Aviva Life Insurance has introduced LifeLong, a flexible whole life investment cum insurance plan for the customers of its bancassurance partner, Punjab & Sind Bank.
Aviva Life Insurance has introduced LifeLong, a flexible whole life investment cum insurance plan for the customers of its bancassurance partner, Punjab & Sind Bank (PSB). The plan is an important addition to the Aviva product suite already on offer to PSB customers. The product offers the dual benefits of flexibility and convenience by offering the options of inflation protection, choice of funds and premiums and protection for one’s spouse under the same plan.
Rajesh Relan, director-bancassurance & business partnerships, said: “It is our constant endeavour to introduce new products and services to our customers and bank partners. We hope to reach out to a larger customer base in Punjab with the launch of LifeLong for Punjab & Sind Bank customers.”
He added, “We formed a bancassurance partnership with Punjab & Sind Bank in September 2004 and since then we have touched thousands of customers in Punjab.”
Mr G S Matta, general manager, Punjab & Sind Bank, said: “We strive to provide our customers the facility of a one-stop-shop catering to all financial needs. Our partnership with Aviva has enabled us to introduce world-class insurance and investment products to our customers. With the introduction of LifeLong, we move a step further in the planned direction.”
LifeLong is designed to suit one’s individual requirements, no matter which life stage one is at and changes as one’s needs change. It also provides the customer the flexibility to invest in a With Profits Fund or three Unit Linked Funds – Secure, Balanced and Growth. The product also offers tax-free withdrawals after three years.
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For further information, please contact:
Pooja Garg Khan
Aviva Life Insurance
E-mail: pooja.khan@avivaindia.com
Telephone: 9811315510
Notes to editors:
About Aviva Life Insurance
Aviva Life Insurance is a joint venture between Dabur and Aviva. Current paid up capital amounts to 320 Crores. Dabur are the 74% shareholder and Aviva the 26% shareholder. Aviva plc is the UK’s largest insurance group and the world’s oldest insurance Group, with a history dating back to 1696. Today, it is the sixth largest insurer worldwide, with 30 million customers and Ł291 billion assets under management. Prior to nationalization, Aviva was the biggest of the foreign insurers operating in the Indian market.
Founded in 1884, Dabur is one of India’s oldest and largest groups of companies with the group’s consolidated annual sales in excess of Rs 1,537 crores. A professionally managed company it is the country’s leading producer of traditional healthcare products.
Aviva pioneered the concept of bancassurance in India, and has leveraged its global expertise in this area successfully in India. Bancassurance has been contributing close to 65% of the total sales of Aviva India. Through its branches and its bancassurance partner locations, Aviva products are available in 353 towns and cities across India.
Aviva’s products have been designed in a manner to provide customers flexibility, transparency and value for money. We have been among the first companies to introduce unit linked products in the market.
Aviva has a unique need based sales approach through the “financial health check” (FHC). The FHC is a free service administered by our FPAs (financial planning advisers) for a need-based analysis of the customer’s long-term savings and insurance needs. Depending on the life stage and earnings of the customer, the financial health check assesses and recommends the right insurance product for them.
Aviva is also keen to reach out to the underprivileged that have not had access to insurance so far. Through its association with BASIX (a micro financial institution) and other NGOs, it has been able to cover lakhs of lives.