Complying with the recent changes in the overall charges of unit-linked insurance plans Aviva Life Insurance today launched nine new unit-linked plans. The new range of products includes child, pension and savings products with14 new fund options covering savings, retirement, protection and investment needs of all customers.
The company also introduced thematic funds - infrastructure fund and PSU fund across select products.
As per the new norms prescribed by the regul;ator, all unit-linked products have a standard charge structure not exceeding 3 per cent for Ulips up to 10 year term and 2.25 per cent for Ulips over 10 year term. Within this, the fund management charges will be between 1 per cent - 1.35 per cent.
TR Ramachandran, CEO and MD, Aviva India said: “The new products are another positive step towards making Ulips even more transparent and favourable for customers. With a cap on overall charges, the customers stand to benefit in the form of higher returns on their investment.”
The Infrastructure and PSU funds aim to provide capital appreciation by investing in equity or equity related instruments. For infrastructure funds the investments in equity will be in the range of 60 per cent – 100 per cent and in debt securities and money market in the range of 0 per cent – 40 per cent.
The fund will focus on large cap and mid-cap companies engaged either directly or indirectly in the infrastructure growth of the Indian economy. The sectors would include construction, metals, building materials, energy, power, chemicals, and engineering among others. The PSU fund will invest in companies where the central and state government have a majority shareholding of more than 50% or the management control is vested with the central or state government.
Aviva manages assets under management of Rs 6,170 crore.
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