AN OVERVIEW OF INSURANCE INDUSTRY

Insurance has a long history in India. Life Insurance in its current form was introduced in
1818 when Oriental Life Insurance Company began its operations in India. General
Insurance was however a comparatively late entrant in 1850 when Triton Insurance
company set up its base in Kolkata. History of Insurance in India can be broadly
bifurcated into three eras:
a) Pre Nationalization
b) Nationalization and
c) Post Nationalization.
Life Insurance was the first to nationalize in 1956. Life Insurance Corporation of India
was formed by consolidating the operations of various insurance companies. General
Insurance followed suit and was nationalized in 1973. General Insurance Corporation of
India was set up as the controlling body with New India, United India, National and
Oriental as its subsidiaries. The process of opening up the insurance sector was initiated
against the background of which commenced from 1991. For this purpose Malhotra
Committee was formed during this year who submitted their report in 1994 and Insurance
Regulatory Development Act (IRDA) was passed in 1999. Resultantly Indian Insurance
was opened for private companies and Private Insurance Company effectively started
operations from 2001.

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INTRODUCTION
Aviva Life Insurance India is a private insurance company formed from collaboration
between the Aviva insurance group of UK and the Dabur group, one of India's oldest and
top producers of traditional health care products. Aviva's products are meant to provide
customers flexibility, transparency and value for money.
Aviva insurance group in UK with a history dating back to 1696, today stands as one of
the leading provider of life and pension products to Europe and other parts of the world.
The history of Aviva Life Insurance India starts at 1834 during nationalization when Aviva
was the largest foreign insurance group in terms of th compensation paid by the Indian
Government. In 1995 Aviva was the first foreign insurance company to start its
representative office in India. At present in AvivaLifeInsurance India, the Aviva group
is a 26% share holder and the Dabur group holds 74% shares in the joint venture.
In Aviva Life Insurance India, thus, by combining protection and long term savings the
customers can safeguard and provide life products for their family with their changing
needs. Aviva is the worlds fifth-largest insurance group and the largest insurance services

provider in the UK.

We are one of the leading providers of life and pension products in Europe and are
actively growing our long-term savings businesses in Asia Pacific and the USA. Its main
activities are long-term savings, fund management and general insurance.

COMPANY PROFILE OF AVIVA LIFE INSURANCE

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 Aviva India is a joint venture between one of the countrys oldest and largest groups,
Dabur, and Aviva Group, one of the UK's largest insurance group, whose association with
India dates back to 1834.
Our vision is to be amongst Indias leading life insurers with a quality business model,
focused on sustainable growth. We seek to build a robust product portfolio meeting all
customer lifecycle needs related to Protection, Retirement, Savings and Investments.
With a strong sales force of over 14,000 Financial Planning Advisers (FPAs), we have
initiated and pioneered many innovative sales approaches, including the concept of
Bancassurance and Financial Health Check services. We are among the first companies to
introduce the contemporary unit-linked products.
A seasoned team of fund managers make our fund management one of the key
differentiators. In India, with a wide distribution network of 134 branches spreading across
nearly 1,000 towns and cities, we operate in partnership with the Dabur Group through our
26% interest in Aviva Life Insurance Company India Ltd.
Keeping with our commitment of social responsibility, we have been successful in
reaching out to the underprivileged strata through our Microinsurance initiatives.
"This is Aviva" tells the story of Aviva in the words of our customers, employees and
charity partners. It gives an insight into how Aviva makes a difference to the lives of our
34 million customers around the world. Please let us know what you think about "This is
Aviva" and we'd be pleased for you to share it.
The film was commissioned by Aviva plc, produced by Visual Media, and would not have
been possible without the support of Aviva's customers and employees.

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VISSION AND MISSION

Vision: One Aviva, twice the value.

By

working

together

across

our

businesses,

we

will

optimize

our

performance in theglobal marketplace and maximize the value we can generate for all
our stakeholders.

