New Delhi, Dec. 19: Aviva Life insurance, one of the private life insurance players, today teamed up with ABN Amro Bank to sell an investment-cum-protection plan specially designed for children.
Speaking on the occasion, Stuart Purdy, chief executive officer, Aviva Life insurance, said: “This is the first policy of its kind in India. We are trying to forge a strong relationship with the bank with whom we have tied up five months back for bancassurance.”
The Treasure Plus policy, which will only be sold through ABN Amro branches countrywide, will be targeted initially at the bank’s client base. This could prove to be a drawback for the scheme as it will deter parents who wish to buy the policy for their children but do not have an account with the bank.
Treasure Plan is a policy which comes with a built-in life insurance cover along with accidental, non-accidental and permanent disability cover. The plan can be purchased for a period of 10, 15 or 20 years. Customers can select premia from as low as Rs 1,000 to Rs 2,000, Rs 3,000 or Rs 4,000 payable on a monthly, quarterly, semi-annually or on a annual basis. The sum assured is 120 times the monthly premium.
The policy is being launched in two phases. It will start selling in Delhi and Chennai from today. Calcutta and other parts of the country will start getting this policy from mid-January. It comes with a safe investment option because of capital guarantees on the investment portion. As a result, the investor can watch the money grow in a capital guaranteed fund and enjoy tax benefits under section 88 and 10 (10d).
Aviva, however, promises that the policyholders will get a hassle-free insurance cover “as only a simple proposal form needs to be filled up. There is no medical check up or a lengthy documentation required of any kind”.