With Infrastructure development poised for growth with 3.3% of the GDP allocated for it in FY 2024, Surety Insurance Bonds have emerged as a robust alternative to traditional bank guarantees for contractors who can unlock capital and enhance their bidding capacity. TATA AIG General Insurance has rolled out its own bonds with an aim to support the government’s ambitious infrastructure development agenda. The product suite includes contract bonds permitted under IRDAI guidelines, such as bid bonds, performance bonds, advance payment bonds, and retention money bonds.
