Aviva Life Insurance Looks Out For a Bank Partner

Aviva Life Insurance is looking for a bank partner for expanding its insurance network and the deal is likely to be finalized by December-end. “We are in talks with different banks for a tie-up. The negotiations are at initial stages. We expect to close the deal in 2-3 months,” Dabur Group Director Mohit Burman said.

Burman, who is a member of the promoter family of the Dabur Group, holds a majority stake in Aviva Life Insurance, while the UK-based Aviva Group has 26 per cent stake in it. He added that the company is scouting for a bank partner for tie-up. They are yet to decide on whether there will be a stake sale or fresh equity.

Health Insurance Portability Now a Reality
Switching of mediclaim policies from one insurer to another, without losing out on coverage due to exclusion is now possible in India as per IRDA guidelines on 1st Oct’11.

He said Aviva Life has participated in the RFP (Request for Proposal) floated by PSU lender Syndicate Bank and is also in talks with other lenders. Aviva Life Insurance is a joint venture between the Dabur Group and UK-based Aviva Group with a paid up capital of over Rs. 2,000 crores.

At present, Aviva Life Insurance sells products through partner banks - Punjab & Sind Bank, IndusInd Bank and RBS. A bank partner would help Aviva Life, which started operations in May 2002, to expand its reach using the bank's branch network. For the full fiscal 2010-11, Aviva Life reported a net profit of Rs 29 crore and total premium collection of Rs 2,345 crore.

Now-a-days, insurance companies are showing interest to sell stakes to banks to have access to their wide branch network.

National Insurance � Health insurance Policy for Senior Citizens
This policy has been designed to cater to the needs of Senior Citizens. It covers Hospitalization and Domiciliary Hospitalization Expenses under Section I as well as expenses for treatment of Critical Illnesses, if opted for, under Section II.

Source-Medindia

Why the Jump in Health Insurance Premiums?
Over the past decade, workers' share of family health insurance premiums has gone from under $1,800 to over $4,100 a year, up 131% since 2001. Employers now contribute an average $15,000, up 113%.

Indians Want To Insure Their Lifestyles
A survey reveals that amid rising disposable income levels and better health, 85% of middle income earners in India feel a greater need for additional insurance to protect their lifestyles.