Mumbai, Feb. 13 :    Mumbai, Feb. 13:  Tata AIG Insurance Co today said it has won an in-principle approval from the Insurance Regulatory and Development Authority (IRDA) to offer life and general covers. The first private sector insurance firm to have received clearance in both segments, it is a joint venture in which the Tata group holds 74 per cent while a subsidiary of the American International Group (AIG) controls 26 per cent. The initial paid-up equity capital of the company is Rs 125 crore. Farrokh Kavarana has been named the chairman while George Oommen will be the managing director. In January, the joint venture received the in-principle registration as a general insurer. According to a release issued here today, products will be launched at the end of this month, after they are cleared by authorities. The company plans to start off with Mumbai, followed by other cities. Its products will include a wide array of life insurance covers for individuals and groups. For individuals, the company says it will launch term products, endowment products as well as money-back schemes with different types of add-ons and options to give customers greater flexibility and choice. It is already developing a special product for the rural sector, officials said. Its offices will be opened soon in Mumbai, February Delhi, Chennai, Bangalore, Hyderabad and Kolkata in the first year of operations. Products will be sold through agents spread across the country, and through alternate distribution channels such as direct and worksite marketing. The first group of agents will be trained by regulator soon, the release said. Insurance norms The Insurance Regulatory and Development Authority (IRDA) is considering a revision of the investment norms for insurance companies, chairman N Rangachary said here today. 'We are holding discussions with the insurance companies and a decision is expected by the end of this month,' he said at a function organised by the National Stock Exchange and Insurance Institute of India (III). As per the current norms, insurance companies have to invest some amount of the premia collected in government securities and infrastructure bonds among others.