Aviva Life Insurance launches 'Aviva Education Insights'

• Aviva Education Insights – a research conducted by IMRB International on the concerns and aspirations of young parents regarding their child’s education 
• 81% of parents are concerned about their child’s education, even more so than about health, good lifestyle or marriage
• 30% parents are more concerned about the ‘expenses’ on child’s education than quality, admission, performance or marks
• 69% parents mention ‘school fee’ as top 3 concerns regarding a child’s education
• Launches a need based product portfolio with three new insurance products –Aviva Young Scholar Secure, Aviva Young Scholar Advantage and Aviva i-Life

Aviva Life Insurance, today, unveiled the ‘Aviva Education Insights’, a research report with IMRB international, reflecting on the concerns and aspirations of young parents for their child’s education. The report, compiled for the second year in a row, reaffirms the findings of last year’s report which was based on the saving habits of young parents, as well as throws light on the key concerns regarding a child’ education.

One of the key concerns of parents as per the report was the rising expense on child’s education. Parents also spoke about need for protecting their family’s future income in the survey. Keeping this in mind Aviva launched three new insurance products addressing their concerns – Aviva Young Scholar Secure, a unique insurance plan on a traditional platform specially designed to provide guaranteed regular cash flows at important milestones of one’s child’s education such as higher school education and graduation expenses; Aviva Young Scholar Advantage – a unit-linked child plan which ensures that the corpus one planned for their child’s future is available even if one is not around, Aviva i-Life – an online term product which can be bought from the Aviva India website shortly and promises to be among the cheapest in the market.

Mr. T R Ramachandran, CEO & MD, Aviva Life Insurance said, “Aviva Education Insight highlights that the rising cost of education has become a major cause of worry for parents, and they now want additional funds for their child not only for higher education but during the schooling years as well. We, at Aviva, recognize the concern of parents and in line with our customer-centric strategy seek to help them secure their child’s future by our suite of child plans. Aviva Young Scholar Secure is an innovative life insurance product that will provide parents with windfalls at key milestones of a child’s education. As a parent, I would recommend Aviva Young Scholar Secure to all”.

Mr Ramachandran added, “The survey also highlights the need of our customers for protection of family income in case of an unfortunate death.  Our new online product – Aviva i-Life - will address this need in a cost effective manner.”

Of the parents surveyed across the country, 30% mention that they are more concerned over the ‘expenses’ incurred on the child’s education than the quality, admission, performance or marks. The study highlights that 57% parents get additional coaching to supplement studies at school, which increases the overall cost of education for the child. The study also reaffirmed the findings of last year, and showed that 72% parents continue to save for the child’s education over protection and retirement. The study reveals that 39% parents are concerned about the cost of child’s education in the future. However, 81% parents are unaware about the cost of higher education in the future and hence are not saving enough. 19% parents want additional funds for child’s education as soon as the child approaches the 10th boards. The survey also highlighted the fact that 51% parents believe that Insurance is the most effective tool to cushion the child’s education cost.

Aviva Young Scholar Insights, conducted by IMRB, encompassed 11 cities across the nation – Chandigarh, Lucknow, Delhi, Kolkata, Bhubaneshwar, Mumbai, Ahmedabad, Hyderabad, Bangalore, Kochi, Chennai, with a sample size of 2,402 parents.

Key features of Aviva AYS Secure:

• Guaranteed annual payouts to parents for high school years (8th through 12th standard) when tuition fees and other expenses start, then a lump sum payout at the time of college admission and another lump sum payout at the time of higher education.
• Other features of this product are:
• Payment of Life Cover immediately on death of parent
• In-built feature to continue policy without future premiums upon death of parent, so the child’s education goes uninterrupted even if the parent is not around
• Additional protection against accidental or natural death, dreaded diseases and disability by opting for riders at a nominal cost

Key Features of Aviva Young Scholar Advantage:

Aviva Young Scholar Advantage is a comprehensive plan that enables you to secure your child’s future in any eventuality through:

• In the unfortunate event of the policyholder’s death, all future premiums being waived off and invested as a lump sum amount in to the funds, so the policy continues while the Life Cover (Sum Assured) is paid out immediately. 
• Provision of a regular income for the minor child, in the event of parent’s death if Aviva Child Education (CE) Rider is opted for 
• Loyalty Additions to enhance the Fund Value 
• A choice of 8 fund options; Investment flexibility through Automatic Asset Allocation (AAA) and Systematic Transfer Plan (STP) 
• The product will be offered only to those who have atleast one child

Key Features of Aviva i-Life:

• Rs 1 crore of Life Cover at less than Rs 22 per day*
• Online product available on Aviva India website
• Accidental Death Benefit rider for enhanced protection where additional sum equal to Accidental Death Benefit Rider Sum Assured shall be payable in case of accidental death

*Conditions apply. This rate is for a 30 year old male, non-smoker for policy term of 20 years.

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.