Definition of insurance

A promise of compensation for specific potential future losses in exchange for a periodic payment. Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss. Some forms of insurance are required by law, while others are optional. Agreeing to the terms of an insurance policy creates a contract between the insured and the insurer. In exchange for payments from the insured (called premiums), the insurer agrees to pay the policy holder a sum of money upon the occurrence of a specific event. In most cases, the policy holder pays part of the loss (called the deductible), and the insurer pays the rest. Examples include car insurance, health insurance, disability insurance, life insurance, and business insurance.

What is general insurance?

Insuring anything other than human life is called general insurance. Examples are insuring property like house and belongings against fire and theft or vehicles against accidental damage or theft. Injury due to accident or hospitalisation for illness and surgery can also be insured. Your liabilities to others arising out of the law can also be insured and is compulsory in some cases like motor third party insurance.

TATA AIG GENERAL INSURANCE COMPANY

Type Industry Founded

: :

joint venture insurance

: january 22 ,2001

Headquarters : in Mumbai India Owner Website Branches

: Tata Sons (74%) American International Group(26%) : tataaiginsurance.in : The company has more than 40 branches in 35 cities in India.

OVERVIEW :
TATA AIG general insuarnce is a joint venture between Tata Group and American International Assurance(AIA). The Tata Group holds 74 per cent stake in the insurance venture with AIA holding the balance 26 percent. Tata AIG General Insurance Company, which started its operations in India on January 22, 2001, provides insurance to individuals and corporates. It offers a range of general insurance products including insurance for automobile, home, personal accident, travel, energy, marine, property and casualty as well as several specialized financial lines. The Company's products are available through various channels of distribution like agents, brokers, banks (through bank assurance tie ups) and direct channels like Telemarketing, Digital Marketing, worksite etc.

VISION :
To be India's most preferred General Insurance Company

MISSION :
To emerge as the leading company offering a comprehensive range of general insurance To create unmatched value for our customers, employees, business partners and shareholders by delivering remarkable service that is consistent, fair and transparent.

VALUES :
share a set of 6 core values Honesty Transparency Conduct our business fairly Integrity Trustworthiness Excellence

Products of TATA AIG General Insurance

1. Motor insurance 2. Health and accident insurance 3. Home insurance 4. Office insurance 5. Marine cargo insurance 6. Rural insurance

Motor insurance
Introduction:
You work hard to buy an automobile to enjoy your trips or may be to support your business needs. Any uncertainty can lead to damage resulting in huge losses. And you are aware the costs to get you vehicle repaired in the event of a damage or even replacing just in case it is stolen, can be huge. Hence it makes sense to buy a comprehensive cover to give you the all round protection. Tata AIG understands these needs and offers motor insurance products that provide the added protection for your vehicle that you so love.

Types of Motor Insurance Solutions:

TWO WHEELER INSURANCE COMMERCIAL VEHICLE INSURANCE

Two Wheeler Insurance

Your two-wheeler (motorcycle or scooter) is perfect for your needs for quick mobility and convenience. But steering it around in todays times is also risky. Tata AIG offers you a comprehensive insurance cover, which not only covers you for the liability arising out of the Third party but covers you against the loss or damage to your own two-wheeler.

Key Features
Covers all features as per the Motor Vehicle tariff:

Loss or Damage to your Vehicle: Any partial or total loss to your vehicle arising out of accident or on account of fire and allied perils in covered. Third Party Legal Liability: Covers Third party property damage and Third party Bodily injury. Discount (NCB) for claim free experience Predefined depreciation for the parts needing replacement on account of accident

Benefits

No deduction on count of Salvage value Direct Payment facility at garages (in limited locations) Faster Claim Settlement

24 X 7 Contact centre for lodging claims and all queries

Commercial Vehicle Insurance

Your vehicle is most critical to your business. Any damage to it can be a huge loss to you. In todays times of uncertainties, you need a comprehensive insurance cover which not only covers you for the liability arising out of the Third party but covers you against the loss or damage to your vehicle. That is the offer from Tata AIGs Commercial Vehicle Insurance.

Key Features

Coverage for Partial Loss & total loss arising out of accident, Fire & allied perils, burglary & theft, riots and strikes, damage in transit by air, rail, road and sea. Discount (NCB) for claim free experience. Predefined depreciation for the parts needing replacement on account of accident. Third Party Legal Liability: Covers Third party property damage and Third party Bodily injury.

Benefits

Privilege Claims Service for Fleet owners insuring 25 vehicles or more Service for direct settlement at all manufacture authorized workshops Spot survey if vehicle is immobilized. Simple Process and easy documentation All India Claims Service network Faster Claim Settlement

Health and accident insurance

Introduction:
Financial planning is incomplete without planning health insurance. Due to todays hectic lifestyle, improper diet, lack of exercise we are at higher risk of contingencies of untimely serious illnesses. Sudden health problems could have deep hole in your pockets. Theres a definite need to cover for health insurance to reduce the financial burden.

