Aviva ties up with DBS for distribution of insurance plans

Private sector life insurer Aviva India today forged a strategic tie-up with DBS bank for distribution of its insurance products through the bank's branches to affluent and high net worth (HNI) customers.

With the strategic partnership for bancassurance in India DBS Bank will offer its customers customised insurance solutions from Aviva’s comprehensive portfolio, the insurer said in a statement.

As the corporate agent for Aviva Life Insurance, the bank, which provides a holistic offering of banking and wealth management services, will now offer products like Aviva Young Scholar, Aviva Health Plus and Pension Elite to affluent and HNI customers from all its 10 branches, it said.

Commenting on the tie-up, Aviva India CEO and Managing Director T R Ramachandran said, "We are India’s leading bancassurer with more partnerships and a first class reputation for implementation. Given the fast changing market dynamics and its volatility, customers today are seeking avenues for financial security."

With this strategic tie-up Aviva and DBS can address this very need of the customers through insurance products and services, he said.

This partnership expands the ongoing relationship that both companies have across Asia to the important and rapidly growing market of India, he said, adding, such partnership in Singapore and Hong Kong exists since 2001.