Aviva Life Insurance offers a variety of plans, including term insurance, savings plans, ULIP plans, child plans, retirement plans, and group insurance plans. These plans are designed to provide financial security and help customers achieve their long-term goals.
Key highlights of Aviva Life Insurance India include: One of the earliest insurance companies in India, with a legacy dating back to 1834. The current joint venture started in 2002. A partnership between Aviva PLC and Dabur Group, combining global insurance expertise with local business knowledge. Offers diverse insurance and investment solutions, including term life insurance, savings plans, unit-linked insurance plans (ULIPs), retirement plans, child education plans, and group insurance policies. Committed to providing customer-centric services with a focus on digital platforms for ease of access and understanding of products. Aviva Life Insurance Company has a solvency ratio of 1.8 as of the IRDAI annual report 2023-24, indicating its strong ability to meet financial obligations. The company has a high claim settlement ratio of 98.3% in the financial year 2023-24, demonstrating its reliability in fulfilling claims. With over 122 branches across India, Aviva ensures accessibility for policyholders for their service and claim-related needs. Premiums paid for Aviva Life Insurance policies are eligible for tax benefits under the Income Tax Act of 1961. Aviva has been focusing on its online platform, offering several products like Aviva i-Life, Aviva Health Secure, and Aviva i-Shield, making it easier for customers to understand and purchase policies online.
Latest News on Aviva India
New India Assurance and Aditya Birla Life Insurance’s Health Insurance Claim Settlements in Fiscal Year 2023
The Insurance Brokers Association of India has released data on health insurance claims paid by various insurance companies for the year ending March 2023. According to the data, New India Assurance Co. Ltd. ranked among the top players in terms of health claims paid, with an impressive 95% of claims paid. Aditya Birla Health Insurance came in second, with a claims paid ratio of 94.5%. In terms of the amount of claims paid, New India Assurance settled 98.7% of claims, while Oriental Insurance ranked second, settling 97.4% of claims.
The claims paid ratio is a key metric used to measure an insurance company’s efficiency in processing and settling claims. A higher claims paid ratio indicates that an insurer is doing an excellent job in settling claims in a timely and efficient manner. In contrast, a lower ratio may suggest that an insurer is taking longer to settle claims or is more likely to deny claims.
It’s worth noting that the claims paid ratio for the amount of claims is a separate metric that measures the proportion of the total amount of claims available for processing that has been paid out. This ratio provides a more comprehensive view of an insurer’s ability to settle claims in a timely and efficient manner.
Overall, these figures suggest that New India Assurance and Aditya Birla Health Insurance are among the top performers in terms of health insurance claims paid, with Oriental Insurance following closely behind. This information can be useful for consumers looking to choose the best health insurance provider for their needs, as it provides insight into an insurer’s reputation for settling claims promptly and efficiently.
The Board will make an announcement by the end of March regarding our acquisition of a significant stake in a leading health insurance company, with myself, as MD and CEO, overseeing the transaction.
Life Insurance Corporation of India (LIC) is planning to acquire a stake in a standalone health insurance company by the end of the current financial year, according to Siddhartha Mohanty, the company’s Managing Director and Chief Executive Officer. The decision is contingent on regulatory approvals, which are expected to be obtained by the end of March 31. The acquisition is a natural step for LIC to diversify its portfolio and expand its presence in the insurance market.
While discussing the details, Mr. Mohanty hinted that the company is not planning to acquire a majority stake, but rather will be open to exploring all possible options. He also emphasized that as a long-term investor, LIC has contractual obligations to manage its investments and asset-liability management, citing the example of Western countries with long-term bonds.
The acquisition is expected to be a strategic move to tap into the growing health insurance market in the country. The health insurance sector is expected to be a major priority for the Indian government, with the aim of increasing penetration and coverage.
There are currently seven standalone health insurance companies operating in the market, including Star Health & Allied Insurance, Niva Bupa Health Insurance, Care Health Insurance, Aditya Birla Health Insurance, ManipalCigna Health Insurance, Narayana Health Insurance, and Galaxy Health Insurance.
Meanwhile, LIC has reported a 17% year-on-year increase in net profit for the October-December quarter, but its net premium income has seen a decline of 8.6% year-on-year. Despite this, the company plans to expand its portfolio by acquiring a stake in a health insurance company, which is expected to be a significant step in the company’s growth strategy.
The IRDA has appointed a new insurance advisory panel, comprising four members, including former heads of LIC and SBI.