MISSION
Aviva's strategic plan has three main objectives:
1.

Narrow focus - Focus on fewer business segments where we believe we can

produce attractive returns and with a high probability of success.

2.

Build financial strength - Achieve target economic capital levels in line with our
industry peers, reduce capital volatility, and bring leverage down to a conservative level.

3.

Improve financial performance - Aim to deliver a higher level of revenue

growth, a lower cost-income ratio, lower losses and claims and higher return on capital,
notwithstanding the subdued economic environment in developed markets.

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AWARDS AND RECOGNITION

Aviva India won a Bronze at the Effies 2010 for the Aviva Great Wall of
Education, part of Aviva's Street to School Program. The Effies are among the top award
platforms for the advertising community in India and worldwide. Aviva Great Wall of
Education was awarded this elite recognition for the marketing effectiveness displayed
during this campaign.

Aviva India has won a Gold at the SPIKES Asia Awards, 2010 for the 'Aviva
Great Wall of Education' which is part of the Street to School programme. The SPIKES
Awards is one the most prestigious awards for creative advertising across the Asia Pacific
region. Aviva Great Wall of Education was awarded this elite recognition for the category'Best use of Ambient Media'.

Aviva India has won the "Corporate Social Responsibility Award" at the
prestigious Asia Insurance Industry Awards 2010 for its corporate social responsibility
programme 'Street to School' for demonstrating how corporate social responsibility can
be

closely

and

Aviva Life Insurance India was selected from a number of high profile companies
competing for the honour of receiving the award.

Aviva India has won two major awards, at the CMO Asia Awards held in
Singapore Excellence in Branding and Marketing in Banking and Financial
services, and Social Marketing. Aviva India was selected for the two prestigious awards
from among more than 200 nominations from across Asia.
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Aviva has been felicitated with the "Bronze Award for Excellence in People
Management" by Grow Talent Company Limited and Business world. This honour was
given based on our ranking amonst the top 25 companies as per the Great Place to Work
survery in the last four years.

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HISTORY
Aviva can trace its history back to the establishment of the Hand in Hand Fire & Life
Insurance Society in London in 1696.

Predecessor company London and Lancashire Fire and Life, pictured in Dublin, ca. 1871
It was created by a merger of two British insurance firms, Norwich Union and CGU plc
(itself created by the 1998 merger of Commercial Union and General Accident) as
CGNU in 2000. The Aviva name was adopted in July 2002. Thereafter, most of the group
operations, except for some strong local brands, were carried out under the uniform brand
"Aviva".
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 During March 2005 Aviva acquired the RAC plc breakdown recovery operation for around
1.1 billion.
In July 2006, Aviva greatly increased its presence in the United States by acquiring
AmerUs Group, a Des Moinesbased financial services company founded in 1896 in a $2.9 billion (1.6 billion)
deal. AmerUs Group was rebranded as Aviva USA when the acquisition was completed.

The Company continued to use the Norwich Union name as a trading name in the UK
until 1 June 2009 when it became formally known as Aviva within the United Kingdom.
The launch was supported by a 9 million advertising campaign to promote the rebranding
(one of the most expensive ever in the UK insurance field), with the participation of
celebrities includingBruce Willis and Alice Cooper.

In June 2009 the Company decided to dispose of Navigator, its Australian wealth
management business, to National Australia Bank for A$825 million (401 million).
In October 2009 the company decided to focus on its commercial insurance sector and
demonstrate its commitment to brokers by launching their 'find a broker' facility, using the
British Insurance Brokers Association search engine. To help them with this
endeavour, Paul Whitehouse was recruited to play the part of a successful hairdresser
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running three salons. The message of the campaign focused on business insurance
through insurance brokers.[16] The closing line of the campaign was "We're in business to
keep you in business".
In September 2011, Aviva completed the sale of RAC plc breakdown recovery operation
for 1.0 billion to The Carlyle Group.

