Aviva
Aviva Life Insurance India is a private joint venture between Dabur Invest Corp and UK-based Aviva International Holdings, offering term, savings, ULIP, health (including a wellness-linked Smart Vitals plan), retirement, and group insurance products to Indian consumers, corporates, and high-net-worth clients via multi-channel distribution.
- Company typePrivate
- Founded2000
- HeadquartersNew Delhi, India
- Headcount1,001–5,000
- GTM typeB2B and B2C
- OfferingServices
What Aviva does
Aviva Life Insurance Company India Limited is a private joint venture between Dabur Invest Corp and UK-based AVIVA International Holdings Limited, incorporated in India in 2000 and operating as a multi-product life insurer with headquarters in New Delhi and a corporate office in Gurugram. The company offers a comprehensive product portfolio spanning term insurance (Aviva Signature 3D, Saral Jeevan Bima), guaranteed savings and participating plans, Unit Linked Insurance Plans (Aviva Fortune Plus, Signature Investment Plan, Affluence), health insurance (Smart Vitals wellness-linked plan covering 49 critical illnesses), retirement and annuity products (Secure Nest Annuity, Saral Pension), and group insurance including credit life and government schemes. Its go-to-market combines a traditional agency/advisor network, an expanding physical branch footprint (including two new Pune branches in June 2026), digital self-service channels, and strategic partnerships — most notably NFU Mutual in the UK for individual protection distribution.
The underlying technology stack is increasingly AI-driven: Aviva's parent-level deployment of 80 AI models with McKinsey's QuantumBlack delivered £60M+ in savings in 2024, and the India entity uses explainable AI for underwriting, an AI virtual agent for phone-led claims, and behavioural data captured via the Wellness360 App integrated with CarePlix smart rings to power step-based wellness rewards. Revenue is generated primarily through life insurance premiums (recurring), ULIP fund management charges (capped at 1.35% by IRDAI), and high-net-worth premiums through the newly launched Aviva Private Clients at Lloyd's (minimum £25,000). The company targets tripling annualised new business premium to Rs 1,000 crore in five years from ~Rs 350 crore in FY26, supported by a customer base expansion from ~25,000 to 75,000-100,000 annual additions.
Aviva firmographics
Firmographics- Name
- Aviva
- Legal name
- Aviva Life Insurance Company India Limited
- Website
- https://avivaindia.com
- Company type
- Private
- Founded year
- 2000
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- Aviva Life Insurance India is a private joint venture between Dabur Invest Corp and UK-based Aviva International Holdings, offering term, savings, ULIP, health (including a wellness-linked Smart Vitals plan), retirement, and group insurance products to Indian consumers, corporates, and high-net-worth clients via multi-channel distribution.
- Ownership category
- akta.pro rank
Aviva industry classification
Industry- Product category
- Life Insurance
- NAICS
- Direct Life, Health, and Medical Insurance Carriers (52411), Direct Life Insurance Carriers (524113), Direct Health and Medical Insurance Carriers (524114)
- SIC
- Life Insurance (6311), Accident & Health Insurance (6321)
- akta.pro primary industry
- Whole Life Insurance (FSAIABAA)
- akta.pro secondary industries
- Level Term Life Insurance (FSAIAAAA), Basic Group Term Life (Employer-Paid) (FSAIADAA), Annuity & Insurance-Based Retirement Solutions Advisory (FSAEABAH)
Keywords
Where Aviva is headquartered
LocationHeadquarters
- HQ city
- New Delhi
- HQ country
- India
- HQ region
- Asia
Offices4 records
Markets served
Aviva business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Life Insurance Premiums: Aviva generates revenue primarily through life insurance premiums including term insurance, savings/endowment plans, ULIPs, health insurance (Smart Vitals), retirement/annuity products, and group insurance. The company aims to triple annualised new business premium to Rs 1,000 crore in five years from approximately Rs 350 crore in FY26.
- ULIP Fund Management Charges: ULIP products charge premium allocation, policy administration, and fund management fees (capped at 1.35% by IRDAI). Customers can switch between equity, debt, and balanced funds. Aviva Fortune Plus returns at least 100% of charges (excluding fund management charges, rider charges, and taxes) at maturity.
