Aviva today unveiled its new investment life insurance product in Prague - 4Life.
- A new investment life insurance product from Aviva životní pojišťovna, as
Aviva today unveiled its new investment life insurance product in Prague - 4Life. The company's range of investment life insurance policies is now extended with a product whose untraditionally high level of flexibility and cover will rank among the most attractive products on the life insurance investment market.
"Our aim was to create a single insurance product for life. Thanks to the adjustability of the individual policy parameters, the product can easily be adapted to one's actual life situation without the need to terminate one policy and open a new one. You simply adjust the existing one," explains Vlastimil Zahradník, chief brokers manager of Aviva, who took part in preparing the product. And he adds: "For a certain time you can cover a certain risk - a mortgage or loan, say - then you can stop paying entirely, meanwhile you can withdraw money you've already saved and then continue saving, or you can get extra insurance against injury or illness - it simply respects life"
The great advantage of this new Aviva product is its comprehensiveness. Thanks to the broad range of possibilities for adjusting the parameters of 4Life, it's simple for the client to match it to his or her own current requirements. A further advantage of 4Life is the high insurance cover, and this too can be set just for the period when the client really needs it. 4Life offers the arrangement of insurance protection with one of the highest insured sums on the market. On death resulting from injury, the insured sum payable is automatically at least doubled and in the case of death caused by a traffic accident the payout is increased by a further 200,000 CZK.
Another speciality is the duration of insurance protection even after payment of premiums has ended, and also the possibility of retaining supplementary insurance even after reducing the insured sum to nil. So if a client gets into a difficult life situation, they can temporarily stop paying premiums without penalty and without having to cancel the insurance.
The extent of insurance cover can be adjusted at any time during the term of the policy, along with the balance between insurance protection and savings or the chosen investment strategy. And of course there is also the possibility of making extra contributions or surrendering parts of the policy. The client also has the opportunity to decide how his or her cash is to be invested, through a choice of any combination of five investment programmes on offer. Moreover, the basic policy can be added to by arranging up to five supplementary policies whose insured sums can be set irrespective of the sum insured in the basic policy*.
4Life investment life insurance will be offered by broker companies, who are currently starting its distribution in the Czech Republic.
"We believe 4Life will become a preferred product on the investment life insurance market and will be sufficiently attractive for the broker companies who have been newly selected for its distribution," says Michaela Jandová, marketing manager and press spokesperson for Aviva.
"4Life has the potential to further boost the growing interest in investment life insurance in the Czech Republic. People are being handed a tool with which they can responsibly resolve their own future without having to rely on the State taking care of it for them" adds Michaela Jandová.
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For more information, contact:
Aviva životní pojišťovna, as
Michaela Jandová
Telephone: 221 416 171
Notes to editors:
About the company Aviva
The origins of Aviva date back to the end of the 17th century, more than 300 years ago. Aviva plc is currently the fifth biggest insurance group in the world, one of the three foremost insurance companies in Europe and the biggest insurer in Great Britain. The company's core business is the provision of life and property insurance services and fund management. Assets managed by the company exceed £291 billion sterling. The company employs over 60,000 people worldwide and provides services to 30 million clients.
Aviva plc has been active in the Czech Republic since 1997 via its 100% owned subsidiary company Aviva životní pojišťovna, as (until 2002 under the name of Commercial Union životní pojišťovna, as). It is the first and only British life insurance company in the Czech Republic and specializes in investment life insurance products (Personal Life Plan, Talisman, Aviva benefit). The company's head office in Prague was the second branch of the Aviva group to open in Central and Eastern Europe. Aviva regional offices are now to be found at 21 sites in all regions of the Czech Republic.
Aviva's top-selling product, the Personal Life Plan, won the Golden Crown awards Silver Crown 2004 and Golden Crown 2005 in the category of Most Popular Financial Product of the Year. In the same competition, the children's insurance Talisman was awarded the Bronze Crown 2005 in the category Capital and Life Insurance.
Investment life insurance is the product of the future and is very popular abroad. In Britain, investment life insurance accounts for up to 80% of all new insurance policies. Even on the Czech market, investment life insurance is slowly beginning to predominate over traditional capital life insurance. Aviva was the first insurance company to offer on the Czech market the investment life insurance products in which it specializes.
4Life insurance profile:
- Age at entry 18 - 60 years.
- The policy parameters are amendable at any time.
- The ratio between the insurance and savings elements is set individually, and after two years of premium payments, premium payments can be interrupted without having to terminate the policy.
- The extent of insurance protection can be amended free of charge at any time to suit one's current situation, and funds may be withdrawn already during the insurance term.
- The savings element of the policy can be invested as required by the client in any optional combination of five selected investment programmes (funds).
- *The product may be arranged with five supplementary policies. Traditionally, Aviva offers supplementary insurance for the eventuality of permanent physical harm as a result of injury, permanent total disability or serious illness. An innovation is supplementary insurance providing for daily benefits in case of full work incapacity of up to 3,000 CZK and supplementary insurance for daily benefits in case of hospitalization. These benefits are to enable the client, for example, to pay for premium services in hospital and are also payable to self-employed persons.
- The product meets the requirements for tax relief for individuals and legal entities (employer's contributions possible).
- Clients have access free of charge to the health information service ELVIA Assistance.