AVIVA LAUNCHES PENSION AND MONEY BACK PLAN

New Delhi: Private sector insurer Aviva Life Insurance on Monday launched traditional pension plan and money back plan with periodical lump-sum benefits. Secure Pension plan has been designed with the objective to encourage regular savings for policyholders and ensure pension during the retired life, Aviva told the media. The money back plan is the only product in the market with policy term options of 12, 15, 18 and 21 years, it said. Both polices are endowment with profit plans, it added. "We have had an extremely robust portfolio of unit-linked products and close to 95 per cent of our sales come from this segment. As we expand into tier 3 and 4 towns, we see an increased demand for traditional products with guaranteed returns," said Aviva India Managing Director Bert Paterson. Aviva Life Insurance is a 74:26 joint venture between Dabur and UK-based Aviva Plc with paid up capital to Rs 1,004.3 crores.

Source: PTI, The Economic Times, The Hindu Business Line