Tata AIG Life launches ULIP superannuation scheme

Tata AIG Life launched unit-linked insurance plans for superannuation and gratuity schemes in the city.

Tata AIG Life Insurance Company Ltd on Monday launched its unit-linked insurance plans (ULIP) for superannuation and gratuity schemes in the city, making it the first private life insurance entity offering both traditional and ULIP products in the country.

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Tata AIG Life has entered into agreements with Franklin Templeton Investments (India) for their non-discretionary investment advisory services and AIG Global Investment Group for their investment advisory services, the company said in a release on Monday.

The ULIP superannuation scheme provides individual members the flexibility to decide on the allocation of their money based on their risk appetite. In case of the ULIP gratuity scheme, the employer or trustee has the flexibility to decide the ratio of investment.

Tata AIG Life managing director Ian J Watts said: "we are delighted to announce that corporates and institutions can now benefit from our ULIP as they can invest for their superannuation and gratuity schemes. We are encouraged by our early success, with millions being invested in this business by some of the big names in the corporate world."

Earlier this month, Tata AIG Life Insurance Company had launched its ULIP - `InvestAssure' - a unit linked insurance plan for individuals.

Tata AIG Life is extending three of its ULIP - equity, income and liquid funds to corporates and institutions for investments of superannuation and gratuity schemes.