Aviva Life Insurance today announced the launch of IndiaBond, a single premium, endowment plan with guaranteed maturity benefits.
Aviva Life Insurance today announced the launch of IndiaBond, a single premium, endowment plan with guaranteed maturity benefits. This plan offers a compounded return of 7% per annum on maturity.
For example, a policyholder paying a single premium of Rs 1 lakh for a policy term of 10 years will get a total maturity benefit of Rs 1,96,715 plus life cover.
Announcing the launch of IndiaBond, Bert Paterson, MD & CEO, Aviva India said: "It has always been our endeavour to launch innovative products to provide prosperity and peace of mind to our policyholders. IndiaBond seeks to deliver guaranteed returns for our customers irrespective of the market scenario."
Key highlights of the product:
- This plan offers a compounded return of 7.00% pa Maturity benefits are absolutely tax free under Section 10(10D) of the Income Tax Act, 1961
- Premiums paid are eligible for a tax deduction as per Section 80C of the Income Tax Act 1961
- The minimum single premium is Rs 50,000 and there is no limit on the maximum
- One has the option of a five year or a 10 year policy term
- Death benefit is five times of the single premium in the first year, four times of the single premium in the second year, three times of the single premium in the third year and two times of the single premium thereafter
- At the end of the policy term, you get a guaranteed maturity amount depending upon the policy term and the Single Premium amount. To be eligible for IndiaBond, one has to be between 15 and 45 years of age. The maximum maturity age is 55 years
-ends-
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.