Aviva Life Insurance today announced the launch of sale of its products through Canara Bank.
Aviva Life Insurance today announced the launch of sale of its products through Canara Bank. Aviva Life Insurance products will be made available to customers in a phased manner through the branches of Canara Bank with immediate effect. The product portfolio being made available to the customers of Canara Bank is based on the profile and requirements of the bank’s customers.
In the first phase of the launch, EasyLife Plus and PensionPlus will be made available to the bank’s customers. EaslyLife Plus is a simple savings and protection plan that does not require the customer to undergo any medical tests.
PensionPlus is a tax efficient personal pension plan that is designed to help policyholders earn a regular income when they retire and to help them maintain their existing lifestyle. One of the key features of the product is indexation, ie the option of increasing the premium at policy anniversaries thereby maintaining the real value of the saving at all times.
Canara Bank officers have been trained as per regulatory requirements and will be licensed as “Specified Persons” by Aviva Life Insurance. This will ensure that the Canara Bank customer can look forward to a seamless customer experience at the same trusted branch where she/he banks and can avail of world-class insurance products under the same roof
Speaking at the launch, Charles Anderson, Managing Director, Financial Services, Asia said: “Bancassurance is a major distribution channel for Aviva in Asia and I am delighted by the progress made in India with bancassurance. In Canara Bank, Aviva has found a partner that is not only one of India's largest and most reputed banks but also a partner that shares its vision of providing world class financial solutions to its customers."
Speaking at the launch, Stuart Purdy, Managing Director, Aviva Life Insurance, said: "We have pioneered bancassurance in India extremely successfully. At present 50% of our sales come through this channel. Our tie-up with Canara Bank is another step towards establishing Aviva Life Insurance as the leading bancassurer in the country.”
Canara Bank is India's second largest bank with half-yearly business for FY 02-03 in excess of Rs. 103262 crore (US$ 21.5 billion). The bank’s 2421 branches in India give it a distribution capability that is truly national.
The two companies had signed a letter of intent in November last year to retail life insurance products. Over the years, Aviva and Canara Bank jointly look forward to reaching out to all the bank’s customers as well as to the general population at large and taking a lead in the industry in a leadership role.