India: Aviva launches ‘Grameen Suraksha’ – A micro insurance product

Aviva Life Insurance, today, launched "Grameen Suraksha", a micro-insurance rural term insurance plan for BASIX customers.

Aviva Life Insurance, today, launched "Grameen Suraksha", a micro-insurance rural term insurance plan for BASIX customers. This traditional term plan has been developed with the objective of giving the rural policyholder maximum benefits.

Grameen Suraksha is designed such that it reduces the burden of the policyholder to pay premium year after year. Instead, under this plan, the policyholder pays premium for a period of just two years and then avails the term benefit for five or 10 years. In case the policyholder is unable to pay the second annual premium, the plan will still offer a full cover for 18 months or 48 months from the due date of unpaid premium for five or 10 year policy term respectively. In addition, tax benefits can be availed as per Section 80C of the Income Tax Act, 1961.

Speaking on the occasion, Bert Paterson, managing director, Aviva Life Insurance, India said: "Aviva has been a serious player in the microinsurance arena. We have been associated with BASIX since 2002 and together we have insured lives of many in the social sector. With the launch of Grameen Suraksha for BASIX customers, we hope to increase our reach and provide the benefits of life insurance to maximum number of people in rural and social sector. Aviva India has covered close to 900,000 lives in the social sector in association with BASIX and other microinsurance organizations."

Under the new plan, the premium is calculated based on the sum assured and age (18 to 45 years) of the policyholder. The minimum sum assured is Rs 5,000 and the maximum is Rs 50,000. The policyholder also has the option of surrendering the policy in which case the surrender value is then paid.

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For further information, please contact:

Pooja Garg Khan
Aviva Life Insurance
Phone: 95124 2804141 
E-mail: pooja.khan@avivaindia.com 

Notes to editors:

About Aviva Life Insurance
­­Aviva Life Insurance is a 74:26 joint venture between Dabur and Aviva. The current paid up capital amounts to Rs 758 crore. 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 40 million customers and £364 billion of assets under management. Prior to nationalization, Aviva was the biggest foreign insurer operating in the Indian market.

Founded in 1884, Dabur is one of India's oldest and largest groups of companies. The group's consolidated annual sales are in excess of Rs 1,899 crore. The professionally managed company 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 close to 500 towns and cities across India. 

Aviva's products have been designed in a manner to provide customers flexibility, transparency and value for money. It is among the first insurance companies to introduce Unit Linked Products in India.

Aviva has a unique need-based sales approach through the "Financial Health Check" (FHC). The FHC is a free service administered by its 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 a prospective customer, the Financial Health Check assesses and recommends the right insurance product for her.

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