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Group insurance product from Aviva Life

By Our Special Correspondent

HYDERABAD OCT. 22. Aviva Life Insurance, a joint venture of Dabur and CGU (subsidiary of U.K.'s largest insurance group-Aviva plc), has announced the launch of a group life insurance product named CreditPlus targeted at the rural poor. It also announced the first sale and tie-up with BASIX, a microfinance institution that provides credit for agriculture and non-farm rural economic activities in 25 districts spread across Andhra Pradesh, Karnataka, Tamil Nadu, Maharashtra, Orissa, and Jharkand States.

Announcing this at a press conference here on Tuesday, Stuart Purdy, CEO of Aviva Life, said under the scheme, the microfinance institution becomes the `master policy holder'. They expect to tap at least 2,500 rural folk in six months, and it was initially being launched in Ramayanpet and Suryapet towns of Andhra Pradesh.

CreditPlus provides death cover on a group basis, and in the event of death, families of BASIX borrowers will receive some financial payment and the outstanding loan will also be cleared.

Explaining the strategy, he said Aviva would soon move on to distribution of savings products in rural areas. Selling insurance through financial institutions or banks (Aviva has tie-ups with several banks) was in addition to direct selling. Aviva is the world's oldest insurance group, with a history dating back to 1696, and is the seventh largest insurer worldwide today.

Vijay Mahajan, Managing Director, and Viswanatha Prasad, CFO, BASIX, said they hope to come out with a `non-life insurance' tie-up also soon. It will also introduce agri-allied loans soon. BASIX, which is taking up distribution of insurance products from today, hopes to tap one lakh rural poor by 2005.

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