Aviva Life Insurance and BASIX, today, announced that they have further strengthened their six year old relationship by launching a unique group term plan - Sangh Samruddhi, which will cover the lives of the customers of institutions supported by BASIX.
Aviva Life Insurance and BASIX, today, announced that they have further strengthened their six year old relationship by launching a unique group term plan - Sangh Samruddhi, which will cover the lives of the customers of institutions supported by BASIX. This product will strengthen the livelihood initiatives taken by BASIX.
The tie-up with BASIX is part of Aviva's initiatives to provide the benefits of insurance to all sections of the society. Aviva was one of the pioneers for microinsurance in the country and has covered over 12 lakh lives in the social sector.
With BASIX, Aviva has covered 620,000 social lives and settled 3,026 claims since the beginning of their relationship in 2002. Speaking on the occasion, Bert Paterson, managing director & CEO, Aviva Life Insurance, India said: "Aviva is committed to the long-term partnership and provision of flexible micro finance products in India. Our association with BASIX goes back to October 2002 and together we have extended the benefits of life insurance to the lower income groups. We have recorded a high double digit growth for our microinsurance plans on year-on-year basis."
Vijay Mahajan, chairman, BASIX said: "BASIX currently provides a whole suite of micro insurance products to cover risks related to the Lives and Livelihoods of its customers. BASIX partnership with Aviva was the beginning of this journey. Together we have been able to bring out life insurance products which are simple and affordable for the poor."
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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.
About BASIX
BASIX is a new generation livelihood promotion institution established in 1996 working in 12 states, 76 districts and spread across 15,000 villages. KBSLAB a Local Area bank under the BASIX group actively renders microsavings services to its clients. Some of Aviva's products available though BASIX include Credit Plus, Savings Plus, Jan Suraksha, Amar Suraksha, Anmol Suraksha, Grameen Suraksha and a group insurance product.