Aviva Life Insurance today announced the tie up with Punjab and Sind Bank as its fifth exclusive bancassurance partner in India.
Aviva Life Insurance today announced the tie up with Punjab and Sind Bank as its fifth exclusive bancassurance partner in India. The partnership with Aviva would benefit the customers of Punjab & Sind Bank by giving them access to Aviva’s portfolio of modern life insurance products within the branches of PSB.
Further, the customers of the bank will now have access to market leading products such as EasyLife Plus, LifeBond 5 and PensionPlus, for all their financial needs, under one roof. Aviva have developed these products to be particularly suited to bancassurance distribution.
Punjab and Sind Bank has a network of 759 branches and 132 extension counters all over the country with a predominant presence in northern states of Punjab, Haryana, Himachal and Delhi. Initially, 40 of Punjab and Sind’s Bank officers will be trained to advise on Aviva’s products followed by a progressive rollout programme to extend the reach of the distribution partnership.
Aviva pioneered the concept of bancassurance in India, and has leveraged its global expertise in bancassurance successfully in India. Currently, Aviva has bancassurance tie-ups with ABN Amro Bank, American Express Bank, Canara Bank and The Lakshmi Vilas Bank Ltd. In the financial year 2003-2004, bancassurance contributed 70% towards the total sales of Aviva India.
Speaking at the launch, Stuart Purdy, managing director, Aviva Life Insurance, India, said: "In Punjab & Sind Bank, Aviva has found a partner with an extensive distribution reach and one that also shares the vision of providing leading financial solutions to its customers. The tie up will further strengthen Aviva’s position as the leading bancassurer in the country. With this new partnership we will be able to reach out to a vast customer base, predominantly in the north of India thus extending our service network across the country as well as offering the more modern unit-linked and unitised with-profit products to the customers, specially designed in a manner to provide flexibility, transparency and value for money".
Mr VK Chopra, chairman & managing director, Punjab & Sind Bank said: "Now that we have gained experience through our non-life bancassurance partnership, our tie up with Aviva Life Insurance will focus on life insurance bancassurance. This is in line with our strategy to augment our non-fund based income. The tie-up will bring products to all our bank’s customers."
Products like EasyLife Plus, LifeBond 5 and PensionPlus will be available to the bank customers. EasyLife Plus is a simple savings and protection plan that does not require the customer to undergo any medical tests. LifeBond 5 is a five-year recurring premium investment cum protection plan that provides attractive investment returns with maximum tax benefits. PensionPlus is a tax efficient personal pension plan that is designed to help policyholders earn a regular income even when they stop working and help them maintain their existing lifestyle.
About Punjab & Sind Bank
Punjab & Sind Bank was established in the year 1908. Based on the principles of social commitment to the people, help the farmers, and the weaker sections of the society to raise their standard of living and play a significant role in the development of the country. Even after 96 years of its inception, Punjab & Sind Bank stands committed to honor the high ideals of its founding fathers. Punjab and Sindh Bank has a network of 759 branches and 132 extension counters all over the country with close to 9,765 employees. 42 per cent of its branches are in the rural and semi urban areas.
In line with spirit of liberalisation the Bank has laid special emphasis on International banking, Hire purchase, Leasing, Tele-banking and Credit card facilities. The bank has also started their Rural Development Division, High Tech Agricultural Branches, Specialised Locker Branches, Industrial Finance and SSI branches, besides Housing Finance Branch for the convenience of its customers.
About Aviva
Aviva Life Insurance is a joint venture between Dabur and Aviva. Current paid up capital amounts to 243 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 seventh largest insurer worldwide, with 30 million customers and Ł240 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 1,350 crores. A professionally managed company it is the country’s leading producer of traditional healthcare products.
Aviva has recorded a significant growth in the current financial year of 2003-2004 and is rapidly developing its business. For the year 2003-2004, Aviva was in the ninth position in market share terms. In April to June 2004, Aviva was ranked seventh.
Aviva has achieved a policyholder number in excess of one lakh within the first two years of operation. Key initiatives that have led to such a performance are sales initiatives, product profile and fund performance.
Aviva’s fund management operation is one of its key differentiators. Operating from Mumbai, Aviva’s team of experienced fund managers are responsible for the investment of Aviva’s range of fund options which include unitised with-profits, Secure Fund, Balanced Fund and Growth Fund.
Aviva has 28 branches in India supporting its distribution network. Through its branches and its bancassurance partner locations, Aviva products are available in 105 towns and cities across India. Aviva is the leading bancassurer in the country and bancassurance partnerships contribute 70% of the total sales.
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For further information, please contact:
Vivika Dass
Aviva Life Insurance Company India Pvt. Ltd.
Telephone 91124 2804141 Ext 7112
E-mail vivika.dass@avivaindia.com
Abhishek Mahapatra
IPAN
Telephone 011- 524 92100 Ext 110
E-mail abhishek@ipan.com