Aviva Life Insurance and ABN Amro Bank has created the first-of-its-kind tax efficient wealth accumulation plan for children.
Creating tax-free wealth in the hands of our children is every parent’s dream. Aviva Life Insurance in partnership with ABN Amro Bank has today launched Treasure Plus, a first-of-its- kind, investment-cum-protection plan, exclusively designed for the customers of the bank at New Delhi.
Treasure Plus presents customers with a holistic combination of investment plan with a life insurance cover and a convenient value-added bank account. The investments help parents create wealth for their children which could be used for the child's higher education, marriage or towards financing the child's future needs. All in a manner that is simple, secure and totally hassle-free.
Additionally, this plan has an in-built life insurance cover, with accidental, non-accidental and permanent disability cover, ensuring the child’s aspirations do not suffer under any circumstances. Treasure Plus also offers tax-free policy proceeds to the customer. With tenure periods of 10 years, 15 years or 20 years, this plan will be available to all the existing ABN Amro Bank customers, as well as new customers who are between 18 and 50 years old.
This insurance product also does not require the customer to undergo any medical tests. Besides, the payment can be made directly through the customers’ savings bank account.
Furthermore, this plan also offers a convenient premium payment facility where the customers could select premiums from as low as Rs1,000 to Rs2,000, Rs3,000 or Rs4,000 payable monthly, quarterly, semi-annually or on an annual basis.
Speaking on the occasion of the launch, Stuart Purdy, CEO, Aviva Life Insurance said: “We are pleased to add another product to our suite of offerings to ABN Amro Bank customers. At Aviva Life Insurance it is our endeavour to ensure that our customers have access to world class insurance products at all times.”
Romesh Sobti, executive vice-president & country representative, ABN Amro Bank India, said: “We continue to respond to the requirements of our consumers, who in today’s environment demand financial offerings that are simple, secured and take away their financial worries. Treasure Plus is a significant step in this direction and addresses the need of parents to invest in a secure tomorrow for their children.”
Nitin Chopra, senior vice-president and head of consumer banking, ABN Amro Bank India, said: "Child-oriented financial planning has emerged as a key need in our customer research. In response, ABN Amro Bank introduced ‘Treasure’ – a savings account exclusively for children, at the beginning of the year. Treasure Plus, in partnership with Aviva Life Insurance, is our second offering to this target audience. By leveraging our understanding of the customer with Aviva’s product strengths we have been able to offer our customers advantages as convenient payment mechanisms, capital guarantee and tax-ree policy proceeds.”
In addition to Treasure Plus, Aviva Life Insurance also offers a full range of flexible and value-for-money products that include whole life, endowment, single premium savings and protection plans available to the bank’s customers.
This June, ABN Amro Bank and Aviva Life Insurance entered a strategic bancassurance tie-up for distribution of life insurance products. This partnership aims to combine the product strengths of Aviva Life Insurance along with the service differential of ABN Amro Bank to offer an unbeatable proposition to the end winner – the ABN Amro customer.
ABN Amro Bank internationally has a strong focus on the bancassurance business and has developed expertise in this area through its operations in the Netherlands, USA, Brazil etc. Best practices developed in the areas of distribution, customer understanding and cross selling opportunities will be put into practice in the Indian market as well.
Aviva also focuses on bancassurance worldwide and has a proven track record of successful bancassurance relationships. It has 40 major partnerships with leading banks across the globe. Aviva is a leading bancassurer in countries such as UK, France, Italy, Spain, Australia and New Zealand. Presently 20% of the group's premium is generated from bancassurance business.