom sec tor.
1998
Tata Indica Ind ia ' s f i r s t ind igenous ly des igned and
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manufac tured car i s l aunched by Tata Motors , spearheading
the group ' s en t ry in to the passenger car segment .
1999
The new Tata group corpora te mark and logo are launched .
2000
Tata Tea acqui res the Tet ley group, UK. This i s the f i r s t major
acquis i t ion of an in te rna t iona l brand by an Indian bus iness
group.
2001
Tata AIG a jo in t venture be tween the Tata group andAmer ican In te rna t iona l Group Inc (AIG) marks the Tata re -
en t ry in to insurance . (The group ' s insurance company, New
India Assurance , se t up in 1919, was na t iona l i sed in 1956) .
2002
Tata Sons acqui res a cont ro l l ing s take in V SNL ( renamed Tata
Communica t ions in 2008) , Ind ia ' s l ead ing in te rna t iona l
te lecommunica t ions serv ice provider.
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Tata Consul tancy Serv ices (TCS) becomes the f i r s t Ind ian
sof tware company to c ross one b i l l ion dol la rs in reven ues .
Ti tan launches Edge , the s l i mmest watch in the wor ld .
200 4
Ta ta Motors i s l i s ted on the wor ld ' s l a rges t bourse , the New
York Stock
Exchange , the second group company to do so a f te r V SNL.
Tata Motors acqui res the heavy vehic les uni t o f Daewoo
Motors , South Korea .
TCS goes publ ic in Ju ly 200 4 in the la rges t p r iva te sec tor
in i t ia l publ ic offe r ing ( IPO) in the Indian marke t , ra i s ing
near ly $1 .2 b i l l l ion .
2005
Tata S tee l acqui res S ingapore-based s tee l company NatStee l
by subscr ib ing to 100 per cent equi ty of i t s subs id ia ry,
NatSteel Asia .
V SNL (now Tata Communica t ions) acqui red Tyco Global Network , making i t one of the wor ld ' s l a rges t p roviders of
submar ine cable bandwidth .
Tata Sons comple tes 60 years of Ta ta opera t ions in the US.
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The Taj acqui res a ho te l run by Starwood, Sydney ( renamed
Blue) and takes over management of The Pier re , NY.
2006
Tata Sky sa te l l i t e te lev is ion serv ice launched across the
count ry.
Foundat ion s tone for the Tata Medica l Cent re unvei led in
Kolka ta .
2007
Tata S tee l acqui res the Ango-Dutch company Corus , making i t
the wor ld ' s f i f th - la rges t s tee l p roducer.
TCS inaugura tes TCS China a jo in t venture wi th the
Chinese government and o ther par tners .
Computa t iona l Research Labora tor ies , a d iv is ion of Ta ta Sons ,
develops Eka , one of the fas tes t supercomputers in the wor ld
and the fas tes t in Asia .
The Taj acqui res Campton Place Hote l in San Franc isco .
Tata S tee l ce lebra tes i t s cen tenary on Augus t 26 , 2007.
2008
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Tata Motors unvei l s Ta ta Nano, the Peoples Car, a t the 9 t h
Auto Expo in Delh i on January 10 , 2008.
Tata Motors acqui res the Jaguar and Land Rover brands f rom
the Ford Motor Company.
Tata Chemica ls acqui res Genera l Chemica l Indus t r ia l Products
Inc.
2 0 0 9
Ta ta Motors announces commerc ia l l aunch of the Tata Nano;
Tata Nano draws over 2 .03 lakh bookings ; f i r s t 100 ,000
owners of the Tata Nano chosen; de l ivers f i r s t Ta ta Nano in
the count ry in Mumbai .
Tata Motors ushers new era in Indian au to indus t ry wi th i t s
new, wor ld-s tandard t ruck range .
Tata Teleserv ices announces pan- India GSM serv ice wi th NTT
DOCOMO.
TRF acqui res Dutch Lanka Tra i le r Manufac turers (DLT) , Sr i
Lanka , a wor ld-c lass t ra i le r manufac tur ing company.
Jaguar Land Rover in t roduces i t s p remium range of vehic les in
India .
Tata Motors acqui res remain ing 79 per cent shares in Hispano
Carrocera , one of the la rges t manufac turers of bus and coach
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cabins in Europe .
Tata Teleserv ices launches Photon T V , an appl ica t ion tha t
a l lows Tata Photon Plus subscr ibers to watch l ive te lev is ion
channels on the i r l ap tops whi le on the move , and on the i r
personal computers a t home and in the off ice .
Tata Chemica ls launches Tata Swach the wor lds most cos t -
e ffec t ive water pur i f ie r.
2 0 1 0
TRF acqui res UK-based Hewi t t Robins In te rna t iona l .
New plan t for Ta ta Nano a t Sanand inaugura ted
Management Team
Gaurav D. Garg Kaushal Mishra
Managing Direc tor & CEO Execut ive V i ce
Pres ident
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Kurush Ja l Daruwal la Miranj i t
Mukher jee
Senior V i ce Pres ident , Chief
F inancia l Off icer
Company Secre ta ry And
Genera l Counse l
MRavichandran Ramesh
Ramani
Nat iona lHead
Head
Commerc ia l L ines Accident &
Heal th
Bhara t Govinda Parva th i S ingh
Nat iona l Head Nat iona l Head
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Lines Personal
Cla ims
Atr i Chakrabor ty Suryanarayanan
Subramanian Nat iona l Head Nat iona l Head
Opera t ions Human Resources
Mohi t Goel
Head Market ing .
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B i b l i o g r a p h y
y www.ta ta -a ig .com / l i fe insurance
y www.ta ta -a ig .com/genera l insurance
y Dickson, P.G.M. (1960) . T h e Sun Insurance Off ice 1710-
1960: T h e His tory of T w o and a h a l f Centur ies o f Br i t i s h
Insurance . London: Oxford Univers i ty Press . pp . 32 4
y www.i rda . in /annual repor t