Thiruvananthapuram: Tata AIG Life Insurance has tied up with the Rs 1000-crore Muthoot Pappachan group for selling its products in Kerala and Tamil Nadu. An agreement to this effect was signed between Ian Watts, country head, Tata AIG Life Insurance Company Ltd and Thomas John Muthoot, managing partner, Muthoot Insurance Services (MIS).

Tata AIG's Mahalife, launched in last July has captured 46 per cent of the marketshare, Mr Ian Watts told a press conference here on Wednesday. Much of the company's customer base has been spread in south India, he said. Muthoot will now sell the life insurance products (term products, endowment, moneyback, pension plans etc), including Mahalife through its 240 branches in Kerala and the nearby states.

Muthoot Insurance Services, according to Arunjay Mohan, chief insurance executive, MIS, has state-of-the-art database management system run by IRDA and Tata AIG trained personnel.

Muthoot Pappachan group's experience in banking for 64 years will bring in a loyal customer base and ensure total liability management, Mr Thomas John Muthoot said.

As it forays into insurance sector, Muthoot group with stakes spread over finance, real estate, automobiles, entertainment, power generation, manufacturing and exports, tourism and retailing, has been focusing on consoliditating its tourism business. Muthoot has a 3.75 mw wind farm with 8 wind mills in Kanyakumari district in Tamil Nadu. From last year, the group had been franchisees for premium lifestyle brands like Oysterbay (designer jewellery), Veneta Cucine (Italian Designer kitchenware) and Carpenters (imported furniture).