Aviva Life Insurance, the joint venture company between Dabur and CGU, a wholly owned subsidiary of Aviva Plc, expects to double its capital base in the next three years.
This will enhance the size of its capital base to around Rs 200 crore from the present Rs 110 crore.
The promoters will make a fresh round of equity infusion this January. "The extent of infusion will depend on the size of the business we achieve till that period," explained the chief executive officer of Aviva Life Insurance, Stuart Purdy.
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"The time frame for doubling of capital base will also depend on the size of the business Aviva achieves in the next three to four years," he added.
This year, Aviva hopes to cover 30,000 lives. It has already sold 3,000 life covers in the first three months of operation. The company is eyeing the pension sector and will be launching pension products in a few months.
It will shortly apply for product approval to the Insurance Regulatory Development Authority (Irda) for a pension product and a child savings product.
Aviva has received green signal from Irda for launching four group insurance plans. These will hit the market shortly and include group life products, credit insurance, corporate insurance and rural and social sector insurance. In the pipeline is a term product.
Aviva has also entered into talks with banks for selling bancassurance. "We have tied up with Canara Bank and Lakshmi Vilas Bank and have entered into talks with five more banks that have strong regional presence," explained Purdy.
On the networking front Aviva has plans of opening 26 additional branches all over the country. It will enhance its number of advisors from 700 to 2,500 by the third year of operation.