Aviva Life Insurance today announced the launch of the enhanced version of its popular insurance plan - Credit Plus – Group credit cum life protection plan – especially designed for BASIX, a micro financial institution. This is part of Aviva’s social and rural initiatives for the underprivileged sections of society.
Aviva Life Insurance today announced the launch of the enhanced version of its popular insurance plan - Credit Plus – Group credit cum life protection plan – especially designed for BASIX, a micro financial institution. This is part of Aviva’s social and rural initiatives for the underprivileged sections of society.
In this unique initiative for a credit protection product by an insurance company, this plan will provide a life cover for customer’s spouse and double the cover for single customers. The sum assured for this plan will amount to 1.5 times of the loan amount sanctioned by BASIX.
In case of an unfortunate death of the customer, the sum insured will be paid to the micro-finance institution, who after deducting the loan amount, will pass on the balance to the beneficiary of the deceased customer. This plan is specifically for members of micro-finance institutions like BASIX in the age-group of 18-55 years. The objective of the plan is to provide a complete solution for household livelihood protection.
Stuart Purdy, managing director, Aviva Life Insurance, India, said: “Our association with BASIX goes back to October 2002 and together we have insured a significant number of lives in the social and rural sector. In the three years that the scheme has been in operation, 1,59,087 cases have benefited from this life insurance plan so far. With the launch of the enhanced version of Credit Plus and retail initiatives, we hope to cover one million micro insurance lives by 2008.”
Under Aviva’s retail initiatives, Basix as a corporate agent of Aviva has deployed over 100 trained Basix employees as IRDA trained insurance advisors. Aviva has sourced over 10000 micro insurance individual policies through Basix since Jan 2004.
Vijay Mahajan, CEO, BASIX, said:"In its endeavor to promote livelihood for poor people, BASIX is extremely conscious of the risks the poor face. Hence BASIX has tried to develop a whole suite of risk management products for the poor. Among this, the Credit Plus product designed and offered in partnership with Aviva is clearly the one that has been a winner, in terms of coverage of all our customers, and at a very reasonable cost.”
Aviva Life Insurance has not only met but exceeded its stipulated social and rural targets for the year already. This calendar year to date, under the social sector, the Company has been able to cover 92,317 lives though the target was 15,000 (September 2005).
BASIX is a new generation livelihood promotion institution established in 1996 working in eight states. KBSLAB a Local Area bank under the BASIX group and actively renders microfinance services to its clients. Some of Aviva’s products available though BASIX include Amar Suraksha, Jana Suraksha and Anmol Suraksha. These plans have been specially designed for the rural sector.
For further information, please contact:
Pooja Garg Khan
Aviva Life Insurance
E-mail: pooja.khan@avivaindia.com
Tel: 9811315510
About Aviva
- Aviva Life Insurance is a joint venture between Dabur and Aviva. Current paid up capital amounts to 320 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 sixth largest insurer worldwide, with 30 million customers and Ł291 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 1,537 crores. A professionally managed company it is the country’s leading producer of traditional healthcare products.
- Aviva pioneered the concept of Bancassurance in India, and has leveraged its global expertise in this area successfully in India. Bancassurance has been contributing close to 65% of the total sales of Aviva India. Through its branches and its Bancassurance partner locations, Aviva products are available in 200 towns and cities across India.
- Aviva’s products have been designed in a manner to provide customers flexibility, transparency and value for money. We have been among the first companies to introduce Unit Linked products in the market.
- Aviva has a unique need based sales approach through the “Financial Health Check” (FHC). The FHC is a free service administered by our FPAs (Financial Planning Advisers) for a need-based analysis of the customer’s long-term savings and insurance needs. Depending on the life stage and earnings of the customer, the Financial Health Check assesses and recommends the right insurance product for them.
- Aviva is also keen to reach out to the underprivileged that have not had access to insurance so far. Through its association with Basix (a micro financial institution) and other NGOs, it has been able to cover lakhs of lives.