Aviva India, today unveiled a research report on the savings habits of young parents in Chennai - "Aviva Young Scholar Insights" compiled by IMRB.
- 80% of parents in Chennai believe that education is the top priority when saving for children.
- 58% parents in Chennai believe in child plans by insurance companies to secure their child’s future.
Aviva India, today unveiled a research report on the savings habits of young parents in Chennai - "Aviva Young Scholar Insights" compiled by IMRB. Of the people surveyed across the city, 48% mentioned that planning for a child’s future takes priority over retirement and protection.
For 80% of parents school education is indicated as the key trigger for savings for their children and takes a substantial precedence over marriage. In fact, the study reveals that almost 48% of parents begin investing for the future education even before the child turns three years old.
Rishi Piparaiya, director bancassurance & business partnerships, Aviva India, said: “As the survey suggests, parents in Chennai believe ‘Education is Insurance’ to secure a brighter future for their children. This is reflected by the growing urgency among parents to combat the rising cost of education and provide for holistic education for their child.
"At Aviva, our focus is to provide prosperity and peace of mind to parents by minimizing their financial constraints to enable best education for their children. We do this through a focused five-pillar approach encompassing best-in-class product suite, financial literacy programs, advertising, corporate responsibility initiatives and leveraging our strategic partners.”
Aviva Young Scholar Insights, 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.
Key highlights of the "Aviva Young Scholar Insights" Chennai survey are as follows:
- For 80% parents, education is the key trigger for saving. Marriage is considerably low on priority.
- 48% of parents start saving when their child is less than three years of age.
- 74% parents want to be financially geared up to combat rising cost of education. 93% them are looking at child plans offered by insurance companies as a savings instrument.
- More than half the parents are keen that the child takes on traditional professions like doctor or engineer.
- Parents in Chennai are willing cut on expenses related to shopping and outings to save for their children’s future.
- 43% parents surveyed prefer flexibility in sum assured while 47% are keen to invest in products offering guaranteed returns.
Mr Piparaiya further added: “At Aviva, we have a special focus on children and we continuously work towards securing their future, whether through insurance products or opportunities to help them realize their potential.”
Given below are some of these initiatives:
Aviva Young Scholar Nat Geo Junior Hunt: Aviva Life Insurance and strategic media partner National Geographic Channel launched "Aviva Young Scholar Nat Geo Junior Hunt", nationwide school engagement programme. As part of the initiative, Aviva had launched a scholarship programme where the winners of the city finals as well as the overall winner got an opportunity to win Aviva Scholarships.
Street to School (Corporate responsibility initiative): In line with the "Education is Insurance" theme Aviva has launched - "Street to School" program along with CRY and "Save the children", to educate 50,000 underprivileged children from age group three to 10 years in urban slums & specific rural areas over three years. In the first phase, Aviva plans to educate 20,000 Children in five states during the first year. In addition, Aviva plans to raise Rs 1 crore through employee salary donation over three years.
Aviva Great Wall of Education: A book donation drive for the underprivileged children was launched on National Education Day in Delhi. As part of Aviva’s Street to School program, the 123,000 books from the wall are being used to educate 170,000 underprivileged children supported by Save the Children India.
Other initiatives include:
- Aviva Young Scholar Schoolex: First ever school admission event in India, starting from Delhi to other cities proving parents with an opportunity to interact and evaluate schools for children under one roof.
- Mumbai Elocution Championship which saw participation from 50,000 children.
- Colour my Dreams program across close to 500 schools across the country including Chennai.
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For additional information, please contact:
Pooja Khan
Aviva India
E-mail: pooja.khan@avivaindia.com
Telephone: 0124 2709890
Annapoorni
Adfactors PR
Telephone - 9884061132
Notes to editors:
About Aviva India
Aviva Life Insurance is a joint venture between Dabur and Aviva. Current paid up capital amounts to Rs 1,888 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 53 million customers and £379 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 2,834 crores. A professionally managed company, it is the country’s leading producer of traditional healthcare products.
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.