Aviva Life Insurance today announced the launch of two new Unit Linked Funds: Secure Fund and the Growth Fund to add to its existing Balanced fund. With this Aviva will have three unit-linked funds to cater to the needs of its customers.
Aviva Life Insurance today announced the launch of two new Unit Linked Funds: Secure Fund and the Growth Fund to add to its existing Balanced fund. With this Aviva will have three Unit Linked Funds to cater to the needs of its customers. Aviva has delivered consistent and market leading returns since the launch in June 2002. The Balanced Fund of Aviva Life Insurance delivered a return of 52% in the past 12 months and a CAGR of 40.3% since launch. With an excellent fund performance Aviva has decided to offer a wider array of investment options to its customers.
Speaking on the occasion, Stuart Purdy, managing director, Aviva Life Insurance said: “Globally Aviva is regarded as a prudent manager of people’s funds. In a short span of time we have been able to build such a reputation in India too. We are one of the few to have built a specialised fund management operation in a life insurance company in India. With our unit-linked products consistently outperforming the benchmark indices we have decided to further expand our portfolio of fund options to provide flexibility to our customers.”
The three fund options include:
Secure Fund
The investment objective of this fund is to provide progressive return on your investment with a capital guarantee on maturity. The fund comprises of debt securities in the range of 50-100%, equities in the range of 0-20% and money market and cash in the range of 0-20%.
Growth Fund
The investment objective of this fund is to provide high capital growth by investing higher element of assets in the equity market. The fund will comprise of debt securities in the range of 0-50%, equities in the range of 0-85% and money market and cash in the range of 0-20%.
Balance Fund
The investment objective of this fund is to provide capital growth by availing opportunities in debt and equity markets and providing a good balance between risk and return. The fund comprises of debt securities in the range of 50-90%, equities in the range of 0-45% and money market and cash in the range of 0-10%. This is Aviva’s flagship fund with the current asset mix on 31 December 2003 being equities 42.67%, government securities 52.89% and cash and money market 4.44%.
Aviva is introducing these funds through a new product, LifeBond 5. It is a fixed-term unitised savings and investment plan. LifeBond 5 has a policy term of 10 to 50 years. The sum assured is five times the annual premium. The product gives the customers tax benefits on the premium and the policy proceeds are tax free as per the Income Tax Act. It offers three unit-linked investment funds: Secure, Growth and Balanced Fund with the flexibility of switching from one fund to the other. The Secure Fund gives a minimum guarantee of return of premium on maturity irrespective of the fund performance, while giving all upside benefits.
About Aviva
Aviva Life Insurance is a joint venture between Dabur and Aviva. Aviva Plc is the UK’s largest insurance Group. Aviva is the world’s oldest insurance Group, with a history dating back to 1696. Today, it is the seventh largest insurer worldwide, with 25 million customers 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 Rs1,350 crores. A professionally managed company it is the country’s leading producer of traditional healthcare products.
For further information, please contact:
Preeti Bakaya
Aviva Life Insurance Company India Pvt. Ltd.
tel: 91124 2804141 ext: 5406
e-mail: preeti.bakaya@avivaindia.com