- Aviva Life Shield Platinum – a competitive term plan with the power of choice – Life Protection, Income Replacement or Loan Protection
- Aviva Dhan Varsha – investment plus protection plan offering guaranteed additions to help meet financial goals
- Tailor-made for customers with diverse protection and savings needs
Aviva Life Insurance announced the launch of its two new insurance plans – Aviva Life Shield Platinum and Aviva Dhan Varsha. Aviva Life Shield Platinum comes at a competitive cost with options to choose the protection need ranging from Life Protection, Income replacement or Loan Protection. Aviva Dhan Varsha, traditional investment cum protection plan which gives a guaranteed addition of 6% to 9% of the Life Cover along with life protection and riders to secure one’s future.
Speaking on the new launch Mr. T R Ramachandran, CEO and Managing Director, Aviva Life Insurance India said, “We understand the diverse needs of our customers for prosperity and peace of mind. The two products that we have introduced are on a traditional platform and seek to address concerns on loan protection, income protection as well as offer guaranteed returns. India is grossly underinsured with only 4% of insurance penetration and a growing base of insurable population in the age group of 15-59 years. We believe that term insurance products like Aviva LifeShield Platinum will act as a catalyst in providing protection to many more Indians at affordable rates.”
Key Highlights of Aviva Life Shield Platinum:
This plan offers three unique protection options with lower costs as compared to the other term plans.
* Option A – Life Protection with/ without riders
- Suitable for need for lump sum payment for all family needs incase of untimely death
- High value payout incase of death
- Rewarding healthy lifestyle – special rates for non smokers and women
- Financial support in case of disease / disability using DD rider
- Additional payout incase of accidental death
* Option B – Income Replacement
- Suitable for providing regular monthly income to the family incase of untimely death
- Income replacement in case of death
- Lower total cost than ordinary term plan
- Increasing monthly benefit
- Limited premium paying term
* Option C – Loan Protection
- To cover for higher financial liabilities and family responsibilities in the early years of life
- Loan protection incase of death
- Reducing life cover in line with reducing liability
- Lower total cost than ordinary term plan
- Limited premium paying term
Key Highlights of Aviva Dhan Varsha:
- Guaranteed annual additions between 6-9% of the Life Cover till end of premium paying term
- Limited commitment to paying premiums
- Accrued guaranteed additions given at the end of the premium paying term
- Guaranteed maturity benefit equal to the sum assured
- In case of untimely death the following payments would be made to the nominee:
* Base sum assured along with the accrued guaranteed additions (if not already paid)
* Aviva Term Plus Rider sum assured, if the rider has been opted
* Accidental Death Benefit Rider cover, incase of death due to an accident & the rider opted
About Aviva India
Aviva Life Insurance is a joint venture between Dabur Group and Aviva Group. Current paid up capital amounts to Rs. 2004 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.
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 one of 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.
