- Aviva India launches Aviva Young Scholar (unit-linked child plan)
- Sachin Tendulkar to buy Aviva Young Scholar plan for his children
- A survey released on Consumer Attitudes towards Savings on the occasion
- Family security and children’s education are key motivations for Indians to save vis-à-vis unforeseen circumstances, general spending and home improvement globally
A recent survey conducted by Aviva Life Insurance across 25 countries around the world on Consumer Attitude to Savings (CAS) shows that Indian’s consider investment in child education as their key priority for the future. According to the survey, as high as 44 per cent of the Indian consumers would invest in education for their family compared to a mere 17 per cent across the world.
Keeping this in mind, Aviva India today announced the launch of ‘Aviva Young Scholar’, a comprehensive child plan that enables one to secure their child’s future in any eventuality. Besides attractive returns on maturity, this plan pays a sum assured upfront incase of the parent’s unfortunate demise/critical illness. In addition, all future premiums are waived off and it also provides for regular income for the child till the age of 17.
Mr. T R Ramachandran, CEO and Managing Director, Aviva Life Insurance India said, “It is indeed heartening to note that investment in education is the first priority for Indians. However, it is also true that over the last couple of years the cost of education has risen sharply and will continue to increase. In fact, it has become a cause of worry for most parents today. Leveraging on this insight and India’s demographic trend, where 70% of the population is below 30 years of age (young parents), we decided to launch Aviva Young Scholar today. Aviva Young Scholar is a life insurance product that will benefit the child as well as ease parents of their worries on child education.”
Mr Ramachandran adds, “Every parent is worried about their child’s future and wants to fulfill their kid’s aspirations. As a parent, I would recommend Aviva Young Scholar to all.”
Speaking on the occasion, Sachin Tendulkar said, “Like every parent, even Anjali and I want to secure our children’s future and help them achieve all their goals. I am planning to invest in Aviva Young Scholar and will urge all parents to consider this plan as well. “
The survey findings also revealed that 32% of Indians are motivated to save for education of their children/grandchildren as against the global average of 17%. Among all 5 metros surveyed in India, interest in investing in education is the highest in Delhi at 68%.
The survey says that only one third of Indians are covered by any form of insurance. It also highlighted that threat to life and property through terrorism acts as a top concern for Indians compared to health concerns in other countries. To address the ‘protection’ need of the customers, Mr Ramachandran, also announced Aviva’s intention to introduce a low cost term insurance plan shortly.
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Aviva’s global Consumer Attitudes to Saving study is one of the biggest financial services insight projects in the world. In total, more than 100,000 people have now taken part in the annual survey since its inception in 2004, and the most recent tranche covered 28,500 people in 25 different countries across Europe, Asia Pacific and North America. The report found that there has been a broad increase in risk aversion and cautiousness among people all over the world, including Asia Pacific – and this increase pre-dates the recent financial crisis. The full report is available from www.aviva.com. Aviva partnered with Henley Centre Headlight Vision, the strategic research consultancy to conduct this annual global survey in 2008. India has been a part of this survey since inception in 2004 and, the study surveyed representative samples in key metros – Delhi, Mumbai, Kolkata, Chennai and Bangalore each year.
Key differentiators for Aviva Young Scholar:
Aviva Young Scholar is a comprehensive plan that enables you to secure your child’s future in any eventuality through:
- Attractive returns, enhanced by bonus units every 5 years to build the desired corpus of funds on maturity of the policy.
- All future premiums are waived off and paid as a lump sum amount in the unfortunate event of the parent’s death, disability or on contracting a critical illness
- Provides for a regular income for the minor child, in the event of parent’s death.
- 5 fund options are available for Aviva Young Scholar – Enhancer (upto 100% in equity), Growth (upto 85% in equity), Balance (upto 45% in equity), Protector (upto 20% in equity) and Bond fund (no equity exposure). With options like AAA (automatic asset allocation) based on life-stage and systematic transfer plan (STP)
About Aviva India
Aviva Life Insurance is a joint venture between Dabur and Aviva. Current paid up capital amounts to Rs 1,348 crore. Dabur are the 74% shareholder and Aviva the 26% shareholder. Aviva plc is the UK’s largest insurance Group and one of the world’s oldest insurance Groups, with a history dating back to 1696. Today, it is the fifth largest insurer worldwide, with 45 million customers and £359 billion assets under management. 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 compait is the country’s leading producer of traditional healthcare products.
Aviva pioneered the concept of Bancassurance in India, and has leveraged its global expertise in this area successfully in India. Through its branches and its Bancassurance partner locations, Aviva products are available in more than 3,000 towns and cities across India.
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.