The Insurance Regulatory and Development Authority of India (IRDAI) has reconstituted its Insurance Advisory Committee (IAC), appointing new members from diverse backgrounds. The IAC advises IRDAI on regulatory matters related to the insurance industry. The new members include:
* MR Kumar, former chairman of Life Insurance Corporation (LIC)
* Dinesh Kumar Khara, former chairman of State Bank of India (SBI)
* Vishakha Mulye, CEO of Aditya Birla Capital
* Nilesh Shah, MD of Kotak Mahindra Asset Management Company
* Alice Geevarghese Vaidyan, former chairman and MD of General Insurance Corporation Re (GIC Re)
The IAC’s roles and structure are crucial in providing expert recommendations to IRDAI on regulatory matters. The committee can have up to 25 members, excluding the chairperson and other ex-officio members. IRDAI has also proposed changes to the IAC’s operations, including:
* Shifting from a calendar year to a financial year format for meetings
* Reducing the notice period for meetings from seven days to 24 hours, subject to the chairperson’s approval
* Renaming the “designated officer” to “secretary to the authority”
* Introducing provisions for the resignation and removal of committee members
* Allowing the chairperson to determine the mode, place, and timing of meetings
These changes aim to streamline the advisory process and enhance the effectiveness of regulatory decision-making. The reconstitution of the IAC reflects IRDAI’s commitment to leveraging expertise from across the financial and insurance sectors. With this development, the regulator seeks to improve the efficiency and effectiveness of the insurance industry’s regulatory framework.
Will LIC Offer Health Insurance? The CEO Has Spoken
The Life Insurance Corporation of India (LIC) may acquire a stake in a health insurance company by the end of March, CEO Siddhartha Mohanty has revealed. While the CEO did not provide further details on the potential deal, he clarified that the company is not looking to take a majority stake. This marks a significant move for LIC, which currently only offers life insurance policies, pension plans, and investment-linked insurance products, but not health insurance.
The Indian insurance sector has become increasingly competitive, with private insurers expanding their offerings in the health insurance space to capitalize on growing consumer demand. If LIC enters the health insurance market, it will face competition from major players such as Star Health Insurance, Aditya Birla Health Insurance, Niva Bupa Health Insurance, and Care Health Insurance. However, the company’s reputation and brand recognition could give it an edge in the market.
In addition to exploring health insurance, LIC is also in discussions with the Reserve Bank of India (RBI) on the issuance of longer-term bonds. The company is looking to invest in bonds with maturity periods of 50 years or even 100 years, which is longer than the current range of 20-40 years. The CEO noted that the company’s people are discussing this with the RBI and considering the option. This move is likely to have a significant impact on the Indian bond market and the country’s financial landscape.
A comprehensive insurance plan catering to expectant mothers: ‘PregnancyGuard’ – Providing tailored coverage for prenatal care, hospital stays, and newborn care, starting at $99 per month.
This article provides an overview of maternity insurance plans in India, which cover pregnancy-related expenses, including prenatal care, delivery, and postpartum care. The article highlights the importance of having maternity insurance, as these plans can help with the significant medical expenses associated with pregnancy and childbirth.
The article then reviews some of the best maternity insurance plans available in India, including Aditya Birla Activ Health Platinum – Enhanced Plan with Maternity Cover, Bajaj Allianz Health Guard Family Floater Health Insurance Plan with Maternity Cover, Care Health Joy Health Insurance Plan with Maternity Cover, Chola MS Family Healthline Insurance Plan with Maternity Cover, and Bharti AXA Smart Super Health Insurance Plan with Maternity Cover.
The article also provides a list of factors to consider when selecting a maternity insurance plan, including the level of coverage, waiting periods, premium costs, network of hospitals, and exclusions. Additionally, it highlights the importance of reviewing the plan’s terms and conditions, including waiting periods and exclusions.
The article concludes by emphasizing the importance of having the right maternity health insurance plan, which can provide comfort and financial stability during this critical time.
Overall, the article is informative and provides a comprehensive overview of the best maternity insurance plans available in India, as well as the factors to consider when selecting a plan. This information is valuable for expectant or new parents who are looking to purchase a maternity insurance plan to cover their medical expenses.
