The agreement will begin later this year and will cover the sale of Aviva’s core protection products, including life insurance and critical illness cover.
The products will be available online via Tesco Bank and over the telephone. Customers will also be able to obtain information through some of Tesco’s 2,900 stores.
Customers will be able to choose simplified life insurance, over 50s life insurance and life insurance will critical illness cover.
Aviva already provides a private medical insurance scheme for Tesco’s employees.
Tesco Bank is also expected to enter the UK mortgage market in the coming months. The mortgage range has been delayed following technical glitches in moving its existing loan and savings products onto a new IT system.
Julie Hopes, managing director of insurance at Tesco Bank, says: “We are delighted to be extending our relationship with Aviva. Partnering with one of the UK’s leading life protection providers will bring benefits to our customers offering them a range of straightforward and good value products that we believe will give customers the reassurance they look for in life products.”
David Barral, Aviva chief executive, UK and Ireland life, says: “This is a fantastic opportunity for two household names to deliver a real benefit for millions of people across the UK who have no family protection in place. Together we can provide Tesco’s customers with peace of mind, offering a quick and easy way to purchase a range of protection products to suit their individual needs.”