Aviva Life Insurance today announced the launch of its products through The Lakshmi Vilas Bank.
Aviva Life Insurance today announced the launch of its products through The Lakshmi Vilas Bank. With immediate effect, Aviva Life Insurance’s products will be made available to customers in a phased manner through the branches of The Lakshmi Vilas Bank.
Starting today, the bank will distribute Aviva Life Insurance products from its Mylapore branch in Chennai. The products will also be available in their branches of RS Puram (Coimbatore), Karur, Namakkal, Erode, Guntur (Andhra Pradesh), Kallkurichi, Tallakulam (Madurai) and Periyakulam in a phased manner.
In the first phase, CorporateLife, a group term insurance product, will be made available on option to the bank’s customers availing of a housing loan from the bank. In addition, EasyLife Plus, a simple regular savings plan with the benefit of life protection will also be available to the bank’s customers. A term insurance product for the bank’s fixed deposit customers on option, is also on the anvil.
Stuart Purdy, chief executive officer, Aviva Life Insurance said: “We are delighted to partner with Lakshmi Vilas Bank as it is a positive step towards achieving our objective of being the number one player in bancassurance in the country and is part of our overall distribution strategy in India. The bank’s wide customer base and reach in semi-urban and rural areas will help us reach a wider customer base.
According to A Krishnamoorthy, chairman and chief executive officer, The Lakshmi Vilas Bank Ltd: "We constantly strive to provide our customers with value-added services. With our tie-up arrangement with Aviva Life Insurance as its corporate agent, we would be able to provide to our customers an array of innovative, flexible and value-for-money world class life insurance products.”
In the long term, through this corporate agency tie-up, Aviva Life Insurance will have access to the bank’s customers in its 212 branches across 10 states.