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Knowledge Base Life Insurance Basics Aviva Life Insurance
Tuesday, 25 January 2011 10:47

Aviva Life Insurance

Written by  Yashish Dahiya
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Aviva Life Insurance Company Limited


Aviva Life Insurance Company was incorporated in 2000 and is headquartered in Gurgaon, India.

It is a joint venture between Dabur- one of India’s oldest and largest brand and Aviva plc- United Kingdom’s largest insurance group. Dabur owns 74% stake and Aviva plc has 26% stake in the venture.

Product Portfolio of Aviva Life Insurance


Aviva Life has diverse portfolio of life insurance plans spreading across many domains like retirement plan, child plan, term plans, savings & investment plans and health plans.

Retirement Plan: With rising inflation, it’s absolutely necessary to make provisions for the future which makes retirement plan an important financial decision. Better known as Pension plan, this plan takes care of financial needs after retirement by investing a part of your savings for limited period. Pension plan provides steady income after retirement and takes care of daily needs. The pension plan offered by Aviva Life is Secure Pension.

Child Plan:Parenthood brings responsibilities and no one is better judge of that than you. Child Plan is a plan specifically designed to take care of financial needs of your child. Child plan provides with necessary funds that will take care of child’s education, marriage etc. By investing small portion of your savings you secure the financial end of your child. Child plan of Aviva Life is called Young Scholar Advantage.

Term Plan: A risk plan which provides comprehensive cover for your family in the unfortunate event of untimely demise. A term life insurance plan provides good cover at relatively nominal cost and has no survival benefits. Aviva Life term plans are i-Life, LifeShield, LifeShield Plus, LifeShield Advantage. Aviva LifeShield Advantage is a term plan which has survival benefit i.e. return of premium on survival at the end of policy period.

Investment Plan: Popularly known as ULIP, an investment plan invests part of your savings in equity or debt market as per your preference. The objective of investment plan is to give you returns which easily beat the rising costs since the usual returns in a bank are extremely low. ULIP’s offered by Aviva Life are Freedom Life Advantage, Dhan Vriddhi, LifeSaver Advantage, LifeBond Advantage, Dhan Varsha, Sachin Extra Cover Advantage.

 

Health Plan: Slightly different from health insurance, health plan provides cover for surgery costs, critical illness. A lump sum is paid irrespective of actual hospital bill. Health Plus is Aviva’s health plan.

Distribution Network:


Aviva life has strong distribution channel with 185 branches and 30,000 Financial Planning Advisers.

 

 It has also tie ups with major Banks like Royal Bank of Scotland Group, Punjab and Sind Bank, Indusind Bank and many cooperative and rural banks.

Financial Information:


The total premium earned for the half year ended September 30, 2010 was Rs 10,561 million. The profit after tax for the same period is Rs 930 million. A total of 523 claims were made during the period out of which 455 claims were settled and 68 cases were rejected.

Marketing Campaigns:


Aviva Life has been involved in grand scale marketing campaign to promote brand essence of “khul ke jiyo”. Aviva Life also started global brand campaign – “you are the big picture” which allowed people to upload their photos and if selected would feature in banners, tunnels and buildings. This interactive campaign generated a lot of interest worldwide. The next big campaign was targeted at children – “Tension chodo, cricket khelo”. Aviva Life signed up the legendary Sachin Tendulkar as their brand ambassador to promote this campaign which encouraged parents having quality time with their children. Aviva Life also launched sixsteps.in to help people understand more about retirement solutions.

Distinctions:


 

 

  • Aviva India has won the "Corporate Social Responsibility Award" at the prestigious Asia Insurance Industry Awards 2010 for its corporate social responsibility programme – 'Street to School' for demonstrating how corporate social responsibility can be closely and successfully tied with business strategy. 
  • Aviva India has won two major awards, at the ‘CMO Asia Awards’ held in Singapore– ‘Excellence in Branding and Marketing’ in Banking and Financial services, and Social Marketing. 
  • Aviva has been felicitated with the "Bronze Award for Excellence in People Management" by Grow Talent Company Limited and Business world. This honor was given based on our ranking amongst the top 25 companies as per the Grate Place to Work survey in the last four years. 
  • Aviva was ranked 4th in the Best Workplaces in India study for the year 2008 by the Great Place to Work Institute. It was the only Insurance Company in the top 10 ranking that year. 

Management:


TR Ramachandran is the MD and CEO of Aviva Life.
Jyoti Vaswani is the CIO & Director, Fund Management of Aviva Life.
Sanjeeb Kumar is the Appointed Actuary of Aviva Life.

Reach Aviva Life:

 


Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Telephone: 1800 180 2266

SMS “ASK AVIVA” to 5676737

Aviva Life Product Table:


 

Retirement/Pension Plan

Aviva Secure Pension

Child Plan

Aviva Young Scholar Advantage

Term Plan

Aviva LifeShield

Term Plan

Aviva LifeShield Plus

Term Plan

Aviva LifeShield Advantage

Savings & Investment Plan

Aviva Freedom Life Advantage

Savings & Investment Plan

Aviva Dhan Vriddhi

Savings & Investment Plan

Aviva Money Back

Savings & Investment Plan

Aviva LifeSaver Advantage

Savings & Investment Plan

Aviva LifeBond Advantage

Savings & Investment Plan

Aviva Dhan Varsha

Savings & Investment Plan

Aviva Sachin Extra Cover Advantage

Health Plan

Aviva  Health Plus


Source:


Aviva India Website

 

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