In February 2012, Aviva sold its occupational health business to the British support
services company Capita.
In July 2012, Aviva announced plans to sell or close 16 non-core businesses in order to
simplify its activities and
boost shareholder returns. As part of the plans Aviva announced the sale of its operations
in South Korea and the closure to new business of its bulk-buying annuity unit in the
United Kingdom.
In August 2012, Aviva announced that up to 800 jobs would be lost following a
reorganization caused by further turmoil in theEurozone.
In December 2012, Aviva agreed to sell Aviva USA Corporation to Athene Holding for
US$1.8 billion (1.1 billion) as part of a plan to improve shareholder returns and reduce
the group's capital requirements. Athene subsequently sold the life insurance business of
Aviva to Atlantic Global.

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OBJECTIVE

PRIMARY OBJECTIVES
To know about Promotional policies of Aviva Life Insurance.
SECONDARY OBJECTIVES
The main objectives of this project is to find, what steps Aviva Life Insurance is adapting
to be market leader and to differentiate itself from its competitors.
The basic objective of this project is as mentioned above to find ways so that Aviva Life
Insurance remain market leader by considering all the needs &wants and fulfilling their
demand.
To find out the Strategy of Aviva Life Insurance to remain market leader in future.
It should do something to give after sales service and collect feedback from the customers.

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PRODUCTS OF AVIVA LIFE INSURANCE

1.Aviva Child Plans
a.Aviva Young Scholar Advantage
Overview
Aviva Young Scholar Advantage is a comprehensive plan that enables you to secure your
childs future in any eventuality through
All future premiums being waived off and invested as a lump sum amount in to the funds,
so the policy continues even in the unfortunate event of the parents death while the Life
Cover (Sum Assured) is paid out immediately.
Provision of a regular income for the minor child, in the event of parents death if Aviva
Child Education (CE) Rider is opted for
An additional lumpsum being paid in the event of parents death if Aviva Term Plus Rider
is opted
Loyalty Additions to enhance your Fund Value
A choice of 9 fund options; Investment flexibility through Automatic Asset Allocation
(AAA) and Systematic Transfer Plan (STP)
The product will be offered only to those who have atleast one child

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b.Aviva Young Scholar Secure

Overview
At Aviva we believe there is no greater insurance in the world than a good education.
Education is the bridge between your childs dreams and reality. This journey has many
milestones -schooling years leading up to Board exams, entrance exams, college years and
professional courses. Each of the milestones has a cost attached to it right from extra
coaching for Boards to reference material for entrance exams to admission fee for a
professional course.

Now guarantee funds for each of these milestones with Aviva Young Scholar Secure and
provide your child the best education. With Aviva Young Scholar Secure you can plan
your savings and payouts for your childs education in a manner that match the childs
educational journey.
c.Aviva Family Income Builder
Overview
At Aviva we recognize your efforts & hard work to provide your loved ones with a
comfortable life today and tomorrow. Presenting Aviva Family Income Builder, a plan that
helps you in ensuring a comfortable future income for your family by guaranteeing returns
equal to double the premiums you have paid. Not only is this guaranteed income paid on
your survival, it is also passed onto your family in case of your unfortunate death to take
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care of their future financial requirements. This ensures that you continue to provide your
family with the same lifestyle thanks to a guaranteed future income.

