Tailor-made insurance products from Lakshmi Vilas Bank

Coimbatore: Apart from marketing Aviva life insurance products, Lakshmi Vilas Bank (LVB) is in the process of formulating appropriate products tailored to suit the needs of its depositors and home-loan accountholders.

“The modalities for extending the cover to these target groups are being worked out. On approval by IRDA [Insurance Regulatory Development Authority], these products will be marketed across our banks’ counters,” says LVB chairman and CEO A Krishnamoorthy.

LVB decided to roll out the Aviva range of life insurance products in Coimbatore three weeks after its formal launch in Chennai. The bank has also plans to market it across the counters in the Karur, Madurai and Visakhapatnam regions soon.

Krishnamoorthy says the insurance penetration level is low in India at 0.6 per cent (measured as the ratio of the premium to the gross domestic product), while comparing with the world average life insurance premium of 3.2 per cent.