Rural markets still under-penetrated in life insurance: Aviva
New Delhi: The Indian rural market is still under-penetrated in life insurance segment, Aviva Life Insurance said today.
"There is still so much to do in the life space. Rural India is still under-penetrated in life insurance," Aviva Life Insurance Chief Executive Officer and Managing Director T R Ramachandran said on the sidelines of launch of retail format of sale of insurance products in rural India along with Basix and Royal Sundaram Alliance General Insurance (RSA).
Basix, Aviva and RSA had joined hands in 2002 to increase insurance penetration in rural India.
Under the retail format, insurance products would be sold a doorstep of the rural population at an affordable cost through the Basix branches.
This model would be launched in 60 branches and 1200 common service centres across 11 states by the end of this fiscal year.
The company also said that it has no plans to enter the non-life insurance business yet.