Aviva Life launches three new schemes
Aviva Life Insurance has introduced three insurance products — Aviva young scholar secure, Aviva young scholar advantage and Aviva i-life, to take care of the education expenses of children and protect family income.
“These products are aimed at meeting the growing educational aspiration of the parents for their children and protect family income,” said Rishi Piparaiya, director-bancassurance, Aviva Life Insurance.
He said the IMRA International’s ‘Aviva Education Insights’ survey of 2,402 parents with an annual income above Rs 1,50,000 in 11 main Indian cities had shown educational expenses continued to be the top priority of Indian parents over retirement or protection.
“About 72 per cent of parents are saving for the future of their children compared to 52 per cent investing in protection products and 45 per cent saving for retirement,” Piparaiya said. He said 81 per cent parents’ biggest concern to plan for their child’s education would provide big business opportunity for the insurer.
It said the Aviva young scholar secure plan provided guaranteed annual payouts to parents for high school years (8th to 12th standard) when tuition fees and other expenses start.
Piparaiya said the Aviva young scholar advantage was a unit-linked child plan to take care of the child’s future even if parent was not around.
The Aviva i-life plan has Rs 1,00,00,000 life cover for an annual premium of Rs 7,000.