India: Aviva launches Young Achiever policy

Published: 07 Oct 2003

Aviva Life Insurance has announced the launch of the Young Achiever Policy, a child policy which helps parents plan for the financial needs of their child.

Aviva Life Insurance has announced the launch of the Young Achiever Policy, a child policy which helps the parents plan the financial needs of their child – education, marriage, etc. The policy will help them create a hurdle free future for the child by not only helping them save regularly for the child’s future but also protect their financial future in case of the unfortunate death of the parent.

The policy insures the life of the parent with the child as the nominee. The minimum annual premium is Rs 6,000 and the maximum sum insured is Rs 1 crore. In case of death both the sum insured and the policy value is paid to the nominee. The policy has both unit linked and with profits investment fund options.

Announcing the launch of Young Achiever, Mr Stuart Purdy, managing director, Aviva Life Insurance, India said: “As a life insurance company we feel the need to ensure the financial security of our policyholders at every stage of their life. For parents the financial needs of the children – higher education, marriage, is of critical importance. Our Young Achiever’s Policy will not only look after their future needs but will also provide them with an umbrella of financial security in case of any eventuality to their parents.”

Aviva offers modern and contemporary unitised products that offer unique customer benefits like flexibility to choose cover levels, protecting the real value of the policy against inflation and partial withdrawals. Aviva’s products include whole life (LifeLong), endowment (LifeSaver), single premium (LifeBond), regular savings personal pension plan (PensionPlus) and a term insurance with premium back plan (SecureLife).

Aviva Life Insurance is a leading bancassurer in the country and has partnered with Canara Bank, The Lakshmi Vilas Bank, ABN AMRO Bank and American Express Bank to distribute its products. Aviva’s bancassurance tie-ups give Aviva access to over 2,600 bank branches serving over 28 million customers across India.

About Aviva

  • Aviva Life Insurance is a joint venture between Dabur and Aviva. 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 seventh largest insurer worldwide, with 25 million customers and assets under management in excess of US$ 300bn.
  • Founded in 1884, Dabur is one of India’s oldest and largest groups of companies with annual sales in excess of Rs 1,350 crores. A professionally managed company it is the country’s leading producer of traditional healthcare products.

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