'Dhanvriddhi' also offers a payout of 20 per cent of the basic sum assured as a survival benefit at regular five year interval till the policy matures.
KOLKATA: Aviva Life Insurance, which gets almost 98% of its business from unit-linked plans, is expanding its portfolio of traditional schemes.
The company on Tuesday launched ‘Dhan Vriddhi’, a combination of savings-cum-protection plan with guaranteed returns.
“The new product has a compelling proposition of fulfilling the need for both savings and protection. This has a flexible term and money back benefit. It guarantees liquidity at regular intervals in the form of guaranteed survival and maturity benefits. The minimum sum assured is Rs 50,000 and minimum premium is Rs 5,000,” Vivek Khanna, director-marketing, Aviva Life Insurance Company said.
The policy also offers a guaranteed addition of Rs 70 per Rs 1,000 sum assured for every completed policy year. It also provides a payout of 20% of the basic sum assured as a survival benefit at regular 5-year intervals till the policy matures. In case of death, the full sum assured along with the accrued guaranteed addition is payable, irrespective of the survival benefits already paid.
“There is a demand for traditional products and we hope to leverage on the consumer wants for traditional products, too. Currently, we have a couple of non-Ulip products in our portfolio,” Khanna said.
Having garnered a new business premium of Rs 2,700 crore during calendar 2006, the company plans to launch a host of unit-linked and non-unit-linked products in the coming months.
It recently infused Rs 199 crore of capital to fuel its growth plans for the current year. The company, which is pretty strong in bancassurance, intends to increase the number of its branches to 192 from 156 and financial advisors to 31,000 from 27,000 at present, said Khanna.
While declining to give away growth targets, he said the company intends to grow faster than the market. Last year, the market grew close to 100%, with private life insurers registering a higher growth.
With most public sector banks getting into insurance business themselves, Aviva plans to tap alternative channels, which may include retail points as well. It is also tying up with co-operative and rural banks.
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