Aviva Life Insurance and Apex Bank, one of the leading banks in Madhya Pradesh, today announced their tie-up as bancassurance partners. Aviva will have access to a potential customer base of 5.7 million in Madhya Pradesh with this tie-up.
- Reaches out to a customer base of 5.7 million
- Presence in 22 bank branches, 38 DCCBs and 4,525 PACS attached to Apex Bank
- Products such LifeLong, SaveGuard, Pension Plus and Dhan Vriddhi will be available to the Bank customers in the first phase
- Special products for farmers who have taken loans in the form of farmer's group Insurance scheme.
Aviva Life Insurance and Apex Bank, one of the leading banks in Madhya Pradesh, today announced their tie-up as bancassurance partners. Aviva will have access to a potential customer base of 5.7 million in Madhya Pradesh with this tie-up. Aviva has now extended its leadership position in the Bancassurance channel with more than 30 tie-ups, the largest number of Bank partnerships by any private insurer in India. Aviva has increased its presence to close to 500 locations in the country.
Speaking on the occasion, Bert Paterson, managing director, Aviva Life Insurance, said: "The tie-up with Apex Bank is an important milestone for Aviva. Madhya Pradesh is amongst the largest states in the country and has huge potential in the insurance sector. With this strategic tie-up, Aviva has found a partner with an extensive distribution reach thus strengthening our position in Madhya Pradesh. We are India's leading bancassurer with a leading number of partnerships and a first class reputation for implementation."
Sushil Mishra, managing director, Apex Bank said: "It has always been our endeavour to provide a one-stop shop catering to all of the financial needs of our customers. With this tie-up with Aviva, we will be able to provide world-class insurance products to our customer base. Besides the customers of Apex Bank, Aviva will also have access to the customers of 38 District Central Cooperative Banks (DCCBS) with their 834 branches and 4,525 Primary Agriculture Credit Societies (PACS) as we have an exclusive tie-up with them."
Products like LifeLong (a flexible whole life plan), SaveGuard (unit-linked endowment plan), Pension Plus (retirement plan), Dhan Vriddhi (a term plan) and rural term products like Amar Suraksha, Jana Suraksha and Anmol Suraksha will be made available to the customers of Apex Banks in the first phase of operations. The partnership will be on a referral type business model.
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For further information, please contact:
Pooja Khan
Aviva Life Insurance
Telephone: +919811315510
E-mail: pooja.khan@avivaindia.com
Arvind Singh Sengar
Apex Bank
Telephone: 9425025961/9826825684
E-mail: arvindsinghsengar@hotmail.com
Notes to editors:
About Aviva India
Aviva Life Insurance is a joint venture between Dabur and Aviva. Current paid up capital amounts to 758 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 fifth largest insurer worldwide, with 40 million customers and £364 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 1,899 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 close to 500 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. Aviva Life Insurance now has 31 banks as their bancassurance partners in India.
About Apex Bank
Madhya Pradesh Rajya Sahakari Bank (MPRSB) is the Apex Co-operative Bank working in three-tier pyramidal co-operative structure. The state sponsored co-operative sector in Madhya Pradesh comprises of the Madhya Pradesh Rajya Sahakari Bank (State Cooperative Bank) at the apex (state) level, 38 District Central Co-operative Banks (DCCBs) at the intermediate (district) level with 834 branches and 4525 Primary Agricultural Co-operative Society (PACS) at the grassroots (village) level, essentially to ensure flows of short-term credit for production purposes.