Aviva India launches two new unit-linked plans

Mumbai: Aviva Life Insurance today launched two new unit linked insurance plans (ULIPS) --- Aviva Sachin Century Plan and Aviva LifeLine. 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.

''Aviva Sachin Century Plan has a premium holiday facility and immediate life cover with minimum documentation, keeping in mind the customer profile,"said Bert Paterson, managing director, Aviva India. "Aviva pioneered the modern unit-linked products in India and it is our constant endeavour to ensure that our customers have access to world-class insurance products at all times.''

Aviva LifeLine
The insurer said the Aviva LifeLine is the 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.

Key Highlights of the plan:

• Targeted at age group upto 50 years
  
• The minimum premium payment term (PPT) is 5 years and the maximum is up to the age of 100 years
  
• The minimum annual premium is Rs15,000 for PPT of 10 years or more and Rs100,000 for premium payment term of less than 10 years
  
• 100% investment in equity with lowest FMC through Index Fund
  
• Attractive riders like payor, cashless hospitalisation benefit and accidental death benefit. Also, term rider can be selected anytime during premium payment term
  
• No surrender penalty after 5 years
  
• Partial withdrawal after 5 policy years
  
• Premium holiday (PH) facility upto 2 years (multiple PHs in an interval of 5 years)
  
• Option to increase or decrease annual premium after 5 years
  
• Option to increase initially selected PPT
  
• 100% premium allocation

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.

Key Highlights of the plan:

• Targeted at age group of 18 to 55 years
  
• The premium bracket is devised based on the policy terms of 5, 10, 15 and 20 years
  
• The minimum premium for policy term 5 years is Rs15,000, Rs6,000 for the policy term of 10 years, 15 years and 20 years; the maximum premium is Rs50,000
  
• Capital guarantee on Secure Fund
  
• Death benefit as Sum Assured + Fund Value
  
• Optional Accident Death Benefit rider
  
• No surrender penalty after 3 years
  
• Partial withdrawal after 3 policy years
  
• Premium holiday facility upto 2 years (multiple PHs in an interval of 3 years)
  
• 100% premium allocation
  
• Immediate life cover with minimum documentation

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.

­­Aviva Life Insurance is a joint venture between majority 74-per cent stake holder Dabur and the UK's largest insurer Aviva.