Aviva selects AutoRek’s automated reconciliation solution to streamline their operations
Aviva, a leading insurance, wealth, and retirement business in the UK, has chosen AutoRek, a leading provider of automated reconciliation solutions, to implement a seamless and compliant reconciliation and CASS (Client Assets, Responsibilities, and Securities) process. This collaboration aims to increase efficiency and compliance by automating the reconciliation process, providing complete transparency for CASS auditors and internal stakeholders.
With AutoRek’s end-to-end platform, Aviva will be able to streamline its client money and regulatory reporting, reducing the manual effort and risk associated with manual processing. This will enable Aviva to reduce operational inefficiencies, streamline compliance, and enhance overall financial control.
Chris Golland, Head of CASS & Middle Office at Aviva, emphasizes the company’s commitment to investing in technology to drive growth, saying, “Following an extensive tender process, we were impressed with the quality of the AutoRek tool. The implementation of the AutoRek solution will streamline our processes and allow us to confidently address future scalability and volume requirements.”
Jack Niven, VP of Sales at AutoRek, expresses excitement to onboard Aviva as a client, stating, “We’re thrilled to work with Aviva, empowering them to achieve greater efficiency and accuracy in their operations. Together, we’re driving innovation and setting new benchmarks for financial excellence.”
The Aviva executive warns of an impending surge in chronic injury claims.
Declan O’Rourke, the CEO of Aviva Ireland’s general insurance business, has been involved in the industry for over three decades. He has experience working in various insurance companies, including AIG, where he spent 27 years before becoming the CEO of Aviva Ireland. In his current role, he is responsible for leading the company’s general insurance business, which includes a range of products such as car, home, and commercial insurance.
O’Rourke has been instrumental in the launch of Level Health, a new health insurance company that is a joint venture between Aviva and the founders of Vivas Health, which was acquired by Aviva in 2008. The new company offers a range of health insurance products, including four different plans, and is designed to be a simple and straightforward alternative to the more complex and expensive insurance options available in the Irish market.
In an interview, O’Rourke discussed the challenges facing the insurance industry in Ireland, including the high level of claims in the personal injury claims sector. He also spoke about the need for the industry to be more competitive and efficient, with fewer providers, and for the government to take a more active role in addressing the issue of fraudulent claims.
O’Rourke also highlighted the importance of insurance in times of crisis, such as after natural disasters like storms, and the need for insurance companies to be involved in the response efforts. He also spoke about the company’s environmental initiatives, including their sponsorship of the Lansdowne Road stadium, which has helped to raise awareness for important environmental issues.
In his personal life, O’Rourke is a family man who enjoys spending time with his five children, who are all involved in sports. He is also a keen mentor and coach, and coaches a youth hurling team in his spare time. His favorite film is “The Godfather” and he is currently reading a book called “The Rodfather” by Roddy Collins.
A warning has been issued to residents to prepare for potentially hazardous weather conditions, with freezing temperatures and a risk of flooding on the horizon.
As the UK prepares for a cold snap, residents are being advised to take precautions to protect themselves and their homes from the effects of freezing temperatures. Aviva, a leading insurance provider, has issued a list of steps to help residents stay safe and prevent damage to their homes and belongings.
The cold weather is expected to bring a range of issues, including frozen pipes, snow, and ice, as well as the risk of flooding as snow thaws. Aviva’s head of home claims, Laura Lazarus, emphasized the importance of taking precautions to prevent damage to homes and businesses.
The company has prepared a list of steps to help residents stay safe, including insulating exposed pipes, repairing leaky taps, and knowing where the stopcock is located in case of an emergency. Residents are also advised to sign up for flood warnings and prepare an emergency kit in case they need to evacuate their home.
If a pipe does burst, Aviva has provided a step-by-step guide on how to handle the situation, including turning off the water supply, locating the frozen pipe, and carefully thawing it using a hairdryer or warm towels. If the pipe is damaged, residents should turn off the power and call a qualified electrician to assess the situation.
Aviva is reminding customers to review their home insurance documents and register their claims online or through the MyAviva app if they experience damage to their home or belongings. The company’s claims team is on standby to help customers get their lives back to normal as quickly as possible.
Overall, Aviva is urging residents to take proactive steps to prepare for the cold weather and to be prepared in case of an emergency. By following these simple steps, residents can help minimize the impact of the cold snap and keep themselves and their homes safe.
According to the latest settlement ratios, Axis Max and HDFC secured the top spots with an impressive 99% rate, while Reliance Nippon trailed slightly behind at 94%.
