AIG readies India pension business

For the first time, the private sector will be able to offer superannuation and gratuities services.

India's Insurance Regulatory and Development Authority IRDA is expected to approve the first private sector applications to enter the pensions business within the next few weeks, opening up a new industry heretofore monopolized by the government's Life Insurance Corporation, says Desmond Chan, vice president and regional pensions director at AIG in Hong Kong. AIG hopes its insurance joint venture, Tata AIG, will be the first to receive a pensions license. 

 

Last year LIC's monopoly on the life insurance and non-life insurance industries was opened, just as the Unit Trust of India's old monopoly on mutual funds was abolished a decade ago. Because no domestic insurance industry was ever allowed to develop,...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222