The insurer currently has around 350,000 customers and plans to increase annual customer additions from nearly 25,000 at present to 50,000 initially, before gradually scaling up to 75,000 and eventually 100,000 customers a year.

Rath said the company is focused on becoming more frugal on expenses and improving persistency. It plans to target customers in the 25–40 age group, particularly those with genuine protection and long-term savings needs.

The insurer is also looking to deepen partnerships with digital-led institutions while focusing on proprietary channels for savings products. “For protection, we are open to partnering with various institutions, especially the new-generation digital-led companies, and on the savings side, we will focus more on our proprietary channels,” Rath said.

Currently, the insurer’s distribution mix is evenly spread across bancassurance, agency, and direct channels, with each contributing roughly 33 per cent of business.

Aviva further said it is consciously moving away from heavy dependence on bancassurance-led savings distribution as customers tend to exit alongside banking partners. Instead, the insurer is prioritising proprietary distribution and its agency channel for long-term customer engagement, supported by staggered commission structures aimed at improving servicing and persistency. Management believes this model will improve persistency, reduce mis-selling, and create a more sustainable, service-oriented business model over time.

Aviva International Holdings holds a 74 per cent stake in Aviva Life Insurance, while Dabur Invest Corp owns the remaining 26 per cent.