Good health is the most valuable asset that we have, but nowadays with increasing levels of stress, negligible physical activity and changing lifestyle our vulnerability to diseases is increasing at an alarming pace.

The cost of healthcare is rising everyday and more than the cost of your treatment, indirect costs like - hospital room rent, nursing expenses, post discharge expenses, recuperating expenses, ambulatory charges etc account for a major part of the overall cost incurred. Lack of sufficient savings or a suitable health policy may force you to compromise on the quality of medical treatment. Life's journey takes you through many twists and turns. You may not be prepared for it, but you have to face it. Accidents, mishaps and other adverse situations bring along dire consequences. They can leave a dent on your life both emotionally and financially, if you are not prepared for it.

Key Features

A Daily Cash benefit which takes care of any unexpected financial burden in case of hospitalization. No Medical Examination required Hospitalisation Cash upto 180 days in case of Accidents or Sickness Premium paid is eligible for tax exemption under Sec 80D of IT Act. Guaranteed issuance. No Limitation on Hospitals Renewal benefit: On renewal of policy, additional 5% on the original benefit amount upto max 5 yrs. Any individual between the age of 18 to 50 years and Includes self, spouse and two dependent children between the age of 6 months and 18 yrs or upto 23 yrs if studying in an accredited institution of higher learning and is unmarried) The Coverage can be renewed till age of 50 Years

Benefits
1. Sickness Hospital Cash: It takes care of hospitalization expenses due to sickness; upto Rs. 5000/day 2. Accidental Hospital Cash: You can also opt for accident hospital cash benefit which takes care of incidental expenses while in hospital due to accidents; available upto Rs.10000/day 3. Accident Medical Expense Reimbursement: This benefit takes care of reimbursement of day to day medical bills due to accidental injuries with or without hospitalization. 4. 1 day deductible and 90 days waiting period for Sickness Hospital Cash 5. Deductible of 5% of benefit amount for Accident Medical expense reimbursement 6. Coverage will be 100% of the Coverage amount in case of Insured and Spouse, 50% in case of each child

HOME INSURANCE
You worked harder, longer and saved every penny to give yourself and your loved ones the security of a home. A home that they could call their own. Its only understandable that you should want to secure your most important asset from any possible kind of natural or manmade catastrophe. Tata AIG realises the need and has designed a variety of home insurance products that cater to everyones home insurance needs. After all, homes are not built everyday.

Key Features

Easy and Instant, No Documentation Flexible lets you decide the premium that you want depending on the coverage amount you choose Offers a burglary cover for jewellery Fire & Allied Perils includes earthquake & terrorism as per tariff. Impact damage by any Rail/Road, vehicle or animal by direct contact(excluding damage by own vehicle) Riot, Strike and other kind of damages

Benefits
Fire and Special Perils: Protects home structure as well as contents against fires, earthquakes, floods, lightning, thunderstorms, storms, inundation, cyclones, etc. It also protects against manmade threats like terrorism, riots and strike Public Liability: Protects your guests or any third party against any damage caused to them or their property in the insureds home. Audio & Audio Visual Appliances: This is a Comprehensive cover against loss/ damage to your Audio/AV appliances at home due to fire and allied perils, Burglary/theft, Accidental external means, Mechanical and electrical breakdown, legal liability. Breakdown of Domestic Appliances: This cover protects against Mechanical &/or Electrical Breakdown to other domestic appliances at your home

Office Insurance
You have been an active participant in the rapidly growing Indian economy. With your sheer hard work you have built this business that is reaping benefits for you in the consumption era. You work around the clock to keep ahead of competition, win business, handle staff and manage administration. While you may love what you have created, it is important to ask yourself one question: "Have I

ever thought of insuring it against the threats that may impact my earning?" Tata AIG offers a complete insurance package that has been specially designed keeping in mind the insurance needs of your business. Tata AIG's Office Insurance is a one touch insurance solution that covers you and your business from threats like, fire, malicious damage, riot, earthquake, burglary, damage to property etc.
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Standard Fire and Special Perils: Covers your property against loss or damage due to Fire Lightning Explosion / Implosion Aircraft damage Riot strike and malicious damage Storm, cyclone, typhoon, tempest hurricane, tornado, flood and inundation Impact damage due to rail road vehicle or animal not belonging to insured, Subsidence and landslide including rockslide Bursting and/or overflowing of water tanks apparatus and pipes Missile testing operations Leakage from automatic sprinkler installations & Bush fire

