Aviva Life Insurance and The Bank of Rajasthan Ltd, a leading Private Sector Bank, having branches all over India with a strong presence in Rajasthan, today, announced their tie-up as bancassurance partners.
Aviva Life Insurance and The Bank of Rajasthan Ltd, a leading Private Sector Bank, having branches all over India with a strong presence in Rajasthan, today, announced their tie-up as bancassurance partners.
Aviva will have access to a potential customer base of 2.5 million across India with this tie-up. Aviva is one of the leaders in the bancassurance channel with close to 40 partnerships covering the length and breadth of the country. Aviva has now increased its presence to more than 1,700 locations in the country with a potential customer base of 46 million (approx).
Speaking on the occasion, Bert Paterson, managing director & CEO, Aviva Life Insurance, said: "The tie-up with The Bank of Rajasthan is an important milestone for Aviva. With this strategic tie-up, Aviva has found a partner with an extensive distribution reach thus strengthening our position in the country. We are one of India's leading bancassurers with close to 40 partnerships and this tie-up reinforces our position as a partner of choice in the bancassurance area."
Mr P L Ahuja, managing director & CEO, The Bank of Rajasthan, said: "We have an experience of 65 years in the banking arena and it has always been our endeavour to provide a one-stop shop catering to all of the financial needs of our customers. With this tie-up with Aviva, we will be able to provide world-class insurance products to our valued customer base."
Products like LifeLong (a flexible whole life plan), SaveGuard, LifeSaver Plus (unit-linked endowment plans) and Pension Plus (retirement plan) will be made available to the customers of the bank in the first phase of operations. The partnership will be on a referral type business model. Bancassurance is the distribution of insurance products through a bank's network of branches.
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For further information, please contact:
Pooja Garg Khan
Aviva Life Insurance
Phone: 0124- 2709082
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 758 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 40 million customers and £377 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 2,233 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 60% of the total sales of Aviva India. Through its branches and its Bancassurance partner locations, Aviva products are available in more than 1,600 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.