By IANS
Kolkata : Eyeing the huge insurance market, Tata AIG Life is set to open 120 new branches in India by the end of 2007. This will increase company's distribution network to 200 branches across 102 locations in India.
Tata AIG Life Insurance Company Ltd is a joint venture between the Tata group and the American International Group, Inc (AIG). Tatas hold 74 percent stake in the insurance venture with AIG holding the balance 26 percent.
"In India, the insurance market penetration rate is only 2.5 percent. So there's a huge opportunity to flourish in terms of strengthening our distribution network. We are also very interested in West Bengal as it has emerged as a key market in the eastern region," Tata AIG Life Insurance Company Ltd managing director Trevor Bull said here Friday.
He said the company will significantly increase its footprint by adding another 10 branches in West Bengal. It will also recruit 10,000 new agents in the eastern zone.
Bull said, "We are looking at certain categories like medical, pension, unit link plans, super annuity for launching our new plans,"
He said presently the company has 50 percent Unit Linked Investment Plan (ULIP) and 50 percent traditional plans in the market. But it's now trying to increase the percentage of ULIP to 70 percent.