The article discusses the importance of claim settlement ratio when it comes to life insurance, as it helps policyholders understand how likely an insurer is to honor their claims. The claim settlement ratio is the percentage of claims that an insurance company pays out of the total claims received. A higher claim settlement ratio is generally preferred, as it indicates that the insurer tends to honor most claims quickly and effectively.
The Insurance Regulatory and Development Authority of India (IRDAI) releases an annual handbook of Indian Insurance Statistics, which provides claim settlement ratios for all life insurers in the country. The data for 2023-2024 shows that the overall claim settlement ratio for the life insurance industry in India was 96.82%, with individual private life insurers having a higher claim settlement ratio of 99%.
The article also examines the claim settlement ratio of individual life insurers, with some companies, such as Kotak Mahindra, Ageas Federal, Future Generali, and Aviva, having a 100% claim settlement ratio. Other insurers, such as LIC, Axis Max Life, and HDFC, also have a high claim settlement ratio, with 96.42%, 99.79%, and 99.97%, respectively.
In addition to the claim settlement ratio, the article also discusses the claim settlement ratio by benefit amount, which measures the percentage of total claim benefit amount paid out within 30 days. HDFC has the highest claim settlement ratio by benefit amount, with 99.98%, followed closely by Axis Max Life with 99.97%.
In conclusion, the claim settlement ratio is an important factor to consider when choosing a life insurance company, as it indicates the likelihood of the insurer honoring claims. While a high claim settlement ratio is generally preferred, it is important to consider other factors such as coverage and premium payable as well.
HDFC, Max Life, and LIC have a superior track record when it comes to processing and settling claims.
The Insurance Regulatory and Development Authority of India (IRDAI) has released its annual report on the Claim Settlement Ratio (CSR) for 2023-24, which provides information on how different insurers handle claims. The overall CSR for individual death claims within 30 days, including both private insurers and Life Insurance Corporation of India (LIC), stood at 96.82%. The report highlights the performance of various life insurers in India.
Axis Max Life Insurance Limited, a private insurer, topped the list with a CSR of 99.79% in terms of number of policies, settling 19,569 policies within 30 days. HDFC Life Insurance Company Limited was second, with a CSR of 99.97%, settling 19,333 policies within 30 days. LIC, India’s largest public-sector insurer, topped the list in terms of the number of policies settled, with 7,99,612 policies settled within 30 days.
Some private insurers achieved 100% CSR, including Kotak Mahindra Life Insurance Company Limited, Ageas Federal Life Insurance Company Limited, Future Generali India Life Insurance Company Limited, and Aviva Life Insurance Company India Limited. HDFC Life Insurance and Axis Max Life Insurance topped the list in terms of CSR by benefit amount, with 99.98% and 99.97% of the total benefit amount paid out for claim settlement within 30 days, respectively.
The report also highlighted that private insurers led the list with the highest CSR (99%) in terms of the number of policies settled, with 1,51,770 policies settled within 30 days. The combined CSR of LIC and private insurers in India stood at 96.82%, with 9,51,382 policies settled within 30 days. The total benefit amount paid by private insurers in FY24 was Rs 10,038.72 crore, with 97.58% paid within 30 days.
Aviva, the UK’s second-largest insurance provider, has launched legal action against Palestine Action.
Protesters from Palestine Action have targeted the Manchester office of Aviva, an insurance company, by occupying the entrance and causing minor damage. The protest began at 7am on March 11, 2023, and some protesters even climbed on top of the revolving doors and hung Palestinian flags on the wall. Aviva has stated that it will take legal action in response to the protest, which has not affected service to customers.
This is not the first time Palestine Action has targeted Aviva, as the group also targeted the company’s office in Bristol in January. In a similar protest on March 10, 2023, protesters targeted Allianz’s London office, scaling the canopy above the entrance and leaving a trail of red paint and Palestinian flags.
Both Aviva and Allianz have condemned the protests, stating that while they respect the right to protest, they will not tolerate threats and criminal behavior that put people’s safety and security at risk. Both companies have also emphasized that their business operations and customer service have not been affected.
However, Palestine Action has stated that Aviva and Allianz directly enable the production of Israeli weapons in Britain by providing insurance to Israeli weapons factories. The group has vowed to continue taking direct action until these companies cease their ties with Elbit Systems, a company that produces military equipment for the Israeli military. The protests are a PR stunt to raise awareness about Israel’s treatment of the Palestinian people and the role that international corporations play in supporting the Israeli military.