Aviva Life Insurance, today, announced the launch of two innovative unit linked insurance plans (ULIPS), which meet distinct requirements of different customer segments.
Aviva Life Insurance, today, announced the launch of two innovative unit linked insurance plans (ULIPS), which meet distinct requirements of different customer segments. Aviva Sachin Century Plan and Aviva LifeLine are designed to provide multiple benefits through life insurance and investment to two different customer segments.
While Aviva LifeLine targets urban customers in the middle to high income bracket, Aviva Sachin Century Plan is specifically designed for middle income customers residing in semi-urban areas.
Speaking on the occasion, Bert Paterson, managing director and CEO, Aviva India, said: "We are delighted to bring to our customers the two new products - Aviva LifeLine and Aviva Sachin Century Plan. At Aviva, we constantly undertake studies/ surveys to identify customer segments and design products to suit individual needs. For example, Aviva Sachin Century Plan has a premium holiday facility and immediate life cover with minimum documentation, keeping in mind the customer profile. 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."
Aviva LifeLine
First unit-linked insurance plan that provides life cover beyond 70 years through whole life insurance cum investment. The plan comes with unique feature such as systematic transfer plan, which allows policyholders to enter equity market gradually at different time and different levels.
Another attractive feature is automatic asset allocation, which decreases exposure to equity and increases exposure to debt, as the age of policyholder progresses. Besides, the policyholder can avail partial withdrawals after three years without any cost.
Key highlights of the plan:
- Targeted at age group 0 to 65 years
- The minimum premium payment term (PPT) is five years and the maximum is up to the age of 100 years
- The minimum annual premium is Rs15,000 for PPT of 10 years or more and Rs100,000 for PPT of less than 10 years
- 100% investment in equity with lowest FMC through index fund
- Attractive riders like payor, cashless hospitalization benefit and accidental death benefit. Also, term rider can be selected anytime during PPT
- No surrender penalty after five years
- Partial withdrawal after three policy years
- Premium holiday (PH) facility up to two years (multiple PHs in an interval of five years)
- Option to increase or decrease annual premium after three years
- Option to increase initially selected PPT
- 100% premium allocation
- The plan provides an option to choose from six unit linked funds depending on its investment objectives and risk appetite - growth, balanced, index, enhancer, protector and bond fund
Aviva Sachin Century Plan
The unit-linked endowment plan is a simple product that specially caters to the lower income group from the rural and semi urban markets. The plan offers 100 percent premium allocation. In effect, this means that the entire premium paid by the policyholder is invested. The partial withdrawals can be availed after three years.
Key highlights of the plan:
- Targeted at age group of 18 to 55 years
- The policy term of 5, 10, 15 and 20 years
- The minimum premium for policy term five years is Rs15,000, Rs6,000 for the policy term of 10 years, 15 years and 20 years; the maximum premium is Rs50,000
- 3% pa investment guarantee on secure fund
- Death benefit as sum assured + fund value
- Optional accident death benefit rider
- No surrender penalty after three years
- Partial withdrawal after three policy years
- Premium holiday facility up to two years (multiple PHs in an interval of three years)
- 100% premium allocation
- Immediate life cover with minimum documentation
- The plan provides policyholder the option to choose from three unit linked funds depending on its investment objectives and risk appetite - growth, balanced and secure funds.
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For further information, please contact:
Pooja Garg Khan
Aviva Life Insurance
Phone: 0124- 2709082
E-mail: pooja.khan@avivaindia.com
Notes to editors:
About Aviva India
Aviva Life Insurance is a joint venture between Dabur and Aviva. Current paid up capital amounts to 758 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 fifth largest insurer worldwide, with 40 million customers and £377 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 2,233 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 60% of the total sales of Aviva India. Through its branches and its bancassurance partner locations, Aviva products are available in more than 1,600 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.