Aviva today announced a bonus rate of 4.25% per annum on its Unitised With Profit Fund and a bonus rate of 4.50% per annum for Pension Unitised With Profits Fund.
Aviva today announced a bonus rate of 4.25% per annum on its Unitised With Profit Fund (UWP) and a bonus rate of 4.50% per annum for Pension Unitised With Profits Fund (PUWP). Policyholders will see a guaranteed increase in NAV of their UWP and PUWP fund at the above rate from 1 October 2005 to 30 September 2006.
Aviva also announced a 14% final bonus (for units purchased in 2002) payable only in case of policies where under claim is payable due to death or surrender during the period 1 October 2005 to 30 September 2006.
The majority of the fund has been invested in Government of India bonds and other similar high rated securities. The asset allocation in Government and other Debt Security is 70-100%, Equities 0-20% and Cash and Money market 0-10%.
For its Unit Linked Balanced Fund Aviva has shown a sustained growth increase in its fund value since the launch till September 30, 2005 and the CAGR on the fund since inception in June 2002 is 30.86%.
Felicitating the team on the occasion of the fund performance, Mr Stuart Purdy, managing director, Aviva Life Insurance, said: “Aviva is one of the few insurance companies in the private sector to invest in infrastructure and people to manage the entire fund management activity. From security research to portfolio creation and monitoring in-house, Aviva has been in the business of in-house Fund Management since its inception in 2002 and it is our constant endeavour to ensure that the customers money is safe with us and promise them good returns.”
He added: “With this excellent bonus announcement we hope to make the products even more attractive for our policyholders.”
The philosophy behind Aviva’s fund management is to invest in established businesses with a proven track record; capture the long-term business cycles while investing in securities and keep trading turnover low by investing with a long-term time frame.
Aviva worldwide has assets under management of more than Ł291 billion and is the third largest UK based fund manager. Aviva also has a significant fund management business in France.
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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. Dabur holds 74% share and Aviva 26% share in the Joint Venture. 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 1537 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 220 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.