Aviva Life Insurance, today, announced the launch of Secure Pension, a traditional pension plan designed with the objective to encourage regular savings for policyholders and ensure pension during the retired life.
Aviva Life Insurance, today, announced the launch of Secure Pension, a traditional pension plan designed with the objective to encourage regular savings for policyholders and ensure pension during the retired life.
The company also launched a traditional money back plan with periodical lump-sum benefits. The money back plan comes in four terms - 12, 15, 18 and 21 years. This is the only money back product in the market with policy term options of 12 and 18 years.
Speaking on the occasion, Bert Paterson, managing director and CEO, Aviva India, said: "We have had an extremely robust portfolio of unit-linked products and close to 95% of our sales come from this segment. As we expand into tier three and four towns, we see an increased demand for traditional products with guaranteed returns. We seek to increase productivity of our field force by expanding into new areas and through launch of new products."
Key highlights of Secure Pension:
The plan offers guaranteed additions of Rs30 per Rs1,000 sum assured during the first three policy years. The policyholder is also entitled to the simple reversionary bonus from the fourth year onwards. In addition, it also provides a Terminal Bonus at the time of maturity of the policy. The plan is targeted at the age group of 18 to 60 years. The minimum sum assured is Rs100,000 and the minimum annual premium is Rs5,000 and the policy term spans from 10 to 40 years. At the end of policy term, the policyholder has the choice to take one third of maturity benefit in lump sum and in that case, the balance can be used to purchase immediate annuity.
Key highlights of Aviva Money-back plan:
This is also an endowment type with-profits plan with guaranteed addition of Rs40 per Rs1,000 sum assured for the first three years. The policy-holder receives Simple Reversionary Bonus from year four onwards and Terminal Bonus at maturity. In this policy, the death benefit is sum assured + accrued guaranteed additions and vested bonuses, irrespective of survival benefits already paid. Here, the survival benefits depend on the percentage defined for the selected policy term. The maturity benefit is 1.20 times of the sum assured - survival benefits already paid + accrued guaranteed additions and vested bonuses and terminal bonus, if any. One also has the option of choosing accidental death benefit rider. The plan is targeted at the age-group of 12 to 58 years. This depends on your individual policy terms. The minimum sum assured is Rs50,000 for 12 and 15 year term and Rs75,000 for 18 and 21 year term with minimum annual premium of Rs5,000.
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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.