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Tailor-made
insurance products from Lakshmi Vilas Bank
Our Banking Bureau
14 January 2003
 Coimbatore:
Apart from marketing Aviva life insurance products,
Lakshmi Vilas Bank (LVB) is in the process of formulating
appropriate products tailored to suit the needs of its
depositors and home-loan accountholders.
“The modalities
for extending the cover to these target groups are being
worked out. On approval by IRDA [Insurance Regulatory
Development Authority], these products will be marketed
across our banks’ counters,” says LVB chairman
and CEO A Krishnamoorthy.
LVB decided to
roll out the Aviva range of life insurance products in
Coimbatore three weeks after its formal launch in Chennai.
The bank has also plans to market it across the counters
in the Karur, Madurai and Visakhapatnam regions soon.
 Krishnamoorthy
says the insurance penetration level is low in India at
0.6 per cent (measured as the ratio of the premium to
the gross domestic product), while comparing with the
world average life insurance premium of 3.2 per cent.
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