Aviva Life Insurance today announced the launch of CreditPlus, a group insurance product for rural customers. It also announced the sale of its first group insurance product policy to BASIX, a microfinance institution.
Aviva Life Insurance today announced the launch of CreditPlus, a group insurance product for rural customers. It also announced the sale of its first group insurance product policy to BASIX, a microfinance institution. The launch of the Credit Plus product is the first step in the joint vision of Aviva and BASIX, of building a long-term partnership that provides viable insurance products to the rural and social sector.
CreditPlus is a yearly renewable group term insurance scheme, which provides death cover on a group basis. CreditPlus provides assurance to BASIX borrowers (mainly the rural poor) that, in the event of their untimely death, their families will receive some financial payment and the outstanding loan would also be cleared.
Speaking at the launch, Mr Stuart Purdy, Chief Executive Officer, Aviva Life Insurance India, said: “With our tie-up with BASIX and launch of CreditPlus, we will now be able to reach out to a large section of hitherto untapped rural customers. We envision that this product will empower our customers in the rural market and create financial stability and a feeling of confidence amongst them.”
Aviva has designed CreditPlus after taking into account of the inputs provided by BASIX, Aviva’s “CreditPlus” goes in very well with the Credit Plus philosophy of BASIX which means going beyond mere lending to providing support for establishing a livelihood.”
Mr S Vishwanatha Prasad, Chief Operating Officer of BASIX, added: “Our mission is to promote a large number of livelihoods for rural producers, including the poor and women. While credit is important for this, so are insurance services, to manage risk to the lives and livelihoods of our customers. The joint offering with AVIVA will enable us to serve our customers with a comprehensive range of services including credit, insurance and technical assistance, or Credit Plus ”.
About BASIX
Set up in 1996, BASIX is a new generation rural livelihood promotion institution. The mission of BASIX is to promote a large number of sustainable livelihoods, including for the rural poor and women, through the provision of financial services and technical assistance in an integrated manner. Since 1996, BASIX has cumulatively loaned over Rs 100 crore to rural producers, maintaining a repayment rate of 98 percent. BASIX is a group of financial services and technical assistance companies comprising
- Bhartiya Samruddhi Finance Ltd (Samruddhi), an NBFC registered with RBI.
- Krishna Bhima Samruddhi (KBS) Bank, a local area bank licensed by the RBI.
- Sarvodaya Nano Finance Ltd (an RBI registered NBFC, fully-owned by women’s SHGs, promoted and managed by BASIX) and
- Indian Grameen Services (IGS), a Section 25 company engaged in livelihood support.
A majority of the borrowers of BASIX are the rural poor, including small and marginal farmers, the landless and women. BASIX lends to them to promote self-employment. However, all the poor do not want to be self-employed. Thus BASIX also lends to rural commercial farmers and non-farm enterprises, which generate much-needed wage employment for the rural poor. BASIX is operating in twenty-five districts of six states - Andhra Pradesh, Karnataka, Tamil Nadu, Maharashtra, Jharkhand and Orissa.
About Aviva
Aviva Life Insurance is a joint venture between Dabur and CGU, a wholly owned subsidiary of Aviva plc, the UK's largest insurance Group. Aviva plc is the new name of CGNU plc. The change from CGNU to Aviva is part of a planned journey towards building a world-class financial services group. It will help in building a stronger, more unified presence in the markets where we operate and will help to provide a greater sense of purpose, direction and belonging to employees and customers.
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 in over 50 countries 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 1,200 crores. A professionally managed company it is the country's leading producer of traditional healthcare products
For additional information, please contact:
Surya Prakash
Ogilvy Public Relations
Phone: 040-3220070
E-mail: ssuryaprakash@ogilvy.com
Suniti Ghoshal
Head - Corporate Communications
Phone: 0124(91) 6804141 extn. 5406
E-mail: suniti.ghoshal@dabur-cgu.com
D Sattaiah, Manager, Special Projects
or A Vasundhari, Corporate Communications – BASIX
Phone (040)-335-0566; 661-8846
E-mail: info@basixindia.com
Website: www.basixindia.com
Aviva is the brand name of Dabur CGU Life Insurance Company Private Limited.