Aviva in pact with DBS for product distribution

MUMBAI: Private life insurer, Aviva on Tuesday entered into a bancassurance tie-up with foreign lender DBS Bank to operate in the domestic market.

Under the agreement, DBS will offer customised insurance solutions from Aviva's portfolio, a press release said here.

These products include Aviva Young Scholar, Aviva Health Plus, Aviva LifeLine, Pension Elite and SaveGuard, it said.

The tie-up with DBS Bank is an important milestone for Aviva. With this strategic tie-up Aviva and DBS can address this very need of the customers through our products and services. Aviva India Managing Director & CEO, T R Ramachandran said.

Both companies also have plans to extend the partnership further by providing bancassurance in China and Taiwan in future, it said.

Aviva Life Insurance is a joint venture between Dabur and Aviva and has paid up capital amounts to Rs 1,491 crore.

Aviva is the fifth largest insurer worldwide and has 50 million customers globally. Dabur Group has consolidated annual sales in excess of Rs 2,396 crores.

DBS has branches in 10 Indian cities and has a staff strength of over 370 people in the country.