New Delhi, Nov. 21: Aviva Life Insurance, one of the latest entrants in the private life insurance market, is spreading its wings in eastern India with two new offices in Guwahati and Asansol next month. The insurer also plans to open its second office in Calcutta next year.
“We have observed that the rate of savings in West Bengal is very high. Asansol and Guwahati are also very active insurance markets. They will provide Aviva a ready market for its insurance services,” chief executive officer of Aviva Life Insurance Stuart Purdy told The Telegraph. The insurer plans to sell a minimum of 100 policies from both its new branches in the first month of operations.
The insurer started operations exactly five months back and has already sold approximately 1,500 policies in Calcutta through its branch office on Park Street. “We have sold around 600 life-saver plans alone, which is one of our best-selling policies. Also, around 200-250 policies are sold in rural West Bengal,” Purdy said.
Aviva has filed four new products with the Insurance Regulatory Development Authority. These include a pension plan, creditor policy, easy-life plus and a group policy. “Our products are currently being examined by the regulator. Right now, I can only say that the pension plan and easy-life plus are individual policies while the remaining two are group policies. We will launch these products within two to three weeks of receiving the regulator’s approval,” Purdy said.
Aviva aims to sell at least 10,000 policies in its first year of operations. “We will fulfil our target very easily as we are way ahead. There will be no problem meeting our rural commitments as well.” he added.