Aviva Life Insurance achieves one lakh policy figure
By Our Banking Bureau | 17 Jun 2004
Speaking on the occasion, Stuart Purdy, managing director, Aviva Life Insurance said, "The figures are an endorsement of our key initiatives that have been taken by us in the last two years. It is a result of the tremendous effort that has been put in by every member of the Aviva team. The one lakh figure has given us the impetus to further build on our commitment to deliver world class products and service to the customer."
Aviva has been able to rapidly establish its presence in the Indian market by adopting a unique approach in terms of sales, distribution, marketing and product strategy. Some of the key initiatives include pioneering Bancassurance in the Indian market, which has contributed towards 70 per cent of the Aviva business. Aviva was one of the first companies to introduce modern and flexible unit linked products in the market. As a part of its rural and social obligation, Aviva has not only met but has also exceeded its stipulated social and rural targets for the year. Through a focused distribution and marketing plan and through its tie-ups with micro financial institutions (MFIs) and NGOs it has spread insurance coverage to the most vulnerable sections of the society.
With an additional infusion of Rs 88 crore in January 2004, Aviva now has a total capital infusion of Rs 242.8 crore. In a survey administered last year by Grow Talent Company Ltd. along with Great Places to Work® Institute, Inc. and Business World magazine, Aviva Life Insurance was ranked eleventh of the best places to work in India. The survey was conducted amongst more than 120 companies in India.
In a short span of time Aviva has been able to extend its presence to 25 branches and over 100 locations including Bancassurance sites, covering the full geographical spread of the country. Aviva has also opened four rural branches in Faridkot, Udaipur, Nasik and Nagpur. These branches will cater specifically to the rural populace of the districts around these locations. Aviva has a strong sales force of over 2000 financial planning advisers .
Aviva offers one of the most flexible products that are available in the market today. Products offered by Aviva are LifeLong (whole life), PensionPlus (regular savings personal pension plan), LifeBond (single premium savings plan), EasyLifePlus (simple endowment savings plan), LifeSaver (flexible endowment savings plan), YoungAchiever (child policy), LifeShield (pure term insurance), LifeBond5 (5 year recurring premium investment plan) and rural products like Amar Suraksha, Anmol Suraksha and Jana Suraksha.
