Aviva, today, announced the launch of its "Street to School" programme in India working in partnership with CRY and Save the Children India.
- "Aviva Street to School" is part of a new international Corporate Responsibility program that aims to provide education to 50,000 underprivileged children over three years in India
- In partnership with CRY and Save the Children
- Unveils "Aviva Young Scholar Insights" - a research report on savings habits of young parents in urban areas
- Study highlights that saving for children’s education is the top priority for parents as they feel "Education is Insurance".
Aviva, today, announced the launch of its "Street to School" programme in India working in partnership with CRY and Save the Children India. The corporate responsibility (CR) program’s objective is to provide education to 50,000 underprivileged children over the next three years. At the start of this program, Aviva India employees have volunteered a day’s salary, amounting to Rs 0.24 crores.
Aviva plc also plans to roll out a series of Street to School partnerships with other charities around the world over the coming months. From 2010, 50% of the group’s charitable donations will focus on ‘Street to School’ programs.
Aviva also unveiled a research report on the savings habits of young parents – "Aviva Young Scholar Insights" – on the occasion. Of the 2,250 people surveyed across 10 urban cities, 67% mentioned that planning for a child’s future takes priority over retirement and protection. 93% of parent’s mentioned college education as the key trigger for savings for their children while 80% quoted school education, reflecting the concern over the rising cost of education. This has also made parents think about investing early, as evidenced by 50% of parents beginning to invest before the child turned three years old.
TR Ramachandran, CEO & MD, of Aviva Life Insurance said: “As the survey suggests, parents believe ‘Education is Insurance’ to secure a brighter future for their kids. On the other hand, 50% of children aged between 6-18 years do not get to go to school at all. Through our global ‘Street to School’ initiative, we seek to empower underprivileged children with Education, thereby insuring their future.”
He further added: “We have partnered with CRY and Save the Children to impact 50,000 underprivileged children over three years. In the first year we will be reaching out to 20,000 children through nine projects in five states.”
Yogita Verma Sehgal, director resource mobilisation, CRY says: “We view the association with Aviva as an illustration of the extent to which corporate houses can work towards greater social justice. At CRY, we believe that it is the right of every child to receive quality education. We as citizens, speaking in one voice can ensure this.”
Thomas Chandy, CEO, Save the Children, said: “India has the shocking distinction of having the largest number of street children in the world. Their life on the street without parental care or adult supervision makes such children highly vulnerable to abuse and exploitation. Besides, seven million children remain out of school in a country where elementary education is a constitutionally guaranteed right.
"This includes the street children, 200,000 of whom are in Delhi and Kolkata alone. Through this project with Aviva, we hope to provide quality, relevant education to street children in West Bengal and New Delhi while making sure that these children are safe.”
Key highlights of the "Aviva Young Scholar Insights" survey:
- Planning for children’s future takes priority for Indian parents over retirement and protection
- Higher education and schooling are important for Indian parents. Marriage is low on priority
- Parents are keen that the child takes on traditional professions like doctor or engineer. However, a significant number also believe in letting the child decide
- Parents want to be financially prepared to cope with the rising cost of education and provide holistic education for their child
- 2/3rd of parents start saving when their child is less than five years of age
- Parents are willing to sacrifice on impulsive spends for their children’s education
- 2/3rd of parents surveyed saving for the child and close to half of them are looking at insurance as a savings instrument.
The study, conducted by IMRB, encompassed 10 cities across the nation - Lucknow, Delhi, Kolkata, Bhubaneshwar, Mumbai, Ahmedabad, Hyderabad, Bangalore, Kochi, Chennai, with a sample size of 2,250 parents.
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For additional information, please contact:
Pooja Khan, Aviva India
Email: pooja.khan@avivaindia.com
Telephone: +91 (0)124 2709082
Arunina Kaushik, Adfactors PR
Email: arunima.kaushik@adfactorspr.com
Notes to editors:
About Aviva India
Aviva Life Insurance is a joint venture between Dabur and Aviva. Current paid up capital amounts to Rs 1,491.8 crore. Dabur are the 74% shareholder and Aviva the 26% shareholder. Aviva plc is the UK’s largest insurance group and one of the world’s oldest insurance groups, with a history dating back to 1696. Today, it is the fifth largest insurer worldwide, with 50 million customers and £352 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 2,396 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. Through its branches and its Bancassurance partner locations, Aviva products are available in more than 3,000 towns and cities across India.
Aviva’s products have been designed 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.
Aviva is also keen to reach out to the underprivileged that have not had access to insurance so far. Through its association with BASIX (a micro financial institution) and other NGOs, it has been able to cover lakhs of lives.
About CRY (Child Rights and You)
CRY – Child Rights and You earlier known as Child Relief and You – is India’s leading advocate for child rights. Over 28 years CRY has partnered with NGOs, communities, government, the media and is dedicated to mobilising all sections of society to eliminate the root causes of deprivation, exclusion, exploitation and abuse. For more information please visit us at www.cry.org.
About Save the Children
Save the Children is the leading independent organisation working to ensure the rights of children in India and in over 120 countries around the world. In India, we work in 10 States focusing on strengthening child rights in the key areas of inclusive education, child protection, health and nutrition and emergencies. Through our programmes so far, we have brought positive change to the lives of over three million children and their families in India.