Aviva Life Insurance today announced that it has increased its capital base by Rs 45 crore, taking the total paid-up capital to Rs 155 crore.
Aviva Life Insurance today announced that it has increased its capital base by Rs 45 crore, taking the total paid-up capital to Rs 155 crore. Both joint venture partners, Dabur and Aviva have together contributed to the capital increase.
Aviva commenced operations in June 2002. According to Stuart Purdy, Chief Executive Officer, Aviva Life Insurance, “our performance has exceeded expectations both in terms of number of polices sold as well as premium income in the first seven months of operations. We are present in Delhi, Mumbai, Kolkata, Chennai, Bangalore, Hyderabad, Pune and Lucknow through our Direct Sales Force as well as through our bancassurance partnerships with Canara Bank, ABN AMRO Bank, American Express Bank and The Lakshmi Vilas Bank.”
Aviva has introduced new and innovative selling strategies in the Indian market. In line with its objectives of being a market leader, Aviva has introduced a proprietary need-based selling tool, Financial Health Check (FHC), to the Indian market. The FHC is a key part of Aviva’s selling strategy. The need-based approach followed by Aviva Life Insurance gives customers an overview of their financial needs based on their life stage and individual requirements and offers customised solutions best suited to individual customers. This tool has proved to be extremely useful to Aviva customers across the country in enabling them to make a decision on a product best suited to them.
Aviva life insurance has also introduced a full range of transparent, flexible and value for money products that include whole life (LifeLong), endowment (LifeSaver), single premium (LifeBond) savings and protection plans for its customers. Aviva products are modern and contemporary unitised products that offer unique customer benefits like flexibility to chose cover levels, indexation and partial withdrawals.
Aviva Life Insurance is a leading bancassurer in the country and has partnered with Canara Bank, Lakshmi Vilas Bank, ABN AMRO Bank and American Express to distribute its products. Aviva’s bancassurance tie-ups will give Aviva access to over 2,600 branches serving over 28 million customers across India. The bancassurance tie-up's aim to combine the product strengths of Aviva Life Insurance along with the service differential of the banks to help Aviva achieve its objective of targeting the entire segment of society. Aviva brings its vast expertise in international markets, modern product design and management capability to these relationships.
Aviva Life Insurance has also tied up with BASIX, a microfinance institution based in Hyderabad for the sale of its Group insurance product - CreditPlus. Through this partnership Aviva has begun the process of achieving its objective of providing viable insurance products to the rural and social sector.
Aviva is all set to expand operations in India. As a part of its expansion plans in India, Aviva will be opening new offices in many more cities over the next one year besides adding offices in existing locations. New offices in Pune and Lucknow were inaugurated earlier this week. Aviva Life Insurance will also be adding to its employee base and to the existing number of financial planning advisers to support business growth.