Aviva Life Insurance today announced a bonus at an annual rate of 6% for all its unitised With Profit life insurance policies. This rate will be applied through daily increases in unit value up to 31 March 2003.
Aviva Life Insurance today announced a bonus at an annual rate of 6% for all its unitised With Profit life insurance policies. This rate will be applied through daily increases in unit value up to 31 March 2003.
The bonus declared is applicable to all Aviva unitised With Profits products; LifeLong, LifeSaver, LifeBond.
The unitised approach to With Profits policies is unique to Aviva in the Indian market and in keeping with the Company's product philosophy of transparency, flexibility and value for money.
Unlike traditional With Profits products where declared bonuses only attach fully at maturity, Aviva's innovative unitised With Profits bonus is immediate.
Speaking on the announcement Shah Rouf, Director Marketing and Distribution Strategy, Aviva Life Insurance, said: “We are the largest provider of With Profits policies in the UK and are applying this expertise to good effect to the benefit of our new and prospective customers in India".
Mr. Rouf explained: " The investment value of Aviva's With Profits life insurance policy increases in line with the bonuses granted each year, giving a smoothed steady return. The result is that over the longer term the policyholder benefits from steady increasing investment returns and can sleep easy at night without having to worry about short term fluctuations".
Aviva Life Insurance will declare its annual unitised With Profits bonus in advance every year. In addition to this there is a final bonus which may be payable on maturity, death or surrender. The size of this final bonus depends on the Company's experience and how long the policy has been in force. Generally, the longer the policy has been held, the larger the final bonus will tend to be.
Mr. Rouf concluded: "We have launched one of the most innovative products in the market and with this excellent bonus announcement we hope to make the products even more attractive for our policyholders”
About AVIVA
- Aviva Life Insurance is a joint venture between Dabur and CGU, a wholly owned subsidiary of Aviva Plc.
- Aviva Plc is the new name for CGNU Plc. Aviva is the world's oldest insurance group, with a history dating back to 1696. Today, it is the seventh largest insurer in the world, with 25 million customers in over 50 countries and assets under management in excess of US$ 300 billion.
- Founded in 1884, Dabur is one of India's oldest and largest group of companies with annual sales in excess of RS. 1,200 crores. A professionally managed company it is the country's leading producer of traditional healthcare products.
For additional information, please contact:
Suniti Ghoshal
Head - Corporate Communications
Phone: 0124(91) 6804141 extn. 5406
Fax: 0124(91) 6804151
E-mail: suniti.ghoshal@avivaindia.com
AVIVA is the brand name of Dabur CGU Life Insurance Company Private Limited.