TATA AIG General Insurance Reviews & Plans

TATA AIG General Insurance Company (TATA AIG GIC) was incepted on 22 January 2001 after attaining license from the Insurance Regulatory Authority of India (IRDA). The company has been formed by joint venture agreement between India’s renowned TATA group and American International Group (AIG) and they hold 76 % and 24% company stakes respectively.

AIG a company based in America is a leading international insurance company having presence in over 100 countries and has proven experience in commercial, institutional and personal insurance spheres.

At present TATA AIG General Insurance Company has around 152 branches all over India and an employee base of 2833 and an Asset Under Management (AUM) of around 0.6 billion US dollars. Insurance products of TATA AIG General Insurance company is distributed through multiple channels and networks which includes 10, 328 licensed agents and 347 licensed brokers. 

The bankassurance unit of TATA AIG General Insurance establishes partnerships with banks and other financial institutions including non banking financial institution for the distribution of its general insurance products. The insurance firm also has digital presence and its products can also be purchased online.

TATA AIG General Insurance offers are categorized under its two main verticals one being the Consumer vertical and the other being the Commercial vertical. Products under the consumer vertical include insurance offers for home, motor, travel, health, rural and agricultural cover. 

Products under the commercial vertical includes cover for property and business interruption, D&O, professional liability insurance, general liability insurance and certain other special offers such as Reps and warranties and environmental insurance.

TATA AIG General Insurance company’s endeavor is to continuously expand the dimensions of its general insurance offer, as of now it’s well developed product portfolio includes insurance offers on travel, marine and liability while other offers are in growth phases.

In 2013 TATA AIG GIC was awarded the “General insurer claims team of the year” by Claims Awards Asia group. The insurance company won accolades for it’s out of the way endeavors to help customers in distress and swift settlement of genuine claims, superior fraud detection methods and high customer satisfaction index.

The need for personal general insurance as well as business general insurance is being increasingly realized as people do not want to be cowered down by risks and any untoward events in their lifetime which are beyond their control. People are realizing the importance of personal and business risk management and insurance as a means for reducing such manageable risks.

While choosing general insurance products it is advisable to take into consideration several factors a major factor being choice of insurance firm. Insurance firms can differ in areas of expertise and it is important to match individual or business insurance requirements with the company’s offer.

There are several reasons to choose TATA AIG General Insurance offers, the major ones being:

 Renowned accredited authorized insurance services firm

 Commitment towards swift claim settlement of genuine claims

 Awarded for claim settlement records

 Company with high AUM and profitability

 Transparent disclosures on company website

 High performance rankings by Insurance Regulatory Development Authority

 Company with wide spread presence and adequate and dedicated staffing

 Personal as well as business general insurance

 Broad range of general insurance offers

 Depth (varieties/options) of each insurance product

 Special covers like cyclone cover

 Online premium calculator

 Round the clock toll free assistance through call

 Tax benefits applicable on several insurance products

 Well defined and segregated insurance offers

 Assistance of experts, agents and customer support staff

 Cashless settlement features

TATA AIG General Insurance honors claims within stated time period provided they are genuine and are supported by the required documents and if reason for which claim is being raised is covered under the particular general insurance policy. Claims for situations arising out of self injury, self carelessness, criminal activities, unlawful activities are rejected. Specific exclusions are applicable for each type of general insurance product.

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The general documents include identity, age and address proof and also income proof. Other specific documents can be required depending upon type of insurance product.

Relevant claims form can be downloaded from TATA AIG General Insurance website and submitted along with required documents. Claim is released within due course after successful verification by insurer.