Benefits
Money in Safe: Covers loss of money (cash, bank notes, currency notes / coins, bank drafts, cheques, postal orders, money orders, treasury notes, current postage and revenue stamps) belonging to the business of the insured whilst securely kept in the insured premises and loss or damage to any safe, strong room or cash box securing money Electronic Equipment: Covers electronic equipments (e.g. computers, printers, fax, UPS) e.t.c., against any unforeseen sudden physical loss or damage unless excluded specifically Money in Transit: Covers loss of money belonging to the business of the insured whilst in transit between the business premises and / or premises of insured's bankers and / or locations or specified Public liability: Protects You against your legal liability in respect of accidental bodily injury to third parties and or accidental loss and /or damage to property belonging to third parties Plate Glass: Covers loss or damage to the Plate glass completely and securely fixed in the insured premises by accidental means Baggage: Covers loss, destruction or damage to the accompanied personal baggage of the Insured

Marine Cargo Insurance

Tata AIG combines Tata Group's pre-eminent leadership position in India and AIG's global presence as one of the world's leading marine cargo insurance company to India a wide range of marine cargo products from various international markets. Our products considerably widen the scope of coverage presently enjoyed by the insured population without necessarily involving a high premium. We complement our wide coverage with advices on Risk Management and Loss Preventions.

Cargo Insurance covers transits by:

Water Air Road or Rail Registered Post Parcel Courier Or any combination of the above. Marine Cargo Policies are based, in a majority of instances, on one or more of the Institute Cargo Clauses. The coverage available under these standard clauses include:

Actual Total Loss Constructive Total Loss Particular Average i.e., Partial Loss by an insured peril General Average Collision Liability Expenses such as Survey Fees, Reconditioning Costs, Forwarding Expenses, Sue and

Benefits
Global Presence:With AIGs presence in more than 130 countries we are truly a global network but with local expertise. This local expertise ensures that we are able to guide and issue covers keeping in mind the local regulatory concerns while our worldwide presence ensures that we are perfectly placed to respond swiftly and effectively in dealing with losses as and when they may occur Financial Strength: The combined might of Tata Group and AIG coupled with strong reinsurance treaties ensures that you are in safe hands.

MLCE:Specialized products need extra handling. Our Marine Loss Control Engineering (MLCE) can assist you in identifying potential hazards in your supply chain, develop loss prevention guidelines and help you implement loss control and quality improvement programmes. Innovative Yet Simple Products:Sales Turnover Policy, Stock Throughput or the standard Marine Open Policy. We have something for everyone - a small exporter, importer, trader, manufacturer, a SME, a large corporate house or a Multi National Corporation. Flexibility:Our knowledge and expertise allows us to customize policies to suit your needs. Knowledge: We are the only company to have a dedicated team of marine cargo underwriters. Tech Advantage: We are the pioneers of online issuance of marine certificates in India. Our Emarine is a unique and simple tool. Backed by a dedicated helpdesk, Emarine makes 24x7 insurance actually possible.

Rural insurance
Rural India is often faced with risks linked to lifestyle of people living there. There is a growing need for the Rural mass to be educated on insurance solutions that will help them take care of the risks be it their automobiles, health, property or livestock. Tata AIG offers a variety of Rural Insurance products covering risks of this nature.

Key Features
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84 sales offices across the country covering all major cities of India Network of affinity partners, brokers & over 2250 dedicated agents to service customers Tata AIG Firsts- Benchmarks of general insurance sector: Mobile claims service Toll Free Helpline service Settled over 500,000 claims Claims registration & policy renewals by SMS Direct payment to garages for auto insurance Web-based instant policy issuance

Motor insurance
We offer insurance covers for the following automobiles used by Rural India:

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Tractors: All makes & models of Agricultural tractors / Trailers/ Trolleys/ Implements Two Wheelers: All makes & models of Scooters & Motorcycles Private Care: Vehicles privately owned, for captive use Commercial Vehicles: Coverage for Goods Carrying vehicles various makes and models of vehicles upto 25 tonnes Passenger Carrying vehicles - Vehicles privately owned, for captive use 3-Wheelers : Passenger vehicles and goods carrying vehicles

Property Insurance
They offer insurance covers for the following in Rural India:

Home Shops & Outlets Schools Machinery (Pump sets)

Covers Loss or damage to building & contents against:

Fire Lightning Explosion/Implosion Aircraft Damage Riot, Strike and Malicious damage Impact damage by Rail, Road, vehicle or animal Subsidence and landslide including rockslide Bursting, overflowing of Water Tank and Pipes Missile Testing operations Leakage from Automatic Sprinkler Installations Bush Fire Flood, Storm, Inundation etc Earthquake

Livestock (Cattle) Insurance

We provide comprehensive insurance cover for cattle against death due to:

Diseases Accidents Natural calamities Riots, Malicious damage, terrorism Permanent loss of milk yielding capacity due to disease

Personal Accident Insurance

Our Personal Accident insurance for the Rural population covers the following:

Accidental Death (10% of Sum Insured for < 17 year old) Accidental Dismemberment (incl. loss of sight & hearing) Disappearance (where body cannot be located) Emergency Accident Medical Expense Repatriation of Remains / dead body Permanent Partial Disability Accident Hospital Cash Permanent Total Disability Tuition Benefit (Education Benefit)