Aviva Life Insurance announced the launch of two innovative unit linked insurance plans (ULIPS), which meet distinct requirements of different customer segments. Aviva Sachin Century Plan and Aviva LifeLine are designed to provide multiple benefits through life insurance and investment to two different customer segments. While Aviva LifeLine targets urban customers in the middle to high income bracket, Aviva Sachin Century Plan is specifically designed for middle income customers residing in semi-urban areas.
Speaking on the occasion, Mr. Bert Paterson, Managing Director, Aviva India said, “We are delighted to bring to our customers the two new products – Aviva LifeLine and Aviva Sachin Century Plan. At Aviva, we constantly undertake studies/ surveys to identify customer segments and design products to suit individual needs. For example, Aviva Sachin Century Plan has a premium holiday facility and immediate life cover with minimum documentation, keeping in mind the customer profile. Aviva pioneered the modern unit-linked products in India and it is our constant endeavor to ensure that our customers have access to world-class insurance products at all times.”
Aviva LifeLine – First unit-linked insurance plan that provides life cover beyond 70 years through whole life insurance cum investment. The plan comes with unique feature such as Systematic Transfer Plan, which allows policyholders to enter equity market gradually at different time and different levels. Another attractive feature is Automatic Asset Allocation which decreases exposure to equity and increases exposure to debt, as the age of policyholder progresses. Besides, the policyholder can avail partial withdrawals after five years without any cost.
The plan provides an option to choose from six unit linked funds depending on its investment objectives and risk appetite – Growth, Balanced, Index, Enhancer, Protector and Bond Fund
Aviva Sachin Century Plan: The unit-linked endowment plan is a simple product that specially caters to the lower income group from the rural and semi urban markets. The plan offers 100 percent premium allocation. In effect, this means that the entire premium paid by the policyholder is invested. The partial withdrawals can be availed after 3 years.
The plan provides policyholder the option to choose from three unit linked funds depending on its investment objectives and risk appetite – Growth, Balanced and Secure Funds. |
