OREANDA-NEWS. June 14, 2011. At an awards ceremony organised by India Insurance Review, Tata AIG General Insurance Company (TAGIC) bagged two prestigious awards, one each in the health and general insurance category.

India Insurance Review and Celent presented the Indian Insurance Awards 2011— the awards were presented to the Indian insurance industry in a glittering ceremony held at the Intercontinental Hotel in Mumbai this evening.

The jury consisted of SB Mathur, secretary general, Life Insurance Council; SL Mohan, secretary general, General Insurance Council; and Vepa Kamesam, managing director, Institute of Insurance and Risk Management (jointly promoted by IRDA and the AP Government).

TAGIC was awarded the following awards for the year 2010-2011:

Company of the Year Award 2011 for health insurance and Best Product Innovation Award 2011 in the general insurance category.

TAGIC was awarded the Company of the Year Award 2011 in the health insurance segment during the Indian Insurance Awards. This award was to recognise the company that stood out amongst its peers in terms of revenue growth, profitability, innovation and customer service.

Gaurav Garg, MD of TAGIC, said, "The award reinforces our perception as a strong health insurance company as evidenced also by the HT MaRs Customer Satisfaction Survey (results published in March, 2011), which ranked us as No 1 in customer service satisfaction and No 2 in claims settlement satisfaction. This perception is likely to be buttressed by our imminent entry into the mediclaim space as we await IRDA’s approval for the Mediprime product.

"It is a testament to our wide and strong product range of benefit-based secondary medical insurance products that have not only delivered a profitable business line but also awards from the industry and a high degree of customer satisfaction. Our dominating presence in the overseas travel insurance, which is perceived as an overseas mediclaim also contributes in no small bit to our position."

TAGIC’s current health insurance portfolio consists of the following products:

Wellsurance (executive, family and woman version) — A comprehensive, fixed benefit hospitalisation, surgical and critical illness plan that offers guaranteed insurability at renewal for whole life.

Accident and Sickness Hospitalisation Cash Plan — Pays a fixed daily hospitalisation cash benefit based on the number of days of hospitalisation.

CritiCare — Pays a fixed lumpsum benefit in the event of diagnosis of any of the select critical illnesses.

TAGIC was also recognised with the Best Product Innovation award amongst general insurance players in the Indian Insurance Awards. The recognition was for Private Client Group Home Secure Policy that was launched in August 2009. It is a unique product catering exclusively to the high net worth client’s need of insuring their high-value possessions such as paintings, valuables, works of art, jewelry, collectibles, etc. It offers packaged cover for entire home contents including above items, with first in the market covers such as hole in one expenses, loss in value for fine art, pairs and sets, etc.

Additional services are offered alongwith the insurance cover, eg, vulnerability assessments, transit supervision, conservation and storage assistance.