Aviva Life Insurance is a joint venture between Dabur and Aviva. Aviva has 26% stake and Dabur 74% stake in the JV partnership. Aviva India employs close to 5000 people, over 20,000 Financial Advisers with 159 branches across the country. In 1999 the government opened the insurance sector by permitting FDI from private companies of up to 26%. The largest life-insurance company in India is still owned by the government (LIC). Insurance is also listed as the seventh Schedule to the Constitution of India where both centre and states can legislate. Insurance in many forms has been mentioned in Indian scriptures.
Currently India is a US$41 billion industry. Currently, in India only two million people (0.2 % of the total population of 1 billion) are covered under Mediclaim, whereas in developed nations like USA about 75 % of the total population are covered under some insurance scheme.
Reason to do business in India:
Attracted huge foreign investments
India is the 4th largest economy, in
terms of purchasing power parity. Tenth
most industrialised economy.
Political stability and broad consensus
on reforms. Liberal and transparent
foreign investment regime.
Well developed banking system.
Strong pool of technical
2nd largest English-speaking population.
Abundant, high-quality, cost-effective,
competitive manpower. Over 100,000 IT
professionals added each year.
India rated as the most attractive
destination for offshore business
Job creation: a million direct & 2-3 million
Easy industrial licensing policy
Major financial factor reforms
Getting started is easy
Achieve more with less
The products of insurance sector in India:
• Home insurance
• Medical insurance
• Health insurance
• Vehicle insurance
• Life insurance
Top 3 insurance companies in India:
• Life Insurance Corporation of India
• Bajaj Allianz General Insurance
• ICICI Prudential Life Insurance
•Aviva was listed 11th in 2009.
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