Aviva Life Insurance has moved into the pension market with a new product, PensionPlus. SecureLife, a unique term insurance product, has also been launched.
Aviva Life Insurance forays into the pension market with PensionPlus. SecureLife, a unique term insurance product has also been launched.
Aviva Life Insurance today announced the launch of two new individual products – PensionPlus, a regular savings personal pension plan and Secure Life, a term insurance with premium back plan. With the launch of PensionPlus, Aviva has forayed into the Indian pension market.
PensionPlus is a tax-efficient personal pension plan that is designed to help policyholders earn a regular income when they retire and maintain their existing lifestyle. One of the key features of the product is indexation, ie the option of increasing the premium at policy anniversaries thereby maintaining the real value of the saving at all times.
PensionPlus also offers the option of making lump sum investments through additional single premiums at any time apart from the regular premiums. This helps in increasing the savings value of the policy. A policyholder of PensionPlus can choose to invest in either a with-profits fund or a unit-linked fund depending on his risk profile. Individuals between 18 and 65 years of age can purchase PensionPlus and the minimum policy term is five years.
Upon maturity, the policy value, along with the final bonus (for a with-profits policy only) is available to purchase an annuity. PensionPlus also offers customers the flexibility of taking a proportion of the policy value as a cash lump sum and using the balance to purchase an annuity. In the unfortunate event of a death during the policy term, the spouse has the option of receiving the lump sum amount or purchasing an immediate annuity policy.
Aviva Life Insurance has also launched SecureLife, a low-cost term life insurance plan that guarantees the payment of a lump sum amount in case of the unfortunate death of the policyholder during the policy term. The unique feature of the plan is that it returns the entire premium on survival/maturity of the term.
SecureLife offers the flexibility of increasing the sum insured by 50% (maximum increase of Rs10,00,000) during the policy term without any medical examination.
Individuals between 18 and 55 years of age can purchase SecureLife, with the minimum and maximum policy terms being five and 25 years respectively. The plan also offers the Accidental Death and Dismemberment rider along with the policy.
Speaking on the occasion of the launch, Stuart Purdy, chief executive officer, Aviva Life Insurance, said: "We are delighted to bring to our customers two new products, PensionPlus and SecureLife that will enable them to secure their future as well as the future of their loved ones.
"It is our constant endeavour to ensure that our customers have access to world-class insurance products at all times."