 | « Back to article | Print this article |
Aviva Life Insurance on Wednesday launched two new funds -- a secure guarantee fund and equity-oriented growth fund.
The 74:26 joint venture between Dabur India and UK's largest insurer Aviva Plc also launched LifeBond-5, offering regular income in five years along with life insurance cover worth five times the value and tax incentives.
Buoyed with the success of its first unit-linked Balanced Fund which provided policyholders a return of 52 per cent in the last 12 months, the company decided to launch the debt and equity funds to provide more flexibility to customers, Aviva CEO Stuart Purdy told PTI from Mumbai.
The Secure Fund would provide a progressive return on investment with a capital guarantee on maturity by investing 50-100 per cent in debt, 10-20 per cent in equities and money market instruments, he said.
The Growth Fund, on the other hand, will provide high capital growth by investing upto 85 per cent in equity and upto 50 per cent in debt.
With this, Aviva has become the first insurer in the country to have three funds in its portfolio -- debt, balanced and equity funds.
"Globally, Aviva is regarded as a prudent manager of policyholders' funds and we have built that reputation in India within a short span of time," Purdy said, adding the company was the only other insurer apart from LIC to have specialised fund management operation.
The company recently hiked its capital to Rs 243 crore (Rs 2.43 billion) to maintain the growth momentum.