Aviva Life Insurance today announced the launch of a new unit-linked, fixed protection cum savings plan with the flexibility to customize the policy to suit individual needs.
Aviva Life Insurance today announced the launch of a new unit-linked, fixed protection cum savings plan with the flexibility to customize the policy to suit individual needs. Freedom Life Plan, limited premium paying endowment plan, allows one to plan for an important financial moment in advance, be it child’s education, marriage, retirement, property investment and much more.
Among other benefits of a life insurance policy, Freedom Life Plans also offers a guaranteed loyalty bonus of 5% on completion of 10 years and 3% every fifth year thereafter. Freedom Life Plan will be available to customers through the Financial Planning Advisers and the Bancassurance partners of the Company and is targeted at the urban customers.
Speaking on the occasion of the launch, Stuart Purdy, managing director, Aviva Life Insurance, said: “We are delighted to bring to our customers this new product Freedom Life Plan. We constantly innovate to launch products that benefit our customers. This product will help customers plan for any important financial requirement in their life. Aviva pioneered the modern unit-linked products in India and it is our constant endeavor to ensure that our customers have access to world-class insurance products at all times.”
Individuals in the age group of 18-60 years can purchase Freedom Life Plan with the minimum and maximum policy term being 10-30 years as per the financial goals of the customer. The policy offers the flexibility of investing in any one of the three Unit-Linked funds – Balanced, Growth and Secure with the flexibility of allocating the premium in different proportions to these funds. It also gives the flexibility of making lump sum investments through Additional Single Premiums.
Freedom Life Plan will be supported by an integrated marketing and communication act, which will begin with launch of a new television commercial to be aired on January 13 across all mainline channels. The ad has an emotional appeal encouraging the man of the family to re-think and plan for his family’s future security – Kal par control.
Aviva was one of the first private life insurance companies in the country to introduce Unit Linked products. Unit linked products have a distinct advantage over traditional products. They offer transparency, flexibility and value for money. In addition, investment options range from the security of with -profits fund through to equity based fund options.
Unit Linked products also allow a customer to opt for the Indexation benefit to ensure that the real value of the policy is not impacted by inflation. There is flexibility to invest a lump sum amount in the same policy through an Additional Single Premium. Depending on the individual’s needs, there is also a flexibility to choose between different fund options and to switch between the funds.
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For further information, please contact:
Pooja Garg Khan
Aviva Life Insurance
E-mail: pooja.khan@avivaindia.com
Tel: 9811315510
Notes to editors:
About Aviva
Aviva Life Insurance is a joint venture between Dabur and Aviva. Current paid up capital amounts to 320 Crores. Dabur are the 74% shareholder and Aviva the 26% shareholder. Aviva plc is the UK’s largest insurance Group and the world’s oldest insurance Group, with a history dating back to 1696. Today, it is the sixth largest insurer worldwide, with 30 million customers and Ł291 billion assets under management. Prior to nationalization, Aviva was the biggest of the foreign insurers operating in the Indian market.
Founded in 1884, Dabur is one of India’s oldest and largest groups of companies with the Group’s consolidated annual sales in excess of Rs 1,537 crores. A professionally managed company it is the country’s leading producer of traditional healthcare products.
Aviva pioneered the concept of Bancassurance in India, and has leveraged its global expertise in this area successfully in India. Bancassurance has been contributing close to 65% of the total sales of Aviva India. Through its branches and its Bancassurance partner locations, Aviva products are available in 200 towns and cities across India.
Aviva’s products have been designed in a manner to provide customers flexibility, transparency and value for money. We have been among the first companies to introduce Unit Linked products in the market.
Aviva has a unique need based sales approach through the “Financial Health Check” (FHC). The FHC is a free service administered by our FPAs (Financial Planning Advisers) for a need-based analysis of the customer’s long-term savings and insurance needs. Depending on the life stage and earnings of the customer, the Financial Health Check assesses and recommends the right insurance product for them.
Aviva is also keen to reach out to the underprivileged that have not had access to insurance so far. Through its association with Basix (a micro financial institution) and other NGOs, it has been able to cover lakhs of lives.