Aviva Life Insurance today announced the launch of its PensionPlus product for Lakshmi Vilas Bank (LVB) customers. Lakshmi Vilas Bank is a bancassurance partner of Aviva in India. A highly popular insurance product, PensionPlus will be made available to the LVB customers through its branches in Andhra Pradesh and Tamil Nadu.
Aviva Life Insurance today announced the launch of its PensionPlus product for Lakshmi Vilas Bank (LVB) customers. Lakshmi Vilas Bank is a bancassurance partner of Aviva in India. A highly popular insurance product, PensionPlus will be made available to the LVB customers through its branches in Andhra Pradesh and Tamil Nadu.
PensionPlus is a regular savings pension plan. The minimum annual premium is Rs 6,000. It can be purchased for any life between 18 to 65 years of age. The minimum age at maturity is 50 years and the maximum age at maturity is 70 years. Apart from PensionPlus the other Aviva product distributed by Lakshmi Vilas Bank is EasyLife Plus, a simple regular savings plan with the benefit of life protection.
Mr Stuart Purdy, chief executive officer, Aviva Life Insurance, said: “We greatly value our association with Lakshmi Vilas Bank. Till date we have been able to sell 1200 policies through our bancassurance partnership with them. Our association with Lakshmi Vilas Bank has given us access to the semi-urban and rural areas of southern India. PensionPlus is one of our popular products and we look forward to its success being replicated amongst the Lakshmi Vilas Bank customers too.”
Mr A Krishnamoorthy, chairman and chief executive officer, Lakshmi Vilas Bank Ltd, said: "Aviva is a pioneer in selling insurance through banking channels in the country. Since our tie-up last year we have been able to establish a strong relationship with them. The inclusion of Aviva’s PensionPlus in our portfolio of insurance products from the Aviva-LVB association will provide our customers flexible, value for money, world class insurance products.
"Within the short span of time, the bank was able to procure life insurance business for a total coverage of over Rs 10 crores. The bank has developed and deployed exclusive insurance marketing force viz Insurance Relationship Officers who underwent IRDA mandatory training and who will operate extensively in all allotted cluster area branches. Around 100 branches of the bank in Tamil Nadu and Andhra Pradesh have been identified for insurance marketing for the present.”
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About Aviva
- Aviva Life Insurance is a joint venture between Dabur and Aviva. Aviva plc is the UK’s largest insurance group. Aviva plc is the new name of CGNU plc. 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 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 further information, please contact:
Preeti Bakaya
Aviva Life Insurance Company India Pvt Ltd
tel: 91124 2804141 ext: 5406
e-mail: preeti.bakaya@avivaindia.com
Abhishek Mahapatra
IPAN
tel: 011-2332 6200
e-mail: abhishek@ipan.com