I read an article that Aviva is planning to exit the JV with Dabur. I have Aviva i-Life term insurance policy. It is due for renewal in January 2014. Should I renew the policy or go for another insurance company? Do I need to mention the details of lapsed policies while taking new term insurance policy?
-Abhijit Yadav
Aviva owns 26 percent stake in Aviva India Life Insurance Company. The company is a joint venture between India's Dabur group and UK-based Aviva plc.
You need not panic. Companies have exited insurance business in the past. In such a scenario, the foreign insurer either sells its stake back to the domestic company or finds a new foreign insurer ready to purchase the stake. There will not be any change in term and conditions of the policy. Your policy will continue to function as earlier. Renew your policy by paying the due premium and continue with the policy. You need not purchase a new one.
This article was originally published on December 24, 2013.
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