Aviva Life Insurance today announced its tie-up with Doha Bank as part of the company’s bancassurance initiatives.
- First tie-up in Qatar
- Reaches out to the NRI customer base of Doha Bank
- Launches unit-linked products to suit the NRI customers
Aviva Life Insurance today announced its tie-up with Doha Bank as part of the company’s bancassurance initiatives. After strengthening its leadership position in the bancassurance channel in India, Aviva has forayed into Qatar. After the tie-up Aviva’s products will be available in 40 locations in Doha.
Speaking on the occasion, Mr Anil Sahgal, director, bancassurance & business partnerships, Aviva Life Insurance, said: “We are delighted with our partnership with Doha Bank. The customers of Doha Bank who are mainly salaried NRIs will benefit through our unit-linked products and in-house fund management capability and will be able to channelise their savings in prudent investment plans”.
He added: “Offering insurance will add to the overall portfolio of the bank. Bancassurance is an important distribution channel for Aviva and contributes close to 65% to Aviva’s business in India. We are confident that Aviva will emerge as one of the leading insurance players in the Middle East in near future.”
Mr R Seetharaman, deputy CEO, Doha Bank said: “We look forward to a long-term association with Aviva Life Insurance. We take pride in addressing all the financial needs of our customers under one roof. Our tie-up with Aviva will allow us to offer customized insurance products to our NRI clients.”
Unit-linked products offered by Aviva for NRIs require no medical tests and are easy to administer. The advantages of unit-linked products are flexibility, transparency and value for money. They can also be suited to the individual needs of all types of customers, from the risk averse to customers who seek higher returns with some downside risk.
The NRI customers can choose an investment plan following a financial health check (FHC) by a financial planning adviser (FPA). The FHC is a free service administered by FPAs 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 FHC assesses and recommends the right insurance product for them.
Aviva Life Insurance, one of the pioneers of the bancassurance model in India, now has 22 banks as their bancassurance partners and Aviva’s products reach 392 locations:
Aviva’s Bank partners:
ABN Amro Bank, American Express Bank, Canara Bank, Centurion Bank of Punjab, Lakshmi Vilas Bank, Punjab & Sind Bank, Bhagyalakshmi Mahila Sahakari Bank, Citizens’ Cooperative Bank, Darjeeling District Central Co-operative Bank, Ganganagar Kendriya Sahakari Bank, Ichalkaranji Janata Sahakari Bank, Jammu Central Cooperative Bank, Krishna Sahakari Bank, Prime Cooperative Bank, Rajkot Nagrik Sahakari Bank, Sabarkantha District Cooperative Bank, Shree Warna Sahakari Bank, Singhbhum District Central Cooperative Bank, State Bank of Sikkim, Surat District Cooperative Bank, The Goa State Cooperative Bank, Vasantdada Shetkari Sahakari Bank.
-ends-
For further information, please contact:
Kinshuk Gupta
IPAN Public Relations
Telephone: 011-42492117
E-mail: kinshuk.gupta@ipan.com
Pooja Garg Khan
Aviva Life Insurance
Telephone: 0124-2804141
E-mail: pooja.khan@avivaindia.com
Notes to editors:
About Aviva India
Aviva Life Insurance is a joint venture between Dabur and Aviva. Current paid up capital amounts to 559 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 fifth largest insurer worldwide, with 35 million customers and Ł332 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 1,899 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 392 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 FNC assesses and recommends the right insurance product for them.
About Doha Bank
Doha Bank is the largest private commercial bank in the State of Qatar. It was incorporated in 1978 and commenced its banking business (including its International Banking services) in Doha, Qatar on March 15, 1979.
Doha Bank is rated as the "Best Bank in the Middle East Region" by the Banker magazine for the year 2006. Doha Bank is the only Qatari Bank to won this coveted award in the State of Qatar so far. The bank operates through a network 21 branches, 10 electronic branches, three pay offices and network 84 ATMs in the country.