Special insurance scheme for the underprivileged Aviva Life Insurance today announced the launch of Jana Suraksha Scheme, a Life Insurance product specifically designed for the lower income group in rural areas.
Special insurance scheme for the underprivileged
Aviva Life Insurance today announced the launch of Jana Suraksha Scheme, a Life Insurance product specifically designed for the lower income group in rural areas. The scheme will provide them individual life cover at a very low premium. As a corporate agent, Lakshmi Vilas Bank will be marketing the life insurance product.
The Jana Suraksha Scheme has a sum assured of Rs 25,000 and Rs 50,000. The premium can be paid annually as well as in a lump sum for a five-year and a 10-year period. It also has a double accident benefit designed to provide death as well as double accidental death cover.
Speaking on the occasion of the launch of the scheme, Cees Schrauwers, MD, Aviva Life International, said: “As one of the leading global insurers we look forward to not only spreading insurance coverage but also ensuring that it is easily accessible to people who need it most, especially the economically deprived women.”
Stuart Purdy, managing director, Aviva Life Insurance, India, added: “The participation of our bancassurance partners, The Lakshmi Vilas Bank in this endeavour will give further impetus to this venture. We look forward to extending our help in contributing to the economic development of the women of Andhra Pradesh.”
A Krishnamoorthy, chairman and chief executive officer, The Lakshmi Vilas Bank Ltd, said: "The Lakshmi Vilas Bank has always strived to provide easy accessibility to loans in semi-urban and rural areas of Andhra Pradesh and Tamil Nadu. It has been our endeavour to contribute to the economic development of the regions where we are present. Our association with Aviva has resulted in the Jana Suraksha Scheme which will provide women members of self-help groups (SHGs) with easy loan coverage as well as give them credit protection against their loans.”
There are around 1 million SHGs in India with membership from 15 million rural homes, of which SHGs linked to bank is around 7.18 lakh involving cumulative bank credit of Rs.20,500 million. In Tamil Nadu alone, the total number of SHGs formed is around 1.26 lakh, consisting of 21.52 lakh women members of which SHGs linked to bank is 98,500 covering total credit outlay of Rs.4,260 million. In respect of Andhra Pradesh, SHGs linked to bank credit is around 2.82 lakh involving cumulative credit outlay of Rs.9,755 million. The success of SHG movement is, of course, due to the fact that about 90% of the members of SHGs are Women.
The bank has plans to market the Jana Suraksha Scheme, to all the SHGs, in the East and West Godavari Districts in Andhra Pradesh in the first phase. The bank is presently marketing EasyLife Plus, Pension Plus and Amar Suraksha, some of the attractive schemes of Aviva Life Insurance.
Within the short span of time, the bank was able to procure Life Insurance Business for a total coverage of over 1600 lives. The bank has developed and deployed exclusive Insurance Marketing force viz Insurance Relationship Officers who underwent IRDA mandatory training and who will operate extensively in all allotted Cluster Area Branches. Around 100 branches of the bank in Tamil Nadu and Andhra Pradesh have been identified for Insurance Marketing for the present.”
About Aviva
- Aviva Life Insurance is a joint venture between Dabur and Aviva. Aviva plc is the UK’s largest insurance group. Aviva is the new name of CGNU plc. Aviva is the world’s oldest insurance group, with a history dating back to 1696. Today, it is the seventh largest insurer worldwide, with 25 million customers and assets under management in excess of US$300 billion.
- Founded in 1884, Dabur is one of India’s oldest and largest group of companies with annual sales in excess of Rs 1,350 crores. A professionally managed company it is the country’s leading producer of traditional healthcare products.
For further information, please contact:
Preeti Bakaya
Aviva Life Insurance Company India Pvt Ltd
tel: 91124 2804141 ext: 5406
e-mail: preeti.bakaya@avivaindia.com
Abhishek Mahapatra
IPAN
tel: 011-2332 6200
e-mail: abhishek@ipan.com