Aviva Life Insurance has announced the launch of the Young Achiever Policy with the aim to help parents plan financial needs of their child, including education and marriage.
The policy insures the life of the parent with the child as the nominee. The minimum annual premium is Rs 6000 and the maximum sum insured is Rs 1 crore (Rs 10 million). In case of death both the sum insured and the policy value is paid to the nominee. The policy has both 'unit linked' and 'with profits' investment fund options.
Announcing the launch of Young Achiever, Stuart Purdy, managing director, Aviva Life Insurance, India said, "As a life insurance company we feel the need to ensure the financial security of our policyholders at every stage of their life.
"For parents the financial needs of the children -- higher education and marriage are of critical importance. Our Young Achiever's Policy will not only look after their future needs but will also provide them an umbrella of financial security."
Aviva's products include whole life (LifeLong), endowment (LifeSaver), single premium (LifeBond), regular savings personal pension plan (PensionPlus) and a term insurance with premium back plan (SecureLife).
Aviva Life Insurance, a joint venture between Dabur and Aviva, is a leading bancassurer in the country and has partnered with Canara Bank, The Lakshmi Vilas Bank, ABN AMRO Bank and American Express Bank to distribute its products.
The world's oldest insurance group is the seventh largest insurer worldwide, with 25 million customers and assets under management in excess of $ 300 billion.
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