Aviva launches three new life products
- Launches two ULIPs and one term plan - Aviva Freedom Life Advantage, Aviva Life Saver Advantage and Aviva Life Shield Advantage, respectively
- Tailor-made for customers with different savings and insurance needs
- In line with the new ULIP guidelines
Aviva Life Insurance today, announced the launch of its three new insurance plans - Aviva Freedom Life Advantage, Aviva Life Saver Advantage and Aviva Life Shield Advantage. While the two ULIP plans - Aviva Freedom Life Advantage, Aviva Life Saver Advantage offer enhanced value to the customers and meet the new ULIP guidelines, the term plan - Aviva Life Shield Advantage offers a unique feature with the return of premium with optional protection against disease and disability.
Speaking on the new launch Mr. T R Ramachandran, CEO and Managing Director, Aviva Life Insurance India said, “We are always looking at enhancing prosperity and peace of mind for our customers. These plans in line with the current norms and have more investor friendly features to provide for long-term savings and protection needs of our customers. Keeping their insurance and saving needs in mind, the products have features like return of premium and allowing the customer to choose the proportion of savings and protection and change it subsequently. We see the 3 new plans as key contributors towards our business in this financial year.”
Key Highlights of Aviva Freedom Life Advantage
- Flexibility to choose life cover and option to increase / decrease life cover (Sum Assured)
- Option to cover husband and wife under the same policy
- 100% allocation from sixth year if annual premium is Rs. 1 lakh or more
- In-built accidental death cover
- Loyalty additions every 3 years from the end of 10th policy year
- Provision of selecting a rider for additional protection
- 8 fund options with options like Automatic Asset Allocation (life stage based investment) and Systematic Transfer Plan (rupee cost averaging)
Key Highlights of Aviva Life Saver Advantage
- Life cover (sum assured) plus fund value as death benefit
- Flexible life cover and an in-built accidental death cover
- Provision of selecting a rider for additional protection
- 8 fund options with option of Systematic Transfer Plan (rupee cost averaging)
- Option to pay top-up premiums to increase the savings element along with a nominal life cover
Key Highlights of Aviva Life Shield Advantage
- Payment of life cover to the family in the event of death
- Additional protection against accidental permanent total disability
- Return of the money paid towards the base premium on the survival at the end of the policy term
- Provision of selecting a rider for additional protection against permanent total disability and 18 critical illnesses
- Rebate on premium depending on the sum assured.
About Aviva India
Aviva Life Insurance is a joint venture between Dabur Group and Aviva Group. Current paid up capital amounts to Rs. 1,888 crore. Dabur Group is the 74% shareholder while Aviva Group holds 26%. Aviva Group is a UK based insurance company and one of the world’s oldest insurance Groups, with a history dating back to 1696. 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’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.