HISTORY OF INSURANCE: Insurance as we know it today owes its existence to 17th century in ENGLAND where it began taking shape

in the LIOYD’S coffee house where merchants, ship owners and underwriters met to discuss and transact business. The 1st stock company to get into the business was started in ENGLAND in 1720. The year 1735 saw birth of 1 st insurance company in American colonies in India. Insurance can be traced back to Vedas. The rig Vedas suggests the existence of some form of community insurance prevalent among the Aryans in around 1000 B.C. Bombay mutual assurance society; the 1st Indian life insurance company was formed in 1870. Other companies like ORIENTAL, BHARAT and EMPIRE if India where also set between 1870 and 1890. As companies grew, the government began to exercise control on them. The insurance act was passed in 1912 followed by the detailed and a mounded insurance act of 1938 and that looked onto investment, expenditure and management of fund of these companies for years. Insurance remained as monopoly of the public sector. It was only the year 2000 that the insurance industry was again opened to the private players as based on the recommendation of the R.N Malhotra committee in 1994 followed by the set up to the insurance regulatory and development authority under the leadership of Mr.N.Ramgachari.

COMPANY PROFILE Tata AIG Life Insurance Ltd. Tata AIG Life Insurance Company Limited (Tata AIG Life) is a joint venture company, formed by the Tata Group and American International Group, Inc. (AIG). Tata AIG Life combines the Tata Group’s pre-eminent leadership position in India and AIG’s global presence as one of the world’s leading international insurance and financial services organization. The Tata Group holds 74 per cent stake in the insurance venture with AIG holding the balance 26 per cent. Tata AIG Life provides insurance solutions to individuals and corporates. Tata AIG Life Insurance Company was licensed to operate in India on February 12, 2001 and started operations on April 1, 2001. Company’s Mission We focus on the needs of our customers and create confidence, trust and loyalty by offering a wide range of innovative insurance solutions. Strengthened by our commitment to professional management, we ensure the continued growth and advancement of our employees. Company’s Vision Tata AIG Life Insurance has a deep rooted commitment to improve the quality of life of its customers, employees and stakeholders. We aim to be the most preferred General Insurance Company. We do this by our efforts which strives to make Tata AIG Life Insurance a corporate with values. • Increase Customer Value. • Integrated efforts 5 The TATA Group Tata is a rapidly growing business group based in India with significant international operations. Revenues in 2007-08 are USD 62.5 billion (around Rs. 251,543 crores), of which 61% was from business outside India. The Group’s Net Profit for 2007-08 is USD 5.4 billion (around Rs. 21,578 crores). The Group employs around 350,000 people worldwide. The business operations of the Tata Group currently encompass seven business sectors Communications and Information Technology, Engineering, Materials, Services, Energy, Consumer Products and Chemicals. The Group's 28 publicly listed enterprises have a combined market capitalisation of around $60 billion, among the highest among Indian business houses, and a shareholder base of 2.9 million. The major companies in the Group include Tata Steel, Tata Motors, Tata Consultancy Services (TCS), Tata Power, Tata Chemicals, Tata Tea, Indian Hotels, Tata Teleservices and Tata Communications.