- High-Net-Worth Insurance Premiums: Aviva Private Clients provides specialist high-net-worth coverage across multiple jurisdictions (Switzerland, Monaco) with minimum premiums starting at £25,000, available exclusively through Lloyd's brokers in GBP, EUR, USD, and CHF currencies.
- Equity Release and Retirement Products: Aviva's UK retirement division generated £1.8bn in total retirement sales (up 4% YoY), with equity release sales jumping 41% in Q1, driven by individual annuities and new product launches.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Annual | Term, savings, ULIP, health, retirement and group insurance products with age-based, sum-assured-based pricing |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels5 records
Aviva product offering
Product offeringCore offering
Aviva Life Insurance sells life insurance, savings, ULIP, health, retirement, and group insurance products directly to individuals and corporate groups in India. Its product portfolio includes term plans, guaranteed savings/income plans, unit-linked insurance plans (ULIPs), wellness-linked critical illness cover (Smart Vitals), annuity/pension plans, and group term life, gratuity, and credit protection plans. Distribution is carried out through agency networks, branches, a digital self-serve platform, and partnerships such as NFU Mutual and Lloyd's brokers.
Product overview
Aviva Life Insurance Company India Limited operates as a joint venture between Dabur Invest Corp and Aviva International Holdings Limited, offering a comprehensive portfolio of life insurance products. The product suite is organized across multiple categories: Term Insurance (including Aviva Signature 3D Term Plan with Platinum variant and Saral Jeevan Bima Plan); Savings and Guaranteed Income Plans (including Aviva Signature Guaranteed Income Plan, Aviva Signature Increasing Income Plan, Aviva Smart Monthly Income Plan, and POS Aviva Dhan Suraksha); Unit Linked Insurance Plans/ULIPs (including Aviva Signature Investment Plan variants, Aviva Affluence, and Aviva Fortune Plus with seven fund options); Health Insurance (Aviva Smart Vitals wellness-linked plan covering 49 critical illnesses with wellness rewards, and Critical Illness Insurance rider); Retirement/Annuity Plans (Aviva Secure Nest Annuity Plan and Aviva Saral Pension Plan); and Group Insurance products (including Aviva Affinity Group Term Life, Aviva New Corporate Life, group gratuity, credit protection, and government schemes). The company also operates Aviva Private Clients as a high-net-worth sub-brand. Key differentiators include the Smart Vitals product's integration with wearable devices for wellness tracking and the Fortune Plus ULIP's return of charges feature.
Differentiator
Problem solved
Functional benefit
Brands
- Smart Vitals: Wellness-linked health insurance product covering 49 critical illnesses with rewards based on daily step counts tracked via Wellness360 App
- Aviva Fortune Plus
- Aviva Life Shield Premium
- Aviva Private Clients
- Aviva Wellness360
Quantifiable outcome
- 99.07% Claim Settlement Ratio (Annual Audited FY 2024-25)
- +4 more outcomes
Companies that use Aviva
Customer profileNamed customers5 records
Segments5 records
Ideal customer profiles4 records
Aviva technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
AI capability7 records
Feature5 records
Aviva partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered minor and core.
- UK Financial Institutions for Nature Group (G-FIN)minorAviva, Federated Hermes, and Triodos launched the UK Financial Institutions for Nature Group (G-FIN), designed by the Green Finance Institute to scale private sector investment into the UK's natural environment recovery. The group will work toward the UK Treasury's £1 billion annual private sector nature investment target by 2030.
- NFU MutualcoreAviva signed a multi-year distribution agreement with NFU Mutual for the sale of individual protection products (life insurance and critical illness coverage) in the UK. This partnership expands Aviva's distribution reach following its acquisition of AIG Life from Corebridge Financial in April 2024, valued at £453 million.
- CyberCubecoreCyberCube and Aviva partnered to harness AI for cyber threat actor intelligence and advanced portfolio risk management. The collaboration involves CyberCube's threat intelligence services and software to identify vulnerabilities and improve underwriting processes, keeping pace with the evolving cyber threat landscape.
- McKinsey & Company (QuantumBlack)coreAviva deployed 80 AI models with McKinsey's QuantumBlack, cutting complex liability assessment time by 23 days and saving over £60 million in 2024. This is a significant consulting and AI implementation partnership driving measurable operational outcomes.