2.Aviva Saving Plans

a.Aviva Wealth Builder
Overview
We all have aspirations and milestones that we hope to achieve in our life. Be it
commitments such as a childs education/marriage, or dreams of purchasing a house, or
retiring comfortably. We plan for the time when these events are likely to happen, but
dont always plan for having enough to fulfil them as per our dreams. At Aviva we
recognise this and have specially designed Aviva Wealth Builder plan to help you achieve
these dreams to the fullest. This life insurance plan guarantees double the amount of total
premium that you pay, at maturity. Thats not all, Aviva Wealth Builder also ensures that
your family is well protected, in case you are not around. So, go ahead and fulfil your
dreams. Key attractions of the plan are:
Doubles your money for defined milestones

Guaranteed protection for your family in case of your death

Flexibility in choosing premium payment and policy terms
Tax Benefits at the time of investment as well as maturity, for regular premium policies
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b.Aviva Live Smart Plan

Overview
Aviva Live Smart PlanTM is a non-participating Unit Linked endowment plan designed to
meet your future financial needs by helping you invest as per your risk-taking capacity. It
also offers a high life cover to protect your family in case of your sudden death. This life
cover includes both the Sum Assured & Fund Value, thus providing you complete peace &
comfort.
Flexibility to choose Investment term of 15/20/25 and 30 years
Comprehensive protection in case of death Higher of Sum Assured or 105 percent of all
premiums paid

plus the Fund Value to address immediate financial concerns of your

dependents
Option to choose from 7 investment fund options
Flexibility to use your money in case of emergency through partial withdraws and
systematic partial withdrawals
Pay top-up premiums to increase the savings element along with a nominal life cover
c.Aviva Dhan Samruddhi
Overview

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Aviva Dhan Samruddhi is a traditional life insurance plan that gives guaranteed cash back
every 5 years in addition to guaranteed maturity benefit, to meet your short and long term
needs.

Guaranteed returns: Your policy earns a Guaranteed Addition of 7% per annum to 9% per
annum of the Annualized Premium (excluding taxes and any other extra premium),
depending upon the policy term chosen by you,till the end of the policy term which is
SSpayable at maturity.
Liquidity: Your policy pays back 125% of the Annualized Premium (excluding taxes and
any other extra premium) as Survival Benefit every 5 years (except at maturity)
Guaranteed Maturity Benefit: At maturity, you get the Sum Assured plus accrued
Guaranteed Additions minus Survival Benefits already paid.
Rebate for high Sum Assured: Rebate on basic premium is allowed if your Sum Assured
is Rs. 5 Lacs or higher.
d.Aviva Dhan Vriddhi
Overview

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Aviva Dhan Vriddhi is a traditional money back plan that provides you a guaranteed
amount of money at regular intervals along with protection through the Life Cover (Sum
Assured), in the event of death
Guaranteed returns: Guaranteed Additions @7% of Life Cover for each completed policy
year till maturity
Limited premium payment: Premiums are not required to be paid during the last five
years of the policy
Additional protection: You can opt from 2 riders to enhance protection
Rebate for high Sum Assured: Rebate on basic premium is allowed if your Sum Assured
is Rs. 1 Lac or higher
d.Aviva Dhan Varsha
Overview
Aviva Dhan Varsha is a traditional investment cum protection plan that provides you
Guaranteed Addition of 6% to 9% of the sum assured along with life protection
Guaranteed Additions basis the policy term, longer the Policy Term, higher the rate of
Guaranteed Additions

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Guaranteed Survival Benefit equal to sum of all accrued guaranteed addition at the end of
the Premium Payment Term
Guaranteed Maturity Benefit at the end of the Policy Term
No premium payment liability during the last five years for policy term of 10, 15 and 20
years
e.Aviva LifeBond Advantage

Overview
Aviva LifeBond Advantage is a Single Premium unit linked insurance plan that offers you
an opportunity to invest a lump sum for medium to long term together with Life Cover
and flexibility to access your money after 5 years, besides the regular tax benefits through:
7 unit linked funds as well as two options for life cover
Extra financial protection through the inbuilt Accidental Death Benefit
Systematic partial withdrawal for hassle free structured withdrawal
Opportunity for additional investment with a nominal life cover (top-up)

f.Aviva Freedom Life Advantage

Overview

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Aviva Freedom Life Advantage allows you to choose the proportion of savings and
protection and change it subsequently, in line with your changing needs, with the option to
pay premiums for as few as 5 years, through:
Option to increase / decrease Life Cover (Sum Assured)

