Date:22/10/2005 URL: http://www.thehindubusinessline.com/2005/10/22/stories/2005102202600600.htm

Back Aviva Life unveils customised plan for BASIX-assisted rural poor

Our Bureau

Mr Stuart Purdy

Hyderabad , Oct. 21

AVIVA Life Insurance has announced the launch of the enhanced version of its popular insurance plan - Credit Plus, a group credit-cum-life protection plan - especially designed for BASIX, a micro-financial institution, here on Friday. This is part of Aviva's social and rural initiatives for the underprivileged sections of the society.

Considered to be a unique initiative from an insurance company for a credit protection product, the plan provides life cover for customer's spouse and double the cover for single customers, the Aviva Life Managing Director, Mr Stuart Purdy, told newspersons.

The sum assured for this plan would amount to 1.5 times of the loan amount sanctioned by BASIX. In case of the unfortunate death of the customer, the sum insured would be paid to the micro-finance institution, which after deducting the loan amount would pass on the balance to the beneficiary of the deceased customer.

The plan, designed with an objective of providing complete solution for household livelihood protection, is meant for the members of micro-finance institutions such as BASIX in the age group of 18-55 years, he said.

Having already covered 1,59,087 lives under the Credit Plus scheme, Aviva Life has now set a target of covering one million micro insurance lives by 2008 with the improved version of the product, Mr Purdy said.

According to the BASIX Chief Executive Officer, Mr Vijay Mahajan, the micro-financial institution is planning to develop a whole suite of risk management products for its members.