Scale indicators11 records
Recent moves9 records
Expansion highlights6 records
Aviva competitors and assessment
Company assessmentDirect peers
- SBI Life Insurance: India's largest private life insurer by individual weighted premium, distributing through SBI's vast branch network and its own agency channel — competes with Aviva India on term, savings, ULIP, and group products with similar mass-affluent targeting.
- ICICI Prudential Life Insurance: Top-tier Indian private life insurer with a comparable product portfolio across term, ULIP, retirement, and group plans, plus bancassurance distribution via ICICI Bank — a direct competitor for Aviva India's 25-40 age-group protection and savings customers.
- Aditya Birla Sun Life Insurance: Indian private life insurer offering term, savings, ULIP, retirement, and health solutions via banca and agency — competes with Aviva India across the same product taxonomy and customer segments.
- HDFC Life Insurance: One of India's largest private life insurers offering term, ULIP, savings, pension, and health products through agency, banca, and digital channels — directly comparable to Aviva India's product suite, distribution mix, and target customer segments.
- Tata AIA Life Insurance: JV between Tata Group and AIA offering term, ULIP, savings, and pension plans with strong brand trust — closely comparable to Aviva India's JV structure, brand-led positioning, and product portfolio.
- Bajaj Allianz Life Insurance: Indian private life insurer with bancassurance and agency distribution selling ULIP, term, retirement, and group products — directly comparable on product breadth and Indian mass-affluent targeting.
- Kotak Mahindra Life Insurance: Private Indian life insurer offering protection, ULIP, retirement, and group plans distributed through Kotak Bank branches and agency — overlaps with Aviva India on product categories and target customer profile.
- Max Life Insurance: Private Indian life insurer with strong agency and banca distribution, focused on protection, savings, retirement, and group credit life — directly comparable to Aviva India on product mix and customer segments, with similar ANBP scale.
Broad incumbents
- Prudential plc: Global life insurance and savings group with significant Asia operations; comparable to Aviva's UK parent on life and pensions product architecture, capital allocation, and emerging-markets growth narrative.
- Life Insurance Corporation of India (LIC): State-owned dominant Indian life insurer with massive agency network and product breadth — sets the competitive baseline Aviva India must beat on trust, scale, and rural reach across term, endowment, and pension products.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Aviva social profiles
Digital presenceAviva financial estimates
Financial estimateRevenue estimate
Valuation estimate
Aviva leadership team
Management profileNumber of profiles
Profiles7 records
Aviva subsidiaries and ownership
Company hierarchySubsidiaries2 records
Aviva funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Aviva M&A and investment
M&A and investmentM&A
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Aviva
What does Aviva do?
Aviva Life Insurance sells life insurance, savings, ULIP, health, retirement, and group insurance products directly to individuals and corporate groups in India. Its product portfolio includes term plans, guaranteed savings/income plans, unit-linked insurance plans (ULIPs), wellness-linked critical illness cover (Smart Vitals), annuity/pension plans, and group term life, gratuity, and credit protection plans. Distribution is carried out through agency networks, branches, a digital self-serve platform, and partnerships such as NFU Mutual and Lloyd's brokers.
Is Aviva a public or private company?
Aviva is a private company. It is classified as corporate owned and is currently operating.
When was Aviva founded?
Aviva was founded in 2000. It employs 1,001 to 5,000 people.
Where is Aviva based?
Aviva is headquartered in New Delhi, India, in the Asia region.
How does Aviva make money?
Four revenue lines are on record. Life Insurance Premiums are the primary driver. The others are ULIP Fund Management Charges, high-Net-Worth Insurance Premiums and equity Release and Retirement Products.
Who are Aviva's main competitors?
Direct peers on record are SBI Life Insurance, ICICI Prudential Life Insurance, Aditya Birla Sun Life Insurance, HDFC Life Insurance, Tata AIA Life Insurance, Bajaj Allianz Life Insurance, Kotak Mahindra Life Insurance and Max Life Insurance. Broad incumbents are Prudential plc and Life Insurance Corporation of India (LIC).
Does Aviva have an API?
No public API is recorded for Aviva.
What industry is Aviva in?
Aviva's product category is Life Insurance. Its primary akta.pro industry code is FSAIABAA, Whole Life Insurance, with a secondary code of FSAIAAAA, Level Term Life Insurance. Its NAICS code is 52411 and its SIC code is 6311.