Option to cover husband and wife under the same policy

100% allocation from sixth year if Annual Premium is Rs. 1 lakh or more
Inbuilt Accidental Death cover
Loyalty additions every 3 years from the end of 10th policy year

Pay off all the premiums in 5 years or choose to pay throughout the term
Flexibility to choose Life cover
Enhance maturity proceeds and life cover with Top-up Premiums
7 fund options (Bond-II, Protector-II, Balanced-II, Growth-II, Enhancer-II, Infrastructure
and PSU), AAA & STP

3.Aviva Retirement Plans

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a.Aviva Next Innings Pension Plan

Overview
Wouldnt it be great if you could lead a comfortable lifestyle even after retirement?
Realizing this need, Aviva presents a plan that can guarantee a regular income stream for
your post retirement years. Aviva Next Innings Pension Plan- a pension plan that helps in
building a lump sum through a regular or onetime investment. This lump sum allows you
to get an uninterrupted income throughout your retirement years.
Aviva Next Innings Pension Plan is a unique combination of a built in guarantee to build a
lump sum amount to secure regular income for your retirement years. So go ahead and
plan for a great next innings!
Key features of the plan are:

Guaranteed corpus for retirement which will be 210% of the premiums you have paid, if
you continue this policy till maturity date by paying all due premiums.
Protection for your family in case of death to ensure that your family receives a corpus
basis the amount of premiums you have paid along with an interest.
Limited Premium Payment term to ensure that you enjoy your income without worries
when you are nearing retirement

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b.Aviva Freedom Life Advantage

Overview
Aviva Freedom Life Advantage allows you to choose the proportion of savings and
protection and change it subsequently, in line with your changing needs, with the option to
pay premiums for as few as 5 years, through:
Option to increase / decrease Life Cover (Sum Assured)
Option to cover husband and wife under the same policy
100% allocation from sixth year if Annual Premium is Rs. 1 lakh or more
Inbuilt Accidental Death cover
Loyalty additions every 3 years from the end of 10th policy year
Pay off all the premiums in 5 years or choose to pay throughout the term
Flexibility to choose Life cover
Enhance maturity proceeds and life cover with Top-up Premiums

7 fund options (Bond-II, Protector-II, Balanced-II, Growth-II, Enhancer-II, Infrastructure

and PSU), AAA & STP

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4.Aviva Health Plan

a.Aviva Health Secure
Overview
Due to our current lifestyle and stress levels, incidents of critical illnesses, especially at
younger ages have gone up. You would also be aware that the costs incurred in the
treatment of such illnesses are very high. Often, your savings are not enough to cover for
these expenses which can lead to a compromise in getting the best treatment.
Aviva Health Secure is an online health insurance plan that pays you a lump sum amount
as decided by you in case you are diagnosed with any of the 12 critical illness and
procedures as listed ahead like First Heart Attack, Stroke resulting in permanent symptoms
etc.
6.Aviva Rural Plan
a.Aviva Amar Suraksha

Overview
Aviva Amar Suraksha is an ideal protection plan that helps you secure your family's future
through:
A guaranteed lump sum amount in the unfortunate event of your death
Minimal annual premium of Rs. 500.

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b.Aviva Jana Suraksha

Overview
Aviva

Jana

Suraksha

provides

comprehensive

financial

protection

for

your

children/dependants through:
Low cost life insurance
Guaranteed lump sum amount in case of your death during the term of the policy.
c. Aviva Grameen Suraksha
Overview
Aviva Grameen Suraksha is an ideal low cost solution to help you protect your loved ones
through:
Payment of Sum Assured to your family in the event of your death
Premium payment for 2 years and benefits for full the policy term

