Press
Release
United Bank of India in Partnership with TATA AIG Life Insurance
Company Limited announces unique initiative for the customers
of United Bank of India
Launches United Child Solutions specially for the customers of the bank Kolkata, December 18, 2007: United bank of India today announced the launch of
'United Child Solutions' a unique children's insurance solution tailor made for the
customers of United Bank of India (UBI) in partnership with TATA AIG Life insurance
Co. Ltd. United Child solutions will enable the customers in building a secure financial
foundation for their children. This would be available in three variants:
-
Educare 18: As a graduate plan, it gives
the child lump sum benefits at age 18 to provide for his
graduation expenses.
-
Educare 21: As a post-graduate plan, it
gives the child lump sum benefits at age 21 for his
post-graduate expenses.
-
Career Builder: This plan provides a
lump sum at 18, 21, 24 & 27 to take care of expenses at various
critical milestones like the child's graduate and postgraduate
education, marriage, setting up a new business or buying a new
house.
In all the above three plans, a payor
benefit rider can be attached to make sure that in case of untimely
demise of the paying parent, the child's policy continues and the
education needs are met on time. Speaking on the occasion, Mr.
P.K.Gupta, Chairman and Managing Director, United Bank of India
said, "On our 58th Foundation Day, we are indeed privileged to offer
"United Child Solutions", a unique life insurance plan for children
in association with Tata AIG Life Insurance, our strategic partner.
The plan is yet another step towards offering holistic financial
solutions to the diverse financial needs of our valued customers. He
added that on the occasion of this Foundation Day the Head Office
building of the Bank is named as "United Tower" being the symbol of
towering confidence and success for all UBIans where Rev. Swami
Jitatmanandaji Maharaj, Head of the Ramakrishna Mission Vivekananda
Memorial, Kolkata, also deliberated on "The Urgent Need of Spiritual
Culture for Tomorrow's Management in Global Competition".
Mr. Joydeep Roy, Chief Distribution Officer,
Tata AIG Life Insurance Company Limited added, "The launch of United
Child Solutions" is the first amongst many services that we aim to
exclusively offer through our alliance with United Bank of India. We
are looking at products in the area of health and pension also". Mr.
Roy further added "We firmly believe that the banking channel has a
key role in spreading the concept of life insurance across the
country through their existing distribution networks and children
education solutions have always been a social priority."
About United Bank of India
During the period between March 2005 and
September 2007, the Bank’s business has moved up from Rs 37,000
Crore to Rs 62,000 Crore (+67%), Deposits from Rs 25,300 Crore to Rs
38,800 Crore (+50%) and Advances from Rs 11,700 Crore to Rs 23,200
Crore (+97%). The Bank’s Credit Deposit Ratio has improved from
46.5% to 60% whereas the Gross and Net NPAs have come down from
6.13% to 4.10% and from 2.43% to 1.53%, respectively. During April -
September 2007, the Bank’s Net Profit stood at Rs 233 Crore
registering a growth of 43.4% over the corresponding period last
year. Bank’s Capital Adequacy Ratio stood at a healthy level of
13.92% as on September 2007. The Bank has added 58 branches during
this period to raise the Branch Network to 1368. which stands at
1381 as of 17th Dec 2007 United Bank of India has rolled out its
201st CBS branch on December 12, 2007 covering 57% of its business
and has plans to increase the number of CBS branches to 350 by the
end of current financial year that will cover 2/3rd of the total
business. Bank offers an array of hi-tech products and services to
its customers and is poised to introduce integrated Cash Management
Services for its Corporate/Institutional customers apart from
introduction of Online Trading Services. Bank is also in the process
of developing a Medium Term Strategic Business Plan in collaboration
with IIM, Calcutta.
About Tata AIG Life Insurance Company 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 on 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. The Tata Group The Tata Group is one of India’s
largest and most respected business conglomerates, with revenues in
2006-07 of $28.8 billion (Rs129,994 crore), the equivalent of about
3.2 per cent of the country’s GDP, and a market capitalisation of
$72.2 billion as on December 6, 2007. Tata companies together employ
some 289,500 people. The Tata Group has operations in more than 85
countries across six continents, and its companies export products
and services to 80 countries.
American International Group, Inc. (AIG)
American International Group, Inc. (AIG), a
world leader in insurance and financial services, is the leading
international insurance organization with operations in more than
130 countries and jurisdictions. AIG companies serve commercial,
institutional and individual customers through the most extensive
worldwide property-casualty and life insurance networks of any
insurer. In addition, AIG companies are leading providers of
retirement services, financial services and asset management around
the world. AIG’s common stock is listed on the New York Stock
Exchange, as well as the stock exchanges in Paris, Switzerland and
Tokyo.
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