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PROMOTIONAL POLICIES OF AVIVA LIFE INSURANCE

Aviva Life Insurance today announced the launch of a nationwide campaign, Whats your
Big Plan, to give an opportunity to young parents to fulfill their childs aspirations
Aviva encourages children to dream big - Kicks off Whats your Big Plan campaign
20 winners to get Aviva scholarships and a chance to interact and play cricket with Sachin
Tie-up with Croma and McDonalds stores in select cities
Campaign open for children in the age group of 3 years to 10 years
Mumbai/ New Delhi, August 12, 2013: Aviva Life Insurance today announced the
launch of a nationwide campaign, Whats your Big Plan, to give an opportunity
to young parents to fulfill their childs aspirations. The month long campaign will
give 20 children a chance to win scholarships worth Rs 20,000 each from Avivas
brand ambassador Sachin Tendulkar and play cricket with him. To participate,
students have to log on to www.avivaindia.com, share their big plan in life and
how their parents are supporting them to realise this dream. In addition to this
grand prize, 10,000 children will receive educational DVDs from Aviva.

To maximize the reach of the campaign, Aviva has partnered with select Croma
stores in 7 cities (New Delhi, Kolkata, Pune, Hyderabad, Bangalore, Mumbai and
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Chennai) and McDonalds stores in 4 cities (Mumbai, New Delhi, Kolkata, Pune)
where children can walk-in and drop their entries. Besides entering the contest
online and

through Croma and McDonalds stores, students from more than 200 schools in
these 7 cities will get an opportunity to participate through an on-ground activation
programme. Final winners will be selected by an eminent jury from the field of
media and advertising.

Speaking about the campaign, Avivas Brand Ambassador, Sachin Tendulkar said
My big plan in life was to play cricket and my father and family supported me in
it. Avivas Whats your big plan is an exciting initiative that will encourage
children to dream big, and help parents take a step towards realising their childs
big plan in life.
Mr. Rishi Piparaiya, Director-Marketing, Aviva Life Insurance said We believe
that each parent has a very important role to play in encouraging their child to
dream big. Taking this insight forward and the brand promise of securing
childrens future, we have launched Whats your Big Plan campaign, which will
give parents an opportunity to protect and nurture their childs dreams in life. It
will not only give children a platform to aspire for a brighter future, but also help
parents to be financially prepared in order to fulfill their plans.

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PROMOTIONAL TOOLS
Social Media Campaign Review: Whats Your Big Plan by Aviva Life Insurance
Aviva Life Insurance has initiated a nationwide campaign called Whats Your Big Plan
in association with The Times of India as the presenting partner and Croma as the activity
partner. The duration of this campaign is one month starting from the 12th of August 2013.
Objective:
To give young parents the opportunity to fulfil their childs aspirations and promote their
life insurance policies through brand management.
Execution:
Aviva India wanted to reach out to young parents and provide them an opportunity to
secure their childs future through this campaign. They are giving 20 children a chance to
win scholarships worth Rs. 20,000 each. Sachin Tendulkar, the brand ambassador has been
used to promote the campaign. The winning kids will also get a chance to play cricket
with him.

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SWOT ANALYSIS

SWOT ANALYSIS
Strength

1. Robust

and

Diverse

Product

portfolio

2. Has network across 3000 towns and 20,000 Financial Planning

Advisors
3.Focus

on

Schemes

with

social

importance

4.Good brand visibility through advertisement campaigns

5.Globally,

Aviva

has

over

46,000

employees

6. It is the sixth-largest insurance company in the world measured

by net premium income and has 53 million customers in 28
countries
Weakness

1. Controversial advertisement campaign caused a problem

2. Customer complaints for policy execution problems

Opportunity

1. Growing rural market

2.Earning Urban Youth
3. Increasing awareness amongst people about securing their
future

Threats

1. Economic crisis
2. Entry of new NBFCs in the sector

Competition

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Competitors

1. Bajaj Allianz
2. Sahara Life Insurance
3. HDFC Standard Life

sss

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